On Monday, Tata Motors Ltd reported a 47 percent drop to Rs 1,117.48 crore for the quarter-ended March 2019 on a year-on-year basis. In the same quarter last year, it reported a profit of Rs 2,125.24 crore, while it made a massive loss of Rs 26,993 crore in the December-2018 quarter due to impairment charges of its luxury car unit Jaguar Land Rover.
For the quarter under review, the automaker's revenue fell to Rs 85,676.33 crore from Rs 88,966.34 crore a year ago.
"Our domestic business delivered a resilient performance in the face of challenging market conditions. We have continued to step up our pace of innovation, improved our market shares as well as our profitability. The 'Turnaround 2.0' strategy is delivering well, and I am confident that the business is getting the building blocks in place for long term success," Chairman, N. Chandrasekaran said in a statement.
He further said that the company continues to face challenges in China in JLR and has been addressing the issue with priority. "In JLR, we continue to face challenges in China which we are addressing on priority. To weather the volatile external scenario, we are taking decisive steps to step up competitiveness, reduce breakeven and improve cash flows whilst continuing to invest in exciting products and leading-edge technologies."
Shares of Tata Motors closed 7.5 percent higher on BSE on Monday.