Tata Motors Chairman N Chandrasekaran while speaking with shareholders at the company's 73rd Annual General meeting expressed optimism that Tata Motors will bounce back to profits.
He said, "For the past many years JLR has been profitable while the domestic has not been. Attempts are on to make both the businesses profitable. We think we are on our way. Hopefully we will do it this year."
On Friday he said, Tata Motors had aimed to deliver profits both at British marquee arm Jaguar Land Rover (JLR) as well as the domestic business.
But, there has been silence on the future of Nano, Tata's ambitious dream car that has faced headwinds in recent times.
Last week, Tata Motors reported a whopping Rs 1864 crore net loss for its June quarter.
The major bleeder was JLR, a cash-cow till now. Surprisingly, Tata Motors' previous loss-making domestic units posted a phenomenal turnaround with a Rs 1880 crore net income. The domestic arm posted a green picture, showing turn-around with in both passenger and commercial vehicle categories with better volumes, margins and an increase in market share.
Chandrasekaran said, "JLR is embarking on a very strong cost reduction plan, we don't know what this will return, but we are working on every single way how it can be run efficiently, take cost out, produce enough operating cash flow."
He said that a decision on Nano will be taken at an appropriate time.
Although he didn't delve much into specifics for Nano, he said, "we have a number of models. All the cars will move to two new architectures as we are upgrading all the models to meet the new emission norms."
In a tweet, the company said,
Chairman N Chandrasekaran compliments the Tata Motors team for their dedication and shares his thoughts on the company's excelling performance at the 73rd Annual General Meeting. #ConnectingAspirations pic.twitter.com/O7A7VHmnV5— Tata Motors (@TataMotors) August 3, 2018