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Tata Motors Q2 net loss widens to Rs 4,415.54 crore

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Tata Motors net loss widens in Q2

New Delhi. Automobile maker Tata Motors’ consolidated net loss widened to Rs 4,415.54 crore in the second quarter of the current financial year 2021-22. The company’s losses have been compounded by lower sales of British unit JLR (Jaggar Land Rover) due to rising expenses and semiconductor shortage. Tata Motors said in a information given to the stock market on Monday that the company’s consolidated net loss in the corresponding quarter of the last financial year 2020-21 was Rs 307.26 crore.

The company’s consolidated income stood at Rs 61,378.82 crore for the quarter ended September 2021 as against Rs 53,530 crore in the year-ago quarter. According to Tata Motors, its total expenditure stood at Rs 65,712.83 crore in the second quarter of the current fiscal from Rs 54,982.77 crore in the corresponding quarter of 2020-21 a year ago. The company’s British arm, Jaguar Land Rover, reported earnings of £39 billion, while loss before tax stood at £302 million. JLR’s wholesale sales declined 12.8 per cent to 64,032 units in the quarter under review. On a standalone basis, Tata Motors reported a net loss of Rs 659.33 crore in the second quarter of the current fiscal. It had a net loss of Rs 1,212.45 crore in the same quarter of 2020-21 a year ago. The company’s operating income on a standalone basis stood at Rs 10,996.02 crore as against Rs 5,594.60 crore in the year-ago quarter.

Last month, domestic vehicle company Tata Motors Ltd. (TML) had informed that it will raise $1 billion (Rs 7,500 crore) from TPG Rise Climate for the passenger electric vehicle business. This amount will be raised based on the valuation of the business up to $9.1 billion. The funds will be used by the company’s new subsidiary ‘TML EV Co’ to finance investments of over $2 billion over the next five years to grow the electric vehicle business. The company said in a statement that Tata Motors Ltd.

And TPG Rise Climate has entered into a binding agreement. Under this, TPG Rise Climate along with its co-investor ADQ will invest in a subsidiary of Tata Motors. This subsidiary unit has been formed recently. TPG Rise Climate is a private investment company created to invest in TPG’s climate sector units. TPG Rise Climate along with its co-investors will invest Rs 7,500 crore in a compulsory convertible investment product to acquire 11 to 15 per cent stake, according to the statement. Based on this, the equity valuation of the company is estimated at $9.1 billion.

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