Tata Motors: ‘We remain hopeful for a full recovery’

India’s Tata Motors reported wider losses for the July-September quarter, AFP reported.

The Mumbai-headquartered firm, which owns British luxury brand Jaguar Land Rover (JLR), announced a consolidated net loss of 3.14 billion rupees ($42.61 million) for the quarter ending Sept. 30 against a loss of 2.17 billion rupees a year earlier.

JLR sales were down nearly 12 percent compared to the same period the previous year as the virus crisis and uncertainty over Brexit weakened demand.

Tata Motors’ revenues fell by 18.2 percent to 535.3 billion rupees, the firm said.

The company said however that it expected sales to improve as lockdowns ease and supply chain bottlenecks are removed.

“We remain hopeful for a full recovery … by end of this fiscal year aligned to the overall improvement in the economy.” CEO Guenter Butschek said in a statement.