Jaguar Land Rover posts biggest quarterly loss of £3.4bn

10 February, 2019, 15:43 | Author: Mary Valdez
  • Tata Motors Posts Rs 26,993 Crore Quarterly Loss Its Biggest Ever

Mumbai: Tata Motors said on Thursday that its profit after tax of Rs 26,961 crore during October to December 2018 was impacted by an exceptional item of asset impairment in Jaguar Land Rover of 3.1 billion pounds (about Rs 27,838 crore).

N Chandrasekaran, the chairman of Tata, stated: "In JLR, the market conditions continue to be challenging particularly in China".

"The economic slowdown in China continues to impact consumer confidence but, as part of our turnaround plan, we are working extensively with our retailers to rejuvenate sales".

Carmakers are struggling with falling sales at home and overseas, particularly with the plummeting demand for diesel models.

Tata Motors said Jaguar Land Rover performance was impacted by corrective action in China and production shutdown.

Last month Jaguar Land Rover joined Honda and Toyota in announcing a post-Brexit temporary plant shutdown, which will affect all three of its United Kingdom auto factories, as well as its engine plant in Wolverhampton.

Tata Motors shares closed down 17.6 per cent yesterday after falling as much as 30 per cent. Revenues fell by £100m to £6.2bn as vehicle sales fell to 144,602 for the quarter, nearly 10,000 less than the previous year.

JLR, Britain's biggest carmaker, is also facing disruption due to uncertainty over a Brexit deal and has made a decision to halt production for a couple of weeks in April.

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Tata Motors bought the iconic British carmaker for $2.3 billion from Ford in 2008.

That includes a £3.0bn write-down of the value of its property, plant and equipment, which the Coventry-based company said "reflects lower than planned sales, decline in demand for diesel and wider industry issues".

JLR, which accounts for the majority of Tata Motors' earnings before interest, tax, depreciation and amortization (EBITDA) generation, has a significant production bias to the United Kingdom despite a reasonable degree of geographic diversification in its sales mix.

The results are the first since JLR announced in January that it was to cut about 4,500 jobs from its global workforce.

JLR parent Tata Motors expects costs from the voluntary redundancy program to be recognized in the quarter ending in March.

The company is taking "decisive steps" to increase its competitiveness, reduce costs and improve cashflows, he said in a statement yesterday.

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