Tata Motors posts Rs.329 crore loss in Q1

Mumbai, Aug 31 (Inditop.com) The high-priced acquisition of Jaguar Land Rover (JLR) and dipping volumes have taken their toll on Tata Motors, which reported a loss of Rs.328.78 crore in the first quarter ended June 30, as compared to a profit of Rs.719.69 crore logged in the same quarter the previous fiscal.

The company’s consolidated gross revenue for the first quarter of the current fiscal stood at Rs.16,953.63 crore, while it was Rs.15,496.28 crore in the year-ago period.

However, it said the financial performances in the two periods under review were not comparable as it had acquired the Britain-based luxury car maker Jaguar Land Rover in June 2008.

Increased borrowing to support investments and new product development in addition to adverse global market conditions were cited as the main reasons for the losses.