Jaguar Land Rover parent company Tata Motors reported lower losses in the fourth quarter as the luxury car maker benefited from improved demand for its vehicles, and managed to contain rising costs.
Automotive companies around the world have resorted to gradual price increases in an effort to address the high cost of raw materials and transportation, which are squeezing the profit margins of companies trying to recover from the pandemic.
For the quarter to March 31, the cost of materials consumed by Tata Motors fell 8.8% to 475.90 billion rupees ($ 6.15 billion).
Consolidated net losses stood at 10.33 billion rupees, up from 76.05 billion rupees a year ago, when semiconductor shortages and supply chain disruptions hit sales.
Total operating income for the quarter fell 11.5% to 784.39 billion rupees.
Source: Capital
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