The manufacturer of the Tata Harrier SUV and Ace mini truck posted a net loss of ₹944.6 crore on a consolidated basis for the quarter ended September 30. A year earlier, the loss was ₹4,441.6 crore.
Consolidated revenue from operations rose 29.7% from a year earlier to ₹79,611.3 crore. Earnings margin before interest, tax, depreciation and amortisation expanded 1.3 percentage point to 9.7%.
Tata Motors’ domestic commercial vehicles business reported 19% growth in sales at 93,651 units last quarter, while passenger vehicle sales rose 69% to 142,755 vehicles.
Demand continues to remain strong, the company said, while also cautioning about global uncertainties. “Improving chip supply and cooling commodity prices will aid revenue and margins recovery and hence (we) aim to deliver strong improvements in EBIT (earnings before interest and tax) and free cash flows in H2 (second half of) FY23,” Tata Motors stated in a filing with the BSE.
At UK-based luxury-vehicle maker Jaguar Land Rover, revenue increased 36% to 5.3 billion in the second quarter, which it attributed to a strong model mix and pricing. JLR’s sales volume (excluding from its China joint venture) rose 17.6% to 75,307 units.
JLR is continuing to focus on signing long-term partnership agreements with chip suppliers, which is improving visibility of future supply of the component, Tata Motors said. JLR has an order book of 205,000 units, group finance chief PB Balaji said. Its business is seeing an uptick despite global uncertainties and the company does not expect any adverse impact immediately, he added.
JLR’s production and sales volumes, as well as the profit margin and cashflow, are expected to improve in the second half of FY23, the company said. It expects free cashflow to be near breakeven for the full financial year.
Delisting ADS from NYSE
Tata Motors said it plans to delist its American Depositary Shares (ADS) from the New York Stock Exchange in January next year and terminate its ADS programme.
The rationale for the listing of its ADS has significantly diminished, the company said. “Since the company’s ADSs were issued in 2004, the company has witnessed a considerable increase in liquidity and foreign shareholder participation in the equity stock markets in India,” Tata Motors said in an exchange filing.
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