Home-grown automobile manufacturer Tata Motors on Monday reported a net loss of INR 4,450.92 crore in Q1FY22 compared to steep losses of Q1FY21, where it reported INR 8,437.99 crore.
In a BSE filing, the company reported that its revenue rose more than doubled in Q1FY22 to INR 66,406.45 cr when compared to INR 31,983.06 crore in the same period year ago.
The EBITDA margins for JLR stood at 9% while for Tata Motors standalone stood at 1.8%, as per the BSE filing.
In terms of JLR performance, the retail sales for the company stood at 124,537 units in the first quarter, significantly up by 68.1% when compared to the same period year ago.
Thierry Bolloré, Jaguar Land Rover Chief Executive Officer, said, 'We are pleased to see a continuing positive recovery from the pandemic, with year-on-year growth in all regions, demonstrating the appeal of Jaguar and Land Rover vehicles. Though the current environment continues to remain challenging, we will continue to adapt and manage elements that are within our control and ensure that Jaguar Land Rover is well-placed to respond to any further market developments
While Tata Motors CV and PV business operations showed significant improvement compared to Q1 a year ago, however, the second COVID wave in India and the supply issues slowed down the growth momentum compared to Q4 FY21.
Also, EV business continues to grow rapidly and delivered 5x revenue growth and highest quarterly sales at 1,715 units.
Girish Wagh, Executive Director, Tata Motors, said, 'In the near term, we remain focused on fulfilling customer demands while driving all levers of the business to mitigate the unprecedented commodity inflation.'
He added, 'We are working to transform the customer experience digitally and also strengthen our leadership in sustainable mobility. We will continue to make the requisite investments to ensure a competitive product portfolio whilst driving down the cash break-evens of the business to deliver consistent, competitive and cash accretive growth over the medium to long term.'
Outlook
Demand remains strong for JLR and India PV, while CV demand is showing gradual improvement. In this dynamic business environment, the company anticipates that semiconductor issues, commodity inflation, and pandemic uncertainty will impact the short term, the company said in the filling.
The business has demonstrated strong resilience in the face of adversity and its fundamentals are strong. The company hopes to remain agile to address these challenges and drive consistent, competitive, and cash accretive growth over the medium to long term whilst deleveraging the business to near-zero automotive debt by FY24.
The company expects the performance to improve progressively from H2 as the supply chain and the pandemic situation improves.