Forbes India
Losses widen: While Tata’s listed companies nearly tripled their profits between FY20 and FY25, the unlisted companies tell a starkly different story. Losses increased seven-fold to Rs 10,915 crore in FY25 from Rs 1,557 crore in FY20. Mainly due to seven companies: The bulk of the losses comes from seven unlisted entities. Air India alone bled Rs 10,859 crore in FY25, while Tata Digital lost Rs 4,610 crore. While Tata Play more than doubled its losses between FY20 and FY25, Tata Projects went from a profit-making to a loss-making company in the same period. But some see profits surge: Not all of the unlisted story is grim. Tata Capital, Tata AutoComp and Tata Asset Management showed significant growth in profits—in some cases more than 20-fold since FY20. While others see a turnaround: Tata Motors and Tata Communications, along with unlisted Tata Teleservices, have shown remarkable recoveries, swinging from deep losses in FY20 to healthy profits in FY25. Overall revenue doubles and profits triple: At the aggregate level, the Tata Group’s financials look impressive. Revenue nearly doubled to Rs 15.3 lakh crore in FY25 from Rs 7.9 lakh crore in FY20, and profits more than tripled to Rs 1.13 lakh crore in the same period. Revenue from unlisted companies grows: Unlisted Tata companies have expanded their share of group revenue from 8.6 percent in FY20 to 21.6 percent in FY25, even as losses mounted.
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