India's Tata Motors warns of JLR profit hit due to coronavirus
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February 03, 2023

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FRIDAY, FEBRUARY 03, 2023
India's Tata Motors warns of JLR profit hit due to coronavirus

Global Economy

Reuters
06 March, 2020, 03:45 pm
Last modified: 06 March, 2020, 03:51 pm

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India's Tata Motors warns of JLR profit hit due to coronavirus

The coronavirus epidemic, which started in China and is spreading globally, has hurt sales in the world’s biggest auto market and also disrupted auto supply chains affecting carmakers in all parts of the world

Reuters
06 March, 2020, 03:45 pm
Last modified: 06 March, 2020, 03:51 pm
FILE PHOTO: Tata Motors logos are seen at their flagship showroom before the announcement of their Q3 results in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: Tata Motors logos are seen at their flagship showroom before the announcement of their Q3 results in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo

Indian automaker Tata Motors has warned of lower profit at its British luxury car brand Jaguar Land Rover (JLR) for the fiscal year as sales in China have taken a hit because of the coronavirus outbreak.

The outbreak has hit JLR's retail sales in China and is expected to lower the luxury carmaker's full year EBIT (earnings before interest and tax) margin, Tata said in a statement.

"Recognizing the present situation is highly uncertain and could change, the reduction in China sales resulting from the coronavirus presently is estimated to reduce Jaguar Land Rover's full year EBIT margin by about 1 percent," it said.

The coronavirus epidemic, which started in China and is spreading globally, has hurt sales in the world's biggest auto market and also disrupted auto supply chains affecting carmakers in all parts of the world.

Tata Motors warned in January the coronavirus could impact its profit margin forecast of around 3 percent for the JLR unit for the fiscal year 2020 at a time when it was making progress on a turnaround plan to improve sales in China.

World+Biz / Coronavirus chronicle

Tata Group

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