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Tata Motors slumps after dismal Q3 result

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Tata Motors lost 14.9% at Rs 155.65 at 09:18 IST on BSE after the company reported consolidated net loss of Rs 26992.54 crore in Q3 December 2018 as compared to net profit of Rs 1198.63 crore in Q3 December 2017.

The result was announced after market hours yesterday, 7 February 2019.

Meanwhile, the S&P BSE Sensex was down 143.44 points, or 0.39% to 36,827.65

On the BSE, 14.07 lakh shares were traded in the counter so far compared with average daily volumes of 10.25 lakh shares in the past two weeks. The stock had hit a high of Rs 164.65 and hit a low of Rs 141.90 so far during the day.

Tata Motors consolidated total income rose 4.37% to Rs 77582.71 crore in Q3 December 2018 over Q3 December 2017. Tata Motors said that Q3 December 2018 was impacted by an exceptional item of asset impairment of Rs 27838 crore in Jaguar Land Rover (JLR). Weak sales in China and de-stocking impacted JLR performance.

N Chandrasekaran, Chairman commented that Tata Motors domestic business continues the strong momentum and has delivered market share gains as well as profitable growth. In JLR, the market conditions continue to be challenging particularly in China. The company has taken decisive steps to step up competitiveness, reduce the costs and improve the cash flows while continuing to invest in exciting products and leading edge technologies.

In a separate announcement made after market hours yesterday, 7 February 2019, Jaguar Land Rover retail sales in January 2019 were 43,733 vehicles, down 10.9% compared to January last year. Strong sales of E-PACE, IPACE and refreshed Range Rover and Range Rover Sport were more than offset by continuing market weakness in China and the run out of the Range Rover Evoque, ahead of the introduction of the all new Evoque later this quarter.

Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 09:19 IST
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