New Delhi: Automobile major Tata Motors’ consolidated net loss narrowed, on a year-on-year basis, to Rs 4,450.12 crore in Q1FY22.
The automobile major had reported a net loss of Rs 8,443.98 crore in the year-ago quarter.
According to the quarterly results, total consolidated income stood at Rs 66,988.05 crore, up from Rs 32,589.59 crore reported for the corresponding quarter of the previous fiscal.
“Demand remains strong for JLR and India PV while CV demand is showing gradual improvement. In this dynamic business environment, we anticipate that semiconductor issues, commodity inflation and pandemic uncertainty will have an impact in the short term,” the company said in a statement.
“We expect the performance to improve progressively from H2 as supply chain and pandemic situation improves. The business has demonstrated strong resilience in the face of adversity and its fundamentals are strong. We will remain agile to address these challenges and drive consistent, competitive and cash accretive growth over the medium to long term whilst deleveraging the business to near zero automotive debt by FY24.”