Tata Motors has officially come out with its financial results for the second quarter of Financial Year 2019-20. The home-grown automaker has reported a loss of Rs. 216.56 crore, beating the street's expectation by a huge margin, which predicted a loss of Rs. 1200 to Rs. 1500 crore. In comparison, the company reported a net loss of Rs. 1,048.80 crore during the same period in the previous fiscal year. Tata was able to narrow down its losses mainly due to Jaguar Land Rover's improved performance led by the boost in luxury car sales in China.
The company's total revenue for the second quarter of FY2019-20 stood at Rs. 65,432 crore, a 9 per cent drop, as compared to the Rs. 71,981.09 crore revenue generated during the same period during the last fiscal year. The company's total wholesale number (Tata + JLR) came down by 25 per cent, to 242,000 units. This includes Tata Motors' standalone wholesale volume which decreased by 44.1 per cent to 106,349 units. At the same time, JLR's wholesale numbers were up by 2.9 per cent to 134,489 units.
Jaguar Land Rover revenue increased 8.0 per cent year-on-year to £6.1 billion (Rs. 55,394.73 crore),
As for the company half-yearly performance, between April and September, the company has so far reported a loss of Rs. 3914.90 crore, compared to Rs. 2951.17 crore loss reported for the same period last fiscal year. The company's total revenue from operations stands at Rs. 126,898.94 crore, as against 138,600.13 crore revenue generated between April-Sept in FY2018-19.
During the second quarter, Tata Motors' standalone revenue decreased by 44 per cent to Rs. 10,000 crore, a pre-tax loss at Rs. 1,270 crore, as against the pre-tax profit of Rs. 150 crore in Q2FY2018-19. The company claims that this was due to the adverse mix from M&HCV volume decline, stock correction and negative operating leverage. At the same time, JLR's Revenue increased 8.0 per cent year-on-year to £6.1 billion (Rs. 55,394.73 crore), driven by higher wholesales (up 2.9%) and favourable product mix. While total retail sales were down slightly (-0.7 per cent), performance in China improved sharply, up 24.3 per cent. Global retail sales of the new Range Rover Evoque were up 54.6 per cent, the Range Rover Sport up 17.5 per cent and Jaguar I-PACE retails were up 2,593 units.
