Tata Motors reported a consolidated loss of Rs 26,960.80 crore for the third quarter ended December 2018 (Q3FY19) post market hours on Thursday, while the total income for the period under review came in at Rs 77,582.71 crore. The company said it took one-time exceptional non-cash charge for asset impairment of 3.1 billion pounds.
Net loss from joint ventures and associates amounted Rs 138 crore, as compared to a profit of Rs 253 crore in the previous corresponding period. The decrease, according to the company, was mainly on account of lower profitability in the JLR’s China JV (CJLR) due to market challenges. Other income came in at Rs 266 crore versus Rs 182 crore in the same quarter prior year.
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"For Q3FY19, retail sales were 144,602 vehicles, down 6.4 per cent year-on-year primarily as a result of continued challenging market conditions in China, offset partially by encouraging growth in North America and the UK," the company said regarding the JLR segment in a BSE filing.
"The company’s sales in Europe were up slightly, despite an 8 per cent drop in the overall market. In the three-month period, sales increased for the new Jaguar E-PACE and Jaguar I-PACE as well as the refreshed Range Rover and Range Rover Sport, while the slowdown in China largely accounted for lower sales of other models," it added.
Back home, sales (including exports) declined 0.5 per cent to 171,354 units on the back of challenging market conditions in the domestic market. In the domestic market M&HCV trucks de-grew 15 per cent, ILCV trucks +8 per cent, SCV & Pick Ups +15 per cent and CV Passenger -16 per cent. PV was up 3 per cent with new products continuing to gain strong traction in the market.
The stock ended 2.63 per cent higher on the National Stock Exchange (NSE) at Rs 183 levels.