The stock hit a high of Rs 509.95 on BSE before falling to Rs 491.35, which is over 1 per cent above its last close.
Tata Motors on Monday reported a consolidated net loss of Rs 4,441.6 crore for the quarter ended September as against a net loss of Rs 314.5 crore in the year-ago quarter. The consolidated net loss reported by the company was higher than analysts’ estimate of Rs 3,451.9 crore net loss.
However, the carmaker reported a 14.7 per cent year-on-year (YoY) growth in consolidated revenue from operations to Rs 61,378.8 crore for the reported quarter, which was sharply above Street’s estimate.
Elevated structural costs and lower production volumes continued to weigh on the financial performance of JLR, its biggest subsidiary. Wholesale volumes of the maker of Range Rover and Discovery dropped 13 per cent to 64,000 units owing to chip shortage. This is the second quarter in a row where daily production was curbed due to supply disruptions.
JLR said that the semiconductor shortage situation remains dynamic but it expects some improvement in the coming quarters. The company said that it will continue to prioritise the production of high-margin products going ahead and is working with semiconductor producers to secure its supply chain.
“With strong customer demand with a record order book we are well placed to return to strong financial performance as semiconductor supply begins to improve,” said Thierry Bollore, chief executive officer at JLR.
