NEW DELHI: Auto major Tata Motors on Thursday reported a massive Rs 26,961 crore consolidated loss for the December quarter. This accounting adjustment is consistent with the other decisive actions that we must take as part of our ‘Charge’ and Accelerate transformation programmes to create an efficient and resilient business, enabling Jaguar Land Rover to counter the multiple economic, geopolitical, technological and regulatory headwinds presently impacting the automotive industry. We are taking the right decisions now to prepare the company for the new technologies and strong product offensive for the future,” the company said in a release.The company noted that JLR in January announced its plans to achieve £2.5 billion of investment, working capital and profit improvements by March 2020, and for that suggested a reduction in its global workforce by 4,500 people. This is expected to result in a one-time exceptional redundancy cost of around £200 million, it said. "The EBIT margin for the full financial year ended March 2019 is expected to be marginally negative which will result in a loss before tax for the year before exceptional items," the company said on JLR business.

Source: Economic Times February 07, 2019 10:40 UTC