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).
Tata Motors’ loss came at 269.93 billion rupees ($3.78 billion) for the three months ended Dec. 31, compared with a profit of 11.99 billion rupees in the year-ago period. Revenue rose 5.8 percent to 762.65 billion rupees.
The company took a non-cash charge of 278.38 billion rupees (3.02 billion pounds) to cover the impairment at JLR in the three months to Dec. 31. Changes in market conditions, especially in China, technology disruptions and rising cost of debt resulted in the charge.
Reuters article: https://uk.reuters.com/article/uk-tata-motors-results/jaguar-land-rover-woes-drive-indias-tata-motors-to-biggest-quarterly-loss-idUKKCN1PW15A