Tata Motors Q1 loss widens to 8,444 crore
Hit hard by the coronavirus pandemic, homegrown auto major Tata Motors on Friday reported a consolidated net loss of Rs 8,443.98 crore for the first quarter ended June 30, 2020
Mumbai: Hit hard by the coronavirus pandemic, homegrown auto major Tata Motors on Friday reported a consolidated net loss of Rs 8,443.98 crore for the first quarter ended June 30, 2020. The company had posted a net loss of Rs 3,679.66 crore in the year-ago quarter.
Total income from operations during the period under review stood at Rs 31,983.06 crore as against Rs 61,466.99 crore in the corresponding period of the last fiscal. On a standalone basis, the company said its net loss for the quarter was at Rs 2,154.24 crore as against a net loss of Rs 147.45 crore in the year-ago period.
Standalone revenue from operations stood at Rs 2,634.14 crore as compared with Rs 13,250.19 crore in the April-June period of 2019-20. Its wholesales (including exports) decreased 81.5 per cent to 25,294 units during the quarter. "The Covid-19 pandemic has deeply impacted the auto industry in the first quarter of the current fiscal. Post a calibrated restart at all plants in mid-May, we gradually scaled up our capacity while prudently safeguarding the health and wellbeing of our employees as well as the larger ecosystem," Tata Motors CEO and MD Guenter Butschek said.
Even as the company continues to address the challenges, it sees some disruption due to the intermittent shutdowns and supply chain bottlenecks, he added.
"We have witnessed some green shoots emerging in the passenger vehicle segment owing to some pent up demand pre Covid-19, and are hopeful for a full recovery of the CV (commercial vehicle) industry by end of the fiscal year, with a gradual pickup of demand, aligned to the economic recovery," Butschek said.