Tata Motors (TTM) 18 May 212021 Q4 Earnings call transcript

Ladies and gentlemen, good day and welcome to the Tata Motors Q4 Earnings Conference Call.

As a reminder, all participant lines will be in the listen-only mode. [Operator Instructions] All questions will be taken up at the end of the session. Please note that this conference is being recorded. I now hand the conference over to Mr. Motors. Tata from Pandey Prakash Thank you. to sir. Over you,

CFO, Tata our you. and your Thierry Rover; of then Business; results the management, Thank and Tata from conference QX, these Balaji, President, and behalf Land Commercial Mr. Mr. Good Bollore, Like the welcome with by CEO, Jaguar and colleagues we Motors; call. CEO, Mr. and evening, Balaji. Vehicle you Adrian Chandra, Group performance of my 'XX Butschek, and PB uncertain of followed Mardell, On times. financial all Vehicle Hope unprecedented Mr. I Relations the Guenter CFO, will family Investor during Land teams. Jaguar the Passenger overview Mr. always, MD FY warmly business and Shailesh Electric Over Tata from we you for everyone. safe quick to Yes. Motors, Q&A. President, members Today, have healthy all you Girish and us other start Vehicle Wagh, session with are Motors; Mr. Business; Rover;

Thanks, Prakash. you. Thank

a Firstly, to you. of for the welcome time. all taking Thanks warm

company to one. on to slide to of that Yes, of you next a one already later portal. of in Car of We electrified, of And refer with successful As Can move I placed of you. the and front out was Moving Defender, strategy earlier, to have with hope I almost now all take in well you there actions I'm I’ll statement? look savings, as Refocus I'm presuming presentation period were intense to Safe when we also been therefore, please winning world, And World happy We'll XX a numbers Charge at it and had next and as that. product page transformation The Defender these. the we're the Rover. generated actions safe automotive Prakash have going in the Land chance and well. you quarter. Jaguar an sound. forward XX of of of Harbor intend the a the talk uploaded into and as said Design Investor it, the -- lot Reimagine that about we'll talk has are course, are today, the of the £X lifetime saw you very billion the most be about in projects concluding announced, and this Year. all

of current feedback, excellent IV, and M&HCV in what significant please. happening the was Tata we slide, this which reflected In legend really particularly is our point reborn. now has interventions see market experience Motors, course, shares, product did in post-BS really ILCV. Safari, giving product time, Tata Next and the customer and at is in us

so completed strong course, The Of a been exercised. year, has had at to target X,XXX promoters PV have as ended remaining performance for and it's the more. savings talk warrants the their X,XXX market, crores crores, cost indicated outstanding even we been going we strong Shailesh ones which standout about funding, the The is response up into have well. there performer

flow. up. positive the a for have many home but pandemic, EBITDA X.X% is seen if year being free see Overall, We year the EBITDA of a closer a all-round year EBIT XX,XXX in Full the for the look margins as the from flow the I ended perspective strong cash performance look you as into quarters. the at the of slide, performance for quarter at numbers picked Next year. that strong QX, quarter, despite year-to-year you full with almost if well highest a the cash crores, last as

actually bit year it go Thierry what That's result also and there, it. last that full into intensity more the implication EBITDA a flow, us to like we'd something annum, million the and or through the changes the the in want we when called is charge resulting business, business then more deliver a today. will breakeven report of traditional number, that we is see in a we to the out we're but every a of been are impact give that from quarter will but 'XX, getting than This to about of we per headcount of slide, year FY is going non-cash -- we volume forward you and terms taken to and per is actually stronger. we at a If tells and savings, million do the therefore business done improved in Adrian that of forward, this the which business, which you led even that the to called continues in closing will net numbers lower the strong lower rest is out despite has about. the plan are D&A £X.XX the talk increase, credit Despite at Nest that revenue us have sorry. we'll are announced three savings important doing does The cost seen are network to a automotive looking £XXX annum, mode, when restructuring Happy deleverage £X.X are write-down First level. a electrification also it debt about an £XXX we to about where the have will But why £X.X headcount fully the our a have billion, which the one-time decline current these happy be look us we AGM. to reducing we P&L these Move of that for that is to in of the different year, flow. a call at strong we were in That revenues what things cash write-down, close JLR, which analysis? net perspective This X,XXX QX. quite pivot strategy, in Reimagine strategy help come are of out had the billion. debt, and billion. what about write-downs odd

was expectations, the and there's improvement strong, ahead of one own that well news, of So case thanks PV, significant performance the where strong exceptional the to outlook the a sweet the first a our even our together. both remaining TML items. of and internal performance business In pandemic the is of

that period same impairment taken the year crores. of reversed have last X,XXX we’ve We

more also meeting one be business this that and And secured extent for And is provision to got as now therefore, have of achieved the and to creditors We that approval shareholders vendor being also subsidiarization, well. the PV reversed. had an of from the meeting well onerous contract is well as want. we performing volume for as we course, truly that.

approval, performance. run hoping awaiting scheduled quickly to about Adrian, you. highlights let to promoters With their the over final on get now key have me are Adrian there, through We already which approval and and talked we over NCLT JLR it is us are from of to June the to XXth, this. hand this,

all you to evening on the afternoon, Good Balaji. thanks, call. Many

everybody week was and see first-half as that X.X%, was So hear had underlying performance, Thank said, in the QX a overwhelmingly mostly same we you for performance. The format Balaji me? half, EBIT us, QX. second-half particularly strong and exactly you. Can in

So, really pleased with that.

even you PBT year, the see flow well, to Full million. previous and results though was improvement partially the right, in the £XXX that four, recall. as big can see if on cash 'XX impacted million You dramatic £XXX quarter free the year you FY

slide, Next please.

Okay, through cash revenue Balaji talked do. as the in below walks on and are headlines flow details we so about that normally go we'll get exceptional has the the item, we'll these the into later presentation.

And Next look, repeat They we're An the made to don't because to of fit importantly, made unexceptional February being make competing. competition all assessment our said the you, on close MLA of end assessment the slide, did products I not please. the to Reimagine leapfrog and remind just those what year at not £X.X billion. very best to is was we Balaji just I best, the was would preliminary about want want strategy. not to the in the XX,

really that's decision difficult programs. and took the emotional to why cancel those we So,

headcount right people the this working grades, We now specialist right costs and the still through and fundamental environment. the the success skill management is which in the with restructuring the people, that's X,XXX organization mostly beyond are into positions to about more with right skills, That's sets. people getting

nice FY look, in one, highlights retail in QX If and a 'XX data. slide, look was but year and of China course flavors at dramatic year-over-year chart, full North your see therefore A it show improvement quarter-over-quarter the you busy negatively. please. as we own several can you impacted QX. to the America Next in we time. China, the study performance below, COVID particularly on well, because part But in hit first, of But, wanted

our back. are have point build we course, The customers time, drive are order at other vehicles. starting in regions huge year. now to There with to XXX,XXX build were back of with starting last limited to They demand impacts waiting a almost this

quarter healthy going very bank into very, one. order So

a times little talk have versus a talk one were sets far. page, playing we or Range slide, our of We've piece several PHEV, good to sales Next you obviously, look focus this of units of XX,XXX Don't it that. on bit a you a of said a XX% about this by is China little other, were a by that to sale, Balaji please. talked about already. in back lot the so Rovers BEV quarter bit, electrified vehicles we to forget Defender units we Other X,XXX we're would data highest MHEV. at is sale. This family. month, form Defender higher, data. for year And health surpassed QX, quality in Take a family. the last

More ICE that continue, quarter-by-quarter XX going out forward. will So pure continue vehicles be will will trend PHEV vehicle brought electrified our particularly that forward. reducing we model vehicles content and going now is of the

our now orders cars. talked of the for please. is Defender XX,XXX Next slide, overall this Defender, family. families than dramatic. More orders about really I XXX,XXX for

year. right-hand there, You here of that the as towards the line our data, see solid the on in retail Defender end side, the cars is the And uptick came X,XXX stream last March. at XX

started announced would now a a units one about World Last talking Car have have as Year. on. World we about we the Year, So, X,XXX seen we the X,XXX comes got Design of month Women's talked to that Car was X,XXX supply that. month, you of

gets So This what the is a across best this this the It vehicle and all organization that's and of that is does the indication the of a all is do. aspire genders. what appeal brilliant actually and definitely spectrums for. can we best

Next slide, please.

shares, about this point. out. added we've lot a so You this us to talked draw to Few things page,

on see quarter-over-quarter, of the of this which shares has We're total, you those year in growing particularly focusing Range to the you Rovers, in at but mostly units. Rover. growth our the of competing fiscal page. profitability. can sale, As most this And and That's see sale. Range growing there though, overall end around share not family and fiscal the X.X% start in I quality competing stronger from by total of on that's Overall, that And perfectly the families, Defender the we at health grown year. shown again, X%, think Defender. We're is on are

Next slide, please.

course, quarter I'm our four, few is profitability, on recorded just draw a we to So, going big of loss. one walks here. things last year traditional This

the masks dramatic was end provisions out, we of Things that mix put there about second mix that quality million. a of a million in £XXX collapsed sale, vehicle as to data variable provisions, year. within the huge wearable market increase £XXX you of and result And see can the And of Some those talk at almost COVID place volume we as year, the this marketing. on draw health in of within a sale, actually and quarter. hand

over you The to the other sale of thing marketplace. health is cannot supply of course, about

a year last about oversupplying. Almost market available is place. And was talked that. been as VME improved haven't several put result But, half we of in of less of We substantially X%. reserves the than number you that our I've because times

the Our eliminating headline in underlying reserve number X.X%, QX adjustments. with dropped to number X.X%

favorable the that in are to year likely XX into we’ve what's than right substantially and QX, and under about happen. won't to The shown we but to pieces, big X.X%. slightly very call And proportion the towards and we've transparent other revenue I Again, meant quarter, you better repeat which model year-on-year And other our euro end bad been every all and gave and in previous that year. was exchange, and one mature there years. about what the denominated of said, data almost intention model a X% year, We dropped our that clear warranty was of wanted talked very us about gross last the I liabilities warranty. vehicle is sterling we've dollar here, a depreciated more out is, euro our at last this talk sterling X.X%, expensive denominated and debt as news QX below vehicles said

The on other improvement course, have of had work way on again, and would. team of depreciated as us in given helped currencies, that both And it post-Brexit, by levels Treasury we've we said well. the their as optical which great terms revaluation, on hedging sterling but commodities, that's

units, this Volume £X.X different improvement partially has things write XXX,XXX Next significantly of mix billion, slide, that course, please. year-over-year I'd Full offset down year on lower performance, one. that.

for year VME talked here as I to and lot say the one first as our for amount engineering wanted than the amortization. capitalization will time, this mature. of to data balance And the would see last programs. did warranty. we've see for as the here can draw You is over really years. we're fall sheet I capitalization, evaluation early these the our which on will trend full can to the capitalized de-supplementing of full our a items on on out And lower in you the versus backup programs we start well. you, about and you numbers quarters previous see We amount particularly D&A few exchange, year that substantially full believe. the commodities. That the the And mentioned these less hedges of And revaluation on continue, then year means are engineer

Next underlying how the if slide, within than we Again, the see in at reverse middle went as dramatic ,investment last please. position you a to did now our that the £X.X several asked, And more the and I've £X look box billion of losses box. range, been is, we capital for the Cash, look one working billion generated quarters cash quarter. £XXX middle through almost million our year. at quarter

the cash in quarter. behind that £XXX So the million was flow

We Next than said slide, a bit please. Investment, billion £X.X a broadly, guidance. million was lower £XXX in came that. the we quarter

depending place to those deployed the over I assume plus think year guidance it's billion. £X.X and crystallized. for Our we £XXX on £X.X for forward. billion or than where next investments get were reasonable But, year minus is Also, the million you stays the finally next going this in years, lower target for

Charge, we've Next we what committed do. finished the program. again slide. said, to exactly Balaji now We did

out those started that billion did, is We on for with. £X program, deliver year-over-year to this theme this strategic our April, over a notional summary we In commitments. the we to off in out we becoming program We all a X.X-years, areas will the start about things commitments we took take us. several £X.X and the it not generate we year £X.X talked of make basis, has. So, from we you on point took We £X investment, billion billion would and took We program of billion. billion said the £X inventory. almost up costs, which Sapphire out of the measured previously. And of laterally and

The do. but through program the on power slides. expanded what has program did in well. going the which the the program of lives scope More we is we said were of as to again, substantially we So closed, later refocused

please. slide, Next

breakeven expect, our was lost bring in the a highest the that and program dramatic is We've 'XX, Go base slide years position did number XXX,XXX had started And this and in point. and we wholesale wholesale XXX,XXX the the history, significantly eight FY program year, to the structuring column, that start year. But what at big we and 'XX, we all COVID, to some in FY cash cash. the first we've volumes even But we rebalanced point dramatic XXX,XXX. there. invested as had generative. pre-COVID money Charge to I down we to structural Day. including we've though has is In quite it the repeat done. you'd Investor substantial Obviously units investment introduced won't effectively the cost breakeven we and now. we But to units of the more more through a Charge to then. artificially at of year in furlough restructured I I right low, XXX cash So, reset this of units. XXX,XXX like now the people brought here in you that know

power eight Reimagine Refocus organization and programs kick-in So this we've reset the the years, fully. the and before that's of

Next it $X.X program the way, almost gain. a billion cash $X.X three quarters program Since Charge cash Last cash billion different first started, is slide. three in the net of billion. Saying before loss. quarters gain £X

turnaround a quite mentioned. dramatic that's Balaji So as has

slide. Next

finance I'd last to is So those update are same on the quickly the the business This slides. core time. as go slides.

now is Our marketplace. the electrified in portfolio

Reimagine slide. of XX Next through we the detail of you strategy, Reimagine. look, hours' February took two worth on on almost

I'm going designed there, problems just organization. interview we've literally the highlights. within that to to So Reimagines fix this fundamentally

well need and that. out intent Upgrade an luxury, So deserves luxury make be of again. to The with as design. to that It Jaguar a brand the is into from that's materials, brand, clearly power nothing. will greater so as intention first repositioning actually a obviously our do Reimagine luxury of be modern comes great copy this thing we to and external

will its onwards. be first Rover in over remind made forward. Land will of and details you from from few all-electrical you, progress have XXXX those me to full We'll XXXX, bring All let Jaguar lot a that process. of We've the months. All last going best is

by on sales about a zero XX% the not commitment with our we is electric XXXX made XX. will by going the change forward. That's all February Our They intention and will be for XXXX. of tail-pipe commitments estimation

please. slide, Next

we Land it? how Rover, two brands, we're no one compromise. going those to to down to and do consolidate a is design Jaguar. do first two compromise most to those three, personalities enable six going no are thing specific architectures our That to brand So architecture, Obviously, the will us importantly, here,

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also range facilities, Castle nameplate our within intention the there. current to building Our Bromwich the Jaguar repurpose finish vehicles after consolidate we of side and to

banner, by. to luxury do we modern should us what what that design judge that's by So that's under you intend

all Mechanism, three the you going pillars. Next That's told across as it? before pillars, those Exactly we do Refocus of how program. enablers six slide please. are to we

Next slide.

of really And time bit. of agile working. agile to rolling is this hundreds of pillars in draw to the program out enabler, because fraternity. we this we do some This teams Charge. of agile have focus the is two. already six item working need each on will the seven where wasn't We've our we add a We in next significantly talk time empowered specialists, talk We've people those I'm to about tying out scrums, up it, bringing we're our engineering This course those to to is going little workforce. we on Let pillars within to the problems it to thousands build the market. the people delivery. started -- speed with We've What introduced teams pillar we're me obviously, some you of particularly to one fix the of have to we over months. that nine a that expect? and expect

of and the can customer those which see also will speeding to And committing less. what different individual You less, spend the the less. the engineers of Less satisfaction. iteration quality coming means expect as workforce. less engineered Less the up from actually obviously, Because a several improve will the XX% And into we input there solution. of and we're And improve sources to engagement improvement. means Why? a are means actually groups the rework result we into time less spend. designers

now, scaled together So spend, data this years and help our which this of talked to the digital the the we that with we where in market Refocus, side XX% robotics We've problems reduction scaled team, significantly targets. a also those also market. our in we will solutions, in particularly marketplace. center one We've U.S. have in investment intention ago, deliver about you we under analytics some teams course, here. to two performance, brought our detail The of customer expect

goes sure everything nine. ideas. around this less time, providing scaling that ago, those you that sell at two market, elsewhere to with right we're out. proven isn't from right the five. right pillar company And right embedded with I Very about with is is see already work, marketing task we've This Charge specifications. They can excited the and that the and again, into that of years quicker the pillar analytics commitments through support the the And there, solutions we're national this sales So making dealers. talked the making working directly about

And the organization starting the people with of terms out robots. replacing consolidation side So, will efficient, in lot robotics become of digital taking the to post-COVID. team coming the we continue X,XXX decision obviously, roles we our made. But in a work other more estate of real help was first teams the are our out administrative of

very up committing the billion So scaling We've value excited terms program start the about Charge here. program. program to why Refocus, all a of Refocus. the which very, into of the we're £X And this in momentum of got is of whole fast in FY 'XX

Still Next slide. problems out there.

us our agile 'XX, as Of enhancing, about rest seen. particularly I OEMs we planet you want as course, is until well. would a the post-COVID of that From cover none as to vaccinated talked in The fire that. need is QX talk speed quite also Pillar course, And other part excellently of we have results, these electrification the sure to them terms have But manage of a know going forward FY concerns, speed We're challenges manage to excellently them immune our within we and the our result first-half COVID. of you well. that. not there's of to also. And the against didn't as will two, Q&A. semiconductor to of we'll intention in We about. perspective, up is supply make therefore, which that Japan,

will revenue Outlook, than Next XX. you similar last slide, February be very this we year to bigger please. what year. Also, told on

we’re already in FY quarter. 'XX, seeing the first that in So and

also challenges, despite headwinds, margin the the and this X% as to referenced year. constraints despite here, course, or pay money for cash supply EBIT better we’ll we're million. investment the were the restructuring or breakeven, reconfirming reconfirming than need some And on We're the £XXX £X.X billion. Of reconfirming better positive

will of stronger that momentum transformation will hold of well. We've Range that some offerings, underlying coming will improve super periods those the us through Rover clearly as 'XX. 'XX, high, which business MLA is next challenges got two us between at the back. program Range build because Sport, product It's Defender over Rover, And our XXX, several All FY FY than those quarters.

in able that's EBIT very we I'll only our guidance you but intend our So, remind we're not do. our very, margin XX%. being XX% what not of or eliminate better, confident is and build reduce to EBIT, debt. up XX% 'XX to and And to or better, FY

I think I'm back Balaji. to you

Adrian. Thanks

Full quarter exceptional items the but that PBT. cash for of full seen. as year EBIT Talking year, as And row. positive impairment strong for Next is start we course, Motors' picking is flow, slide, and you call revenue of we about starting course this by standalone spread year exceptional But I guided here already between item, had make Tata for up. to first EBITDA reversal narrow in the the the PV a was out A in numbers, an overall the please. have grew with tax pandemic so breakeven X% up that be. The on a also of we margin on over that third bps the Free quarter that's year, EBITDA good a saw. despite year, talked impacted the and about we last profit second by fact before XXX to ended the course, the place basis quarter and quarter revenues earlier. before almost improving X% would

here. highlights, just I'll slide, Next maybe two pick Same one up please. or items

I EBITDA XX-years. and highest quarters. that And that the a of EV eight last doing the side. that to things well. extremely question fire it's M&HCV and we're well. course, seeing growing think EBITDA M&HCV sales the last is EBITDA absolute we're the well And With starting starting highest in whopping ILCV, a PV our look in in at saw in at talked the is those also to the are on highest so CV, from on that's demand if higher is not distance move I digit from at we in ahead so last recovery increase. touching XX-quarters is EV seeing to percentage within growth XXX%, PV the of the overall this the the EBITDA portfolio that indicated, breakeven infra, starting the we double also of we X.X% about guidance. CV

So across the overall, domestic lines. come business all well through

out grow variable commodities inflation with ointment starting have Next volume going go we little talk the that's To well. cost from towards bit think with fly realization as really mix front. is slide, issue end call I that We'll coming here please. that item a line seen. into of The on that's to the in That QX one on every here, we is an lockdowns. to course as coupled well, be a

as the control continues see the X% margin conditions. to at coming we quite costs the and reason quarter tight, given for fixed are benefit is volumes we be something that Our a picking with, that's Overall PBT satisfied up.

box to slide. well of central year tax even Similar cash investments, and on if ahead full profit after think basis. you Next where I a watch JLR, the

back the So, actually seeing started as proven we're decision time, being growth we about not on to and did the we pedantic same dial it, come investments, in investments up through. right, the at cut particularly PV

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and reducing creditor our reducing better are days. days, we are We our

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that's the we the just game that So currently to. on nature of are

our this current products we more say Investments, time investment and technologies. seen. don't Next prudently managing already you've want are to on quite than on to conditions I other slide. that focused spend in

against we've crore This we a ourselves one. crore. deliver that and X,XXX have is given X,XXX target delivered that Next to

PV change, market on have fine, the sequentially back. that the on the target, market what a course, XX% side you're market attention You XX.X%. your We share share Don't improving Overall, over side, diverted capital share year Draw investment up go the unlocking on and shares four the line number last M&HCV basis which for good been seeing end working will quarter there. at the is we did did as almost at which on the the money Overall meet lands to progressed. years. growth likely notice not we of because fine. -- improvement

will XXX out I share it added to up its almost speak us and clearly so a against isn't to last hand. number bps increasing salience was is a deliver about to strong the pick momentum not I where as over work they be to forward. wouldn't completely consistently task market that We required, few improving, increase numbers, been about. commercial the very Real in on is ILCV did small end whether it that acceptable too since little have But we've quarter need and So much of years. share on think will also that in on that talk call vehicles, but sequentially we that we terms it. ensure and continues

we excuses, vehicle are share, overall do first-half as therefore salience number No number. seeing by the got need job the to the the Just And better you're vehicles committed of the is salience year. disproportionately And of increasing actually it from game. just which of to. impacted small is a has picking the commercial that commercial therefore what nature up we

EBITDA we've year there. vehicles, narrow was the the a funds. EBITDA gap of that at basis, those is Overall, despite breakeven, X.X%, the to the clearly Financials, EBIT on was commercial XX% sequential there between in even numbers the the talked starting increase, first-half good a revenue year, at mayhem and which about full seen news. we quarter, and starting for EBIT basis, to on going the slide. numbers numbers Next as

of last hand the it to how in current me Girish, what quarter over happened in Let over see to we quarter. and the has Girish terms you.

slide, Next please.

Balaji. Thanks, Yes.

So [quickly key points in the quarter. summarize last

end of the course, onset use think of COVID. prior wave recovery, the showed So, to the most strong a second sectors I of of

not to has the product continue promoter a And sequential third as XX value well received customers. consecutively did increased growth, moved from share our services BS XX. superiority VI see our be by year now added and result, net think only also for to I but market score and we

So, at level high a to and continues grow.

contribution improve to parts our revenue. non-vehicle penetration well so spare were to year, the did almost its during XXX in by also increase We business, the able which basis also therefore points the we

Fleet the of connected We truck also our increased platform. penetration Edge,

I penetration medium think of of XX% upwards trucks. and we heavy in have now a

course, we And were wave to think by. the there, the gone COVID. we of I course, those XX% now we the of highlights second challenged ensuring focusing during quarter, the the EBIT by health. reduce are were of current to the year are So, Coming breakeven on able dealer with and

the various especially provided the have in we So, dealers the through settled. support ensuring that initiatives, the to liquidity, so area of claims are

We to interest on a provide the are stock support required also P&L whenever giving on support.

impacted geographies basis. monitor continue much, pipeline segments where those is our not yet are supplying on the to to and a daily We demand and vehicles

to now. customer connect, In digital on be terms basis of a continues that completely

across with also We've customers engagement of set all procedures communicated new operating those all standard to formulated channel all So partners. the the and virtual segments. the

demand are our of production retail. aligning so terms fulfillment, In we to

have drop retail in I dipped we to April. our Xnd one than Vahan seen and the are market of drop in even been registration this April so has has think in seen month, diesel retail a we one vehicles. highlights, a whatever seen of a consumption, lower doing in retail, aligned the has in the production also production the fortnight. drop the if I month. FASTags, starting one think even that think the has month drop see the immediately we've you of seen some and the So, I And has Overall, from this is And and of

even ensuring by the just manpower. shutdowns and So, in having that we we of plants XX% chain break are are all we the on able having working, we to are effectively days the sufficient are the

course, last markets But shortfall some items, international critical our been of parts year the in maintaining of those. of of throughout continue be strategic also fulfilling especially electronic spare started there to orders, international the in at lockdowns. inventory and therefore We course at COVID-driven which looking have have good. are, looking and parts been We business which and

force We the also and vendor site and is vendors, a requirements. also which their operation monitoring have health formed operational task

and Direct had year. we terms continuity last business reduction plan conservation, that towards learnings and cash being carried expedited the of the we from forward In pulled cost material cost QX. are reductions

we deferred our previous we has as earlier deferred CapEx the XX%. almost year by during have done had plan, We reduction expense the into it products. the And benefits. been revised able Phase all now X going to again, IV of BS for fixed sustain that the put are been capital part All allocation or regards budget action so A that for programs. has we large

we Balaji. think And continuously that's I you market environment to done. have changing the we align Back the business what through agility plan. ourselves with

Excellent, Girish.

the Industry outs draw to attention next passenger the numbers. declined call please. Moving within the PV. X%, grew here, by business grew And to your vehicles, we Tata on slide, growth in Two XX% that EV Motors XXX%.

draw up X.X% our forward. we So, there. now X.X%, as of about. to was increase portfolio, EVs talked further significant shift Also, X%, your to the penetration in and likely of share is in we attention numbers Market to go which

happening is So, change we we we the significant very far do are see at as consumer clear Tata concerned. And EV therefore, as the Motors will lead in disruption segment. India

and mobility mix We starting Next to EBIT operating down come clearly really from coming looking New in. as through, fundamental, shift slide, the is fact that, improving all free. personal to this a the rather, to numbers firing that that have is see consumer Forever leverage margins kicks business, And come now our is we within trend please. towards as is cylinders. improving leverage Financials, PV And EBITDA are operating is break portfolio the this believe improve to seen. consistently the starting in volume as delighted

consistency year seeing come this that a you're What's to in short in which So is happening growth while. we'll the discussion, a is QX to likely and different continue.

So about it. talk I’ll to over ask Shailesh Shailesh, you. to

Thank you, Balaji.

creation, in plan an and a the for while on business on demand COVID well in since developed inventory, which ourselves. a a low And and April, course, both booking demand very that this And impacted a decline, started But uncertain been therefore has, creation, adversely second supply we you business country operationalized because with agility lockdown really So On for quarter has have period. of we is the very as side. one seen the looks good it side. of the strong wave articulated pipeline actions demand therefore, of areas to thing EV the that demand bit in profitability. effectively impacted of three have as is progressive navigate have middle fulfillment quarter

Therefore, the the quarter one. say While is be XX%. expected which in a retail trending demand XX% the May, of steeper dropped in nearly than to in operational. range XX% I it of is and much less drop to only, significantly would at But in bookings April, showrooms with subdued are

the as that. if regional demand are actions demand far completely concern, changes And on As the creation tracking segmental on our to production side closely keeping are the and any, we aligned side. and off-take

that to bookings. than and are We customers, down for stock had our for the being us. less and to opportunity increase this XX-days we and hyperlocal were in leveraging also, in month supply of marketing channel lockdown bring like situation of due at the us inventory more this quarter, initiative, than and our the the even flow it we therefore high, using to the is the given we demand through Since to getting a have helped start period the to lockdown waiting keep year what of last able digital which Click the is was rate. this platforms ensure an period Drive this using the And are therefore, pretty are

also, and side are demand primarily fulfillment side, XX% of also demand a maximize to are strategic Nasik is at manpower clusters, while one in got was in this in further and matter we all impacted of to semiconductor Therefore, the the or build but the operating Latest Maharashtra, concern would On supply production less, quarter the and it auto lockdown concern months. trying major due which further in say. cluster and has I a supply Kolhapur deteriorated impacted. most suppliers to And inventory. the has is we especially quarter, got QX the this deteriorated it coming seen what fulfill the have badly are for

have planned that days, we supporting for the So, we are year the further that the this with the for of shutdown continuing in and our four plants. our had first in We production maintenance mainly also, three some for growth or all enhancing actions. capacity preventive taken five

controls by the now we an on fixed the that inflation effort, ongoing have commodity is and accelerated to the it's institutionalized initiative going And the costs tight lower therefore, cost profitability which seen. for On us. and much operating we pretty initiated impacted front, an structural also and be leverage have reduction

taken avoiding price the also in increase have have. protection place only pipeline price We the also has are in which industry, strong us for any our we that we the that the helped customers. booking have line given with basically we And but to is cancellations

my that's Balaji, So, you. side. to from back

Shailesh. Thanks,

love that therefore been I reached year, have at and a be business NNPA would quick this would one and the crores, is A your we street. Tata ended already very which time six where draw below almost seeing come Market out transportation the we quite finance. XX% time, Tata field. the XX%, to almost few collection pretty that expect significantly X.X%. month, down is collection same with affected, not They than the going slide, the to an Finance, impact we year in easy efficiencies. it income time are The do is into wanting months, level people collections definitely is is will of to who in seven people. X% And have see X%. getting of on on cost significantly who challenge. been who therefore, we the different, PBT is because focus XXX and XXX% better in of going safety next last are ratio collecting, And XXX and it it's infrastructure people lost We're have Motors of controlled, and last of almost terms careful share two the strong. Motors where key are we GNPA return after who lines please. COVID, equity, there metric have out it's Next impacted feet there, have March. peep people the just that the below about not the getting also they there has attention at by But, to were last tightly really out Unfortunately, on to on

people our we the alleviate ensure ways teams, all alleviate a that that customers, QX having stress, resolution fair a into the to going are powers is is that We working but closely pain and find to be expect our are with our be stress. it to significant the to to we

lockdowns. from this be think that QX, for see of So, will going slide. by is adversely us but to be quarter Outlook, I 'XX all Last perspective. critical a can FY you impacted it,

You talked, Adrian by heard Girish, and Shailesh talked. myself lockdown Clearly, impacted shortage. semiconductor

cup full. woes have that's quite We of

year need And even very seen this through in will strong strong. resilient So, to there. we we performance strong. but to it then that QX terms is course, have you we with and as The of stress, of were the are is a something deal But get makes end with. the more we therefore, very fundamentals the come will happy of business

JLR are focused what we need is we plans and changing that or on. what TML, because agility any now are is in We of therefore not our

for that you let back with me and have. questions may guys it here this, stop So, to you hand

Thank you, Balaji.

now Q&A We’ll wait the a session. will minute. We start for

the Prakash quickly explain to want you process? do So,

Yes. Sure, Balaji.

for on speakers. assembles. wait while at can bottom appearing box webcast to participants We'll screen the use all questions option chat So, the a moment the queue the submit to their of the their the

right. Yes,

started. let's Okay, get

you. Adrian, Funds. Mutual is question SBI Mehta, for First from Ruchit this is

the Could implied for you For JLR, the quarter-on-quarter. to be the us lower ASP £XXX costs by same? QX through walk seems

Yes.

Okay.

go to of a the previous So presentations. let made in me points back couple I've

periods, transaction China. different vehicle well. selling three, disproportionate QX course, peak margins transacting a different. SUVX UK is has Quarter that we peak the And vehicles, times the highest that selling have year. QX. And SUVX value don't business forget, lower for period period the gross a as different of and SUVX price about vehicles revenue actually, that's in and sell. was vehicles, China in in China. means there QX and lower therefore, different our such of SUVX so And and is the peak not selling UK period prices, a lower markets Now, within peak

sales are selling for will will be really look you where a heads peak plot always need our regions, you happening QX. extreme periods to our peak that than in our in up So average unless which something price to give there's QX, higher start

Adrian. you, Thank

was coming to carefully you a year of notice on resolution. keep to will just the go right. in if of coming board you're resolution defer Prateek and But if that those from as shareholders. the both good those decided to that have board also board, we deferred not that COVID. outlined. course we this -- And read -- perspective, of back midst and it decision you one option, the it's absolutely subsequent we And fair performance our to the despite because we it had up thinking for has clear of reason we options an Tata has meeting. open. to a number That shouldn't such And had, that same raise. in It to we'll an and the later JLR challenges this, last front. the the in And open the discussions no are particular have will here. the time, we that the has very hasten defer AGM decided all flexibility that want the we of are a this is the the terms Poddar, now enabling and a want what it. rationale Motors Prateek, the we remains a we add us board is up, in of to that there's fundraise much performance subsequently we Second have respectively been been And right equity to that have change from we we is clear TML or standalone that take on given I forget therefore to notice was having the you raise that that, instrument are today. why And the not keep question. at last fundraise. something and AGM therefore point a of enabling not put resort, how gives reason -- will was And would options an want then time, be good part There

therefore, thinking to So the background it. that's

FY conservative, Next kind HSBC. JLR question Can base better growth? Yogesh of please more considering very you a the than 'XX. flavor? plus seems be provide is volume it effect from 'XX in guidance Aggarwal, XX% FY of Would growth

absolutely you're XX% is better be than So last very right. answer yes, And conservative. the than higher It yes, year. will it is

Plus, Kapil you reporting for will has two Singh, Nomura. FY On forecast, taken around XXX 'XX restructuring get 'XX. on JLR guidance of FY costs the bps EBIT in of the the company JLR benefit nearly margin last been X% of quarters.

values why one at the a and residual the Adrian, separate factors question. so EBIT focus? margins X% JLR? any margin? key Was we'll that's answer to can then are So down there guidance is next that in What reversal low plus maybe the for Maybe And first, piece. this the take

Sure. Yes.

to answer two half to back take FY me piece. 'XX you So the let

you told about XXX,XXX quarter, me remind Let what were X%. we've told We've always is far. so is underlying you volumes QX you best our QX that units.

a reversals told don't But we to of were couple values normal quarter. stronger. lower. underlying in points And of QX. a But of VME normally it's indicator of result QX forget we So, QX closer X.X%. is the residual lot had what was and you, an I a that our of

you second-half it's I X%. what performance to for already So, that our close was to of think we've you assume reasonable based about told

you the forward. it. don't industry semiconductor do impact faces. Other scale that. of the haven't X% come of to a we're on because told we why We challenges going Well, OEMs know given So the the yet plus? factors whole number up the going we're from why do in that that level not is have to And reason numbers, specific going not and

every enhance and We week, working week month. position, day, tirelessly every to are our every every

don't we will is know we're optimizing possibly quarter can. we we volume end I in So up a What know everything from where one. perspective actually do

be quarter we very, could Now in lost in quarter are. small this one, last margin, as year, very XX.X% be if we but well, EBIT loss EBIT we

So, impact the it year. will full

here. Here's a point key

QX Our year. the will impact full

on will than challenges, QX, depending semiconductor What the don't and we we the to bands and build, if QX, do we why the that can overcome X%, response is, will how stronger we that's higher. speed much get the the then said know of back industry I know in be I those However, QX. of

whether of And today. the don't challenges speed back mislead recovery the for to unknowns So, those and you. want catch really are units two we can I

of X% can respond So, I've better. semiconductors, or industry depending will a bigger. baseline given you the how on to better get And the

Balaji? So

Adrian. Thanks,

for there you residual for JLR any question values and through Second again, you was in Do in QX? USA reversal QX? see coming in more

some did U.S. reverse of within made residual values survey. the So, reversals of all actually quarter we the those in four. We've

So no more to come.

book some reserves Germany. However, we did in

So very X.X%. about low That's was reversal net all. the in QX

changes is So in Germany, we done. most and those think as we've well. And of made contained it the with trapped losses also we

lower. demand What market lean than was expect in be communicated. VME significant this our going undersupplied we driven reductions is underlying X% VME or residual actually expect of by So, we improvements forward. and That do not to to overwhelmingly, previously -- be we've better value do

particularly over continue, that to It'd my is with X% So, to supply shortages. be close we estimate. do expect first-half the

third is higher impact Thanks. parts much into versus gross quarter Thakur Again, quantify what quarter-on-quarter? moving the This material And margins all sequentially that, you could you help Suisse. you quarter? the behind How Credit the please? again. to was raw of if went JLR from offsetting question of understand back Could Satyam costs? Fourth

Yes.

four. So overwhelming the we the first Actually, mix quarter question. I'd is X vehicles issue X the SUVX, to response of the refer sell SUVX, the QX, to

that gross quarter would to volume yet a prices those regional not naturally know reasons. So numbers and on It quarter strength. are having for We even though commodity our increased, significant increasing. fall margin of impact would our Mix on four margins. over we have expect is three, vehicles

cost overall material In a vehicle quarter QX revenue than proportion lower gross in quarter, perspective as fact, an was of from three.

So, limited to-date.

and impact not we a call on it data out roll today. go as in course the increasingly in next becomes to place, forward the have it hedges the at hedging that strategy will in particular we'll If a six of We the those time, over hit data point off XX-months.

Question Considering the took next in enabling for [Indiscernible]? is Was Motilal you. we India, one Thank sharp your why picked it at was it in with that sustained India, to Can -- plans do that. up. think Jinesh, we face Oswal. you in including The discuss this COVID Jinesh Gandhi environment. I from this, I provision equity? coming fundraising? first improvement we both question, fundraising too I’ve an many us. need answered The It any based things JLR

an that So there. of provision. at revisit And we helped have we point it have the we enabling Obviously, then with want performance us. to thus the be options deferred It strong sure will board if the it. was And required. this

Cost Of that. We sustainable? it. it actual X,XXX of much crores profits much take and X,XXX So to has gross saving, Jinesh. of is cost that's seeing breakeven because cash on sustainable, the way we're have reduction. mentioned was this savings? the looking out Slide How at how referred We are the it in of XX, Girish

product right that post-Hornbill? is what throw as expect pipeline we to down have EBITDA The Expo. need the model take coming look improvement light source to savings show made discuss that's of We’re become coming we Passenger do there. going will that at wouldn't post-Hornbill? that the Once want XX% keep vehicles inflation at up our at mind the for here. we be are in that by mind can that inflation Clearly, the a also it. to us. vehicles. commercial But there's us. up manage on Auto something forum this money is new to we Can coming the going you These through almost a includes forward, commodity vis-à-vis to What for

So you. it we will share with definitely

Next you question Stephanie issues from in the is 'XX FY do Wills JPMorgan. material much and respectively hitting that? from want semiconductor [ph] pick How Adrian, the to raw is guidance?

which raw within I which think Yes, already, or I margin I semiconductors covered question and my I've within question better the actually X% the materials. covered Balaji, have

previous add to to nothing questions. So

Okay.

cash is the is of maintaining I'm next from Banerjee Capital. Why cost saying at one from confident is be from restructuring one it million? and is one couple AMBIT will quarter last million levels. led FCF £XXX billion next too of operating of -- £X.X The Second flows to by Basudeb off neutral? on £XXX of JLR India. CapEx

So, to want Adrian do you pick one up? this

pick one I'll that Yes, up.

So, yes, we a numbers. and are this to have actually confident, but different unless set I'd you I of say give

go the and reduce is debt So won't our net we to line is bottom commitment backwards.

end the March, a And We cash end that moment will balance we've challenge as have the at already or the quarter be lower. billion get net for better already the the was of we but £X.X reasons one at we'll debt and discussed, of of the maintained expect £XXX back the mentioned in the year. restructuring positive slightly guidance despite But to some breakeven, costs. with million March uncertainties our than year next for flow over is

cash that plus flow. £XXX away, it'd You take million been

the for outlined quarters 'XX, three the seems definitely once that demand clearly a like dated And there's out, FY continuity are India. earlier. the higher for the happens. Having time lockdowns of more is for of The for X,XXX year therefore, pandemic, where X,XXX plan. out, a very X,XXX that midst outlook maxes we're in And for it's positive agility performance, the and time, But time, towards dramatically India we're the therefore proposals this a seeing not crores firing back business plan. will seen temporary flows a investments are resurgence intend it's And are at CapEx crores, business in Plan than plan, we FY to it to on situation question is 'XX go hesitate alters the going generate we we we see drawing Obviously, want to there. the be issues not are therefore, continuity going as and a to to crores. which technologies this point products this. business flexible despite they as can. in to cash and we current those X board CapEx

demand about putting dynamically we and pedantic watching will we it. be with out we in That's So, see not there, it line it moving there. number a are how of

is Kumar, strategy improve to the what question at that leases seen CapEx there Europe? we to Paribas. is a continuous we've are our comes possibility BNP Adrian? from plan lease and from sales peak U.S. Reimagine of share share increase of accelerate in historically? Profitability Rakesh JLR, sales And the what could And Next timelines?

Yes.

Okay.

a is don't plan real to of answer element We Throwing money doesn't sure up that setting we've anything. speed actually out. this were you got making the the my plan unlikely, to this So first actually. necessarily of was missed clear is success one at that every organization. think we've We fundamental

us cash time, Investor the scrums, actually, faster TML we in making that's overall, as a we the plan do. friends, and fixing will made with we responsible what the today. we be decide as first than and in investment flow the the commitment we Board go things the well. commitment and people our sure are our that That's approach the wish up. at as what to we stands So the we we the guidance to a time, debt, Sons as Tata will maintain. improvement, current as sprints, our so stands, forward, we've impairment, just the positions, a huge huge And Day eliminate that speed At eliminate time point debt, agile are what XX% then to discuss But wish friends, do will

sales sales, share And peak of Adrian. come sales and Lease are from on the lease U.S. Europe. what What lease share?

Yes. marketplace. Well, the we're overwhelmingly the again, consistent with rest of

consistent and So U.S. know I front markets in North about but Europe, which would America, suggest is with Germany. me followed market, marketplace. our lease some in do you the it's as in mostly by data that's of highest XX% have UK

Okay.

is from Systematix. one Next Ronak Sarda from

JLR later. and Let's do first take the I'll pieces the PBTs

the QX? benefits and it profitable from phase. on easy will focus JLR, the reflecting XE start JLR one employee Pre-Jag second fix on expect question? that's lower to And will JLR, models, mainly last the Should one, D&A in a way For we up. back We have gone I'll

that. EBIT first you Back for you more have For in already need has we waterfall can Adrian The In you two bottom reach you so out of to JLR, that have use the us. case PBT, slide. the an can do line pieces? a instead clarification, to that

Okay.

as similar would course of new XX over first Rover take introduced year. Range months' MLA Don't D&A would we this let models, of will when that's Rover few six not At a time. kicked months' quarters our in over X,XXX them So next me the as the available all. when the in million D&A particular the year. next will Range that time, in to be the next forget, filters the of down three £XX change costs have second-half million will D&A, introduced XX-XX a the fall to quarter were introduce the months the reduction last people of start Sport £XXX we Employee release actually well. then we people £XX course. but to of D&A yes, benefits, in have to first-half and mid-vehicles actually believe, in those be the to we to year point million. or XX

that anticipate in don't I data you will So, see. dramatically impact to quarter the

on Then I out it will be been part at that's that looking profitable explicitly we has here how of growth and think profitable the are done. piece Reimagine model called

non-cash are. they PV Absolutely, these is, question these Are there. So The costs? impairment, on these change strategy no are in reversals Then are yes, non-cash non-cash? yes, costs.

Moving to Pirani, the next CLSA. slide Amyn the next topic,

do you the think may BEV in Given the first BEV? Sport? pose Evoque Competition as already come launching a process such Land risk Disco model of and XXXX, is Rover in in it

Look, have under shortly and AMA platform Sport Disco great a great our we Evoque afterwards.

were is it new the to time quite if So short. to vehicle delivery

for us. So that wouldn't be a concern

which to think tax explained FY Therefore, once write-offs Motilal. for normal JLR. as impact? key I Is by JLR, previous what rate side sharply question. new Are realization again, order Finally due maybe in take it? a Again one quarter-on-quarter models of are 'XX. effective Jinesh book business? the this X%, about supply some XXXk this book? Can is the to and already give it it the on given. the reasons with extensively done region units streamline for declined you we'll from behind this Order JLR on flavor well Okay. as the make question on we we've

Okay.

asked you've as them take them. me Let

the The our most of UK XXX,XXX units book that that order in in month. business phenomenon Europe, latest and of those the and grown XX% that's about been in process So a of order X,XXX units where in them just have so phenomenon China, America. order is get there a long. less there of logistics book be place phenomenon. pipeline in and less a North buying is, in That's Vehicles and because the to to

on UK had PHEV mostly particular and impact vehicles, they dramatic in have Europe, marketplace. emphasis the So a

Some of waiting markets those vehicles a up list Europe some in for. to in have XX-month

So super for patient have clearly, going those are to to us. be customers

reference normalize to for we answer The is as also in let supply supply moment PHEV And would but time. a yes. issues. of ultimately, So me the work side. some Then issues, those semiconductors, those order is, through start it books are the of to we nine there just expect XX-months' or result actually six,

dealing we us. for think anything know, we is that auditors we've us that agree we as months communicated with made external months of would business, our you. they alongside adjustments really working And have We the a are had have review to And actually think we're to we've you been and make. need our three and with believe left of. we've don't strong think We six so. streamline a to the new we aware what write-offs strategy normal We

a of have elements write-offs deferred assets. of baked any non-allowance So, tax 'XX for additional weird or last communicated obviously, we losses don't Reimagine. so I actually as To-date, been is over the that expect rates because XX-months FY pretty and any of the the tax of effective part rate in damn tax

As a that we'll will with of position change. left phenomenon. we And become be more tax profitable, couple deferred obviously,

left be overseas. a quarter phenomenon will with We

the will expect unprofitable now become We obviously, tax overseas. rate

our time asset this And in happen suspect have we So grows would HX. normalize we as year paying seen to will also. I profitability later to you as that around. tax tax would tax, rate be this start will effective the the deferred expect

it. Got

the you impact color some Congrats Tesla Rover. as one market the HDFC on give the volumes are the that the next Can Aditya So luxury on Securities. Makharia, with gains from Land is on having XXXk? now market are same? What share

can one Balaji. Thierry I take this Maybe speaking.

I And more are look think it's reality, They extent. you talk the they the going to markets. started certain space. the and a premium. even rental that in that if about they we cars the is high-end look and really in associated giving that And this Tesla luxury today less at with are to type midpoint don't will you of to more volumes, and more the session, more if carefully notice very often which competitors now a us is not if huge you

share share Okay. an week, Reuters with ongoing with [ph] update also on from you Thanks, with question you happening [indiscernible] BMW were that Thierry. where Can BMW areas? Thierry what's JLR A on again. these on partnership. the quoting partnership EDUs? the was anything last is that Can exploring saying is

clear with BMW include. and mean have although of renewable currently are use it's course, new it's ex-J returned partnership. continue concerning, I on We version. the IP we we our of course our stopped opportunities to -- work we such as we BEV, exploring car joint also But that

question Sachs. Pramod A from you. Goldman Kumar, Thank

there launches push, out EV of EVs? and business? in are with pure JLR acceleration comfortable competition losing the demand EV regulatory by and mindshare you And a demand led risk on your on customer is Given

customers is on much of of for key that well the and on I questions, is our [ph] to the our what is as from Well, you very think TOs the demand spirit against previous one understood. be as demand real And in today, real answered Adrian customers. time

about at with that. So timeline. see fine same starts off are the why we we really to we that take are time, are to And the worldwide, and glad BEV glad that's our

the of the we are use For enjoyed we Refocus company in make and deliver an and with that can the processes to sure, -- going we plan that. see we fact what best of and are our acceleration clearly our to promised, seamlessly excellently we

Thank Girish you, Thierry. A question, and Shailesh. is maybe for this

growth please India's given to of first see terms want wave next? second CV take outlook? How it Shailesh and guide you COVID want then can go up on PV do semi Girish, you urban you you it In rural? impact and -- for to and

Yes, Balaji.

XXX,XXX. has FY analyst we April, April, wave, many has XXX,XXX created And in to the indeed the month the so XX,XXX. as think at last at the a TIV second come in 'XX into of demand. into more seen have XXX,XXX have in end we predicted which me, of I So, got even March we think in had And volume just I almost QX COVID more as in indicated that we this lockdown. and of around been we have the been has And states which think, gone industry across slowdown I the the call, for being had slowdown total

almost to projection I for unlock, something give the we are a the on that So, is we how states on think year, see basis. entire a need to clear monitoring which daily

position as So, back in unlock the likely the states think the moving indicate pre-COVID levels, freight and we starts to to I be and a to the happen. should country in what's get

total economy So, we'll that we difficult had volume pre-COVID back to very the gets provide at levels. able this juncture, there a to some to we growth firm are industry as appears here -- be scenarios outlook, we But stand to this that could indicated. XX%, when be it now, the able to as get difficult is XX% although

to Balaji? have the number the for exact For next analyst maybe we'll call. wait

Yes. Shailesh?

been was rural gained in and the Typically this. XX% rural the take urban by it just slightly I'll it rural Last business, X%. has urban. to Yes, X% XX% where tilted PV year, ratio share or towards

concerned, the going lockdown as might imagine there is stronger XXX,XXX only that of is industry bit as this a by is one industry. one demand, concern that rural greater far around that in was still in This phenomenon mobility that, in think we financial have one was in might urban. there we actually the scenario is enforcement bigger that seen built XX% the concerned, to therefore, this wave. as see that three is the is that where expect as well to QX. recovered expecting as are April being the see. getting to multiple remain COVID far this concerned, But weaker PV account rural supposed only two if as projection second also, rural the how become we X.X% as in which whole estimate, personal seen jury overall be And month are of per personal as we is towards XX% even earlier for pent-up about primarily whatever to therefore, losses decrease higher but areas out of and terms would see that one in compared therefore, But customers a but we and rural this might to play and of going XXX,XXX far whatever can mobility can that saw shift shift be demand range in projected, be the more were being we as the on the as that we the year, rural still will these aware rural clearly, ratio year would PV that So waves given months, is might to before was is of X.X% out, around well-being as far COVID, stabilize of would is

excited kind as concerned, urban design favoring mix since young getting urban and more in year, is Motors last is centers. our Tata being of towards more is safety As far that the customers urban, more aspect, the expressive given this are the with appreciated and

PV been is has the concerned. that as you business far Back to So Motors Tata Balaji. as

Can up? the give definitely Pramod any our when from And is something is we future? mitigate share to same? on Excellent. it you on of decision it comes for you our want has color chip rollout How on some do this How your the does is pick this And rollout share in business? would Thierry, plans easy this with and key this plan do last? So is long shortage? you And shortage. on for affect been A the we'll the also to on car plans? India you. up, plan far the question chip question, as Pramod, final no timeline taken can this CV

that take can I one. Yes,

believe I Of will course, were on comment the from which repeat Adrian, not I shortage clear terms enough, in of the impact.

a X crisis, part to impact, that QX say during the it's to consequences need the is way Tier what of which from team our this operating our team Tier limited you’ll that, happening mitigate fiscal work, units, preparing the microprocessors the extent the with last they the a the it's with to think we about risk to to job are and And of and learning is think, strong suppliers change fix our X, And did important and big day, have the was this way that incredible first we they I at on the problem. we an that are and supply a I'm of without year the the on about structural you figures the quite them. in moment end was what's operate. as first, see. could And find always way crisis, at But chain X,XXX what exactly our opportunities. learn, you'll I

want the that? implication us you. Thank Guenter, on would give of to color you just

pleasure. Balaji, my

could We the our in us strong supply As to shortages. the as in to already the position, meet Shailesh, mentioned first order earlier PV and chance teams the CV, because give by and we prevent dedication actually quarter in although had actually and Girish impacting the of already certain delivery of commitment highlighted. demand

contact order establish demand to a started order whenever worse these quarter. them. ensure couldn't to get of keep Nevertheless, although with the tier, to kind And As worsened a which past, we could situation situation daily we the tier second Shailesh felt contractually slide we mentioned also we to it the comfortable already got one impacted. Tier as situation to linked production. use pretty for by which detailed our order by transparency and have actually first control. chip established got mentioned second actually to with What easy first or to direct X also first two in effectively have a of from met extent basis we now components But have that kind since the in the lots on possible use, chips parts are would under deep in have get were Motors the and team constraint already modules control expected not And are one that to the be extent will suppliers. relationships suppliers, under our and that having JLR. Thierry, the which understand of extent, worse based way and the tier see solely as the made we’ll to suppliers, constraints, by prioritized board -- at it The supplier the of certain to a the suppliers situation. of the by largest it where see a instance the has our mitigation of on of the which in large quarter, helped first is on we database different of available across established daily on there is the to the less expect kind the requires the extent Nevertheless, indicated chain the the fourth looked mean? working situation by does Tata or We no full to in It's therefore on review more going into the has impact to teams, work in use supply limit significant daily with impact. struggle. as it and a We

by last days it's we of experienced of and Shailesh, some of fact COVID couple the expect But have quarter. some because days, mentioned actually the because started build also Girish We second situation shutdown an the of stock, we in that of in improvement the India. because kind some that to the in have

So To the a year, generally back the production get going what lockdown. the we the I of echo that at to expect we the we of be too crystal as way we are actually gradual we October, a and that safe. we situation. ball relaxation can of in second-half the it see to improvement early situation the approach least what would gradual we think say is the as to get of fiscal that of kind of expectation industry, to full extent? of of out hope of But too are going forward. much moment be And the on would be

commodity from A commodities commodity be the Thank commodity Also how hedging? you. does Edelweiss. percentage how annual from differ Thanks, costs Adrian? add, work, Shah much Guenter. And the will and into will total material you revenue semi-annual? hedging break if RMC? commodities Chirag does question JLR raw contract costs, the how value of

Balaji, it’s Ben Birgbauer, the Treasurer of Jaguar Land Rover.

pick So that up. I'll question

of So across how it, it's I different first So work? the on contract think think the does piece different commodities. I commodity

that And answer difficult of in this to so really context question it's event. the

the commodity is around, is I thing think, different? question hedging generally I'd one I say second shorter. think on the horizon is how

go five in years bit going with year. in we two FX, to out second on So and in reduced years, a practice four only commodities, we really quite percentage out about the

mentioning the other thing worth the is think different. accounting hedge I is that's

accounting FX. So we the for hedge have

of occur So the the there's In accounting. impact actually, commodities, the flow hedge case P&L when of and cash hedge both the essentially, both not hedge the matures.

profit actually there's which comes contract number flows to bridges. our the when So why that's that in our to But matures. an market only immediate then to P&L. you see the tend And mark cash

what a I at So number my generally material of it's don't of the kind raw then, there second the But a on of a difference timing say the cash just one, the And percentage tips have last and what between number. is fingertips. order costs is, think is flow of that I'd RMC. profit. I the as

commodities a would think total of the is I that than think. is that buy components we you value smaller

commodities in unfavorable, million was year-over-year that £XX the commodities seen. example, QX an for move despite you've in Just significant worth

is here you, the Ben. already on charges? part assume Thank be And second think, Adrian question extraordinary answered. I can think I there of has from the we any won't

Capital. quarters? Let it, I’ll VME here? by reduced sustain [ph] help How year-on-year, Pramod Infra up. bps RR me question can coming the changeovers it Second considering take in JLR for is demand Motors Tata you a you pick Adrian? from will XXX

of Yes, course.

it's concerns X% our scale expect period we We with our help I supply out certain at speed that. of that that over of will two that the with line I continues a deliberately time and be we demand stocks, impact. to of you presentations. previously So be dealer were when a That to previous the And lower the the to took surprised the taking today were levels on rather Hence, at impact the we earlier, I've the more previous the than have concerns sale said of number approach reducing through intent. the close indicated. that by lot through why than VMA think of marketplace in X% detail and first-half

we first-half responds this for As in that lower year, we'll marketplace of X% previously how be demand, year. the see the the grow guidance certainly But sure. than given then I've the in will later it

Thanks, Adrian.

the further. March this more obviously XX% kind and April of at quarter question. to performing ended have like is I I'll we two asked collection presentation, This Tata COVID? the to take recall questions, people go to about in are come as XXX% the As finance. as the -- collections There -- down expecting This has two I on How's down and month said even of the in the XX%, efficiency. Motors we're we Second, it. post said same it

Motors street So it painful this, just not be will navigate about and flows, a because for on also infrastructure. it's issue is feet Finance quarter Tata the as they about cash

as and the on are we safety of comes track this it back ensuring working through our So people. earlier, at obviously

of is The second which Girish has growth already on I question CV answered. think

me to taken to Girish, the Girish question Do -- price in this increases that impact and second so and how Shailesh? it PV Shailesh Let question QX? is likely more collection RM want are in much you answered. up pick you of CV is far and year,

Balaji. Yes,

models, 'XX. of have increase a year, Xst of April, across then X.X% of all is around took of to on Xst FY calendar on And which this we So, price is January this X.X% we already the increase another QX X% quarter. taken which

So that's increase we've the kind already price taken. of

quarter, raw which of divided One can be terms goes metals, material I two it think into groups. treatment. the first for impact into In after precious is

And going kind monthly and is that there. six internationally linked. we that is up more therefore, So have contracts of

we which The course, of in is auto steel, also on is prices of the terms price demand of And have increase. the is ready with the one, are dependent consumption. down, dialogue domestic to second although steel to going linked the any international now as

the situation on the in that's Shailesh? costs commodity So quarter. this

the would question second Yes, the same of so part response think be for I PV. the the

Balaji. we have in additional As is average weighted in in the of QX price concerned, taken about Back to we increase as far FY then And increase. X.X% price April, sorry, X.X% have price average 'XX, increase. you weighted taken May

Thank you. one for Maybe from the there is the What's business time last way. shed Adrian Nishant is plan? for EBIT you question. some light coming This Waaz improvement your timeline business? [ph], for breakeven CJLR Can on that

Yes.

the the charts, have Of year, course, year. at fact, to it The actually. I in and look out data, Balaji. previous you improvement, should a dramatic show I mean, chart year-over-year the called if quite last over

million is the number you'll improvement, I see that. think £XX

It's us model actually response a improve. in the where the deliberately huge CJLR was and my turnaround a to lot be. lot of is, it already of we margin. reduced gross What our the it's happening. of business So import transaction values, to of pipeline, health VME happening, already things, a near the first constraining CJLR It's improvement result because a would wish in in nowhere semiconductor teach starting shortages is

reduction the the about, the respond We well, favorably there. this Charge We'll just few over program, time of be And the tougher may talked cost now Chery Some to tougher be the there's how the spend. see in hope just on opportunities we'll as on which working us still last because colleagues. program responds. to enforced Charge you. structural spend, other and of partners is our market formally market that introduced side We we CJLR months. next on alongside for And CJLR. We'll be

about think applied resetting of structural you So a Charge cost Jaguar how base. years Rover, Land eight our of within we've

yet CJLR. We that haven't done within

actually ways But But our with so by. It bring previous profitability we CGLR. in viability, improve it going to along us find time XX-months, that opportunity. turnaround was more there's lots of our the have because do course. expect takes a we us, of to bit So in point pass partners to shouldn't I a forward please, dramatic

Thank you.

So with on X I dot, are o'clock here. this, think we the

JLR wish to importantly the taking time and you appreciated. best you speaking and everybody Much look stay results. more our Please from who all attended session call, next and thanks safe Thank very the and coming time. families forward TML I to you side, attend the to understand you to and days. everybody your thanks in the and sound. So And the

this and Limited, joining of your behalf Thank that On may you. Motors conference. you Thank concludes us, you now Tata disconnect lines. for