Tata Motors missed Street estimates on Monday as it posted a consolidated loss of Rs 4,441.57 crore against a loss of Rs 314.45 crore in the same period of the previous year.

Analysts had expected the homegrown auto major to post losses in the region of Rs 3,500-4,400 crore. The poor performance came as the company faced the twin headwinds of a global semi-conductor shortage and firm raw material prices. During the April-June 2021 period, Tata Motors had clocked a consolidated loss of Rs 4,450.92 crore.

Consolidated revenues of the company, however, rose to Rs 60,436 crore from Rs 52,839 crore in the corresponding period of the previous year.

During the quarter, revenues at Jaguar Land Rover (JLR) stood at around £3.9 billion from £4.35 billion in the same period of the previous year. The subsidiary recorded a pre-tax loss of £302 million compared with a loss of £110 million in the preceding three months.

Retail sales (including the China joint venture) were at 92,710 vehicles, down 18.4 per cent due to the semiconductor shortage and lower retailer inventories. Retail sales were lower year-on year in most regions, including North America where it fell 15.6 per cent, China by 6.3 per cent, Europe by 17 per cent, and in the UK by almost 48 per cent.

On the path ahead, JLR said the semiconductor shortage remains dynamic and difficult to forecast. It, however, expects to see gradual recovery starting in the second half of this financial year.

“While supply remains constrained, JLR will continue to take mitigating actions, including prioritising the production of higher margin vehicles for the available supply of semiconductors and closely managing costs to bring down the break-even point for the business. Further, JLR is taking measures to increase the future visibility and control over semiconductor supply for its vehicles.’’