Friday, February 8, 2019
New Delhi –
India's largest car manufacturer, Tata Motors Limited, suffered the biggest loss in a year after its luxury Jaguar Land Rover company had suffered $ 3.9 billion in losses mainly due to weak demand in China.
In the third quarter of this year, Tata recorded a net loss of 270 billion rupees ($ 3.8 billion), the largest loss ever to an Indian company, which outperformed Indiana Oil Corp. in 2021.
During the third quarter of the fiscal year, Tata Motors recorded a profit of 12 billion rupees. Analysts had expected the company to make a 7.73 billion rupees profit in the third quarter of this fiscal year, the Bloomberg news agency said.
This comes when Jaguar Land Rover, owned by the Indian company, risks its cash flows while sales in China and Europe fell as the world's car industry turned to non-conventional cars.
At the same time, the heavy presence of the Jaguar Land Rover production centers in Great Britain is putting the uncertainty surrounding the UK exit from the EU at risk.
The net result of Tata Motors for the third quarter of the current fiscal year was 770 billion rupees, while analysts expected it to reach 787.5 billion rupees.
Tata Motors lost 60 percent of its value last year due to fears of a fall in Jaguar Land Rover sales, profitability and the need to raise capital expenditures and the impact of the UK exit from the European Union.