India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak.

Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker`s Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved.

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It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from the more than 3 billion pounds it has spent annually in previous years.

"Conserving cash and prioritising capital expenditure, and targeting investment spending to the right areas is our focus," Balaji told reporters, after the company posted a fourth quarter loss.

We anticipate that up to 1,100 agency employees will be affected, a JLR spokeswoman said in a separate statement.

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Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021.

The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR.

Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31. 
JLR, which contributes the bulk of Tata Motors` revenues, reported a pre-tax loss of 501 million pounds for the period after it took a hit of 800 million pounds because of the novel coronavirus, Balaji said.

He said there were signs sales were recovering in China, one of JLR`s biggest markets, as well as in the United States and in Europe, with strong orders for Land Rover`s sport-utility vehicle Defender and Range Rover`s Evoque. 
JLR`s boss Ralf Speth, who has led the company since 2010, will step down from his role at the end of his contract term in September.

($1 = 76.0446 Indian rupees) 
($1 = 0.7954 pounds)

India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.

India's Tata Motors Ltd expects to shed about 1,100 temporary jobs at Jaguar Land Rover after it raised the cost-cutting target at its luxury unit by 1 billion pounds ($1.26 billion) to ride out the disruptions caused by the coronavirus outbreak. Tata Motors expects to save 5 billion pounds in costs by March 2021 at its Jaguar Land Rover (JLR) unit, the Indian automaker`s Chief Financial Officer PB Balaji said on Monday, adding 3.5 billion pounds of the savings had already been achieved. Also read| Petrol, diesel prices hiked again in India It will also reduce capital expenditure at JLR to 2.5 billion pounds for the current fiscal year, from the more than 3 billion pounds it has spent annually in previous years. "Conserving cash and prioritising capital expenditure, and targeting investment spending to the right areas is our focus," Balaji told reporters, after the company posted a fourth quarter loss. We anticipate that up to 1,100 agency employees will be affected, a JLR spokeswoman said in a separate statement. Also read| 'Buying bikes like toilet paper': Coronavirus causes a surge in bicycle sales Tata Motors is reviewing all its businesses and would consider exiting those that do not add strategic value, as part of a broader effort to save 60 billion rupees ($789 million) in its domestic business in the fiscal year to 2021. The automaker on Monday posted a consolidated fourth quarter net loss of 98.94 billion rupees, as coronavirus lockdowns across its markets ravaged sales, including at JLR. Total revenue from operations fell 27.7% to 624.93 billion rupees in the quarter, which ended March 31. JLR, which contributes the bulk of Tata Motors` revenues, reported a pre-tax loss of 501 million pounds for the period after it took a hit of 800 million pounds because of the novel coronavirus, Balaji said. He said there were signs sales were recovering in China, one of JLR`s biggest markets, as well as in the United States and in Europe, with strong orders for Land Rover`s sport-utility vehicle Defender and Range Rover`s Evoque. JLR`s boss Ralf Speth, who has led the company since 2010, will step down from his role at the end of his contract term in September. ($1 = 76.0446 Indian rupees) ($1 = 0.7954 pounds)

Tata Motors to shed 1,100 JLR jobs after pandemic hits earnings

India&#39;s Tata Motors reported a sharp rise in second-quarter profits on Thursday, helped by higher sales of its Jaguar and Land Rover cars, but warned of challenges ahead for its flagship British subsidiary.

Jaguar Land Rover (JLR), which has been driving Tata Motors&#39; profits for several years, expects sales in the UK and United States to soften because of competition but is confident of growth in China, JLR CEO Ralf Speth told reporters in Mumbai.

&quot;We know that overall the economies are stronger around the world but it&#39;s also clear that we see, one or the other, weakness from a political side, from an economy side. Think about Brexit, think about the U.S. at the current moment,&quot; Speth said.

JLR plans to launch several new products next year including the Jaguar XF Sportbrake sport-utility vehicle (SUV), the E-Pace, a compact SUV, and the I-Pace, its first electric sports car, Speth said after the company announced a three-fold rise in profit.

Tata Motors&#39; consolidated net profit for the quarter ended Sept. 30 rose to 24.83 billion rupees ($382 million) compared with 8.28 billion rupees a year ago, helped by strong demand for Range Rover Velar and other new models.&nbsp;

Analysts on average had expected a net profit of 14.99 billion rupees, according to Thomson Reuters data.

Pre-tax profit at JLR rose 38 percent to 385 million pounds ($505 million) and its margin on earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 11.8 percent from 10.9 percent a year ago.

Retail sales of its Jaguar saloons and Land Rover sport-utility vehicles were up 5 percent on the same quarter last year, as an increase in sales in China helped offset lower UK sales.

JLR, Britain&#39;s biggest carmaker, has said it is already feeling the first effects of Brexit, with EU citizens from outside the UK demanding more secure employment contracts and international suppliers less willing to commit to investing in the country.

While JLR will spend between 4 and 4.5 billion pounds on capital expenditure this year, going forward it will expand its product portfolio in a very controlled manner to ensure sustainable, profitable growth, Speth said.

Second-quarter losses at Tata Motors&#39; domestic business narrowed to 2.95 billion rupees from 6.31 billion rupees a year ago, helped by a 30 percent jump in revenues.

Tata Motors Chief Executive Guenter Butschek said work on turning round the company&#39;s domestic car and truck business was underway. The plan focuses on launching new products, reducing costs and consolidating its supply chain, he told reporters.

Tata Motors' consolidated net profit for the quarter ended Sept. 30 rose to 24.83 billion rupees ($382 million) compared with 8.28 billion rupees a year ago, helped by strong demand for Range Rover Velar and other new models.

India's Tata Motors reported a sharp rise in second-quarter profits on Thursday, helped by higher sales of its Jaguar and Land Rover cars, but warned of challenges ahead for its flagship British subsidiary. Jaguar Land Rover (JLR), which has been driving Tata Motors' profits for several years, expects sales in the UK and United States to soften because of competition but is confident of growth in China, JLR CEO Ralf Speth told reporters in Mumbai. "We know that overall the economies are stronger around the world but it's also clear that we see, one or the other, weakness from a political side, from an economy side. Think about Brexit, think about the U.S. at the current moment," Speth said. JLR plans to launch several new products next year including the Jaguar XF Sportbrake sport-utility vehicle (SUV), the E-Pace, a compact SUV, and the I-Pace, its first electric sports car, Speth said after the company announced a three-fold rise in profit. Tata Motors' consolidated net profit for the quarter ended Sept. 30 rose to 24.83 billion rupees ($382 million) compared with 8.28 billion rupees a year ago, helped by strong demand for Range Rover Velar and other new models. Analysts on average had expected a net profit of 14.99 billion rupees, according to Thomson Reuters data. Pre-tax profit at JLR rose 38 percent to 385 million pounds ($505 million) and its margin on earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 11.8 percent from 10.9 percent a year ago. Retail sales of its Jaguar saloons and Land Rover sport-utility vehicles were up 5 percent on the same quarter last year, as an increase in sales in China helped offset lower UK sales. JLR, Britain's biggest carmaker, has said it is already feeling the first effects of Brexit, with EU citizens from outside the UK demanding more secure employment contracts and international suppliers less willing to commit to investing in the country. While JLR will spend between 4 and 4.5 billion pounds on capital expenditure this year, going forward it will expand its product portfolio in a very controlled manner to ensure sustainable, profitable growth, Speth said. Second-quarter losses at Tata Motors' domestic business narrowed to 2.95 billion rupees from 6.31 billion rupees a year ago, helped by a 30 percent jump in revenues. Tata Motors Chief Executive Guenter Butschek said work on turning round the company's domestic car and truck business was underway. The plan focuses on launching new products, reducing costs and consolidating its supply chain, he told reporters.

Tata Motors' second-quarter profits boosted by rise in Jaguar Land Rover sales

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Tata Motors to shed 1,100 JLR jobs after pandemic hits earnings

Tata Motors' second-quarter profits boosted by rise in Jaguar Land Rover sales