.jpg)
Hit by a fall in volume and high material cost, auto major Tata Motors on Friday posted a net loss of Rs 263.26 crore for the third quarter, even as it said its Rs 1-lakh car
Nano will take at least one year before it is launched from Sanand plant in Gujarat.
On the likely timing of Nano's roll out from the Sanand plant, Tata Motors MD Ravi Kant told reporters, "It looks like that only."
The company reduced the number of headcount in the third quarter following a drastic fall in demand. "We have cut manpower substantially," Kant said without giving numbers.
"We have also set a cost reduction target of Rs 1,000 crore in the next three years," Tata Motors CFO Ramakrishnan said. Tata Motors is also analysing the capacity expansion and modernization plans announced earlier, he said, adding that the company has cut down on inventories drastically.
During the quarter under review, the total income from operations declined 34.38 per cent to Rs 4,758.62 crore from Rs 7,251.83 crore in the same period last fiscal, the company said in a filing to the Bombay Stock Exchange.
Fall in volumes and high material cost have significantly impacted the company's profitability in the third quarter, he said. "Availability of finance is still a problem and continues to impact demand," he said.
The company has incurred a foreign exchange loss of Rs 226.52 crore for the December quarter while it had a forex gain of Rs 27.51 crore in the same period previous year.
In the April-December period of the fiscal, TML reported a 72.54 per cent dip in net profit at Rs 409.84 crore against Rs 1,492.65 crore in the year-ago period. The total income during the nine-month period stood at Rs 18,765.91 crore, down 6.08 per cent.
The shares of the company on Friday closed at Rs 149.65, down 0.6 per cent on the BSE.
Nano will take at least one year before it is launched from Sanand plant in Gujarat.
On the likely timing of Nano's roll out from the Sanand plant, Tata Motors MD Ravi Kant told reporters, "It looks like that only."
The company reduced the number of headcount in the third quarter following a drastic fall in demand. "We have cut manpower substantially," Kant said without giving numbers.
"We have also set a cost reduction target of Rs 1,000 crore in the next three years," Tata Motors CFO Ramakrishnan said. Tata Motors is also analysing the capacity expansion and modernization plans announced earlier, he said, adding that the company has cut down on inventories drastically.
During the quarter under review, the total income from operations declined 34.38 per cent to Rs 4,758.62 crore from Rs 7,251.83 crore in the same period last fiscal, the company said in a filing to the Bombay Stock Exchange.
Fall in volumes and high material cost have significantly impacted the company's profitability in the third quarter, he said. "Availability of finance is still a problem and continues to impact demand," he said.
The company has incurred a foreign exchange loss of Rs 226.52 crore for the December quarter while it had a forex gain of Rs 27.51 crore in the same period previous year.
In the April-December period of the fiscal, TML reported a 72.54 per cent dip in net profit at Rs 409.84 crore against Rs 1,492.65 crore in the year-ago period. The total income during the nine-month period stood at Rs 18,765.91 crore, down 6.08 per cent.
The shares of the company on Friday closed at Rs 149.65, down 0.6 per cent on the BSE.
0 Comments:
Post a Comment