Tata Motors Declares Rs.329 cr Loss in Q1!
Posted on September 2nd 2009Welcome back!
Tata Motors has declared consolidate loss of INR 328.78 cr in first quarter of this fiscal compared to INR 720 cr profit in the same period last fiscal. The main reason was a constant fall in sales of subsidiary Jaguar Land Rover.
We are a few weeks away from closing the working capital requirements for JLR with commercial banks.
- Mr. C. Ramakrishnan (Tata Motors, Chief Financial Officer) said.
Henceforth Tata has tied up with few banks including Burdale Financial, Standard Chartered, Bank of Baroda and GE Capital. The company is planning to tie up with some more banks in this quarter. JLR raised 150 million pound loan in last quarter for its operational capital needs.In addition, the company is waiting for another 340 million pound loan from the EIB (European Investment Bank) for Jaguar Land Rover.
Last month, Tata Motors had reported a net profit increase of 58 percent for Q1 at INR 513.76 cr against INR 326.11 cr in the corresponding period last year.
By editor in Auto Finance, Auto India News, Auto Industry News, Tata Motors