Tata Motors Group

Results for the quarter and year ended March 31, 2024

Safe harbour statement

Statements in this presentation describing the objectives, projections, estimates and expectations of Tata Motors Limited (the "Group"), Jaguar Land Rover Automotive plc ("JLR ") and its business segments may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Group's operations include, amongst others, economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Group operates, changes in

Other Details

  • Presentation format : The results provided represent the details on consolidated segment level. The operating segment comprise of Automotive segment and others.
  • In automotive segment, results have been presented for entities basis four reportable sub-segments as below

TML Group Automotive business

Government regulations, tax laws and other statutes and incidental factors.

Certain analysis undertaken and represented in this document may constitute an estimate from the Group and may differ from the actual underlying results.

Tata Commercial Vehicles (Tata CV)

Includes TML & subs - TDCV,

TDSC, TMBSL, PTTMIL, TML CV Mobility Solutions, TML Smart City Mobility Solutions and Joint operation TCL

Tata Passenger Vehicles

Jaguar

Vehicle

(Tata PV)

Financing

Includes TMPVL,

Land

(Tata

TPEML,TMETC, TRILIX

Rover

Motors

and Joint operation FIAPL

Finance)

Narrations

Q4FY24 represents the 3 months period from 1 Jan 2024 to 31 Mar 2024 Q4FY23 represents the 3 months period from 1 Jan 2023 to 31 Mar 2023 FY24 represents the 12 months period from 1 Apr 2023 to 31 Mar 2024 FY23 represents the 12 months period from 1 Apr 2022 to 31 Mar 2023 Q1FY24 represents the 3 months period from 1 Apr 2023 to 30 Jun 2023 Q2FY24 represents the 3 months period from 1 Jul 2023 to 30 Sep 2023 Q3FY24 represents the 3 months period from 1 Oct 2023 to 31 Dec 2023

Accounting Standards

  • Financials (other than JLR) contained in the presentation are as per IndAS
  • Results of Jaguar Land Rover Automotive plc are presented under IFRS as adopted for use in the UK.
  • JLR volumes: Retail volume data includes sales from the Chinese joint venture ("CJLR") and Wholesale volumes exclude sales from CJLR.
  • Reported EBITDA is defined to include the product development expenses charged to P&L and realised FX and commodity hedges but excludes the gain/ loss on realised derivatives entered into for the purpose of hedging debt, revaluation of foreign currency debt, revaluation of foreign currency other assets and liabilities, MTM on FX and commodity hedges, other income (except government grant) as well as exceptional items.
  • Reported EBIT is defined as reported EBITDA plus profits from equity accounted investees less depreciation & amortisation.
  • Free cash flow is defined as net cash generated from operating activities less net cash used in automotive investing activities, excluding investments in consolidated entities, M&A linked asset purchases and movements in financial investments, and after net finance expenses and fees paid.

2

FY24: The best-ever performance delivered

HIGHEST EVER

HIGHEST EVER

REVENUE

EBITDA

₹ 437.9K Cr

₹ 62.8K Cr

HIGHEST EVER PBT

HIGHEST EVER FCF

(bei)

(auto)

₹ 28.9K Cr

₹ 26.9K Cr

INDIA BUSINESS TURNS NET CASH

₹ 1.0K Cr

HIGHEST EVER

DIVIDEND^

₹ 2,310 Cr payout

* Represents data on consolidated basis unless otherwise stated; ^ Recommended by Board - Subject to shareholder approval

8

Consolidated trends

Revenue (₹ K Cr)

EBITDA (₹ K Cr)

EBIT %

62.8

15.0%

PBT (bei) (₹ K Cr)

438 60.0

10.9%

11.7%

13.0%

28.9

50.0

11.0%

8.1%

346

21.9

8.3%

19.8

263 273 270

291 302

261

250

278

40.0

9.0%

14.4

16.6

11.5

233

3.7%

0.7%

7.0%

10.3

30.0

0.0%

14.4

189

5.0%

-1.5

2.9

1.8

166

-1.8

9.7

122

20.0

3.0%

3.9

93

71

10.0

-0.5%

1.0%

-6.4

-1.0%

-8.7

FY15

-

-3.0%

FY09

FY10

FY11

FY12

FY13

FY14

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

Investment spend (₹ K Cr)

42.1

39.5

34.8

33.8

33.7

29.5

38.6

34.9

24.1

28.5

20.8

25.1

15.2

10.2 9.1

9.0

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FCF (Auto) (₹ K Cr)

27.7%

27.3%

ROCE*

26.9

25.0%

24.1%

22.3%

18.7%

15.8%

10.3

8.3

5.6

5.9

5.3

11.3%

8.0%

3.0

7.8

2.4

6.5%

6.7%

-8.7

-4.5

-9.2

2.2%

3.3%

-2.6

-0.1%

-13.1

-9.5

1.0%

-12.7

-1.2%

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

*Return on Capital Employed: EBIT/Average capital employed

For analytical purposes only

9

Tata Motors Group Financials

Consolidated

Quarter ended March 31, 2024

Rs Cr. IndAS

Tata

Tata

JLR

Commercial

Passenger

Others*

Consolidated

Vehicles

Vehicles

Revenue from operations

82,988

21,590

14,431

978

119,986

Grant income / incentives

598

46

66

8

717

Expenses :

Cost of materials consumed

(47,573)

(15,138)

(11,476)

401

(73,785)

Employee benefit expenses

(8,766)

(1,123)

(527)

(1,018)

(11,434)

Other expenses

(11,045)

(2,416)

(1,068)

185

(14,344)

Product development and engineering expenses

(2,612)

(379)

(368)

105

(3,254)

Exchange gain / loss (realized)

(17)

9

(6)

(1)

(15)

EBITDA

13,574

2,589

1,052

657

17,872

Depreciation and amortization

(5,967)

(516)

(634)

(33)

(7,151)

Profit / loss from equity accounted investees

70

-

-

177

247

EBIT

7,676

2,073

418

800

10,968

Other income ( excl. grant income)

438

100

168

37

743

Finance cost

(1,085)

(197)

(56)

(894)

(2,232)

Unrealized FX, Unrealized commodities

(19)

7

3

(13)

(22)

PBT (bei)

7,010

1,984

533

(70)

9,457

PBT

7,010

1,906

533

(80)

9,369

PAT

15,244

2,022

394

(133)

17,529

EBITDA Margin

16.4%

12.0%

7.3%

NA

14.9%

EBIT Margin

9.2%

9.6%

2.9%

NA

9.1%

* Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments

43

Tata Motors Group Financials

Consolidated

Quarter ended March 31, 2023

Rs Cr. IndAS

Tata

Tata

JLR

Commercial

Passenger

Others*

Consolidated

Vehicles

Vehicles

Revenue from operations

71,463

21,240

12,093

1,136

1,05,932

Grant income / incentives

833

107

77

28

1,045

Expenses :

Cost of materials consumed

(43,234)

(15,700)

(9,976)

716

(68,194)

Employee benefit expenses

(6,965)

(1,079)

(459)

(875)

(9,378)

Other expenses

(9,023)

(2,091)

(614)

(635)

(12,363)

Product development and engineering expenses

(2,352)

(307)

(236)

83

(2,812)

Exchange gain / loss (realized)

(630)

(18)

3

528

(117)

EBITDA

10,092

2,152

888

981

14,113

Depreciation and amortization

(5,970)

(322)

(717)

(41)

(7,050)

Profit / loss from equity accounted investees

35

-

-

56

91

EBIT

4,157

1,830

171

996

7,154

Other income ( excl. grant income)

211

38

141

143

533

Finance cost

(1,303)

(148)

(72)

(1,133)

(2,656)

Unrealized FX, Unrealized commodities

581

(16)

(6)

(500)

59

PBT (bei)

3,646

1,704

234

(494)

5,090

PBT

3,707

1,427

234

(494)

4,875

PAT

2,547

1,696

142

1,110

5,495

EBITDA Margin

14.1%

10.1%

7.3%

NA

13.3%

EBIT Margin

5.8%

8.6%

1.4%

NA

6.8%

* Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments

44

Tata Motors Group Financials

Consolidated

Year ended March 31, 2024

Rs Cr. IndAS

Tata

Tata

JLR

Commercial

Passenger

Others*

Consolidated

Vehicles

Vehicles

Revenue from operations

3,02,825

78,790

52,353

3,959

4,37,928

Grant income

2,354

242

332

43

2,971

Expenses :

Cost of materials consumed

(1,76,325)

(56,015)

(42,526)

2,110

(2,72,756)

Employee benefit expenses

(32,129)

(4,555)

(2,023)

(3,780)

(42,487)

Other expenses

(38,892)

(8,840)

(3,694)

(87)

(51,513)

Product development and engineering expenses

(9,165)

(1,111)

(1,081)

398

(10,959)

Exchange gain / loss (realized)

(452)

3

16

47

(387)

EBITDA

48,215

8,515

3,378

2,690

62,798

Depreciation and amortization

(22,671)

(2,036)

(2,350)

(213)

(27,270)

Profit / loss from equity accounted investees

255

-

-

445

700

EBIT

25,799

6,479

1,029

2,922

36,228

Other income ( excl. grant income)

1,724

267

686

302

2,979

Finance cost

(4,885)

(657)

(285)

(4,206)

(10,034)

Unrealized FX, Unrealized commodities

25

14

(6)

(274)

(241)

PBT (bei)

22,662

6,102

1,423

(1,256)

28,932

PBT

22,666

5,268

1,424

(1,403)

27,955

PAT

27,101

5,279

1,089

(1,663)

31,807

EBITDA Margin

15.9%

10.8%

6.5%

NA

14.3%

EBIT Margin

8.5%

8.2%

2.0%

NA

8.3%

* Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments

45

Tata Motors Group Financials

Consolidated

Year ended March 31, 2023

Rs Cr. IndAS

Tata

Tata

JLR

Commercial

Passenger

Others*

Consolidated

Vehicles Vehicles

Revenue from operations

2,22,860

70,816

47,868

4,424

3,45,967

Grant income

2,133

316

431

33

2,913

Expenses :

Cost of materials consumed

(1,36,032)

(52,828)

(40,503)

2,893

(2,26,470)

Employee benefit expenses

(24,502)

(4,273)

(1,723)

(3,156)

(33,655)

Other expenses

(29,557)

(7,781)

(2,364)

(1,965)

(41,667)

Product development and engineering expenses

(9,356)

(911)

(547)

153

(10,662)

Exchange gain / loss (realized)

187

(68)

(77)

542

584

EBITDA

25,733

5,270

3,085

2,923

37,011

Depreciation and amortization

(20,444)

(1,617)

(2,584)

(216)

(24,860)

Profit / loss from equity accounted investees

144

-

-

192

336

EBIT

5,433

3,653

501

2,899

12,487

Other income ( excl. grant income)

687

184

454

394

1,720

Finance cost

(4,898)

(565)

(246)

(4,530)

(10,239)

Unrealized FX, Unrealized commodities

(1,653)

(37)

27

(501)

(2,164)

PBT (bei)

(431)

3,235

736

(1,738)

1,803

PBT

1,124

2,957

1,050

(1,737)

3,394

PAT

(472)

2,869

760

(467)

2,690

EBITDA Margin

11.5%

7.4%

6.4%

NA

10.7%

EBIT Margin

2.4%

5.2%

1.0%

NA

3.6%

* Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments

46

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Tata Motors Limited published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 11:06:23 UTC.