An ET NOW poll of analysts had anticipated the loss figure at Rs 1,707 crore.
This is even as consolidated revenue for the quarter rose 8.68 per cent year-on-year (YoY) to Rs 71,227.76 crore from Rs 65,535.38 crore in the year-ago quarter.
British arm JLR reported a 11.3 per cent YoY drop in sales at 4,406 million pounds. Tata Motors said retail sales for JLR in June quarter were 78,825 vehicles, broadly flat compared with March qurter and down 37 per cent compared with the year-ago quarter.
JLR revenues were down 7.6 per cent sequentially, impacted by supply challenges including semiconductor shortages, slower than expected ramp-up of the New Range Rover and New Range Rover Sport production and China lockdowns, Tata Motors said.
“The customer order book grew further to 200,000 vehicles. The loss before tax in the quarter was £524 million before a £155 million favourable exceptional pension item. The loss primarily reflects the lower wholesale volumes with a weaker mix, as well as unfavourable inflation £(161) million and currency and commodity revaluation £(236) million year on year,” Tata Motors said.
EBIT margin for JLR came in at minus 4.4 per cent, reflecting the lower volumes and unfavourable mix. Free cashflow for JLR was also negative in the quarter at minus £769 million, primarily reflecting £616 million of unfavourable working capital movements.
Tata Commercial vehicle revenues were up 107.20 per cent YoY at Rs 16,270 crore, up 107.2 per cent. Ebitda for this segment stood at 5.5 per cent, up 430 bps.
As far as the Tata’s passenger vehicle segment is concerned, revenues came in at Rs 11,556 crore, up 122.5 per cent. Ebitda for this segment came in at 6.1 per cent.
The auto maker expects demand to remain strong despite worries on inflation and geo-political risks while it expects supply situation to improve further.
Cooling commodity prices are expected to aid improvement in underlying margins, it said, adding that the company aims to deliver strong improvements in EBIT and free cash flows from September quarter onwards to get to near net auto debt free by FY 24.