Tata Motors posts $1 billion loss as Jaguar costs hit bottom line

Tata Motos posted a consolidated net loss of 76 billion rupees during the January-March period, narrowing its losses from 98.9 billion rupees a year earlier.

Tata Motors announced a $1 billion loss Tuesday despite a strong performance in the first quarter of 2021 as restructuring costs related to its British luxury car brand Jaguar Land Rover (JLR) hit the automaker's bottom line. The Mumbai-headquartered firm posted a consolidated net loss of 76 billion rupees during the January-March period, narrowing its losses from 98.9 billion rupees a year earlier. The auto giant's revenues jumped 42 per cent, but exceptional costs worth £1.5 billion ($2.13 billion, 1.74 billion euros) related to its restructuring of JLR hurt its profitability.