Tata Motors announced a consolidated net loss of Rs 7,605 crore for the quarter ended March 31, 2020, on Tuesday. In the previous fiscal year, the automaker reported a net loss of Rs 9,894 crore.
The company's revenue from operations for the fourth quarter was 88,628 crore, up 42 percent from the same quarter last year's revenue of 62,492 crore. Last year, the luxury carmaker reported a loss as the COVID-19 pandemic wreaked havoc on its business in several key markets.
Jaguar Land Rover incurred a charge of Rs 1,49,940 crore due to asset write-downs and restructuring costs, according to the company.
"The CV business consistently posted sequential quarter-on-quarter growth on the back of improved consumer sentiments, buoyancy in e-business, firming freight rates and higher infrastructure demand including road construction and mining. We have successfully improved our operational and financial performance by reducing cost," said CEO and Managing Director of Tata Motors, Guenter Butschek.
The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) was reported at 12.7 lakh crore.
On Friday, Moody's Investors Service changed Tata Motors Ltd (TMLoutlook )'s from negative to stable and affirmed TML's B1 corporate family rating and B1 senior unsecured rating.
In anticipation of today's Q4 earnings, Tata Motors' stock closed 3.39 percent higher at 332 on the BSE.
Due to this, as well as rising commodity inflation, we expect Q1 FY22 to be relatively weak, but we expect things to improve gradually in the second quarter. The company has shown a high level of resiliency in the face of adversity, and its fundamentals are solid. Over the medium to long term, we will remain flexible to address these challenges and drive consistent, competitive, and cash accretive growth, the company said.