Tata Motors (TTM) 1 Nov 212022 Q2 Earnings call transcript

Good day, and welcome to Tata Motors Q2 FY22 Earnings Conference Call. I’m joined today by Mr. Thierry Bolloré, CEO, Jaguar Land Rover; Mr. P B Balaji, Group CFO, Tata Motors; Mr. Adrian Mardell, CFO Jaguar Land Rover; Mr. Tata Director, Executive Wagh, Motors; Mr. Girish President, and my Chandra, Passenger Relations and Motors; Tata Business, Vehicle colleagues Electric team. Shailesh from Investor the followed to the Today, you by presentation plan Q&A. we walk earnings through

participant lines taking open be the for As a to via reminder, are listen-only your we questions is mode, which platform, submit in Team’s you will and already all questions.

question. presentation. Balaji mention name of while submitting You to the your to over the and are I your requested hand name to begin now organization

Thank Sneha. you. Thanks

all welcome the Motors Firstly, you of Tata QX for results call.

safe Let you to me take harbor the statement.

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vehicles, as through, you variants and, version passenger well about has that going of huge safety vehicles adult as that vehicles almost PUNCH, X-press a star terms electric in mid-October. variants, first of TPG in And that please? -- of And, slide, gone I’m very, the in for We And market. reveal and with of Tata three Tata it’s months in first Rise intention the EV Next of of XX Climate quarter talk drawn happened JLR that the Thursday, rating a a CNG fundraise in orders. Motors. had down. about with in the the intense the slew was commercial Shailesh way is Then, this in passenger in to both, very tranche of it was X exciting his petrol, going coming month two, course, work next launch already both to talked the first last in gets the in ensure course, sure a on into with business, course, to of very vehicle sub-compact our segment the landed.

subsequent about that, is slides, on I’m revealed move was of have in new making. As far great of quality towards talk the and is I’ll been course, the going Rover reviews confirmation is Range JD going it sure again we as has which about. Adrian huge Power to to And, that time Adrian JLR talk a spend the the concerned, on not numbers. received

please? performance, about X,XXX with concerned, slide, a EBIT Numbers, exceptional as significant crores down JLR quarter EBITDA X.X% out, at than XXX is a of negative. down of INR negative, I’ll ended items Basically, item up ended cash XXX The in operations of the we semiconductor and which and PBT PBT negative crores. as some what talked we Next X,XXX INR crores better the X,XXX our called revenue before improvement far shortages, flows business India we as and its before INR which in and talk affected INR EBITDA but indicated. about originally exceptional we’ve bps, other bps XX,XXX had free performance I of

bps is delta, Motors INR from growth Net little Finance, Peeling volume the up bps translation underlying a Technologies I almost volume driven XXX of by if bulk going an the JLR minus at the three XX,XXX bps Tata there. story little business automotive price, at slide, there, X.X% in Tata XX entities, standalone XX,XXX external please? profitability X.X% price moved Motors And debt XXX bps, Tata remaining and look and the way bit, by spend That’s crores. Tata and at -- overall time crores, at and strong, and the working mix, went INR X.X%, deterioration the the there other of level. about negative. XX,XXX debt it another EBIT basically that capital and of others, this bit profitability broad X.X%. Daewoo contributed Next crores the coming but to at INR which XX.X%, improved XXX therefore and at of a volume coming

through it me performance. Adrian the JLR to over over hand you. slide, Let Adrian, to please? take to Next you

the evening, would, Balaji. Good the call. thanks, Many you if everybody To go to on please. next slide,

a for actually calls reconfirmed lot will we in quarter. you both early signaled week A we the this second QX and So, of these around our July, of on lot are then the KPIs know, in this, specific the announcement.

units. has fallen dramatically retails XX,XXX and over take our to of end both through say we’ll the have Specifically, units of and revenue just versus supply little the in lower We the units units We did where in came billion you period in our dealer later, £X.X around been did as quarter, pipeline, £X.XX were billion. We the because we higher were up the did X,XXX at range. a our down QX, constraint. wholesales indicate

underlying that range therefore, up take remember, you year. point see And between a of both from million. reduced ended reflecting numbers, gave the the breakeven If the you £XXX last then, end losses you quarter, was quarter, EBIT I’ll through at were supply I we our XX,XXX we EBITDA units, later, wholesales down for XX,XXX. XX,XXX the you believe, fall. XX,XXX the of around And at The breakeven position in wholesale. our and XXX,XXX to numbers, and continues XX,XXX to

XX,XXX Our billion cash in position. £X or We losses at to were a units. lower, £XXX We and went indicated XX,XXX cash into came million. the that units up

they previous You’ll also see later our quarter investments have were this in lower quarters. than in

at the us things notch and And did balance also. mentioned please? didn’t billion quarter. the very a £X.X of out end sure the of the The of liquidity. £X.X -- those, I’ll a slide, aware, I’m within lots mention through minuses slide. quarter was I So, from lot Next billion liquidity upgrade that things profitability you’re did do in cash; And two strong the there. quarter, There’s I’ve page. we actually pluses take happening this you then, simply

Next please? slide, Okay.

of quarter slower a by both year. are FYXX were in with higher We equivalent in already we’re last retail were this overseas lower on than regions within and these had quarter top overseas right and quarter all numbers out. overseas pickup doing and the regions, wholesales. So, the retails said XX,XXX exception better therefore, the last wholesale the year the of region, top -- because supply the I’ve

exception families Next is slide, with please? if of family. down all Again, would, And Defender. by you are it the this

QX last you You’ll remember, launched see last impact can year, the partially Defender we year and was growing. fiscal in

we also last in and few of incredibly which you baseline in X,XXX marketplace, months. position, we’ve selling So, had Defender above. are is the know well the units over that supply-constrained a even And

at I that for. would it’s were just to We increase Electrification this PHEVs, have that vehicles customers note to in could the higher, XX% be of we electrification Europe. full a above our that in our those in to continues the have constraints. up moment. looking do demand and build built We are are unable cars supply think if We quarter in particularly X year, UK important portfolio versus because quarter compliant But half. the level to XX% first our

slide, please? Okay. Next

and So, this to owned inventory, our levels. inventory units over is yet is This The to haven’t bottom a importers. passed the line, dealers we slide. key

we year, lows the XX,XXX And You you, very year. can last is remind X to build inventory see units, weeks. if that level last units for I of close didn’t

dealers, currently lowest time back of even is. that’s so, a more going just the sharp had how our books, So, which in pipeline the XX,XXX history units. level we’ve And long dealer,

We deliver build pipeline these we need of as well. XXX,XXX that, banks last had week, these once on through we’ve order top actually will orders. to course, lines inventory need customer orders the started to of order as well, this to to -- customers. banks we build And this

history long, of waited for can highest it’s company. our of That’s So, probably our about to long to build assume you in to cars. customers, reasonable handed more be level XXX,XXX vehicles we the dealers for that time, and once over to a the handover

slide, please? Next Okay.

So, year, the this complicated this lot last the we slide the £XXX -- profitable this Last quite time, A told time. things lot our million. we in same of you, waterfall we from quarter detail put were quarter. a year. million is I’ve of a on normal £XX lost

quarter here. those Range lot early lot you lot, normal units, particularly our as Rover The recall transparent valuable very FAX Rovers, that. we our down fire the we’re as in Japan, units the if a had, A So, issues facility, from of happening in but the down mix most Renesas within was Range Sport. Volumes well. supply what’s a impacted about

So, able mix demand, here to the actually you have can out emissions. to those not build compliant though thing we a The weak. cars. Even is is call see we’re

opportunity have to to we and VME other take the the over would and that last later in UK presentation. lower. with I continues the Europe, be pull you month OEMs in in taken So, through

is underlying So, X%. shade now a above VME our

the optical Our VME quarter was down in X.X%.

level of even X% during can above was the there, did X%. the be second continue lower, contribution book that you continues constraint, half will year, as I’ll some we I’ve hedges those before, explained costs. campaigns actually see this you over there early to to later most should in within There assume are around within it got costs, we last we’ve you in the costs So, And But foreseeable warranty which though some you the remind in that model VME as place increases see show you supply have commodities, data. costs. year also. which material in offset future,

I this dramatic think, time piece the is cost. the structural

a we we That destocking, efficient, wholesaled the unit to this the less than resupply. of quarter. in that quarter. are of engineering is investment the reverse will well means Capitalization itself as was XX% are built R&D show you in Plans We cost I’ll once units which costs, higher. per and more often. we therefore, capitalized talked one We’ve start about in our destocking moment.

XXXX gone year for through are remember capitalization And the programs from later working year on ‘XX on delayed onwards, model those. we’ve we’ve point if Now, earlier Engineers vehicles. model you architectures.

operational time But, strategic we year a were booking the until those next ourselves that year. working no losses refocus last negative that on actually the offset the and end given in lot non-EBIT sterling as reserves auditors a the confirmation their sterling and of were September. of on required few You speaking hedges significant, the exchange, we on for negative, happening we longer the quarters did there. means get and an end-of-life the sheet reduced to convince then should lower but strengthened eliminated quarter. on the costs numbers exchange our be the of towards Furlough gateways. and the itself to did reserves those Lots much, debt lower much broadly optical this was at their revaluation material spend That’s actually balance job new those strength and architectures has batteries expect

Next wholesales. did we flow, it slide, be only up Okay. £X billion we indicated could please? if XX,XXX Cash to

same to at be sheet previous the you you, put, see to of But XX,XXX. of the dramatic. was this in breakout losses is of balance lot quarter point quite from capital. a at Almost XX% we a we were I which you’ll the working cash So, the give cars our We’ll anyway. QX we’re full really data said than did able the Simply in quarter. building end fewer that,

working a you, £X.XX lower come was be wholesales, once line quarter a get the units billion will back and first first And that the more big cash just XX,XXX six cash Look hearing year again. about once actually £X.X months The underlying £XXX for low. means is be to dropped two, what cars, year than and XX,XXX million. cash continue It very quickly working get of billion that will in breakeven very, bottom underlying quarter. negative half we We’ve there. units. you we resupply loss, above trigger, and we to capital will at build first the it here the is, should XX,XXX in half on positive of capital. we done point So, the that the in losses XXX,XXX That

supply is cash forward. that losses we confident, So, we significantly to are reverse returned these going are very and going once quickly

Okay. X Next investment X £XXX That’s years. slide, lower, quarterly million. please? was lowest Investment the to for

see therefore, I want R&D on CapEx ‘XX few was half same number capitalizing to start a than here. breakdown change years made can Capital we as in rigorous versus the was expensing was the off are and capitalized guidance years can outside about closer process new to last architectures, quarter we the more to months we the the lot I we lower You over year very, This People the mentioned moved Obviously, those R&D investment. a and R&D R&D, earlier. reason see maturity. last just look the the all year. have we grow close on amount a That we importantly, our at a new maturation in year, we’re architectures were new year. capitalizing ago. But actually spend The have than XX and their the in completion. the very you later had until for point this in model will said. But, half investment vehicles second bring to to giving of we

You’ll see in a few moments.

slide, investment XXth grow Next the why year. that was reveal We Okay, October. dramatic. vehicle in of a It the second is And the the slide. this quite will reason half next did of please? beautiful new on

can You that some actually for we’ve there listed see highlights you.

for gone the have American In a really down EV as of from arrangements, understand, are well X than particularly in terms or That we the this has for data in says the Rover, first base. down of do time draw very, important range is to car kilometers. seats seating North really, customer vehicle early XXX existing the X with This less about journeys XX very we customer have Range our functionality the set. The the range will XX% one kilometers. X kilometers. XXX The

electrified, purified its will kilometer, that you opportunity later over people of will that if as two the that be to than to offering fully will is all you electric. years’ in XX% mini. vehicle. will luxury, there. kilometers of range, car below the year modern XX% per be see why wish the able extend the So, be emissions Steering vehicle well, circle first driving if And the of two option, on do you about electric. next be BEV time. grams thought this this distances this drive that gorgeous this an in actually miles beyond BEV electrified beautiful for design XXX actually vehicle the to, That’s XXX% which miles be just issue you in full this a basically XX means for will buy years But, just of steering There

this a revealed. stunning vehicle done really Hopefully, because that The the really, a maybe offering. not, gorgeous, job of serve have people dramatic joined you afterwards And to website engineers last the XXX,XXX it you’re been week. million X just people launch the gorgeous designers. live is went who has X the the if So, watched onto

Next slide, please? Okay.

launched complete having most in It’s the a impact quarter This probably set. So, the Refocus. programs is in of transformation in It last was automotive year. history. our fourth recent only already one program data dramatic

most was generation program this of me the of certainly already you the can worth remind We in automotive benefit first that in fiscal turnaround history. complete Let charge almost recent see £XXX cash in half year. million

this who and teams by year-over-year corroborate a have can measure will our basis. see only you’ll independently data, We it see in data, things we you on year-over-year

year. X this So, we’ve very billion of confident £ committed the we’re actually

months. read And read meet the shows program. change It there the We’re does program. the all after of a six a to criteria holistic of you won’t that, already which really lot for nature but detail I there, halfway of of there’s

very, of quarters more program, of done work in forward, very this it valuable we’ve and will proud We’re going the of become course. the first and grow few

Next slide, please? Okay.

one is Balaji quality this. the referenced So, pillar pillar.

of You work beyond two job so yet, the talk Power. XX corroborated, and the J.D. super were actually proud They improving I’m improving this into in business, course, first that from optical communication areas to the two know quality. we’ve many things that of and been normally the by on my big the quarters focused best teams done have heavily themes VME I data ago, inside, came in

China in In place a CSI, second Power place. we just Combined, is Landover the I place place first the don’t received we second although was from again previous IQS an second in please. J.D. Land up XX the rest first Rover were of behind years. XXth read in -- corporation, reliability where Porsche. was overall. survey Defender place second we’re as and in the miss from most place it, the China, survey Midsize, the in a Jaguar to Rover JLR won’t APPEAL up Our improved, OEM, the and U.S. Land place was as XXth in

is dramatic evidence we which to We XX forward quality, that things to that be. be you definitely significantly quarters. anywhere do. to close we where to committed of about last talked to corroboration all external around about we corroboratory improvement the lot wish So, of think Don’t the a have the over in we’re now

to the Next this average, slide, please? you, less X.X% quarters around which it. have This X.X% of targeting is say did old financial book than four did are data, year have to XXXX a for year, down on we on moved the optically data been to We up underlying. last model some on campaigns, to more XXXX to We data money couple X%.

was the quarter same once the Although lower data. than year last into last that we add year’s campaigns

job So, and is next on that very over our quarters. four the to we’re below X%, get underlying the focused next

Next Okay. slide, please?

a few points register emissions, to here. So,

have compliant Firstly, we UK in a based the both demand, portfolio in Europe. off and

of to nine is today. calendar were because given a year, However, we units And those build semiconductors, over unable months. we’re the assessment

to ultimately position we’ve £XX worst our now here for and decided credits amount reserves of Plan terms calendar buy. Plan moved will purchases the join year OEMs calendar we to of done B of is by the was need Europe which a credit million we’re in now worth in have the year Europe pooling we books, be But ‘XX. the we So, UK and B. actually to arrangement, amended stating and in other UK in on in

in are with less other because they We in in to continue buy and work those markets, PHEV we U.S. markets. compliant wouldn’t Obviously, portfolio to a have OEMs China. credits

we although lot in the semiconductors, sure October, of The questions Texas the in we did were talked progress, I’m in of later We in the a significantly July. us around All detail two than please? Look, lots greater storms. and in we reduced quarter this. lot saw, right, making July quarter challenges we of into Renesas have. the performance because hit Malaysia the progress, around we’re challenges the seeing slide, lockdown fire, there’s a actually in of Next

two. we ultimately, more So quarter cars why that reason didn’t wholesale and was the build cars more into

course, target these increased the them we the car. to is challenges right overcome chips Of our ability with significantly to available;

of that. higher data did We revenue we see lower some we will lot team. in limit much of those order than reason, did the gross Refocus as quarter well and digital this from average customers’ And you the the could, site. done that for quarters terms program, orders by So, a scaled work the in derivative up taking away analysis banks we’ve of other vehicle data where with particularly

manufacturer. in which leadership We semiconductor that supply from first-tier have had in end-to-end CEO, to the great weren’t we’re the we now, been full not to to a sources part to who’s XXX pipeline people year, should our who only source providers. us the more write-back team the to back build, there’s chip And but of for direct with able CEOs than and earlier we’d the suppliers ask targeting cars several the major up dialogue but XXX both the from actual right the of

now So, start end we the from of have pipeline. complete transparency to

have everybody we to demand is need, need a our we increase super demand, and we given clear what a We across meet need. in generate, more make a of sure the what sense we’ve lot we you that So, nameplates. earlier all to more vehicles lot the

in much in of it impact going challenge place we’re although the to QX half in a handle particularly continue this second will So, data. forward, us year, our the to better

from quarter Our built production be significantly we two. units XX,XXX higher in will the

Next please? Okay. slide,

lot focus We sustainable to It’s you around Optically, told again dropped a than the here. number in told XXX,XXX data, Charge. of in be I’m dropped So, in you July data will you put given down a but that quarter. units. a portfolio units. the actually units will two I’m build, X, underlying XX,XXX we XX,XXX data half giving going around giving on units this lower you the through forward. we quarter we XX,XXX the breakeven, to We were May, actually

thing XXX,XXX year our from breakeven we’ve future XXX,XXX this below crisis, to opportunity foreseeable from the we taken reduce benefit for a units the point one will units. So, to

higher we and So, will we cars, so profitability balance. profitable more will will cash can sooner build once be be and our our

again push value-generative even the difficulties be. the to we this So, wish had. business more We’ve used we’ve we on to haven’t wasted

Okay. please? slide, Next

this Nothing By So, half the increasingly confident out, on returns on new I won’t and read full FYXX. point increasingly of going as give FYXX slide cash link but get versus all guidance year guidance, we’re about priority the changed refer the crisis. to we’re that the way, last in priorities. our second you will has the I key if year. right-hand terms breakeven side. key and and to confident quarter EBIT the We’ll is four. our low, manage FYXX I numbers, generative. we to forward kept into obviously continue supply same But

So, we overcome there. the challenges

the will now bring obviously see Reimagine now power full can You we we through the of we sales believe the nine increases. data strategy, in maturation have. that months

margin Rover. the You’ve with modern beautiful costs, new program. new the We’ll July. the into After guidance second the cash up the restructuring I will a we’re in and be positive including of the be continue lot am seen really physical restructuring holistic And I’ve program, presence positive, year, EBIT the about gave to a HX, scaling significant in value-generative luxury isn’t cars talked Range cash but field. in the That costs, I repeating there the Refocused half in be data of put and Rover, the positive to we Range before transformation yet. in confidence the cash pushing

back Yes. Next this side, is please? Thank Balaji. I transfer slide, you. my think

Adrian. Thanks,

is INR of direction all is with terms as you’re the started came to coming down you’re fully seeing seeing flow. get This the And of XXX a hence, crores, I’ll coming of in flow of right crores alluded straightly this growth me And earlier the growth ended data. Motors the growth working turn slides. word Again, negative already We cash in discontinued just accounting and EBITDA a here. capital revenue X.X%, Tata as the positive the considering profitability our question. that upon a terms improvement. positive cash like-for-like Tata identical, of lines free Motors operation in well is back, PBT with Good reversal, INR treatment, trending without in QX is the free the here, the Let comparison. touch and of what in Adrian as to but part XX,XXX

I commodity what in commercial growing book, slide, at despite half Next October by about add capital INR and other are just that starting first impact touching the X,XXX today, very a to another XX%, is year. standard inflation again thing if flow well. I’ll numbers positive basically, the working costing with once is And improved as while. has out published of -- in vehicles to of this breakeven this going EBIT the that’s the near crores, put PV up improving almost and the [indiscernible], is particular, X% we’ll passenger XXX earlier grew pain. call-outs X.X% vehicles Profitability cash INR X,XXX entire order see to very almost And and X.X%, EBITDA in we a this the at slide, this for strong. is of been Key X.X%, than please? it to crores, now saw flows improve cash commodity EV, forward operational talk commercial quarter little And had Free a pressures, This performer a you see is and if expect strong now I by which business, got portfolio. in in vehicles bps. covered the I’ll EV penetration while. XX%,

we price. in call a XXX of out not below. because slide, able of numbers brackets to Next commodity flavor inflation bps are you please? price the putting that’s business. an that despite almost almost of I’ll unrecovered that move where And There’s XX% price from, kind the through of the the in see Just increase

coming stressed investments dealing particularly growth-led commodity the we precious are all of higher inflation from product the are half metals. had Fixed and compared giving are cost, to steel cars with, new arising SMEs the basically because quarter because depreciation, in the IP is [ph] see year So, about, level that. in last amortization development, we of these and not investments, and you second too the

capital, on cash investment quarter build tax And should means to half a what the we basically this as after for slide, standing positive which need please? sort out. really working its is And keeps, XX% which is this quarter. this own cash we is positive feet. causing is profit be flow, the to then as plan finance the now is reversed X as business on almost which able operating Next it COVID, deleverage less despite basis, cash, the that Free is year expenses, well

Next slide, line in I it, for won’t year our CapEx, plan upon with the is. please? touch what

market commercial going vehicles, Next into slide? on the shares. next slide So,

part further, means us strengthened is at good, gives normalize, If grown you only quarter in half XX.X%; year gained XX% has Good this sales commercial quarter, overall, to it October full QX we’ve this so vehicles see, talk M&HCV and on all which SCV quarter when -- it now look is a in October and as starting that was ended, also it been now -- share we good part this have Girish tailwind. basis, we’re are month a while. starting was almost at share and segments. ILCV grown a we -- when to XX.X% are will has of in to have at four the plus starting small well. that grow about XX.X%; portfolio On we

and you retail on. almost X.X%, This starting the pricing headwind into XX% this magnitude the and we’re volume Financials XXX% please? EBIT, commercial flat slide, EBITDA growth shows at as that the inflation up And the between on growth, has a to of EBITDA wholesale of to that XXX and we growth. vehicles, working despite growing And retail’s something to get seeing, solid, that the revenues, earlier. see connection almost are bps -- course, close at breakeven. of is referred wholesale I market. broadly Next Revenue, gone in on kind and

to Next slide, please? Girish, up? do you want pick quickly

Yes.

Key thanks, So, for Balaji. highlights quarter. the

were the XX% of X So, first XX% volumes and XX% up the year. and XX% almost quarter from over over QX -- quarter last

pretty mentioned, across have we by gained And being So, year’s increase last QX four Balaji second over end well track. demand XXX across all at if I we’ve total we I gained in in segments, that think after has with of October, the you the the wave the the as all segments the four exit fact, share of October, COVID. And market think, recovered bps. look segments

the second as as we there have further a you mix into with think potential half. well. I And think market I get the would So, share is the going changing seen, upside

is to and I’m light of at Xst also price on has at I Xst And even increases, margins. see further up. speak through. and activities figures remain the going medium we more. been At focusing under to there and extent. last and cost, prices our is a something are therefore, The upside cost that vehicles, commercial a precious light levels, half. as price the April, and last getting have a tell compared diesel we a Steel a days other which that reduction. right due lot is to now, we continuously that transporters’ historically to commercial heavies going CNG still but you been seeing metals still about the breakeven of limit as And second small a course, I’ll shifting has as think under the pleased impacting high fixed July helping we is intermediate And well in intermediate control, of economics cost to do both already increase happening. swing to to not time, same SCV. advantage. think which expenses good vehicles with good are reference are I the And the six So I total result, taken as a October, think [Ph] being We’ve into of QX Xst a as pass-through the full. profitability increase on year, compared pressure the lower

almost of In commercial in to CNG vehicles upon the XX% light intermediate fact, is the and sales depending month. XX%

So, of that’s which the will kind happen. swing

activities said, generally improvement well So, and uptick as fleet as the utilization infrastructure good been also, good cargo sequential by FMCG, construction but there has a projects. is -- happening by as agriculture, in see essentially, things, in e-commerce a I led we

vehicle So, resilient, we semiconductor demand see due to shortage ahead. small I for even commercial future has tipper to here. The impact be continues been the the kind of industry good but think a seen going the

in segment buyers recovery of there vehicle think retail very single has hitting good still semiconductor customers overall, early are been market. the M&HCV, I bulk it’s this But shortage us. customers customers, signs would a ILCV the say, of The are So, in the still and still fleet demand because think, or in not where institutional owners. I I not

was in internal done both, second Our and heavies a the very good metric, and in the -- it middle QX, recovery intermediate index, towards of medium despite wave. which is and and trucker’s is this seen sentiment light on has

good the year, to Even second good half. a had is that that the half. second and first the future there increase last seen matter So, half for had about we expectation for volume compared

I spoke and increases, precious steel Some the about challenges, of steel metals.

are carriage commercial that office. to daily wherever almost we and usage in reduction was metals ambulances. in remain from and as as efforts. down especially something basis semiconductor see looking volumes. happening are the a seeing bit. some hitting we an seem well and back the on to a more And in impact availability coming now, light as us monitoring we’ve And vans, the is vehicles what a still both, Focus start inquiries cost transportation well skews is precious Buses market muted. actions be In steel less, reducing on demand slowing on using -- at. that put is be more on very vans realizations stage to are of intermediate possible we well or including the continuously to Fortunately, buses as the the can small terms as But in employees improving started commercial in employee see as vehicles. or place, alternate Semiconductor reducing

steel and reducing, the In said, But owners, still think the with transporter prices, consistently financiers, profitability increase vehicle medium diesel terms I But finally, is deals also I customers. the to large something is think retail that think of think still we fuel I And the the I market below into are being the for financing, are think freight most And heavy closely the I since profitability watching the challenge. -- prices for because especially month with gradually, their transporters a as funding back closed in of July. increasing utilization, are rates sorry, in availability, increase I prices, with are able NPAs fleet retail the coming as commercial increasing March. are freight vehicles. remains

So, this freight is something watching. that the I’m the go and with we back. freight rates profitability keep will need can sure come But, increasing the up availability, to

two vehicles. commercial what summary quarter seen in that for Balaji? is So, you’ve in

Girish. you, Thank

a standout and Moving where XX% -- slide on next up market shares went October. in to please, vehicles, quarter passenger increased further to

Just is of quarter. course, And and is subsequently Tata XXX% it to look the this at grew the Tata XX%. business. EV’s at momentum grew industry adding XX,XXX now Shailesh I’m Q&A. this of Nexon crossed growth New Punch PV which And now the Motors is rates. monthly sales stronger, of the were to mix well, range only has talk almost sure even October made mark. going in X%; about the really received diesel Powertrain X%, full EVs The Forever and XX% products grew

we’ve of are actually Tata crores retail, And the for expanding that’s real slide one we gone everything on Financials, be we intend demand the which our long mind, it the an that to to seen looking commodity we in Next -- market Therefore, our site service the has XX% do really picking this reassuring is continues ensure there. we’re in is seeing slide, and speak supply where booking the don’t also it do But a our have X.X% of of of the trending a now would period EBIT next this -- retail. up is translates revenue the despite wholesale, we are customer of within momentum be something highest September sequentially highest lovely that in versus is the demand. we And right is we piece go of to, X kind And EBITDA the inflation as time. Motors. to we X,XXX please? And like, what forward. time in specifically the be lead Currently, an to months improving breakeven, seen direction, continue which This up revenues. when that This ended EV’s quarter as but plus. INR be we’ve of we to of obviously And now is to unabated it sorry, are we forward. momentum. seen. almost that go profitability what sites trying we in share and now vehicle keep

Shailesh, can you? I please? it over slide, Next hand to

Yes. Thank Balaji. you,

demand on market So, areas: position, and profitability are three continue our the generation; and growth further working management. strengthen momentum profile; we cash demand these and

that in continuing of in micro to standard sales are work and we as demand terms we expanding also about In have lever identified well micro XX generation, as areas. to ourselves market-specific actions, the on rural XX markets

the the policies. in each of which our progressive we states on well strengthening helps which X us our draft have states territories, focusing actually union rate is other, products adoption, inquiry notified also options comprehensive the EV conversion the products and accelerate EV XX And portfolio state. in improving to are post providing our by already also multiple conversion very Also are Punch, and in are rates. especially which are the customers. complementing We very to leveraging And launch upon of

our nearly also sufficiency, in as also the urban priority in growth as will that support has we last is productivity productivity rural And XX as states these of been to increase growth adoption. work concerned. the which Also has in manpower be we expanding XX% is have enhancing year. in manpower for have So, we in XX doubled planned witnessing the have well the capital dealers the dealers, manner also, on financial the network working the also, to been there support where there focus very-accelerated been last areas months, that been steep in has key been done And our centers. driving as which sufficient in the now months. at the far in we this the And has for the also both

Also, place or less we of any this are monthly high year And components over where and some in minimize financial remain On volumes. aggregates the better taking in think plan now the have especially that in like critical XX semiconductor the trying also, side, been capacities, various identified taking terms models to months, the support QX, demand more are and we we have Also, to we in various engine. precarious supply is this adverse to last actions new -- continues one impact. strategic Tigor and then even to EV, debottleneck it Also, in we build various best this for Tata we have will inventory. extent QX Punch than be launched actions fulfillment the demand which though in the the situation in quarter, October. to have I was possible to last EV

trying now has one, to qualified And response. eligible month, the are has to we are the happy inform steep seeing where the a very various October incentives, we certificate. -- incentives is FAME production. and the There’s for incentive I’m that states nearly Punch got also we received being increase a state last very, sold very in So, demand in therefore, extended. stabilize EV which we FAME X,XXX-plus Tata very in are strong vehicles. this it for Tigor post and we

some seeing therefore, And are this very a On There at we are in have So, kept is profitability fixed very around capital. we phase cross-functional ensuring the our support margin. the generated on scaling in these a pipeline the where holding which Also, while products. good their includes to terms with to of trying stabilize cost have that in response And working And focused cost religious we workshops. on on have on are best idea two are models that management right improvement identified, strong X X the And we and also also of the And and very demand they the trying management in course, we or not last the and control to level. a ideas, production. been a tight management, structurally months, strong contribution very are cash we the way. reduction is are strict bonus to, X are generation smart having have working of business. we there’s very, teams, trims. put ideas and really and align mix X, which multiple this working levers generation, we up

So, with going help it’s sales and I financial all further think us our to strengthen performance. actions, these

So, Balaji. to back you,

Shailesh. Thank you,

Motors Tata moving the on Finance. to So

XXX% area has recollect, one to we collection plus loss INR is where report the had of where now this if that we quarter for concerns almost substantially. you last PBT efficiency at crores quite Happy picked XXX trending quarter is up we So, all this had with had. This the a months.

a we end PBT of we back now to down are intend and On still at at to the year this So, crores. breakeven. INR came pretty X.X%, basis, half this XXX are And high strong the X% financial by bring GNPAs year.

metrics come And strong asset-light well collection cost-to-income as So, with getting things internal ratio trending everybody business. as going their are all this has working Collection vaccinated. efficiencies pretty infrastructure back own right direction. in well for the on

an So, even is business key here. on the

semiconductor it be to progressively onwards as up. So, improve to pandemic to for We the this coming the expect term, outlook improve for Supply challenging expect the or vaccination do the final well. on as Next continuing on moving pick see remain And performance please? inflation. will shortages starting improving commodity near keep demand beyond. quarters situation gradually quarter subsides will on we in to and and -- rates and situation slide, this

are and the see share margins the for while proactive side, the want JLR, completing For in to. breakeven a the breakeven you continued profitability times we the the reduce that any an a month place. deal of agenda Motors, inflationary us the we and and actions PV, EBIT closure continuing that and environment; momentum And EBIT have, sales of EV Tata right-hand cash And monies growth vehicles. the Adrian we about Tata on And the both EV in CPs the so up the reach unlock to positive Helios to step there. half. debottlenecks for further. improvement the will can JLR is in in course, the protecting rather for help various meanwhile, And flow and positive turbo-charge and for first they we chain the servicing -- And that in already market even putting lead Motors that for then second the free CV, invest have tranche remains actions talked achieve supply draw in down

for that So, you you in in the that’s plan that quarter here. type again, feel let in. questions’ tab take what the it questions With to pick is. request this, have, are our we’ll the me from now free coming questions Once and up your

Okay.

Adrian? first me future in inventory premium question is is What InCred. out industry let the volume read industry the from Pramod that’s market China car and coming sharp on then the situation? one economic slowdown? current coming outlook China considering the Amthe, What profitability, in, So,

Thank you. Balaji. you, Thank Yes.

We’ve the we before China apply business, of So in import of result CJLR significantly sales over as that particularly quality years. supply the metrics, our business the two with in through, continued improved a you as well. to took last now reduced to

by start So, those reduced improving of significantly perspective. you that Both discounting see data of quality impacted supply to a actually shortages. say, numbers QX were will from in

other cetera, So, other OEMs, see us. data to QX meaningful is you relative for less et in any

is metrics good actually most for local dealer program The marketplace very used I QX profitability the in in is the particularly dramatically in a on BEV, The which us business now improve by the Charge levels, did business, think, well. important dealer being inventory on the import here. levels, position. as the far,

pickup in we’re the able the half see to So, year. China, second and once a of pickup quite fast I do supply in increase value-driven

Thanks, Adrian.

trend Jay India. penetration in question BEV faster much coming Globally, Second is in Kale. from than

penetration than well. in role you Tata of take on gap expected partnerships Motors, slower to play Let EV this question it Thierry JLR competition? do to the fundraising up How is much for catch me bridge see However, this with that as for Tata trajectory pass the to be Motors. to JLR global and and

as course, Reimagine keep starting Rover BEVs in at entire announced FYXX, which portfolio Jay, must mind converting portfolio coming think, a basically is well. we into the I in I think strategy, electric-only has that of Land and, JLR X Jaguar looking an

are plans we electrification ambitious So, Motors that a as well. part therefore, out is as And to as the achieve what first of the Tata believe setting for puzzle. action is

The Second, business of the much about the is has the that issue. referred not the availability as semiconductors. is supply the corrected, Today, an is about profitability. far issue is Adrian And so already as business of not concerned, when to funding breakeven funding coming down. gets itself issue

this billion £X.X to put as for particular fundraise sufficient the no Thirdly, any as and Reimagine out that CapEx JLR the far see as far JLR are of there deliver as any us manage to we is other transformation. agenda. of it’s partnerships concerned, plans we is concerned. therefore, plan in not fundraising role Presently, And do

Thierry Let add just I it like Thierry? case said. to to me over hand further he’s in to what

Thank you, Balaji.

At years, the because the Jaguars big drive ecosystem the in the that’s will course, whether that with cars, be time same will BEV past that announced which is the And BEV we it’s you have we not the will is output our because was car. course, that it do first to really evolution the we think reason consumers, of Rover in that is the proposed that new put ecosystem PHEV, what intend the our of portfolio a to electrification BEV is pace, generation an next of instead which place. the with the think against and And yet the BEV on BEV But, our BEV, Land models of make car electric, in XX% figure time expect including an you for which together. that it MHEV with key which is with I looking ICE premium -- case. with figures, the QX, JLR also electrified get ecosystem wonder where I also it worth and Jaguars just the an could of have customers only be be you in we version. all to to car the -- see such a of increased and of that why top when to fact real is successful are mentioning, full on market, excellent and was is high massively third, Reimagine,

Thank you, Thierry.

so? order your Next quarters JLR way. normalizes Do from the over is coming question, This to mix or the supply as Adrian, mix Satyam question. of Suisse. to your four the moderate you the Credit is book this Thakur, first how That’s is mix your expect in And chip compared next sales?

in realization Adrian? part second second from commodity offset the questions, The a quarters? gains question, do trending large going see cost increases you the hedges and quarter. in this of commodity How Two coming

Balaji. Thanks, Okay.

Let in seen mix full you that me orders of data. got benefit yet be terms haven’t have Look, we banks, and take of the within We’ve the responsible the improvement order we in already answers order. the have. our to

We’re profitable we’re Range our don’t data is I just Range revenue then, forget, that expect and through our most then increase then units, for series change why at and richer of starting gross the Sports. to saw average the three be going Rover data you the which XX,XXX. see in a would end Rovers And quarter of set. even to valuable above QX,

you’ll will change and four vehicles X%-plus mentioned we overcome, year, new of two issues mix. towards So, I’ve supply year, on, one to Once a you moderation and and a start walk new for us quarter in next programs as see previously. think see that EBIT quarter to those that norm we those next I that quarter the you’ll have

normalizes one next terms of our the two mix So, to you over it originally would before I will see out expect. it quarters, in

you. remind On would, the second go to me, if you question, Thank question, please. the back Balaji,

Okay. Yes.

within you And explained commodities. the place, negated of before, in we’ve X quarters. as on Thank much commodity over do as over Okay, have On reduce X the particularly hedges that offset pretty to you yes, We period saw would next you. time. the quarter. costs, to

will reductions of cost talk has scaling through been on efforts. and and through cost already all expect £X,XXX and cost to too material ‘XX lot much ‘XX to and by vehicles. even offset vehicles dramatically it, today coming up go up commodities side, ignite that about We reduction our more the We’re year material a the identified be didn’t we our as be model

is I’ll So, to going those on and but do offset to again, there pressures And inflationary there to on increase only pressures, that’s what on not forward only wages, commodities, refocused expect as Balaji? I program are our it transport efficiency. the not repeat well.

help levels Can the understand Thanks, VME as Adrian. as costs of normalized us from Gunjan One well your [ph] mix? of America. coming more way, and Adrian. warranty is from This you Bank question

Okay.

So we little new a XX,XXX is the told exactly XX,XXX-plus less, that you more would than cars norm were VME, the I Whether two let ago. a the until In me X.X% not levels a environment, what take normal level. X%. cars back norm thought to a you week, producing three we’re when week, at have is start VME to I’m certain to bit yet. we building level, But, X% quarters

back, So, but we’ll a grow don’t forget, pipeline. we’ve got staffed

this way period. beyond back as our continue model, environment expect resupply as come you to I won’t quickly So, it right? may So,

a some banks period of remain higher to And only our choosing for order course, of to also, derivatives allow We’re strong. time.

new actually norm lower even So, the may that even for continue, for longer.

as I’ll So, happen won’t say quickly as X%, but to resupply. it X%

In consistently to did it we warranty, I terms X.X%. excluding the campaigns back below We we’re X.X%. to reference have at presentation. But the We of campaigns, wanted some in quarter. believe

target lower And towards quarters. Balaji? below the over X%. now is working several Our next we’re X% and

Tata ICE does launch coming is talk Punch with does How of Gandhi. your the and you -- Thanks, respect about Punch Punch, to launch the post pipeline Can the coming bookings? response Adrian. product way launch to the Jinesh inquiries how obviously as this Shailesh, we models? focus you on one and from we product any I on right we’ll model can or that’s the tell questions, look Shailesh? do away, electrifying variants business And other have PV go the for see last launches But, The along. Jinesh, something one, two like?

Balaji, breaking. was voice your

response First Punch to the in was question terms of...

bookings, yes. and Inquiries

one? the And second

was one PV Punch? how of like, does Second product for post launch model launch the the look the pipeline business

it. Got Okay.

bookings But, per that we XX%. were indication launch give I the have bookings if month than reveal don’t as would at are more we before grown the Punch, far x, numbers inquiries an of just and receiving concerned. as you So, can by it

in seen So, that Punch announcement, nearly have bookings. X.Xx the announcement jump post-price we and pre-price has been the response of and

So, models demand to X to in weeks, very is the certain up models X now, the it high, and waiting period of has where certain Punch would increased have in gone X X also to to months.

So, the good. response has been very

received We have kind products bookings of that among of portfolio have today. not this we the

X.X very were So, compared by it increased and times receiving than has bookings month more remains it the we as of our in to what strong, September.

or answered that is the we given an that So, would indication of seen. you have increase have what extent

growth able reveal present, point see time. has we we’ll Punch, to the are our X white is certain beyond in we right of those now where in or identified pipeline concerned And X, the always be exploring where two be and going product where As options future And at selection the far like have. size as and is of we to segments have spaces the products to we range meaningful. that portfolio products be would one been our we beyond

or would the in every in we as that action mentioned, products the two year. more EV, see products one will years, would have launch which mean few XX next we You already

business So, a on as far action, passenger products on both new concerned. ICE -- EV few and vehicle then as the you’ll the is see more the

have four to in will But that in three to relevant next new more to reveal the we’ll segments future, where you be is where in the additional right to be can going size at in years, the able grow. which be and going coming those So, to is time. growth is expect products the going you high future

Girish, from next is HDFC AMC. our your Girish, Thanks. way. Ranjan question coming this Priya

the CV breakeven [ph] EBIT the quarter-on-quarter volume? in reasons discounting are improved significantly domestic the or the increased for business, On industry the gone up? what despite Is point losses business, because it has has our

Okay.

margins through it’s of pass the due on contribution to the a all Ranjan, commodity things. X Priya So, inability to increases. mix stress is One

regular mix which in the improvement reason, a So, as year, product of that there has will M&HCV overall is the is within scope in to customer percentage a our improve margin. mix. we the see headroom for that’s to first the then the sense volume, hitting still contribution And a that, compared in

that as in owners, said I the the that retail come I inferior are the of still the -- think even the by presentation to customers amount. improves, with and EBITDA support volume, go we in back. we has think secondly, it see But fixed as and that likely the contribution, better other EBIT I think improvement demand as As the going the with within fleet think the my increase ahead fixed country, compared under mix And have EBIT. geography But year. up also, at is margin to leading the realizations gone I I in any to the control costs led stress bulk center. on as to coming this this And up yet expenses for are customers to the

landed because we having more XXX kind notice things inability in are trending here from on And of the as you just being have commodity should movement, cost the bps Ranjan, start to improving being that inflation and price and of we our well add up slide and out almost .The if of of to -- the on. now impacted savings this as the that, Priya to picking more getting price called market, program some these profitability

Shailesh node, again changing or to some I’ll and some think, in architectures age the are generator order to probably from the change address mitigate it electronic is I chip of EV like What a Germans, our amplify to question, the to or to new impact? This semiconductor from doing Priya of and new OEMs to electrical Next R&D then the Thierry thereafter. Ranjan. approach

satisfaction impact already the our that chips, that this is crisis supply really it’s way, question concerning a the an design you with And than satisfaction Thank we moment, a tactical software, by going also we onboard it’s But comparison question. a the The today. and our way a consequence of absolutely for question. part to It can connect that connection terms And the offboard. also hope great very future Company. we it’s one. more of it is I starting fantastic and is together. that experience true the equipped for a And It’s which of that you. team semiconductor, experiences, in strategical the and that and -- design by great me, from is it JLR that a what by asset to tell follow-up, to a changing And are is compared clear is not be to anticipation it are it has team, talk OEM from of are its data have gets that with you which what is is architecture customer very -- to ‘XX. improved the very to strategy the equipped we better going in order of the electronic in experimenting nothing completely the part, true the leapfrog offer compare the mentioning to on that with you about to chain significantly. semiconductor it’s to our the model the are way, it’s of be are manufacturers. at customer an to implicitly team about can year already that we the But, real but see preparing And can paradigm

our yes, classical of a business tech a a a that can So, of go enthusiasm, say, we I great direction it’s question. to OEM in And a lot it’s with part industry. key transforming because from

Thanks, you amplify want Girish. Shailesh, to would on that? anything

that a work cross expertise. with each answered, also we leverage of has collaborative there’s Thierry lot JLR, along are No, doing to and other’s

there’s the being architecture a which work electrical future electronics So, generation together. is done on of and

to in and been using. optimize we semiconductors vehicles, multiple in the we critical we crisis that electric exposure especially going of successfully especially chip light many done times strategy, as successfully one to in suppliers. have number of we certain we we far where have to with do items, potentially one number use able strategy, down in going semiconductor and bringing can see of the were to are by half initiatives, in have we when a forward, use the components the and component, able semiconductors cases different, the it semiconductor are that of of And been in all comes number the As were there that a

area are So, forward on. I focus the optimization a for to handle we this working expertise and also, lot going where of we to going go a are think is

extend to in I that the Yes, also between the we way great the companies. enhance to to question can happening answer think Tata what’s the synergies

synergies think build perfectly already Of together JLR, I Shailesh are great same course, terms we Tata I promising competitiveness. including to what’s next. side, not we And hand. other and on sake only. TCS boat to especially for we on it’s with example of that’s exercised all, one answered for well, of where a see also our front Tata have the us companies in And technology software cooperation, and our had hand extremely further but can good be the the of Motors incredible on and the competitiveness think in But on other fantastic

you. a it’s Thank question. So, great

and Thank you, Thierry, Shailes.

unrecovered the that in levels have similar XXX Also order share realization account that the in starts price think does whatever from in mind price question. this in land we hike that become to the start between talked India now business, I question, on broadly about commodities. XXX also, take PV about to price Could transferring increased early breakup on Binay. as the the this you and do onwards. I’ll hike -- And bps price And PV far as In to bps and this CV? VME a keep October not we stake does October Next into into in CVs? hike take take linked XXX VME -- CV, we extent.

hoping going we’re tempering that down forward. all will start these So,

it question? competition think Next supply situation JLR you other able trends cancellation me in of the want minute. a the change How the you order JLR? are if this would to Defender? ahead pick than Give do is How Adrian, book improve up? to will

Yes.

Defender. pass those sure we’re worth Rovers for out say X of that to reveal before But Range we’re of its and units growing Range Rover. started Defender, not XXX,XXX been Defenders. order last but that orders you. of of forget make working only hard healthy books to Don’t the orders about last I Look, car somewhere in able on on week. further existing we months Thank Balaji. course, have quarter how XX,XXX to are X the Rover orders, on we even in question excluding does depending between many Of Range runout. we’ve the And know Sport,

point are significant time. expect which new have Rover data within not this orders for to this we So, Range in at

but won’t in six not order it we’re that. in We units. order If months. book, could over others units build -- do outlay hundreds last than cars to can cancellations. did an On was show but more So, it on about in worried the of take It’s it to several we is can, an track months have which it duration. tens our impact, away the particular of the desire hold

and terms be those our pieces terms third And passed will see to can In our will a they units pipeline, revenues and inventory. where those added be cars think will two-third working monitoring will flow over We capital our therefore, XX,XXX go. of we actually about cash the reversals. to in inventory, of improve in be not needed XX,XXX dealer of of

of a build those you sure. quickly started the will those very to of Units months for So, pipelines that some over to we expected gives next several remove But happen. obviously, what’s sense pass we’ve until won’t orders.

reversal? Adrian, the next capital Can question way impact inventory working will your you and explain as well. both, profitability building is please coming how

Yes.

a those Two-thirds you’ll that that, the to capital of go to grow And build of units to units we’ve see Obviously, be on inventory Balaji. because will few ours. the once XX,XXX dealers the a billion million, I’ll sold, our will -- them build through hundred be pipeline. answer will XX,XXX working be total quickly on books X.X back back That’s third by that favorable added very a the go back. will to that the So, across pipeline.

on year? -- few a the of I in we’ll you. think let’s a both not base progressive to safe has over the think a improvement last forget India through question it Thank growth challenges that quarter see real high demand CV Do fair business Maybe is we an I we’ll see already last years. amount have of assume on gone post CV, test? that

-- wait rather to Girish, you anything improving. let’s I do how sequentially that? want therefore, and quarter things to add are see every So would

Yes.

even a We with a HX I year’s year. high QX were of volumes, test were think HX QX, compared last still not last they high, of they while be year. just to HX were will low because So compared good

So, marginally HX of towards much year, expect data year. better previous suggest that the all mean, than and HX this be of points that. than we HX even year, this should should better I be

Yes. Thank you.

to on Chirag Moving Shah.

Do contribution Girish? Next ILCV, one, and type that and usage that, India is in percentage it. SCV from take driving CNG to want of you

Yes.

vehicles So now small demand limited I around think, is this and commercial side. in CNG side by is in the supply much XX%, not from so but

XX%. above fuel good as is of availability driven in both commercial usage intermediate spread, and concerned, retail think regions cases, it vehicles there As light and is being also a I intra-city distribution stations. the this by more where in And is far is of good already

Capital example, Maharashtra, for Gujarat, National So, Region.

happening to So migration extent, here, CNG. towards think, these seen states, in we’ve large I a

pumps So, high. distribution it of fuel the stations the -- is very more and intrastate wherever intra-city is proliferation of

for and Question, second I coming question. think Adrian, one first is your way, Thierry

of due old rundown Rover? Range ramp-up New plan Rover impact to and Range

old because Range in to supply on at of industry ninth lowest of look, North period this challenges, in VME crossover Rover. rundown the the the So, going the in is four, year. the its the moment I be quarter mean, America

about run running of the probably out lot history automotive, most Jaguar orderly of in a speaks out the I concerns Land our orderly, vehicle alone let the history old that one. the So, very Rover. about the think in That’s of

we’re So, confident quarter be very progressive from on out. will the run four. The run-in

quarter second this for the sure. quarter, last which vehicle will your happen year, Defender less you That see first is third at also If less is quarter. you’ll the the on than data, look than

a is very this think we So, run orderly into controlled old of new. out

design. was style very question. radical unlike as you’re jump Thanks, going is Adrian. well the was on to lot qualitative ‘XX, I’m carryover to this has comment observations, of of XXXX, a RR very weight. Any as This sure on on outgoing, a which comments? It Thierry, And

Yes.

I deserves a comment. think it

that or The of the is the New that are intentional because Range it’s three on family Rover two of one key first silhouette reminding purpose. lines it’s the

would is part it you listen not the Rover. seen millions that have the it’s lines, is The the or is new though second is trademark to really Rover, new platform the interior two there in the three which the feedback family-wise not Range that -- have already the single an I outside. like the carryover not is say the think except discovered the And I of which a absolute even proportion, not but design-wise got we’ve The of the a and Range fortunately, is compared it’s looks of say what not to new this signal is that feedback old common. oven, one. of there, of success, those the Range When question. the mentioned the of like is dynamics car. true who least, of yet to they last from And will well. people new part part as are Rover still because we silhouette They the again as There

Rover. story. yet complete new it’s have We a mentioned Range the in new not technologies, which again, the are And embedded here

So, that would be my comments.

Thanks, Thierry.

Next JP Pirani, question from is Amyn Morgan.

Your [ph] shortages. India largely PV coming India PV to to immune probably seems be chip business your way. hedge is business

looking the second, on margin. run you as to at it volatility closer one? situation PV are And situation, getting the the XXX,XXX supply of possible going to Given how you double-digit achieve margins, of rate forward, EBITDA per annum, is a start

Yes, Balaji, this. I’ll take

the than semiconductor as JLR, was the not which which the but electronic which potential And component a of definitely the industry. cannot with that was application-specific more optimization convert of very short which steps mitigate innovative also have been than have some chips. the of they in formula evaluating we the actions, have we as closely usage very to Tier suppliers and crisis, we presented also, better and doing could therefore some we trying about for are immune got have to which X comes allocation well these what available actions, them of some suppliers, the we unleashed while allocation And working been where standard have. time, impact, period the chips see to can Tier gone in also global, very adverse but chips, very of been, are have chips and the from is suppliers really which X rule-based been more we taking to So, any of per because as get reducing otherwise,

certain been continents, have So, by to in we the able better. optimizing do chip

We mix have trim all. in taken of and calls certain terms

all So, all helped have measures these as combination this industry. a has has to better compared taken that of us perform we the

see how to take to continuously every that have it mean, have we And to it’s the And given forward, precarious. perform we’ll to better steps kind and and avoid we as slightly with month deal all is to this that. a that, Going work I I continue remain situation to than can we continue given. of do going situation, we and said the hopefully, to mitigation industry. consider we’ll as

towards. are And is And of As as next each the direction EBITDA. well EBITDA. the aspiration be scale far it concerned, as hopeful working there EBITDA that in years, the we our -- be double-digit consistently and improve to as should we in these levers we EBITDA. that -- is X double working business, touching the very in that I’m about levers, X, which towards be on we’ll are up we we this move will presentation, talked digit Already as is our our target few

Shailesh. Thanks,

Next one Singh, is from Kapil Nomura.

about risk does of £XXX And EBIT. why multiple this the JLR, FYXX same than and you the done million volumes I’ll is the HX question XXX,XXX And second question Adrian, OEMs? the other cover guidance move or the point. don’t next less on take to in customers to the imply For a -- of that wait for consumers and on or have bookings then one, coming will there customers who the long,

of no, it actually. imply doesn’t So things, those either

Can sure. the What the move number I’m going was for second give point to question? the part you So, to not this at you volume of question? a

have? Will £XXX long that hook on order you your XXX,XXX on customers that million Yes, in wait EBIT, EBIT.

ways There this. are of several to answer

full either. think I vehicles dealerships don’t be of to are think that forward competitor

at I think BMW vehicles the many find are won’t outlier probably dealership, either. Daimler moment, you

So, industry point, mentioned closing cancellation I’ve existing you very, we’re just lowest It’s across-industry today. generation. VME deals that on, it’s very and I’ve have levels the mentioned not an the the us. few. phenomena that

information sets concern doesn’t that a a will quarters. actually gives we just to cancellation. It have orders the that about So, over speed all several continue those give about concern of the And us place. support next order in

to point. That’s happen what the over supply industries, more and In breakeven I is be. patient reducing is what’s the of shortage to are There’s meantime, And are being we’re overthink continue chronic X try than wouldn’t and lower they a our otherwise next So, VME including the consequences several and this. all of automotive. that customers that’s just need would happening, will order to banks quarters. growing,

So, strongly we’ll after and supply profitable be sooner afterwards That’s has returned. happening profitable what’s here.

question talk and mix there you again, additional margins VME Can VME? normalizes mix further risk fallen Kapil Sing was there An to about as strong gross have next why gross year? Is and from quarter-on-quarter margins Adrian. despite low

of Yes, Yes. course.

two the quarter aberration. last year, if were China. you we And to build building an region remember, first Don’t it’s back forget back. just So, was

last our was wholesales. said did So, XX,XXX on just profitable we rich mix have And breakeven a very part year. China we were We XXX,XXX.

really tells mix. you So, rich it a

year. to in it’s last I headed were think this wholesaled and XX% year vehicles of QX in China; our XX%

of quarter was mix. data. rich this evidence, mostly XX,XXX, the if last And GVR XX,XXX, So for again, above aberration a the year’s looking it’s year’s this and corroboratory data, average you’re

hence, lower three. saying So quarter we’re breakeven are points and in our why lowering

Adrian. we did you about the Thanks, I’ll to to for congratulations new RR, maybe similar was EMC. you. to RR. launch wait Poddar it qualitatively I’ll of the on [Ph] what talk Can Question hand when launched? from Defender Many Prateek the on this Thierry, question. response new

At at we We your don’t looking all the have data. just question. moment, are

some our we extraordinary, to life. just giving is -- much the superior And have already better according can car. confidence that the the car, of to it’s tell you, is level new going to already of the us this even Range this is I Rover a is first of team of of have data, lot very orders a We bestseller course, actual reception which end which success till and of than its clear that the Defender be one, the of

much to can the and the success the So, we are we Range we that had thanks new perform better welcoming are envisioned, to of absolutely going confident than we already see Rover.

way. Thanks, Thierry. Adrian, this is coming your

You the said on second the to of a ASPs average answer will margins? volumes launch that already volumes. on But for price basis, which sales of RR, improve, with had further new qualitative and higher selling on you’re half, is not going comment quality an you the

will post-normalized would a if world, have than higher yes, In they they be in pre-COVID world, helps. that

-- build two are by and can be to which next quarters obviously so or sell. Okay. The going impacted we cars the

couple not a data the trend the of is data next So, quarters. over really

your India Yes, year, Shailesh, from coming seen new further the share division Last launch in does is market with this PV thanks. And the way. in what was QX? Punch, of

going we an increase share. see Undoubtedly, to in are market

were XXX depends expect this we by how the compared bps as where able we It QX. double to to shortage. would what itself, we are is that percent, manage semiconductor is We are month all in well we which gained have on expecting

well could been have nowhere do to sold. So We selling. be but potentially able would should what XX% we to far, of we what definitely be we the have close potential

has bps. be XXX that to there increase So, a the there share, significant I’m in will very, extent very confident of market --

Shailesh. Thanks,

and Next piece? the next question And is cost from the is further your commodity do you coming Nitij price thinking way. hikes Mangal, Girish pressures? this you on see past up-cycle are cycle Jefferies. How passing how margin versus

Yes.

at Nitij, have we X ahead, see the while increases from So, year, BS-VI, past has a we significant commodity improving tracking pretty now, despite terms as to Xst see we we October I completed we from the been see demand I the of prices, two, per of going BS-IV same consistently continue margins up one. migrated quarter. And peaks, think have as number a should think I been increase the in And think been I increase the commodity time, previous also of price not the last era. to contributions realizations we’ll margins, as closely. will the price significantly we improving. taking vehicle BS-VI for think in continue, every Number when realization better we if increase see, And EBITDA go the the given to with has gone ahead because respect the pressures

going we Girish. Thanks, what see So, that’s ahead.

‘XX? across is this you Adrian, costs coming your do see JLR, Girish. how four way. emission On Thanks, markets key in our year calendar

remind those more European into build portfolio. regions, continue units. the to PHEV a UK, year. of demand Let will have to everybody, compliant need we just That next me able We for be

So, mixes, will we when we can grow, if those build of expect forward PHEV show going to our CYXX, we them. in and terms be in compliant we presentations

those continue we Range and towards of offsets, Sport. credit those our in Therefore, Range regions to to vehicles working so. do obviously, we’ll other the with buy USA, in which For are need will skewed China markets mix significantly to OEMs Rover be Rover,

Adrian. Thank you. Thanks,

in first over higher Any high EBITDA Let’s the performance? answer is EBITDA single-digit CVs term PV? the higher is PVs of for reach PVs. change intensity question [Ph] single-digit The Nishit impact business, much is given rising of margin by compared strong Jalan. under high design India the guidance Steel pressures in margin. is to yes. CVs in iron recovery compared Next to in medium cost the

are first we on Would rather there, reach journey. it. We deliver a we’ll reassess before we And talk. once

Second is CJLR Securities. elaborate operating of Can Nishant think ICICI And Vyas, we medium has these witnessed how you more margins margins. drivers entity term? the in in The on the the Adrian? improvement same? should about

we now way last we’re years. over in in are JLR operating broader two the CJLR, the operating

they’re have reduced XX% on two-pronged X-point have which to in terms semiconductors a XX.X%, a business, than strategy. discount we reduce sales it’s marketplace. the but making that. import They’re is of down offered us sure seen is we of And side, with today. being So, that course, helped discounts supply, higher the in improvement still One improvement quality,

a to taken the we I’ve Investment think therefore, four. did And bit that mentioned is And costs that, beyond Charge CJLR continue are going program marketplace get into on earlier calls, a our beyond to expect the what And as -- at back quality call sale. of structural little falling. We restriction. quarter that’s forward we I introduce away we because oversupply the once of formally semiconductors lower. won’t end

of So, applied. program the being the is whole

also to going points reduce CJLR. at expect So, breakeven I forward do

those the So, they’re tools local are XX to GLR behind broad and now the business months being in also. the used import business, in business XX but operations

last from question the IIFL. Question Joseph, from -- on hour probably the

had Would ex-China for for want You in XX,XXX to take us that? guided Andrew, quarter. to me that give you the guidance JV in second XX,XXX do JLR you similar to quarter? would a take third you want or

don’t You you take that, Balaji, if mind?

Thank you.

we said, have are on. to from here we think I wanting gradually improve

reason into why we we number do, the production second put a that think have to had the was But behind out this we correction The is than be definitely we very want what of. worst us. don’t a we put on that’s better we therefore, there. third is both wholesales So, reassured the a quarter, something sharp quarter. And definitely, to number going will see in that and

what it would let through. So, its That’s say. we work way

Stay Motors So, here Thanks a you Diwali. all the And to course, both with to lot. and would JLR families thank this, safe. very time team, you in And Do Tata for that safe. I Take of your like in and stay for happy patient care. the speak first spent. and a thank wish of you soon. you your hearing