Buying top luxury brands while going into the recession was a mistake. But then again many in India (including many in the financial sector) were convinced in 07 and even early 08 that the crisis was isolated to the "US subprime mortgage market". Oops.
From Bloomberg:
...consolidated net loss was 25 billion rupees ($520 million) in the year ended March 31, compared with a net income of 22 billion rupees a year ago, the company said in a statement in Mumbai today. Year-ago numbers don’t include Jaguar and Land Rover, which Tata bought from Ford Motor Co. in June last year.From TATA:
Jaguar Land Rover: Jaguar Land Rover made a profit in 2007 and continued to do so in the first half of 2008. However, the global meltdown, especially after July 2008 with vehicle financing and demands drying up, impacted the auto industry worldwide, including Jaguar Land Rover. In 2008 therefore, Land Rover sales fell considerably. However, Jaguar was able to maintain the sales level primarily on the back of a very strong consumer response to the newly launched XF sedan.TATA underperforming the market since the purchase:
The company has actively responded to this changed situation by taking a number of urgent and long term measures. These include cutting costs drastically and working on a plan of substantial cost reduction, aligning production with demand and tight control over cash flows. In addition, the company has introduced successfully new variants on both Jaguar and Land Rover brands, and is to unveil the all new XJ sedan shortly.
