your password has been reset successfully, Please login again.

Tata Motors Incurs Losses Up To INR 26,961 For Restructuring Underpinnings Of JLR

JLR future plans have resulted in losses in Tata Motors Quarter 3 December report.
BY BEx Bureau
BusinessEx
Feb 09, 2019

On Thursday, Tata Motors reported a massive loss of INR 26,961 in Quarter 3 December. The company said, It took one-time exceptional non-cash charge for asset impairment of 3.1 billion pounds. (Source: ET news)

The automotive company reported a net profit of INR 1,214.60 crore in 2017. On the other hand, the consolidated revenue of Q3 December has risen by 5 per cent year-on-year, amounting INR 77,001.

Difficult market conditions in China and inventory fallacies are attributed for poor quarterly performance as said by Tata Motors in a filing to BSE. (Source: ET news)

In the released report, the automotive company has said, We are announcing a non-cash exceptional charge to reduce the book value of our capitalised investments. This accounting adjustment is consistent with the other decisive actions that we must take as part of our Charge and Accelerate transformation programmes to create an efficient and resilient business, enabling Jaguar Land Rover to counter the multiple economic, geopolitical, technological and regulatory headwinds presently impacting the automotive industry. We are taking the right decisions now to prepare the company for the new technologies and strong product offensive for the future. (Source: ET news)

JLR is a subsidiary of Tata Motors and thus when the question posed in terms of quarterly loss. The Indian automotive company said that last year, in January JLR ( Jaguar Land Rover) proclaimed its plans to attain 2.5 billion of investment, working capital and profit improvements by March 2020 and so as to achieve the set aim, it is recommended to decrement workforce by 4,500 people. This loss is anticipated to be a one-time hit only, aggregating the cost 200 million. (Source: ET news)

Please add your Comment
SIMILAR News
February 19, 2019
Tessolve, an engineering firm acquired by Hero group, is initiating a chip centre in Bengaluru. ...More
By Jaspreet Kaur
January 28, 2019
Maruti Suzuki, the automobile company reviews its discount offers ...More
By Jaspreet Kaur
January 25, 2019
Shares of Maruti NSE rises up to 0.96 per cent ...More
By Jaspreet Kaur
January 18, 2019
South Korean Carmaker, Hyundai gets the investment approval from Tamil Nadu’s government. ...More
By Jaspreet Kaur
January 04, 2019
M & M releases a public issue for NCDS to raise money up to 3, 500 crores. ...More
By Jaspreet Kaur
December 28, 2018
Maruti, the automobile maker decides on to cease Diesel Engine Plant assembly in Gurugram owing to a ...More
By Jaspreet Kaur
July 30, 2018
The company currently does 45,000 rides daily. Singh said that more than half the clients had switch ...More
By Shah Mohsin
July 20, 2018
Customers can order from the nearest Patanjali store through the Baxi app, which can be downloaded f ...More
By Shah Mohsin
March 06, 2018
Car servicing startup Pitstop acquires MotorWhiz in part cash and part stock deal to expand its oper ...More
By Akshay Arora