Tata Motors' consolidated Q2 FY22 loss widens to over Rs 4,441 cr
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Automobile major Tata Motors' consolidated net loss for the July-September quarter in 2021-22 widened to over Rs 4,441 crore, against loss of Rs 314 crore reported in the same quarter last year.
However, the consolidated net revenue rose by 14.7 per cent YoY to Rs 61,379 crore.
On a standalone basis, the company posted a comprehensive net loss of Rs 536.93 crore for the September quarter.
It had registered a net loss of Rs 1,141.36 crore in the same period last fiscal.
Executive Director Girish Wagh said: "The auto industry witnessed a consistent increase in demand, in sync with the overall growth of the economy and continuing preference for personal mobility."
"At Tata Motors, we successfully ramped up production by prudently addressing supply side challenges. During the quarter, we accelerated the sales momentum to increase market share in every segment of commercial vehicles, recorded a decade high sale in passenger vehicles and delivered the highest ever quarterly sales in electric vehicles."
Looking ahead, Wagh said that the company expect the demand for commercial, passenger, and electric vehicles to remain strong even as concerns about the supply of semiconductors and high input costs continue.
"We are taking definitive actions in the near term to mitigate these effects through an agile, multi-pronged approach to address supply bottlenecks and drive our savings program harder."
"In parallel, we continue to progress our future-fit initiatives of transforming customer experience digitally and strengthening our lead in sustainable mobility."
