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Tata Motors’ consolidated higher than expected net loss narrowed both on a sequential and year-on-year basis to Rs 4,451 crore, but it was higher than expected. The auto major had reported a loss of Rs 8,438 crore in the year-ago period (Q1FY21) and a Rs 7,605 crore loss in the previous quarter (Q4FY21).
Analysts had estimated the loss to be around Rs 2,000 crore. For instance, Emkay Global pegged the net loss at Rs 2,009.7 crore The revenue from operations in the June quarter more than doubled to Rs 66,406 crore as against Rs 31,983 crore in the year-ago period.
The company’s earnings before interest, depreciation, and amortization came in at Rs 5,500 crore.
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“The business scenario continues to remain fluid. The demand situation is likely to improve further despite pandemic uncertainty impacting the short term. However, there are significant challenges on the supply side, including semi-conductor issues and runaway commodity inflation,” Tata Motors said in an exchange filing.
“The successful implementation of a comprehensive Business Agility plan enabled us to manage lockdowns effectively and also deliver competitive growth as markets reopened. In the near term, we remain focused on fulfilling customer demands while driving all levers of the business to mitigate the unprecedented commodity inflation,” Girish Wagh, Executive Director of Tata Motors said.
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