Shares of Tata Motors recovered 4.6% percent from an intra-day low on Monday after the auto major reported its biggest-ever quarterly loss on Thursday, hit by asset impairment in its British arm Jaguar Land Rover (JLR).
Shares of Tata Motors gained 0.76 percent to Rs 152.45 on the Bombay Stock Exchange (BSE) on Monday after they touched a low of 145.80, down 3.63 percent, in the intra-day trading. On NSE its shares closed 1.53 percent higher to Rs 153.
Following the third quarter results, the company's shares had plunged 22.4 per cent during the intra-day trading on Friday before closing at 151.30 down 17 percent. On the NSE, its shares had plunged 29.5 percent on Friday during intra-day and closed 17.9 percent down.
The company had on Thursday reported a consolidated net loss of Rs 26,960.8 crore for the third quarter ended 31 December.
Tata Motors said profit was impacted by an exceptional item of asset impairment in JLR of Rs 27,838 crore (3.1 billion pounds).
In JLR, the market conditions continue to be challenging particularly in China, Tata Group chairman N Chandrasekaran said last week.
JLR's revenue declined 1 percent to 6.2 billion pounds.
Tata Motors on Thursday reported a consolidated net loss of Rs 26,960.8 crore for the third quarter ended 31 December, hit by asset impairment in its British arm JLR.
The company had reported a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18.
Total revenue from operations, however, rose 4.36 percent to Rs 77,582.71 crore as compared to Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing.
On a standalone basis, the company posted PAT of Rs 617.62 crore as against Rs 211.59 crore in the year-ago quarter.
Total standalone income rose to Rs 16,477.07 crore as against Rs 16,186.15 crore in the same period of previous fiscal. JLR's revenue, however, declined 1 percent to 6.2 billion pounds.
Chandrasekaran said the company's domestic business continues the strong momentum and has delivered market share gains as well as profitable growth.
"The turnaround 2.0 strategy is delivering well with a continuing portfolio of product launches, which are the requisite building blocks for sustainable growth," he added.
In JLR, the market conditions continue to be challenging particularly in China, Chandrasekaran said.
"The company has taken decisive steps to step up competitiveness, reduce the costs and improve the cash flows while continuing to invest in exciting products and leading edge technologies. With these interventions, we are building Tata Motors group to deliver strong results in the medium term," he added.
— With inputs from PTI
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Updated Date: Feb 11, 2019 17:17:48 IST