Tata Motors profits fall 47% amid Jaguar Land Rover China slowdown

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Jaguar Land Rover has confirmed it lost £3.6 billion ($6.7 billion) in the financial year ending 31 March 2019.

JLR says its turnaround program, dubbed Charge, will drive it to at least $3.18 billion (£2.5 billion) of investment, working capital and profit improvements by March 2020, and that it now has $4.84 billion (£3.8 billion) of cash.

JLR was also optimistic about unit sales in the United Kingdom and in north America, which jumped 8.4 per cent and 8.1 per cent respectively during the year.

But on a quarterly basis JLR's ability to turn a profit will likely cheer investors, many of whom will have been expecting a fourth-straight loss for this financial year.

The result was ahead of the 3.38 billion rupees average of 10 analyst estimates compiled by Refinitiv IBES, but was still lower than 21.25 billion rupees a year earlier.

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He further added, "In JLR, we continue to face challenges in China which we are addressing on priority".

So far the vehicle giant has spent more than £149 million on redundancy costs. The unit brings in most of Tata's revenue. He is being replaced by his former deputy Adrian Mundell, 57, who was appointed Jaguar Land Rover's cost-cutter-in-chief as the company's transformation director.

Speth said that restructuring programme has already resulted in £1.25 billion of efficiencies, and made the firm "one of the first companies in its sector to address the multiple headwinds simultaneously sweeping the automotive industry".

JLR's CEO Ralf Speth stated that the company is "reducing complexity" and transforming its business by cost savings and cash flow improvements, citing the fourth-quarter profits as an example of the ongoing turnaround.

"We will go forward as a transformed company that is leaner and fitter, building on the sustained investment of recent years in new products and the autonomous, connected, electric and shared technologies that will drive future demand".

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