Tata Motors reports Rs.26,961 cr loss in Q3

As a one-time exceptional non-cash charges for asset impairment of 3.1 bn pounds at JLR, has led to Rs.26,961 cr loss in Q3 to Tata Motors. Consolidated revenue for Q3 rose 5% YoY to Rs.77,001 cr. The auto firm had posted a profit of Rs 1,214.60 cr in the year-ago period. Jaguar Land Rover performance has been impacted by challenging market conditions particularly in China and inventory corrections. As per JLR’s Jan announcement, it plans to achieve £2.5 billion of investment, working capital and profit improvements by March 2020 and has suggested reduction of its global workforce by 4,500 people. These decisive actions are aimed at making business “Fit for Future” by stepping up competitiveness, reducing costs and improving cash flows. Under its “Charge and Accelerate” transformation programme the auto major plans to create an efficient and resilient business, enabling JLR to counter the multiple economic, geopolitical, technological and regulatory headwinds presently impacting the automotive industry.

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EVI Technologies plans to set up 20,000 charging stations across India

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