HC SETS UP PANEL ON SEXUAL CRIMES
The Delhi high court constituted a five-member committee to examine the quantum of punishment and death sentence in cases of sexual assault against women and children and suggest suitable steps. The court said there cannot be any possible objection to setting up a panel. It was also of the view that an important aspect related to such crimes was reformation of the persons convicted. “Reformation of the convicts is the real need of society,” it said.
NEWDELHI:Tata Motors Ltd turned to a surprise consolidated quarterly loss in more than nine years weighed down by a tepid performance at its British unit Jaguar Land Rover (JLR) Automotive Plc.
The Mumbai-based auto maker posted a loss of ₹1,862.57 crore in the three months through June, compared with a year-earlier profit of ₹3,199.93 crore, it said in a regulatory filing. It was the first quarterly loss for Tata Motors since the December quarter of 2008.
Slowing sales in China—JLR’s biggest and one of its most profitable markets—hit earnings in the just-ended quarter.
Consumers in the world’s largest automobile market deferred purchases during the April to June period ahead of the reduction in import taxes from 1 July, Tata Motors said. Sales in China grew a marginal 2.5% last quarter to 34,358 units. As a result, JLR turned in a quarterly loss of £210 million (about ₹1,900 crore) on a 6.7% drop in sales to £5.2 billion (about ₹47,000 crore).
Global retail sales of the maker of Jaguar F-Pace and Range Rover Evoque sport-utility vehicles rose 5.8% from a year earlier to 145,510 vehicles last quarter. The company posted earnings before interest, tax, depreciation and amortisation margin of 6.2% during the quarter, trailing analyst expectations of about 10%.
JLR however expects to sustain margins between 4% and 7% in the medium term, P. Balaji, group chief financial officer at Tata Motors, said in a conference call with reporters. He didn’t give any timeframe.
Apart from the slowdown in China, profitability and margins were hit by lower operating leverage due to a 7.7% drop in dealer dispatches, higher discounts in the US, UK and China, foreign currency fluctuations, and higher depreciation and amortisation, according to Tata Motors.
However, existing headwinds such as geopolitical factors, a model run down cycle, disfavour for its diesel-heavy portfolio and cyclicality in the US continue to persist as only five out of 13 JLR models posted growth.
To address the challenges, JLR plans to grow volumes with new models, attain cost efficiencies and operating leverage, and manage capital expenditure “prudently”, Balaji said.