Auto major Tata Motors reported a rise in its consolidated net loss for the quarter ended June 30, 2020 on account of business disruption caused by the COVID-19 pandemic.
Accordingly, the automobile major's net loss rose to Rs 8,443.98 crore from Rs 3,679.66 crore in the year-ago quarter.
The company's total revenue from operations stood fell to Rs 31,983. 06 crore, down per cent from Rs 61,466.99 crore earned during the corresponding quarter last fiscal.
According to Guenter Butschek, CEO and MD, Tata Motors: "The COVID-19 pandemic has deeply impacted the auto industry in Q1FY21. Post a calibrated restart at all plants in mid-May, we gradually scaled up our capacity while prudently safeguarding the health and wellbeing of our employees as well as the larger ecosystem.
"Even as we continue to address the challenges, we see some disruption due to the intermittent shutdowns and supply chain bottlen ecks. We have witnessed some green shoots emerging in PV owing to some pent up demand pre Covid, and are hopeful for a full recovery of the CV industry by end of the fiscal year, with a gradual pickup of demand, aligned to the ec onomic recovery."
"We remain focused on making Tata Motors more agile to improve our market, operational and financial performance by reducing costs, generating free cash flows and providing the best in class customer experience."
In addition, the company said the outlook remains uncertain for the year with infections continuing to rise and intermittent lockdowns in many countries .
"However, we expect a gradual recovery of demand and supply in the coming months," the company said in a statement.
"In this context, we are committed to significantly deleveraging the business in the coming years and aim to generate positive free cash flows over last 3 quarters of the year by focusing on better front end activations of our exciting product range, and executing our cost and cash savings with rigour."