Tata Motors Q2 result: Loss widens to Rs 314.5
Published On: Tuesday, October 27, 2020 | By: Team KnowMyStock
The country's largest commercial vehicle maker Tata Motors on Tuesday reported a consolidated loss of Rs 314.5 crore for the quarter ended September 30. The CNBC-TV18 poll has estimated Rs 1,290 crore loss. The company had reported a loss of Rs 216.56 crore in the September quarter of 2019. The auto major’s total revenue from operations dropped by 18.19 per cent to Rs 53,530 crore, from 65,431.95 crores a year ago. The company’s finance costs increased by Rs 114 crore to Rs 1,950 crore in the quarter due to higher gross borrowings. The company said its revenue in the last six months had been impacted as the group’s manufacturing plants and offices had to be closed down for a considerable period of time due to the Covid-19 pandemic. The company is monitoring the situation closely taking into account directives from the governments.
Despite concerns around the risk of a second wave of infection in many countries and other geopolitical risks, we expect a gradual recovery of demand and supply in the coming months," Tata Motors said in a BSE filing. It added "We are committed to achieving near-zero net automotive debt in the coming years by focusing on better front-end activations of exciting product range and executing cost and cash savings with rigour,"
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