Tata Motors' losses narrow on Monday, the auto major reported a consolidated net loss of Rs 4450.92 crore in the first quarter of the financial year of 2021-2022 as compared to a net loss of Rs 8437.99 crore in the same period a year ago. 

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While its consolidated revenue jumped more than doubled in the Q1FY22 to Rs 66,406.45 crore from Rs 31,983.06 crore in the same quarter a year ago. 

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As per the company’s filing to exchanges, “JLR EBITDA stood at 9 per cent, while Tata Motors EBITDA at 1.8 per cent. Similarly, the commercial vehicle revenue grew by 355 per cent, EBITDA stood at 0.1 per cent, while passenger vehicle revenue grew by 336 per cent and EBITDA at 4.1 per cent in the June-ended quarter of FY22.”

“Demand remains strong for JLR and India PV while CV demand is showing gradual improvement. In this dynamic business environment, we anticipate that semiconductor issues, commodity inflation, and pandemic uncertainty will have an impact in the short term,” Tata Motors said in the same release.

India operations of Tata Motors showed significant improvement as compared to Q1FY21, however the second COVID wave in India along with the supply issues slowed down the growth momentum as compared to Q4FY21, the company said.

Retail sales of JLR in the first quarter were 1,24,537 vehicles, up 68.1 per cent year-on-year as sales continued to recover from the impact of the pandemic, the company said in its BSE filing.

“We will remain agile to address these challenges and drive consistent, competitive, and cash accretive growth over the medium to long term whilst deleveraging the business to near-zero automotive debt by FY24," it said.

The stock on Monday ended around 1 per cent lower to Rs 293.1 per share on the BSE, as against 0.23 per cent in the decline S&P BSE Sensex. The scrip has been on a continuous decline since July 5, 2021, and it fell by over 15 per cent from 346.05 per share on the BSE.