Wednesday, 20 February, 2019


Tata Motors share drops 14% after weak Q3 result

JLR snip 1 Jaguar stutters to £3.4bn loss after demand stalls
Conrad Doyle | 09 February, 2019, 11:07

The company said its commercial vehicle (CV) sales in the domestic market stood at 37,089 units in January, down 6 per cent from 39,386 units in the same month previous year.

Carmakers have been on the frontline of economic pressures in the world's second-largest economy as growth slows, with sales falling in China for the first time in nearly three decades during 2018.

JLR is impacted by growing consumer preference for eco-friendly options such as hybrid and electric as diesel vehicles comprise about 90% of its sales in Europe.

Tata Motors Ltd shares had their biggest drop in 26 years after the company posted a record loss in Indian corporate history because of a writedown in its luxury Jaguar Land Rover Automotive Plc unit.

"We are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport", JLR Chief Commercial Officer Felix Brautigam said in a statement.

"We see a gradual improvement in China ahead, and expect our numbers stabilize and now we have to work on profitability for our dealers", Balaji said. The cost of the voluntary scheme will be recognized in the quarter ending March 31, the company said. The step raises questions on whether it could affect Tata Motors' credit rating that has already been revised downward in the recent past.

Analysts at Jefferies pegged the stock at 250 rupees, versus an earlier target of 300 rupees, citing weak performance at JLR.

Given the muted demand for its vehicles JLR has concluded that the carrying value of capitalised investments should be adjusted down, resulting in a non-cash £3.1bn pre-tax exceptional charge and an overall pre-tax loss of £3.4 billion for the quarter.

Jaguar Land Rover says half of the exceptional charge was due to an accounting acknowledgement that investments in machinery and plants were worth less than previous calculations suggested. To prepare for a scenario where there could be disruptions due to Brexit, JLR also plans to temporarily close plants in the United Kingdom from April this year.

FILE PHOTO: The 2017 Land Rover Discovery is pictured at the 2016 Los Angeles Auto Show in Los Angeles, California, U.S November 16, 2016.

British Prime Minister Theresa May's Brexit deal was rejected in parliament last month and the government is trying to make changes to win the support of lawmakers even as the divorce date for Britain's departure from the European Union looms less than two months away.

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