INSUBCONTINENT EXCLUSIVE:
Mumbai: Tata Motors on Friday reported a narrower loss for the second fiscal quarter, on the back of a significant improvement at its
largest automobile company by revenue posted a consolidated loss of Rs 216.5 crore for the quarter through September, compared with Rs
1,048.8 crore a year earlier
Analysts surveyed by Bloomberg were on average expecting a loss of about Rs 1,600 crore.
Revenue fell 9 per cent from a year earlier to Rs
65,432 crore, but topped expectations of Rs 64,150 crore
Earnings before interest, tax, depreciation and amortisation improved 13 per cent to Rs 7,046 crore.
Helped by the recovery in China, albeit
cushioning the struggling Indian business which is facing weak commercial and passenger vehicle sales.
PB Balaji, the group chief financial
billion pounds of cost saving under Project Charge, if not exceeding it
sales of both commercial vehicles and cars
It reported a standalone loss of Rs 1,282 crore, even as as revenue declined 44 per cent over a year earlier to Rs 10,000 crore.
Balaji said
Its retail sales in the home market declined 27 per cent in the quarter, while in wholesale, the drop was much sharper at 45 per cent.
Tata
Motors saved Rs 3,400 crore through inventory correction in India, he said
It is currently sitting on 30-45 days of inventory for its vehicles as the market is in the midst of festivities.
On the recovery of the
Indian business, Balaji said there had been a slight pickup in demand in October
