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Tata Motors cuts profit margin outlook over JLR's Brexit, China woes

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Tata Motors cuts profit margin outlook over JLR's Brexit, China woes

Tata Motors cuts profit margin outlook over JLR's Brexit, China woes

Indian automaker Tata Motors Ltd lowered its profit margin guidance for the current fiscal year after it posted its biggest quarterly loss on Thursday, hurt by an impairment charge for its British luxury car business Jaguar Land Rover (JLR).

Francesca Lynagh reports.

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Tata Motors cuts profit margin outlook over JLR's Brexit, China woes

A triple threat of troubles at Jaguar Land Rover has tipped Tata Motors into its first loss in three years.

The Indian automaker posting its biggest quarterly loss on Thursday.

U.S.-China trade tensions, low demand for diesel cars in Europe and concerns over Brexit all contributing factors.

Tata Motors' quarterly loss stacked up to just under 279 billion rupees - close to $3.8 billion… Compared to a profit of just under 12 billion rupees just a year ago.

Retail sales in China fell nearly 50 percent during the quarter.

And there was a decline in India too… Helping to push the outlook for the fiscal year ending March 31st from ''breaking even'' to ''marginally negative'', according to CFO PB Balaji.

But Tata is also on a plan to deliver cash savings of 2.5 billion pounds by March 2020.

In the meantime, Jaguar Land Rover has decided to halt production for a couple of weeks in April… In a bid to avoid potential disruption around the Brexit due date.

The luxury carmaker also said last month that it would cut 10 percent of its workforce… That's around 4,500 jobs.

With an expected one-time exceptional redundancy cost of around £200 million.




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