Tata Motors reported a surprise consolidated quarterly net loss of INR 76bn ($1.04bn) in their Q4 results as consensus estimated a profit of INR 27bn ($380mn). The company incurred a cash write down on assets worth INR 96bn ($1.31bn) and restructuring costs of INR 54bn ($738mn) with overall exceptional loss related to JLR at ~INR 150bn ($2.05bn). Its Indian business saw revenues grow 106% while JLR revenues grew 20.5% YoY. As per the company, its Indian business said they achieved cost savings of INR 93bn ($1.27bn) during the year. JLR ended with strong liquidity of £6.7bn ($9.5bn) with £4.8bn ($6.8bn) in cash and £1.9bn ($2.7bn) in undrawn facilities.
For the full story, click here