It was only thanks to the one-time gain of Rs.3609 crore for Jaguar Land Rover (JLR) that Tata Motors posted a 42% (YoY) consolidated net profit of Rs.3200 crore; but for this one-time gain, even the consolidated net profit would have been a loss. The company stated that consolidated profit for the quarter was lower by Rs.793 crore due to translation impact from British pound to rupee.

Consolidated revenue was down 10% at Rs.59,818 crore. EBITDA for the quarter was down 26.5% at Rs.5597 crore and margins declined 210 bps to 9.6%.

On standalone basis, the company posted a loss of Rs.467 crore v/s profit of Rs.26 crore due to lower volumes on GST transition. Revenue fell 9% at Rs.10,375 crore and this was due to a 12% degrowth in sales volumes.

Sales were up 30% (YoY) in China and 16% in North America and it was stable in Europe but UK was down 14% including the timing impact of vehicle excise duty introduced in April 2017.