Tata Motors Ltd on Thursday reported a consolidated net loss at Rs 867 crore versus a net profit of Rs 498 crore in the year ago period. The company’s revenue form operations in the quarter stood at Rs 18,585 crore, up 6% over Rs 17,535 crore in the corresponding quarter of the last financial year.
The company attributed the net loss in the quarter under review to the Mark-to-Market losses on account of recently listed investments in Tata Capital (Rs 2,000 crore) leading to PBT (bei) of Rs 600 crore and net income of Rs 900 crore.
Tata Motors is the commercial vehicle business of the Tata Group which was carved out from erstwhile Tata Motors Limited. The company has retained the name while the passenger vehicle business has been turned to Tata Motors Passenger Vehicles (TMPV). Tata Motors (CV) was listed on the exchanges on Wednesday and this is the company’s first earnings after being listed separately.
More to come…