Tata Motors' net-debt-to-equity ratio at a decade high in FY21

Automaker has cumulatively raised nearly Rs 50,000 crore of fresh equity

Nearly 13 years after the acquisition of Jaguar Land Rover (JLR), Tata Motors continues to grapple in a bid to put its business on the path of sustained profitability. While its domestic business has lost money in 23 of the last 35 quarters, including the latest quarters, its British subsidiary JLR has reported losses in seven of the last 13 quarters.

JLR accounts for nearly 80 per cent of Tata Motors revenues on a consolidated basis. The losses and asset write-down at JLR have led to a steady decline in the company’s equity base. The consistent losses and a mounting