Tata Motors Q1 Results: Loss Widens To Rs 5,007 Crore; JLR Sales Down

Tata Motors' total revenue from operations, however, stood at Rs 71,934.66 crore, up 8.32 per cent from Rs 66,406.45 crore in the year-ago quarter

On commercial vehicle business, Tata Motors witnessed strong volumes growth as compared to Q1FY22.

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Home-grown auto major Tata Motors on Wednesday clocked a consolidated net loss of Rs 5,007 crore for the quarter ended June 30, compared with a loss of Rs 4,451 crore a year earlier.

Total revenue from operations, however, stood at Rs 71,934.66 crore, up 8.32 per cent from Rs 66,406.45 crore in the year-ago quarter.

Retail sales of Jaguar Land Rover (JLR) in Q1 FY23 were 78,825 vehicles, broadly flat compared with Q4FY22 and down 37 per cent compared with Q1FY22, the automaker said in an exchange filing.

Revenue was £4.4 billion in Q1FY23, down 7.6 per cent from Q4FY22, 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.

The customer order book grew further to 200,000 vehicles, said Tata Motors.

On commercial vehicle business, Tata Motors witnessed strong volumes growth as compared to Q1FY22 (a Covid impacted quarter). The growth in Q1 FY23 has been broad-based across regions and segments. For India business, domestic wholesales were at 95,895 vehicles (+124 per cent YoY).

While Tata’s PV business continued its strong momentum with wholesales at 130,351 vehicles, up 101.7 per cent vs Q1 FY22. Demand for passenger vehicles continued to stay strong in Q1 FY23 even as the supply side remained moderately impacted. The SUV portfolio contributed 68 per cent of Q1 FY23 sales.

In the stock exchange filing, the auto firm said, “We expect demand to remain strong despite worries on inflation and geo-political risks while the supply situation is expected to improve further. Cooling commodity prices are expected to aid improvement in underlying margins. We aim to deliver strong improvements in EBIT and free cash flows from Q2 onwards to get to near net auto debt free by FY24.”

Shares of Tata Motors climbed 0.66 per cent to Rs 443.95 apiece on the BSE on Wednesday.