Tata Motors, India’s largest makers of trucks and buses, on Monday announced a massive annual consolidated loss of Rs 2,505 crore for the 12 months ending March 31, 2009.
Net loss for the three months ending June 30, 2009, combining the parent Tata Motors and all its subsidiary companies including Jaguar and Land Rover (JLR), stood at Rs 329 crore, against a net profit of Rs 720 crore a year earlier. Tata Motors had announced a standalone net profit of Rs 514 crore for the same period earlier.
JLR posted a quarterly loss of £62 million (Rs 515 crore) before tax, according to the company. Tata Motors is in talks with various banks for various loans and working capital requirements of the company.
“We need a little bit of help from the market. We have been putting in a lot of measures to rationalise costs and streamline operations,” said Ravi Kant, vice-chairman, Tata Motors.