Jaguar Land Rover loses $6.7 billion during financial year

Workers set up a Jaguar booth inside the National Exhibition and Convention Center the venue for the upcoming China International Import Expo in Shanghai

Workers set up a Jaguar booth inside the National Exhibition and Convention Center the venue for the upcoming China International Import Expo in Shanghai

Brexit-related disruption and a slowdown in sales in China, once Jaguar Land Rover's (JLR) fastest-growing market, have hammered Tata's finances.

Taking extraordinary items out, the company had an operating loss of £358 million ($667 million) during the last financial year.

"Metrics (in China) have started stabilising, return on sales have picked up dramatically and at the same time our inventories at the dealers have come down significantly", Mr Balaji said.

India's biggest automaker by revenue earned Rs 1,117.48 crore ($160.26 million) in net profit for the three months ended March 31, its fourth quarter, versus Rs 2,125.24 crore a year earlier when it took in a one-off charge of Rs 1,641 crore.

China's recent economic slowdown - caused in part by its trade war with the United States - has hit JLR hard, and was cited as one of the main reasons for the announcement of 4,800 job losses earlier this year.

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Total income rose by 2.9% during the fiscal stood at Rs 3,04,903 crore.

Jaguar Land Rover has recorded an annual loss of £3.6 billion, but chief executive Ralf Speth says an ongoing cost-saving programme will transform it into a "leaner and fitter" company for the future. The unit brings in most of Tata's revenue. JLR announced 4,500 job cuts in January.

Tata Motors' domestic business posted a standalone net profit of Rs 106.19 crore for the quarter, compared to a net loss of Rs 499.94 crore a year ago. "This will improve as the year progresses", Mr Balaji said.

At close, Tata Motors was quoting at Rs 190, up Rs 13.30, or 7.53 percent on the BSE.

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