Tata Motors (TML) reported consolidated net sales of Rs16,397 crore (Rs14,490 crore) in Q1FY2010.
The Q1FY2010 consolidated financial performance of the company is not comparable to Q1FY2009, on account of the acquisition of Jaguar Land Rover (JLR) in June 2008.
For Q1FY2010, the company reported net loss of Rs329 crore (net profit of Rs720 crore in Q1FY2009) on a consolidated basis.
This was mainly due to the poor performance registered by the company’s UK subsidiary, which owns the JLR marquee brands.
JLR’s wholesale volumes improved on a sequential basis by over 10%, while retail volumes remained flat; North America and Europe (excluding Russia) registered growth.
On a y-o-y basis, retail volumes fell 35% y-o-y while wholesale volumes declined by 52% y-o-y. Over the past two quarters, the company has substantially cleared dealer inventory and in Q3FY2010 expects wholesale and retail volumes to converge.
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