Tata Motors posts record $4 billion loss on Jaguar woes, shares crash

Tata Motors Posts Rs 26,993 Crore Quarterly Loss Its Biggest Ever

Daimler AG and BMW AG reduced profit forecasts previous year amid pressures from the US-China trade war that's hit auto demand, while Hyundai Motor Co. said last month its letting workers go as it reviews production plans in the worlds biggest market.

"We have five global regions around the world and we are more or less nicely balanced in terms of volume across these markets, but depending on the level of downturn in China, the impact is most likely to affect the premium vehicle market as a whole, no ifs or buts", Speth said. Tata Motors' loss came at Rs 26,993 crore ($3.78 billion) for the three months ended December 31, compared with a profit of Rs 1,199 crore in the year-ago period.

The write-down during the quarter ending in December was a 3.1 billion pound ($4 billion) one-time non-cash charge, the company said.

Tata Motors reported a consolidated loss of ₹26,992.54 crore due to its biggest-ever write-off of 3.10 billion pounds for JLR.

"Today, we are also announcing a non-cash exceptional charge to reduce the book value of our capitalised investments". The company also had a £1.9bn undrawn credit facility available at the end of the quarter.

"The turnaround 2.0 strategy is delivering well with a continuing portfolio of product launches, which are the requisite building blocks for sustainable growth", he added.

JLR sold 144,602 vehicles in the last quarter, down six per cent year-on-year.

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Speth said: "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".

Here are top takeaways from Tata Motors Q3 results.

The luxury auto maker saw revenue down from £6.3 billion a year before to £6.2bn.

In the corresponding quarter past year, the company posted a net profit of Rs 1,215 crore.

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". U.S. sales rose 20 per cent and 18 per cent in the UK. "It reduces growth in depreciation and amortisation by 300 million euros per annum", Tata Motors said in a release.

Guenter Butschek, CEO and MD, Tata Motors, said "Fiscal year 2019 so far has been a challenging period for the industry".

Shares of Tata Motors settled at Rs 182.90 apiece, up 2.64 percent on the BSE.

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