Tata Motors posts record $4 billion loss on Jaguar woes, shares crash
Tata Motors posts record $4 billion loss on Jaguar woes, shares crash
JLR booked a £3.4bn loss after a £3.1bn accounting charge
10 February, 2019, 05:46
JLR'sChinaretail sales nearly halved in the quarter as demand for cars from the Asian economic powerhouse shrank for the first time since the 1990s.
But analysts expect JLR to struggle to generate profit with China's economy projected to slow further this year after growth eased to its weakest pace in nearly three decades in 2018. Domestic revenue at Rs16,208 crore for the quarter was up 1.5 per cent, it said, adding that its market shares for CVs was up 60 bps compared to FY 18 while sales of personal vehicles were up 50bps.
"The transition from the outgoing Range Rover Evoque and lower Discovery Sport sales in China impacted Land Rover sales, but we are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport". "For Jaguar Land Rover, it will be catastrophic if Britain go for no-deal Brexit".
The step raises questions on whether it could affect Tata Motors' credit rating that has already been revised downward in the recent past.
Carmakers have been on the frontline of economic pressures in the world's second-largest economy as growth slows, with sales falling in China for the first time in nearly three decades during 2018.
The "overall performance continued to be impacted by challenging market conditions in China", Ralf Speth, head of Jaguar Land Rover, said in a statement on Thursday.
"Tata Motors has bitten the bullet", Ajay Bodke, the Mumbai-based head of investment strategy at Prabhudas Lilladher Pvt Ltd said by phone. "The company is expected to be a positive surprise with a 39% YoY PAT growth, led by JLR returning to the profitable zone", analysts at Antique Stock Broking had said in a results preview note. It has also streamlined its commercial policies to help compensate for retailers' losses, and is launching extensive on-site training programmes to improve the customer experience as well as operations.
Britain's biggest auto maker, owned by Indian conglomerate Tata, booked a £273 million loss in the three months to December 31, which follows on from a £90 million loss in the previous quarter. Changes in market conditions, especially in China, technology disruptions and rising cost of debt resulted in the charge. "They are reinforcing that they are serious about achieving a turnaround, saving costs and taking measures that might be tough".
Last month, the company announced plans to slash around 10 per cent of its workforce.
Tata Motors said it took one-time exceptional non-cash charge for asset impairment of 3.1 billion pounds.
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