New Delhi, Jan 31 (SocialNews.XYZ) Automaker Tata Motors on Monday reported its net losses during Q3FY22 at Rs 1,451 crore, as semiconductor supplies have continued to constrain sales.
In the same quarter last fiscal, the net profits were at Rs 2,941 crore, the company said in its earnings report.
"India operations showed significant revenue improvement as compared to Q3 a year ago, however, commodity inflation impacted the margins," it said in the filing.
The passenger vehicles segment continued its turnaround journey and strengthened its double-digit market share with highest sales in any calendar year since inception.
Besides, electric vehicle sales witnessed a new peak of 5,592 units in Q3FY22.
Revenue from operations during the quarter fell to Rs 72,229 crore, as against Rs 75,654 crore reported in the corresponding period last fiscal.
EBITDA fell to Rs 691 crore during the quarter, as against Rs 993 crore in the same period last fiscal.
Demand outlook remains strong despite near term concerns from Omicron spread, the automaker said.
"The semiconductor supply situation is improving gradually whilst inflation worries persist," it added.
The semiconductor shortage is expected to continue through 2022 but is expected to gradually improve as capacity within the supply base increases. However, the company is engaging with first-tier suppliers and directly with the chip manufacturers to secure supply longer-term.
With this gradual expected improvement, Jaguar Land Rover expects Q4 profits to improve sequentially with positive cashflow.
"The global order book is at record levels and has grown an incredible 30,000 units for the New Range Rover before deliveries even start this quarter. We continue to execute our Reimagine strategy to realise the full potential of the business and create the next generation of the most desirable luxury vehicles for the most discerning of customers," said Thierry Bollore, Chief Executive Officer of Jaguar Land Rover, a wholly-owned subsidiary of Tata Motors.
Source: IANS
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