FILE PHOTO: Tata Motors’ electric sport utility vehicle (SUV) Nexon EV on show during its launch in Mumbai, India, January 28, 2020. REUTERS/Hemanshi Kamani/File Photo
July 26, 2021
BENGALURU (Reuters) -India’s Tata Motors Ltd on Monday posted a loss for the June quarter and reiterated that global chip shortages, uncertainty due to the spread of coronavirus variants and commodity inflation would impact business in the short term.
Global carmakers have warned of extended pain due to the chip supply crunch, and Tata Motors has said https://www.bseindia.com/xml-data/corpfiling/AttachHis/018332bc-5577-42fd-9723-aa80e61d705e.pdf it expected shortages in the second quarter to be greater than in the first, likely resulting in wholesale volumes at Jaguar Land Rover (JLR) about 50% lower than planned.
“We expect the performance to improve progressively from second half as supply chain and pandemic situation improves,” Tata Motors said file:///C:/Users/6044241/AppData/Local/Fastwire/Download/913954886/Attachment.pdf in an exchange filing.
Still, revenue jumped 108% to 655.35 billion rupees in the first quarter, as the pandemic – which hit sales across the luxury carmaker’s business a year earlier – has also fueled strong demand for personal vehicles.
Overall retail sales at JLR, which accounts for most of Tata Motors’ revenue, were up 68.1% from a year earlier.
For the quarter ended June 30, Tata Motors logged a consolidated net loss of 44.51 billion rupees ($598.04 million), compared with a loss of 84.38 billion rupees a year earlier.
($1 = 74.4260 Indian rupees)
(Reporting by Chandini Monnappa in Bengaluru; Editing by Sriraj Kalluvila)
Source: One America News Network
