Tata Motors reports ₹7,585 cr consolidated loss in Mar qtr

NEW DELHI: Tata Motors Ltd posted a consolidated loss of ₹7,585.34 crore in the March quarter, mainly because its UK unit Jaguar Land Rover (JLR) wrote off investments worth ₹15,000 crore during the period.

The figure is, however, narrower than the ₹9,863.75 crore loss a year ago as Tata Motors and JLR reported robust sales during the period. In February, JLR announced its decision to write off its investments that were earmarked for developing internal combustion vehicles, which became unviable after the automaker’s move to pivot towards electric vehicle technology. A Bloomberg survey of analysts predicted Tata Motors to report a profit of ₹2,774.10 crore in the three months ended March 31. The Mumbai-based automaker reported a strong recovery in its operating performance in the fiscal fourth quarter, backed by higher sales of JLR vehicles in key markets like China and the US. ction is likely to be hit by a global shortage of semi-conductors, a critical component in modern vehicles.