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Tata Motors

Auto major Tata Motors on Thursday reported a massive Rs 26,961 crore consolidated loss for the December quarter. The company said it took one-time exceptional non-cash charge for asset impairment of 3.1 billion pounds.

Revenue rose 5 percent to Rs 77,000 crore.

Operating profit fell 20 percent to Rs 6,381 crore.

Margin narrowed 260 basis points to 8.3 percent.

The surprise loss was due to a non-cash write off worth Rs 27,838 crore for JLR. Tata Motors attributed it to slowing sales in China, technology disruptions and rising cost of debt.

Tata Steel

Quarterly profit rose as the steelmaker’s increased capacity from domestic acquisitions aided its earnings.

Net profit rose 76.5 percent over last year to Rs 2,284.1 crore in the December quarter, according to its stock exchange filing. The growth was also inflated by a one-time charge that weighed on Tata Steel’s profit in the same quarter last year.

Revenue rose 23.2 percent to Rs 41,220 crore.

Operating profit increased 18 percent to Rs 6,723.4 crore.

Margin narrowed 70 basis points to 16.3 percent.

Bhushan Steel Ltd. Acquisition helped increase steel production by 34 percent over last year to 4.38 million tonne.

Prices in China, the global benchmark, fell more than 12 percent in two months to $490 per million tonnes, according to Bloomberg.

Better price realisations and volumes helped Tata Steel cushion the impact of falling steel prices across the globe.

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