INSUBCONTINENT EXCLUSIVE:
Tata Motors on Friday reported its net loss widened to Rs 8,437.99 crore in the quarter ended June 30 from Rs 3,698.34 crore in the
corresponding period a year ago, as the coronavirus crisis hammered sales in several of its key markets
production and retailer shutdowns for major part of the quarter and heavily impacted the volumes," Tata Motors said.Tata Motors-owned luxury
car maker Jaguar Land Rover's revenue declined 44 per cent to 2.98 billion pounds, resulting in a loss before tax of 413 million pounds,
the Mumbai-based auto maker said
Jaguar Land Rover's sales fell 42 per cent to 74,100 units globally.JLR accounts for most of Tata Motors' revenue.The auto maker said its
outlook remains uncertain for the year with COVID-19 infections continuing to rise and intermittent lockdowns in many countries.However, the
company said it expects a gradual recovery of demand and supply in the coming months
"For the rest of FY21, Jaguar Land Rover will continue to manage costs and investment spending rigorously," the company said."Jaguar Land
Rover has reacted with resilience and agility to the extraordinary challenges faced in the first three months of FY21 adapting rapidly to
the widespread macroeconomic disruption and uncertainty," said Ralf Speth, chief executive officer, JLR.Tata Motors shares closed 0.96 per
cent higher at Rs 104.70 ahead of the earnings announcement, outperforming the benchmark Sensex index which ended 0.34 per cent lower.
