#7 BIGGEST GAINER - LOSS TO PROFIT
TATA MOTORS
WHEN TATA MOTORS acquired British luxury carmaker Jaguar Land Rover (JLR) from Ford for $2.3 billion a decade and a half ago, analysts were sceptical. It was the year of the global financial crisis and demand for luxury cars had taken a beating. But against all odds, the Tata Group company went from ₹2,500 crore loss in FY09 to ₹13,986 crore in profits in FY15.
The euphoria, however, was shortlived. The homegrown automaker recorded the biggest-ever quarterly loss (₹26,961 crore) by an Indian company in Q3FY19. The losses continued through the pandemic as disruptions in the global supply chain led to a semiconductor crisis, causing a decline in volumes. The huge leverage on its books didn't help JLR either. As the chip shortage abated in the second half of 2023, volumes picked up and the company swung back to profits again.
JLR halved its break-even volume threshold to 300,000 units in FY23, from 600,000 in FY19, thanks to its focus on high-margin SUVs. Profitable cars, including Range Rover, Range Rover Sport and Defender, contributed 77% to the 168,000 order-book at the end of Q2FY24. To overcome supply chain disruptions, Tata Motors is redesigning vehicles to reduce dependency on semiconductors. The automaker is also forging alliances with chipmakers to ensure a steady supply.
The Tata Group firm clocked its fourth straight quarterly profit in the September quarter, driven by strong JLR sales. Its luxury unit's revenue grew 30% to £6.9 billion in Q2 and net debt halved to £2.2 billion in the 12 months to September 2023. JLR aims to slash it to less than £1 billion by the end of FY24 and become net cash positive by FY25.
This story is from the December 2023 edition of Fortune India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2023 edition of Fortune India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
"Everything You Want is on the Other Side of Fear."
Ryan Gosling and David Leitch are the star and director of The Fall Guy, the romantic-action-comedy blockbuster stunt-fest you'll see at least twice this summer. But they've also built a bond over stunt work, pain, and purpose.
6 A.M. With...the Olympic Fencer
Miles Chamley-Watson's workouts are filled with jokes-and rapier-sharp intensity.
THE SCOOP ONSTREAMING
A closer look at all the ways you can watch TV today
Hey Dad, Can You Help Me Return the Picasso I Stole?
A painting went missing in 1969, then turned up at a museums doorstep. No one knew how or why—until now.
A Week Under My Son's Roof
When roles reverse, it’s payback time
HOA HORROR STORIES
The good, the bad and the utterly bizarre!
WHEN A SNAKE FELL FROM THE SKY
THE WOMAN ON THE LAWN MOWER THOUGHT THAT WAS BADESPECIALLY WHEN IT HIT HER. THEN THE HAWK SWOOPED IN.
IS EVERYONE ON OZEMPIC?
Everything you need to know about the new diabetes drugs shaping the weight-loss revolution
Why Water Workouts Work
Swimming and other aquatic exercises have special benefits
Doing Dad's Bucket List
Laura Carney's father died suddenly, with unfinished business. So she started checking off the items for him.
DO MORE WITH YOUR TECH
You're undoubtedly missing out on cool features that can help make life easier, safer, even more fun
Surf's Up... Again
A Hawaiian helps victims of a devastating fire in the most Hawaiian way possible
Cue the BBQ
A bowl of bulgogi is a treat for your taste buds
Popping the Question
Engagement stories from both sides of the bend
WOMAN, FROG, AND DEVIL
January Wojnicz, a retired civil servant and a landowner, was a splendid man, as they said in Lwów, handsome and dignified.
THE STASI FILES
Piecing together the secrets of East Germany’s past.
ONWARD AND UPWARD WITH THE ARTS - SHOWSTOPPERS
A Tony-winning musical director faces her first Broadway miss.
HIGHER AND HIGHER
To preserve humanity—and the planet—should we give up growth?
MAXED OUT
“Furiosa: A Mad Max Saga.”
DESERT ISLAND
Tastes of Hawati abound in Las Vegas.
NOTICE OF SECURITY INCIDENT
By now you are aware that you are the victim of a data breach.
MY FATHER'S COURT
The Detroit Pistons became his second family.
LAND OF MAKE-BELIEVE
Zach Horwitz was a mystifying presence on the big screen, until the F.B.I. showed up.
THOROUGHLY MODERN
Yuja Wang uses her star power to lead audiences out of their comfort zones.
THE PERFECTIONIST
Why we're still catching up to Brancusi.
OLD ENGLISH
“Player Kings,”\"The Cherry Orchard,” and \"London Tide.”
AI COMPANIES MAKE FRESH SAFETY PROMISE AT SEOUL SUMMIT, NATIONS AGREE TO ALIGN WORK ON RISKS
Leading artificial intelligence companies made a fresh pledge at a mini-summit this week to develop AI safely, while world leaders agreed to build a network of publicly backed safety institutes to advance research and testing of the technology.
IS THAT 'HER'? OPENAI PAUSES A CHATGPT VOICE AFTER SOME SAY IT SOUNDS LIKE SCARLETT JOHANSSON
OpenAI says it plans to halt the use of one of its ChatGPT voices after some users said it sounded like Scarlett Johansson, who famously voiced a fictional, and at the time futuristic, AI assistant in the 2013 film “Her.”
TAIWAN IS SELLING MORE TO THE US THAN CHINA IN MAJOR SHIFT AWAY FROM BEIJING
Whether it’s tapioca balls or computer chips, Taiwan is stretching toward the United States and away from China — the world’s No. 2 economy that threatens to take the democratically ruled island by force if necessary.
FCC TO CONSIDER RULES FOR AI-GENERATED POLITICAL ADS ON TV AND RADIO, BUT CAN'T TOUCH STREAMING
The head of the Federal Communications Commission introduced on Wednesday a proposal to require political advertisers to disclose when they use content generated by artificial intelligence in broadcast television and radio ads.