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The net loss is primarily attributed to a large write off related to subsidiary Jaguar Land Rover as Tata Motors wrote down assets worth Rs. 9,606.1 crore for cancelled models at Jaguar Land Rover (JLR).
View PhotosTata Motors has recorded a loss on consolidated basis in Q4 FY2021.
Tata Motors Limited’s Q4 FY2021 financial earnings came in with quite a surprise. The automaker has reported a consolidated net loss of ₹ 7,605 crore for the quarter ended 31 March 2020 and as compared to the net loss of ₹ 9,894 crore in the year-ago period. The net loss is primarily attributed to a large write off related to subsidiary Jaguar Land Rover. Tata Motors wrote down assets worth ₹ 9,606.1 crore for cancelled models at Jaguar Land Rover (JLR). In-turn, it also endured restructuring costs worth ₹ 5,388.2 crore from JLR.
Also Read: Tata Motors’ Jamshedpur Plant To Be Closed For Maintenance For 5 Days
Tata Motors registered profit on standalone basis.
On standalone basis, the company registered a net profit or profit after tax (PAT) of ₹ 1,646.69 crore as compared to a net loss of ₹ 4,871.05 crore it recorded in the same quarter a year ago. The company’s profit before tax (PBT) stood at ₹ 1,690.28 crore as compared to ₹ 4,785.83 crore last year. The automaker’s revenue from operations stood at ₹ 88,628 crore in the last quarter, up 41.7 per cent from the revenue of ₹ 62,492 crore recorded a year ago. Its EBIT margin stood at 7.3 per cent.
Also Read: COVID-19 Pandemic: Tata Motors Extends Warranty And Free Service Period For PV Customers
The consolidated loss is primarily attributed to the write-off of cancelled models from Jaguar Land Rover.
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In its statement on outlook, that company said that Q1 FY22 will be adversely impacted due to lockdowns and steel and semi-conductor shortages and it is providing interest support to dealers wherever we are finding excess inventory. Coming to its annual report, the company reported a loss of ₹ 2,396.44 crore even on standalone basis, but still better than the loss of ₹ 7,281.83 crore it recorded a year ago.
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