Retail sales (including CJLR) fell 11.6 per cent to 128,615 units, while wholesales (including CJLR) dropped 9.9 per cent to 118,550 in Q1FY20. The company's flagship arm Jaguar Land Rover (JLR) reported a pre-tax loss of £395 million, as compared to £264 million loss in the same period a year ago, on quarterly revenues that declined 2.8 per cent year-on-year to £5.1 billion.
"The results are consistent with the outlook for the quarter and primarily reflect lower revenue resulting from the weaker market conditions. Additional plant shutdown time and delays in WLTP certification resulting from Brexit contingency planning also contributed to the lower sales and profits," Tata Motors said.
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"Tata Motors Group financial performance reflects the historical seasonality and continued challenging market conditions globally. The results are consistent with our outlook provided for the quarter. The domestic auto industry has declined sharply and significantly. In this environment, Tata Motors is focusing on doing things right for the long-term success of this business," the company said in its results release.
Finance costs increased by Rs 336 crore to 1,712 crore during Q1FY20 versus the corresponding quarter of the pervious fiscal. This includes Rs 112 crore on account of lease liability accounting under IFRS 16.
