Jaguar Land Rover posts £3.4 billion loss in final quarter of 2018
08 February, 2019, 18:10 | Author: Brooke Harris
Weak demand persists in China, and market share losses could continue for JLR, due to structural issues in the distribution network and rising competitive intensity, analysts expect. While JLR's growth in most of its key markets, including the UK, Europe and the USA, has been satisfactory, China "has been a problem", he said.
On a stand alone basis, Tata Motors reported a net profit of Rs 618 crore on 1.5% growth in revenues to Rs 16,208 crore.
Bottom line was impacted by an exceptional item of asset impairment in JLR of Rs 27,838 crore. The company also had a £1.9bn undrawn credit facility available at the end of the quarter.
"The turnaround 2.0 strategy is delivering well with a continuing portfolio of product launches, which are the requisite building blocks for sustainable growth", he added.
JLR's China retail sales nearly halved in the quarter as demand for cars from the Asian economic powerhouse shrank for the first time since the 1990s. This compares with a profit of £190 million in the same period last... At the same time, investment in new models, electrification and other technologies remains high.
"We are now taking clear and decisive actions in JLR to step up its competitiveness, reduce costs and improve cash flows and make the business fit for the future", Chief Financial Officer PB Balaji told reporters on a conference call on Thursday. This is expected to result in a one-time exceptional redundancy cost of around £200m.
Tata Motors consolidated revenue grew 4.4% in the December quarter to ₹77,582.71 crore, fromRs 74,337.70 crore a year earlier. While revenues at the United Kingdom subsidiary were down 1 per cent to 6,233 million pounds over the year-ago quarter, margins contracted by 360 bps to 7.3 per cent.
Guenter Butschek, CEO and MD, Tata Motors, said "Fiscal year 2019 so far has been a challenging period for the industry".
Commenting on the results, N Chandrasekaran, Chairman Tata Motors said, "Domestic business continues the strong momentum and has delivered market share gains as well as profitable growth".
Dr Speth added: "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".
Tata Motors shares on BSE closed up 2.64% at Rs 182.90 in a flat Mumbai market on Thursday.
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