TATA MOTORS REPORTS `188 CR Q2 LOSS

NEW DELHI: Homegrown auto major Tata Motors on Friday reported a consolidated net loss of Rs 187.7 crore for the quarter ended September 30, hit by subdued demand for its vehicles in the domestic market.

The company, which had posted a loss of Rs 1,009.49 crore in the same period of 2018-19, also said its board has approved raising of around Rs 10,000 crore through preferential allotment to parent Tata Sons and external commercial borrowing.

Tata Motors said its total consolidated revenue during the period under review stood at Rs 65,431.95 crore as against Rs 71,981.08 crore in the yearago period. It was partly affected by a Rs 3,400 crore system stock reduction in the domestic operations along with dealers.

British arm Jaguar Land Rover (JLR) reported a pre-tax profit of 156 million pounds, 246 million pounds better yearon-year, it added.

The British brand's wholesales during the second quarter were up 2.9 per cent at 1,34,489 units. "JLR has returned to profitability and revenue growth. This is testament to the fundamental strength of our business, our award-winning products, new technologies and operating efficiencies," JLR Chief Executive Ralf Speth said.

JLR'S 'Project Charge' transformation programme contributed 162 million pound of cost improvement and 285 million pound reduction in investment spending in the quarter, Tata Motors said.

"As such, it is encouraging to see the impact of our Project Charge transformation programme and improvement initiatives in the China market start to come through in our results. Our people have responded very positively to the challenging circumstances over the past year," Speth added.

Looking forward, the company would continue its product offensive, broadening its range of electrified vehicles, he added.

On standalone basis, Tata Motors said its net loss for the quarter was at Rs 1,281.97 crore as against a profit of Rs 109.14 crore in the year-ago period.