Tata Motors Group posts Q3 net loss of Rs 26961 cr

Jaguar Land Rover staff in England

Jaguar Land Rover, which Tata Motors bought in 2008, contributes over 70 per cent to Tata Motors' total revenue and has been a major cash generator over the years. This is Tata Motors' third consecutive quarterly loss as its luxury auto unit, Jaguar Land Rover (JLR) continues to struggle from Chinese slowdown and Brexit woes.

Speaking with CarAdvice in October previous year, Jaguar Land Rover CEO Ralf Speth said the production slowdown was caused by something of a flawless storm. "We expect JLR's volumes to grow at three per cent CAGR in FY19-21 after three per cent decline in FY17-19", said Jinesh Gandhi, analyst at Motilal Oswal.

Net loss was 270 billion rupees in the three months through December, the company said in a statement yesterday, as it battled waning demand for diesel cars and risks from a potentially disorderly Brexit.

The company has axed more than 6,000 jobs in recent months as part of a $3.2 billion cost-cutting plan, and previous year put 1,000 of its United Kingdom workers on a three-day work week.

In a filing with the BSE, the automaker said its performance was impacted by challenging market conditions particularly in China and inventory corrections.

Most of the cuts are expected to be in the United Kingdom, with a voluntary redundancy programme being launched.

Last year, JLR launched a £2.5bn programme of cost-cutting and working capital improvements in an attempt to turn the company around.

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However, it also recorded a £3.1 billion impairment charge as it wrote down the value of its plants and other assets, citing muted demand and technological and regulatory headwinds.

The company's sales in Europe were up slightly, despite an eight per cent drop in the overall market.

Although the latest accounting write-down will not affect JLR's cash holdings, the company said it is carrying out a "reassessment of investment spending to ensure adequate returns".

The company continues to invest in new vehicles, electrification, and technology. "For Jaguar Land Rover, it will be catastrophic if Britain go for no-deal Brexit".

As part of the plans, JLR last month announced investments worth hundreds of millions of pounds to produce electric drive units at Wolverhampton.

"This is a hard time for the industry, but we remain focused on ensuring sustainable and profitable growth, and making targeted investments, that will secure our business in the future", JLR chief executive Ralf Speth said.

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