Jaguar Land Rover hands Tata the biggest loss in Indian corporate history
08 February, 2019, 18:11 | Author: Regina Silva
Dr Ralf Speth, JLR chief executive, said: "Jaguar Land Rover reported strong third quarter sales in the United Kingdom and North America, but our overall performance continued to be impacted by challenging market conditions in China". While JLR's growth in most of its key markets, including the UK, Europe and the United States, has been satisfactory, China "has been a problem", he said.
The consolidated revenue of the company stood at Rs 77,001 crore, up by five percent from Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing.
While non-cash asset impairment of Rs 27,838 crore was taken during the quarter under review, a severe slowdown in China impacted margin. Jaguar chief executive Ralf Speth said: "Jaguar Land Rover reported strong third-quarter sales in the United Kingdom and North America, but our overall performance continued to be impacted by challenging market conditions in China".
JLR, which is owned by India's Tata conglomerate, expects the malaise to drag on and has booked £3.1bn of asset write-downs to reflect lower anticipated profits, sending it down to a £3.4bn loss.
The loss includes a one-off £3.1 billion "exceptional charge", resulting from the firm deciding to adjust the "carrying value" of its capitalised investments.
Dr Speth added: "This is a hard time for the industry, but we remain focused on ensuring sustainable and profitable growth, and making targeted investments, that will secure our business in the future".
"We are now taking clear and decisive actions in JLR to step up its competitiveness, reduce costs and improve cash flows and make the business fit for the future", Chief Financial Officer PB Balaji told reporters on a conference call on Thursday. At the same time, investment in new models, electrification and other technologies remains high, he added. "With these interventions, we are building Tata Motors group to deliver strong results in the medium term".
Sales for the quarter were £6.2bn, down from £6.3bn a year earlier.
Retails in United Kingdom were up 18 percent as against an industry-wide drop of 3.8 percent. "Despite the muted growth, Tata Motors has delivered strong results, registered an impressive profitable growth this year on the back of exciting products, renewed brand positioning and aggressive cost reduction", Tata Motors CEO and MD Guenter Butschek said.
"Fiscal year 2019 so far has been a challenging period for the industry". The Tata Motors share price rose 1.51% to 178.20 compared to the previous close of 175.55 on the BSE.
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