Tata Motors' Q2 consolidated net loss narrows to Rs 216 cr

Tata Motors' consolidated loss attributable to the shareholders of the company has narrowed to Rs 216.56 crore for the July-September quarter, compared to a loss of Rs 1,048.80 crore incurred during the corresponding period of the previous fiscal. The company's total consolidated income for the period under review stood at Rs 66,104.51 crore, lower by 9.1 per cent in comparison to Rs 72,729.30 crore reported in the year-ago period, Tata Motors said in a regulatory filing on Friday.

It said that Jaguar Land Rover improved its performance during the quarter ended September and delivered a well-rounded performance. "In particular, the improvement in China on the back of better operational metrics is reassuring. Project charge is well ahead of plans and has delivered Pound Sterling 2.28 so far," the filing said.

"Revenue increased 8 per year-on-year to Pound Sterling 6.1 billion, driven by higher wholesales (up 2.9 per cent) and favourable product mix," it added. Furthermore, the company said that its board has in principle approved and authorised the raising of additional fund of up to Rs 3,500 crore through external commercial borrowings.

In addition, the board approved the issue and allotment of securities upon approval of shareholders to Tata Sons on a preferential basis of up to 20.16 crore ordinary shares and 23.13 crore convertible warrants for an aggregate consideration of Rs 6,494 crore.