A gradual recovery of the auto market from the clutches of the pandemic helped Tata Motors to beat analyst forecasts in the second quarter.
Consolidated net loss of the company stood at Rs 314.45 crore in the second quarter of the fiscal against a loss of Rs 216.56 crore a year ago much less than analyst estimates of Rs 2,000 crore.
Net revenues rose over 18 per cent to Rs 53,530 crore.
Both Jaguar Land Rover (JLR) and the Indian operations witnessed strong sequential recovery during the period under review, though the commercial vehicle segment was impacted by lower volumes.
Tata Motors said that during the period, Jaguar Land Rover (JLR) witnessed significant positive cash flow as sales and revenue recovered from the impact of Covid-19, though they were below pre-Covid levels a year ago.
Retail sales at 113,569 units rose 53.3 per cent sequentially. It, however, added that retail sales in most markets continued to be impacted by Covid-19 and were lower around 12 per cent compared with the year ago period.
JLR revenue at £4.4 billion showed a rise of 52.2 per cent from the first quarter, though it was lower around 29 per cent from the pre-Covid levels a year ago. It generated £65 million profit before tax (PBT) compared with a loss of £413 million in the prior quarter. JLR also ended the second quarter with liquidity of around £5 billion.
On the other hand, its standalone operations saw revenues coming at Rs 9,591.18 crore which was lower than Rs 9,913.33 crore in the same period of the previous year, though it was higher than Rs 2,634 crore in the preceding three months.
