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A high hedging loss of Rs 3,510 crore took away gains from the higher volumes in Jaguar Land Rover (JLR) and led to a lower than expected profit of Rs 848 crore (consolidated) for Tata Motors in the September quarter. The performance, however, is better compared to a corresponding loss of Rs 1,740 crore last year. A Thomson Reuters data based on analysts poll was expecting Rs 2,744-crore profit for the quarter. A dent of Rs 187 crore came on account of adverse commodity derivatives impact.
Consolidated revenue rose seven per cent to Rs 67,000 crore. JLR retail volumes (including China JV) grew 29 per cent to 142,459 units during the quarter, helped by improved retail sales in key regions like North America (39 per cent), Europe (31 per cent), UK (28 per cent) and China (49 per cent).
JLR posted a profit after tax of £244 million (Rs 2,065 crore) against a loss of £92 mn in the year-ago quarter.
At the standalone level (India operations) too, the double digit growth in both cars and light commercial vehicles during the last quarter was more than offset by the decline of about 16 per cent in volume of medium & heavy commercial vehicles.
Accordingly, the standalone loss for the quarter more than doubled to Rs 631 crore from a loss of Rs 289 crore. Standalone revenue for the quarter declined marginally to Rs 11,406 crore from Rs 11,794 crore last year.