New Delhi: Homegrown auto major Tata Motors on Thursday reported narrowing of consolidated net loss at Rs 992.05 crore in the fourth quarter ended March 2022.
The company had posted a consolidated net loss of Rs 7,585.34 crore in the same period last fiscal, Tata Motors said in a regulatory filing.
Its total consolidated revenue from operations stood at Rs 78,439.06 crore in the fourth quarter as against Rs 88,627.90 crore in the year-ago period, it added.
On a standalone basis, the automaker reported a net profit of Rs 413.35 crore in the period under review as against a net profit of Rs 1,645.68 crore in the fourth quarter of 2020-21.
Standalone total revenue from operations stood at Rs 17,338.27 crore in the fourth quarter as compared to Rs 13,480.42 crore in the same period previous fiscal year, Tata Motors said.
The company's British arm Jaguar Land Rover (JLR) posted revenue of 4.8 billion pounds in the fourth quarter and retail sales of vehicles stood at 79,008 units.
For FY22, JLR's revenue was 18.3 billion pounds, down 7 per cent from the prior year. Retail sales were at 3,76,381 units, down 14 per cent compared to FY21, the company said.
"Full year performance (of JLR) in FY22 was significantly impacted by the constraint on production and sales resulting from the global chip shortage," the company said.
JLR CEO Thierry Bollor said the environment remains difficult in light of the global chip shortage and other challenges.
"However, I'm encouraged by the continuing strong customer demand for our products, highlighted by a record order book," he said, adding the company is rapidly progressing its plans for a new generation of electric vehicles with its all-electric Jaguar strategy and battery electric vehicle (BEV) first EMA platform for new Land Rover products.
On the commercial vehicles front, Tata Motors said domestic wholesales were at 1.1 lakh units in the fourth quarter and for FY22 it was at 3.23 lakh units.
"The Indian commercial vehicles sector, deeply impacted for two successive years, showed promising signs of growth in FY22 supported by a steady recovery in the economy, rising industrial activity and reopening of markets," Tata Motors Ltd (TML) Executive Director Girish Wagh said.
The improvement in consumer sentiment, buoyancy in e-business, firming freight rates, reopening of schools and offices and higher infrastructure spending in road construction and mining helped regenerate demand, he added.
Looking ahead, Wagh said, "We see significant opportunities to leverage the mega trends shaping the Indian automotive industry. We are keeping a close watch on geopolitical developments, fuel inflation and semiconductor shortage and remain optimistic whilst continuing to work closely with our customers and ecosystem partners to mitigate risks and manage uncertainties."
As far as the passenger vehicles (PV) segment was concerned, Tata Motors said in Q4 PV domestic wholesales were at 1.23 lakh units, while for the full year FY22 domestic wholesales were at 3.7 lakh units. Sales of electric vehicles in Q4 were the highest at 9,100 units and for FY22 it was at 19,100 units.
Tata PV business delivered a consistent and strong performance leading to the highest quarterly and annual sales in Tata Motors' history, the company said.
"In a challenging year disrupted by Covid, semiconductor crisis and steep increase in commodity prices, Tata Motors set several new records in passenger and electric vehicles to make FY22 a landmark year," Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said.
Going forward, he said,"The demand for our 'New Forever' range continues to remain strong even as the semiconductor situation and supply side challenges remain uncertain. We remain agile and will continue to take prudent actions while enhancing our focus on future-fit initiatives of transforming customer experience digitally and strengthening our established lead in sustainable mobility."