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Domestic operations sink Tata Motors

15 February, 2017, 00:31 | Author: Paula Vaughn
  • Jaguar Land Rover profits down almost 50%

Standalone net loss widened to Rs 1052.13 crore from Rs 108 crore a year earlier.

The company received payback worth 85 million pounds (over Rs 710 crore) from Chinese insurance companies for the Janjin blasts in 2015 which led to a loss of over 240 million pounds of inventory, Ramakrishnan said.

Managing director and chief executive officer Guenter Butschek, a former chief operating officer at European aircraft maker Airbus, has been tasked with turning around the fortunes of Tata Motors, whose domestic passenger auto sales and market share have roughly halved in the past two years.

The consolidated net profit after tax decreased to Rs 112 crore from Rs 2,953 crore during the corresponding quarter of last fiscal. Light Commercial Vehicles (LCV) was overall flat, stated the company.

Tata Motors' sales of commercial and passenger vehicles including exports for the third quarter of the financial year stood at 132,572 units representing a growth of 7.5 per cent as compared to the corresponding period of the previous year.

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"We have hit the road to recovery but unfortunately we had faced lot of headwinds in the third quarter", said Guenter Butschek, Chief Executive Officer & Managing Director, Tata Motors' during the post earnings media conference.

The rupee strengthened about 15 percent against the British pound past year, eroding the repatriated earnings from the luxury unit, which contributes about 86 percent of Tata Motors' operating profit.

Tata Daewoo Commercial Vehicles registered net revenue of approximately Rs 1,603 crore and recorded a net profit of Rs 90 crore during the quarter under review.

"What is it that we need to be a high performance organisation - being lean, it's about being agile and it's about having clearly addressed and delegated accountability", Mr. Butschek said. "JLR margins would definitely be better in the fourth quarter, hopefully on the back of the new launches that we have". The US accounts for about 25% of JLR sales.

The JLR unit is vulnerable because it doesn't have factories in the USA and sells much of its United Kingdom output overseas. The unit's operating profit margin narrowed to 9.3 percent from 14.4 percent a year earlier, according to the statement.

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