Tata Motors Chairman N Chandrasekaran has said turning around domestic business of the company is "the need of the hour" as it has suffered from delays in new product launches, lack of adequate response to competition and an unsustainable cost structure. Addressing shareholders in the company's Annual Report 2016-17, he said Tata Motors' standalone net revenues increased by 3.7 per cent to Rs 44,777 crore for the 12 months ended March 31, 2017 but standalone loss before tax for the year fell to Rs 2,421 crore, compared with Rs 67 crore in the prior year. "In the domestic business segment, business turnaround is the need of the hour and management is working with renewed focus and energy to improve our market share, reduce our cost base, streamline the supply chain and ensure launch of products on time to delight our customers," he said. The company's market share in commercial vehicles (CV) segment has fallen to 44.4 per cent from a high of 59.4 per cent in FY2011-12, while market share for passenger vehicles (PV) declined to 5.2 per cent from 13.1 per cent in the same period, he added. "Overall, delays in new product launches as well as lack of adequate responsiveness to the competitive environment and an unsustainable cost structure have contributed to this performance," Chandrasekaran said.