India’s Tata Motors lifted the lid on the performance of its UK carmakers Jaguar and Land Rover on Friday, revealing huge losses as it warned of “drastic cost-cutting” that could include more job cuts.

The group said the recession’s effect on the luxury marques it bought from Ford in June last year led to a consolidated net loss of Rs25.1bn ($522m) in the year ending March, its first loss in at least seven years.