Mumbai, May 24 (IANS): Automobile major Tata Motors on Wednesday said that it has reduced its net loss to Rs 499.94 crore during the fourth quarter of 2017-18.

According to the automobile major, its standalone net loss during the quarter under review declined to Rs 499.94 crore from Rs 805.93 crore reported for the corresponding period of 2016-17.

In terms of financial year, Tata Motors reported a standalone net loss of Rs 1,034.85 crore from a net loss of Rs 2,429.60 crore.

Natarajan Chandrasekaran, Chairman Tata Sons commented: "In the domestic business, the 'Turnaround' results are clearly visible. We gained market share in both CV and PV with strong improvement in profitability and positive cash flows."

"With 'Turnaround 2.0' we will accelerate our efforts to 'Win Decisively' in CV, 'Win Sustainably' in PV and embed the turnaround culture in the company. With these focused efforts, I am confident that Tata Motors Group shall deliver Competitive, Consistent and Cash Accretive Growth in the coming years"

On a consolidated basis, the automobile major reported a declined in its Q4 net profit to Rs 2,176.16 crore from Rs 4,336.43 crore.

However, the company's consolidated net profit for 2017-18 increased to Rs 9,091.36 crore from Rs 7,555.56 crore for the previous fiscal.

Besides, the company reported that for the fiscal year 2018, its subsidiary Jaguar Land Rover's retail sales grew 1.7 per cent year-on-year to 614,309 cars due to healthy demand in China, North America and in overseas markets.

JLR's revenues increased by 6 per cent to £25.8 billion, while pre-tax profits were £1.5 billion including a one-off £437 million pension credit reported in the first quarter partially offset by engineering charges in Q4 '18.