HomeBusinessJLR owner Tata Motors posts quarterly loss

JLR owner Tata Motors posts quarterly loss

BENGALURU: Jaguar Land Rover (JLR) owner Tata Motors reported a loss for the third quarter on Monday, damage by semiconductor shortages and excessive commodity costs.

Automakers worldwide have been roiled by the chip scarcity, together with provide chain disruptions, COVID-19 restrictions and rising uncooked materials costs after a short-lived restoration in direction of the tip of 2020.

Retail gross sales at JLR, which accounts for many of Tata Motors’ income, fell 37.6per cent within the December quarter from a yr earlier, and manufacturing volumes jumped 41per cent sequentially, the corporate mentioned.

“The semiconductor shortage is expected to continue through 2022 but is expected to gradually improve as capacity within the supply base increases”, Tata Motors mentioned in an change submitting on Monday.

Consolidated internet loss got here in at 15.16 billion rupees ($203.23 million) for the quarter ended Dec. 31, in comparison with a revenue of 29.06 billion rupees a yr earlier when an easing of coronavirus-related restrictions led to a pick-up in gross sales.

However, the restoration was short-lived as acute semiconductor shortages and provide chain disruptions delayed manufacturing, and Tata Motors slipped again to losses.

($1 = 74.5950 Indian rupees)

(Reporting by Chandini Monnappa in Bengaluru; Editing by Shounak Dasgupta)

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