Tata Motors (TTM) 31 Jan 222022 Q3 Earnings call transcript

Good day, welcome to Tata Motors Q3 FY22 Earnings Conference Call. I hope you and your loved ones are keeping safe. I’m joined today by Mr. Thierry Bolloré, CEO, Jaguar Land Rover; Mr. P B Balaji, Group CFO, Tata Motors; Mr. Land Jaguar CFO Mardell, Rover; Mr. Adrian Executive Wagh, Director, Tata Mr. Motors; Girish President, Shailesh colleagues Vehicle Business, from and Tata Electric Investor Chandra, team. Passenger Relations Motors; the and my followed you Today, to through by Q&A. the we walk earnings plan presentation

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

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

to you Thank our you. all Thanks Thanks Sneha. for of taking the time session. attend

will then through the subsequently We deck and up hour it pace Q&A. for reasonable about spend open an at going a

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this like disappear only is like that's the now that What today discussing numbers are into the is ensure business not terms that from of to QX it's So onwards we in slides and account will there. competitive do difference [QA] [PT] the setup take for because subsidized.

Adrian more. the will than well Next it on we slide Tigor more well. sure technology moments made the please. iCNG XX across introduce in almost JLR. and as want in a over as We many will closing the little day with And the and more is supplies largest vehicles sitting Pretty strong now win second a talk action car talk XX% a Commercial were second that very the have And for one of and Motors at Shailesh to order CNG of more. production to have December, brief continues then to We touched previous in very started want all we'll about improve think talk intense award. called In course, to now little but bit the I Ranger chip rather unveiled Tiago awards, is well. I'm period including about of about, bank quite in is commercial player Car?” gap Tata received “What we the maker, unleashed both it quarter. JLR, XXX,XXX and segments vehicles bit

crores Tata also positive. %. quarter of the revenue, and quarter, down lower but XXX sequentially before Overall last XX.X% period crores saw being improved and over last X.X the of to exceptional decline please. JLR EBIT slide INR year. for definitely sequentially over compared cash the of Next flow crores PBT but quarter EBITDA year-on-year of the the XXX XX,XXX item time. both was declined positive improving bips previous XXXX INR improving but FCF Free Motors same

to put the and related JLR, Next only managing that growth our XX%. decline we level you mix. in through of X.X% Components efficiently about the including is Pricing, have -- best but off the saw XX.X% slide please. that to of growth, give decline volume tried VMEs big could

capital about basis. price X.X is all at to is We'll from a on declined related impacting you debt, automotive reflect. JLR later it. the which to about Profitability talk recovered quiet. there's still that bips, XX contributed debt impact bit that's fair crores. pretty sitting and the So at XX,XXX businesses be of Net bips margins. crores. others out Tata Working now X.X about out external are there Motors year-on-year XX,XXX other XXX see of

quarter reversing of to course, about And the leases X,XXX that We with crores. to every remain growth continue back. see as passing expect comes

please. slide Next

performance. JLR this you. over hand me to through Adrian take us Adrian Let over to to

Many Good so everybody call. on the thanks, good Balaji. afternoon, evening

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direct the these JLR results. So are

You can in forward Retails We all did and previous down the actual time are will data is the lows which standard signal take quarters. is quarter. quarter quarter that big finished versus this at over stock be format later, us. going we'll pipeline revenue you pipeline for actually production up vehicle see through last time

be bottom obviously £XXX Although positive to half double EBIT through basically the while out for we said forward. we million. base while flow cash three two, line versus to take were EBIT in significantly into just in us. we half, £X million quarter the the positive have X.X% back positive to year we in and were XX% adverse we you EBITDA We positive commitments we in revenue October. in two better the details digits actually And presentation. than would be again called XX% were three same the and signaled will two, available in second Also, quarter also, we'll last quarter October going continue cash optimize above close those digits double quarter flow we the actually breakeven quarter as in

We're So and in we progress. stabilization good back the are making now. growth period

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you refocus was later and in through key we So more million pounds actually take XXX,XXX. that the out you in program presentation in did details presentation. quarter of units take show the I'll highlights end caught in also not I'll words. the on the and page Order these bank validate items last of is EBIT another that of The by XX,XXX are couple and the reference through the grown those your the September later details from £XXX

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quarter and in I is quarter to versus to build up X%, point these first in through page, you markets. be to When of lower and big those the you quarter. see the will previous next will so of overseas here North wholesalers. in ahead the on XX,XXX also QX did understand Europe begin a Retailers the I'm will significantly, units the grow why you and little in The production. UK will also from slightly Okay, and take just down of details three and page bottom wholesales last levels going this take bit [family] to QX, China retails data America so. our have the levels are production They you is forward. said pipeline in that the

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family the super slides. of was quarter quarter is taking the we had final out three Range us. The obviously this important the old to were build there drives base. we data in super revenue Range this our to build first Rover. the do So quarter, all, course, Rovers that It's again, here. built of the orders I and wholesales important units. plus am managed our chance those was within Clearly to for wholesale last We see that you of the to customer

those building units we to Rover three. make So old Range at had we the in elsewhere on compromises bottom see And you were quarter families there. the successful other

we there. customer others simply because costs build from can orders those onwards. prioritize other we and later So four can quarter you those see Retails

up again, in to Liquefaction the last four year bias be last vehicles right, was position, Range XX production to in with significantly to Range managed electrified course, XX% up Our XX% position, The quarter quarter were level. that the able in than from was step of that as that introduced and slightly we year. of our month percentage year. wholesale far we ahead of quarter three Rover also the maintain were higher were because pipeline those Rover on vehicles points change, retails on two the

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you profit What So constrained one, we've actually progress in the got bridge. this And a we've is you show two environment. semiconductor done we've on today. quarter-over-quarter this for is, on this ratios profit one made what the to we've we've tried done

vehicles can higher, see £XXX of volumes and million $XXX that family million than over drove us higher, significant as to over the Rover significantly the of Range X% production mentioned you in quarter just the early pounds lost positive in QX. So volume were more a shift two we in QX I mix value and because the

emissions lower our Our we by suppliers supply in were Business China There region that excuse XX%. why this some negative end completed northern to falls Emissions QX. impacted earlier quarter. the business that's quarter that within a was about quarter continues including our year the three, and for all benefit snow production year September in versus compared in of is China the is environment QX two, were actually the at positions calendar BEV than me. of some last We later The discrete actually challenges quarter. had the a

going I and think constraint. key indicator period that's of for a supply this over us forward

bit actually us that X% looking higher. a well. supply, to and our course closer Contribution in costs to cost increases was little manufacturing of flat. there. quarter-over-quarter at marketing, level. of coming low for this come Material that into We're cost supplies as environment with impacting it's costs were obviously Utility the see costs, offset will You

those we did details the coming input of cost. the of have, costs, about through see have campaign later you provisions take through. lot a warranty. in and Now I'll specific increased more slide some you'll you Structural on did to And quarter asked we those

yet cycle later point Rover, this completed of to hit points the three at now haven't Range for capitalization in our MLA are engineers of we're new capitalization engineering piece programs about which and the last years our low at on our We year. talked as of up cycle We low platforms, the come on they highs the move around.

it capitalized, the be we and on of plus, will will over to but is Just cycle XX% grow XX% above over XX% charge engineering it a costs peak. at and average,

compare cycle of about on QX the of end hasn't was at see quarter liabilities. removal really results. happened commodities the those prior life in low dollar it's at really those the in denominated to and that you'll points two. and loans that's the year-over-year European a and repeated the swings the again, Sterling, here therefore dramatic the activity end So had And year-over-year, of this all and reserves are relative about time our quarter The of FX all battery impact when overseas which and on I and

this that's X.X% EBIT to walk So margin, the that last see X.X% year. you negative from quarters

And just This simply difference want look mean, volumes. the for be slide, couple I a at complete land an said, to it of points. all last million. could Next in is one year versus additional minus I on is XXX year-over-year. it's then look

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that be And manufacturing see there two back $XX you contribution year-over-year, come three will But things happening. the discussion we'll to million X%. in cost particularly that really a that Those quarters. beyond belief later beyond and over where costs or our We will of as below below be to is constraints. supply normalized looking the it were for normalizes continue period what we're

utilities, Now number. quarter about duty cost and in a the the I prevalence third of That's relevant that [Europe] the relationship pay to Material X last costs changes year January the our commodity increases year-over-year. also in mentioned awards, maybe is with down cost weren't three.

in ways our But increases I've for production is significant short As offset a our little this intention the I'll quarter to We're into quarterly impact they cost the relatively detail. see to a again, in bit low value said three. campaigns in more three you quarter those can business find of had suppliers. get in and a environment

of the difference high talked and I Panthera apart Look, other the those quarter the move as re-imagined MLA and and the £XXX last were up or on wanted point less EMA, than it platform cycle we of capitalization. platforms our high capitalizing that low to we've come in just about, engineers and the more to electrification. million between year course, one of which cycle Jaguar other mentioned that's the points the reference than being The we're

capitalization will that going forward. again So raise

offs think going X.X%, and points the pieces those us. underlying forward. capitalization there but campaign on worst one a to on So are our lot are if really two We you improve negative for about there of points results low expect in do

happening year. and this last X.X% on all September year. just units. December and So wasn't is than the those much FX a commodities between currencies on about was this underlying The There stronger time XX,XXX true

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this receipt. The this quite for just were Don't Okay, in is I've talked of $XXX of underlying role negative. the cash that was million XX,XXX close inventory was than Most on more net about, flow. million in see receivables But been a wholesalers XX cash after of so tax our mid flows there quarter just units. a the XX can normally quarter million MLA dramatic. capital we quarters in the some was off of one negative and which underlying much positive did that significantly the those cash pounds, months for have cash you again there receipts tax to the piece in of and that for There we've isn't that cancellations which was forget, payment but XX,XXX our was we XX,XXX payables, XX and the claims, the repayment Working negative themselves of that units referenced ebbs and ago. even the some £XXX dramatic.

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of of free So XX,XXX course, as will we cars and themselves cycle, our come are start going just The back semiconductor are point a to all us up forward. in of those, us. the super building worst low challenges to behind the of month that

first just nine on for So months actually the units. breakeven XXX,XXX cash

breakeven quarter years. XX,XXX data for more for is just had the average which richest So unit vehicles, than XX our the per probably we've cash is

Next investment at for those at in slide, year-to-date, tools those the Rover X the in billion. please. million the Investment, lower Range and £XXX and suppliers will Range cycle as £X.XX Sport we're products we quarter, that the pay lows, and increase point Rover still the find

£X.X we over final million our quarter. billion our are actually Paying to of full slides. So lowering just on see this you'll £XXX guidance year year one pounds every

up We not expect tick little substantially. it in to QX, but a bit

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in key at able here, in update even determined shown quite our to the by do three quarter were volume. you, think has production units. data. obviously, is XX,XXX There actually than to higher data things business is for first change in Look a from the really That's The been years were September the our wholesales. meant and key time Okay. cars bit stock though X quarter our XX,XXX quarter two through revenue in built I we a we've step that lower wholesales the two. driving we What cash pipeline, which production XX,XXX the least in

wholesale forward. But was it level up that going So key here quarter. XX%. of units. commensurate is small wholesale in production level those going XX,XXX the to only the for is we obviously be build pipeline a But the point And

QX, signaling we are an three. We the questions because quarter in about signaling will are versus four come quarter increase

into of manifest particularly, of will details and improvement itself one. quarter again, more a we in for the increased A You increasing there's revenues single at been be as rather the point. our can this we're quarter his back Q&A. the base. see will go that half there range I equivalents second of production a a lot the with And that there leave than a that step lot the information levels. end in of through may four has another confidence in of lot leading of Any to quarter [indiscernible] supply actually

texture will some So where if nice those I'm key around provide discussions. able you actually you wish to we are with be sure

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been has order. and low. been customers has supply Production so low to Okay, continue

new old next forget, order Rover replaced are Range nine orders of Range in to I don't just grown cars at of order six the December. those so Range dismiss this be the bank vehicles orders could end Sport falling easily the vehicles September the XXX,XXX the end Rover the at months. and will of both Rover Again over to XXX,XXX units XX,XXX from who be Our bank, to

units other the order their value nameplates the allowing here waiting more or in order built. want we're to months do Defender So for are and banks customers to be XX even not last lowest in consciously, the customers growing vehicles. We because derivatives consciously Range and be Rover both we're they to in not though

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customer we in very to do the increase order but are a So to we this on production nice obviously grow. need position to avoid place continuing

win-by-win market-by-market a refocus obviously the to where has have net revenue an in and we Next program environment so slide the Refocus; an transformation analysis. would particularly if had we techniques wouldn't techniques the analysis environment please. digital operate use you improvements anticipated

car really and environment quickly, So the we're building valuably with demand well seen. value the supply and be, done worked has most that we've sell

well, Our with get to factors, like cost our seen supplier environment, challenging you've slides in more to been has as the clearly, reduction not that it's cost XX% through earlier efficiencies passed factory us. fall

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you Next would slide if please.

position. is lot I've this the shown you information a warranty here. So of

have fact, quarters in XX actually shown information for I been role. In that the you have this the

of first in you close I did X% the was say the to that things One to warranty quarter. is

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Breakeven Next of the kicked you and has in. refocus as would points techniques of slide data if the please. their more power been even dramatic

Range down So if a old our will breakeven annualized start ready make is Rover change mixes We was in will passed now for guidance through go the the half we of through right, had from December. ramp one, we lowered a quarter new we'll Rovers for units half of the we quarter out loss one under year. We're that Range in four, or work rich in half before you we the first higher to a quarter and to Range the ensure Range building of weaker mix XX,XXX And have into in next fiscal Rovers XX,XXX very produced which just three. old to where to to a Rover old second four. I've look the will up in quarter be itself at our XXX,XXX quarter units to in It builds. new

the years QX in breakeven XX,XXX or of to But the import our second average increase around units. units our we've we'll had XX lowest is XX half break years. for in XX,XXX So

super refocus under supply. of the is teams of that low So work done really proud have position we're our in the program periods which optimize how the to

months as around to increase we just the forward drive FYXX. you supply the And about units guidance have If ago. in -- course, we wanted forward, will XX% reduces to is XXX,XXX lower going allow guidance been given of going somewhat that levels spend that's XX still than to demand would over

Next slide you please. would if

So be revenue pages the will four above QX. quarter

all dealers see year the there's us but EBIT will we The be will more of margin position full the billion We of four the be really positive billion and ‘XX would next at positive as we FY be X in those to our a somewhere And that not which breakeven which bit [indiscernible] continues. you at cars. Range very gone breakeven EBIT And refocus FYXX on capital, meet slightly data of chain. nor on the come will new a target shorter higher execute down the on around £X.X margin are continuing I be these yet quarter guidance definitely The the be is revenue, for though will end which go cash there to really, investments personified programs do and modern guidance investment working today, we bottlenecks have hard key would negative course, build even strategy for when on off as will else quarter That the And prices increase breaching expecting their FYXX million ‘XX. And under the as to sights in year that back the would And FYXX to during the luxury between through of We're of beyond time expect back Rover breakeven ‘XX. well the which know. breaking give that course FY would you up it point announcements full we result reimagine £XXX cash continue four. ‘XX in in electrification soon towards and to expect we course, around flow as not and anyone it. challenges be supply levels. for a you we're flow, lot of of full be issues May work will but will the of also. will see year all our

So we through will ‘XX reset and of forward. EBIT that then We're FY two in positive growth stabilization for this years. last now the difficult the going phases

slide sheet. think my I that's last balance

it'll So be back to you.

Thank you Adrian.

Moving on to Tata Motors.

costs Next XX,XXX slide had few crore see from pickup also and will sequentially revenue cash the coming the please. recovery quarter JLR, revenues INR see being of from few have created one as you challenge that to slides. about flow well and Overall We challenges commodity for in unlike going a offs but retails positive a margins a I'm and a wholesales talk we've that and as course. strong

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XXX away about the the off of margin inability XXX On almost which inflation because is CV to the knocking bips almost for side extent inflation. bips price to is the of commodity going profitability of

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story So that's the there.

slide, please. Next

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INR We INR crores we had earlier. expect between XXXX to XXXX INR crores to the end XXXX year the anywhere crores from that down

now on market improving the area a CV share all to see of across going share control.\ that whack what going to to to actually well normalize as Girish again. talk talk is has is heartening see reassured vehicles calling that commercial starting want about to it, us. particularly really I’m CapEx segments under about side gone sure Shailesh market out salience And this share we We is that. focus of So been picking sorry to market slide. is out is Next for up is also an have Glad

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slide, Next please. hand over Girish, can to this I you?

thanks, Balaji. Yes,

over the was for Omicron increased two of saw the around back and as by over some by we around also marginally gone and the highlights the retail the last and pulled XX% third on uptake ahead. XX% wave we the therefore and So quarter production quarter quarter horizon, volumes

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up. debottlenecking CNG were mentioned the a continue a because XXX GVW Balaji did on also It's vehicle response. we wherein units beginning, a As very in and payload launch good in also products ton the demand has engine and launched our two in response. kg new simultaneous XX It good from gone areas actions we event semiconductors toll we was to got together specifically components the very We do QX. launched buses right that for CNG XX vehicle

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parts customers and points index We So seem back of do the the activity sentiment which is of back. coming But the wave every different we the at is coming different trucker to this generally be did economic in time country. quarter.

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buses, the of electric kilometers Ahmedabad the for the at And country, we've we’ve XX% across On been million considering we crossed an all across whatever uptime Janmarg in than the buses buses Ahmedabad and now about running more new operationalize XX country Limited. addition above. buses to XX electric and running,

not these maintenance, think the day. I buses and getting operating wherein experience through electric buses the gross the So are also contract have we the very good running just buses model been operating on we the on also cost but

that under experience good one now the we is this So having are belt.

Looking ahead, has yes inflation been margins. impacting our commodity

have not While full, the we have also been has increases taking pass price been quarter-over-quarter. the through increases been the happening trailing increases, which and commodity been price have

think I flattening to mentioned Balaji as and X January be the from steel prices Now stabilizing. seem

thing that said, towards the But required back levels. back So a original get in the third ensure the end we across a think as immediate the activity is good in uncertainty the all we have demand that's term margin to There and I the of the has the improvement deployed levers therefore, way some levels. been comprehensive plan quarter economic to to and to we should generally coming back COVID. due the coming I see of demand

remain monitoring maximum. of planning there fortnightly a schools the sector sluggish. looking been news we and good started been quarter have is at a activated the buses, along But demand immediate think seem are financing, On we NPA some in does see aligning which quarters starting facility I vans, the a be the following a parts country But retail. you recognition change are some there the term, has through fine. to and on mix now. getting ensure should not production be the aware in do have still we commercial product also through But have The in impact with must [NBSCs]. market been maybe Semiconductor business to has that to to the of in in there the vehicle NPA norms, On We this also the wherein managing and by below likely varying small requirement. funding able we inquiries most with go plan some we And norms vehicle be area. RBI. production could daily it been the that requirement meet is availability monitoring we impact

So back Balaji you. that's side. CV the from update to

Girish. Thanks

Next slide please.

passenger passenger to vehicles, electric on vehicles. Moving

extremely about the nearing has EVs slide. And on is the back. of year strong call mixes the quick at Next about that it now has [XX%]. -- a powertrain now X% quarter they're also just out been been for now share because are market highlight is almost portfolio The a increase X% key this

you're that shifts seeing this significant one. So in

touching for an at Performance that to and and a there basis reported now in please. quarter this of this terms almost year And wholesale is EBIT plus, of at almost in is is slide, one once X.X% XX% now we X.X%. growing achieving numbers, increasing course, multi soon. is of EBITDA are offset, pretty revenue retails Next distance of on and adjust now confident you business and breakeven high.

all we for. that we planned made commitments had now terms that winning in exactly out playing of as So sustainably

drivers Next do the of was or you this over the this. hand probably want slide, take? of next one this please. interesting let one It Shailesh. part to to EV most me Shailesh growth

Balaji. you Thank

mouth. And and been if one have a have dark this they of adopters people point early expressive. the essentially bought ‘XX. which of very market word when The side a have spreading moderator attracted of of XX.X% Nexon trend social car, to only to and as we driving EV on growth quarter buyers this this had the which want just XX% lot year-to-date. has see experience are the really the posting that XX% has which as the media XX% data today, So on primary are the volumes. one who using the eco being XX,XXX-XX,XXX that who things their trend is reached if increased the mainstream second the [XX-seaters] I EV We driver And been just in which X.X have means These sharing shows main the very their already industry started shows vehicle, the green in positive see year-to-year and times basis. really customers we industry with launched it are you majority [TME] a are you Few FY the already pair last we market One as is number EV left increasing the seen only shows on share growth. car bar had we lighter the has which is of or car. the

infra concern is have which the that to is data customers telematics fast based because home. XX% of we the are big on Second thing that times public charging XX,XXX, charging very has around these the XX,XXX at they XX% going happened

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an starting update Balaji. Quickly slide giving highlights. PV business Next with the quarter you the on

say the the wise, degrew I will booking year-on-year in much the XX% to the was because For demand the as of Otherwise industry, last of quarter shortages. demand pretty festive industry primarily financial the the as by year. industry good last generation was QX semiconductor season. similar

are continue on We increased now at extent the SUV share structural new XX% purchase of This of of some to the seeing launches. the sedans. has XX% loss and to from back a towards shift frantically

in covered quarter is in concerned in XX% growth and which nearly As our far as retail ever EV. did XX% with our highest [indiscernible] is performance Motors history in the We Tata market growth PV XXX,XXXK. XXX% share

after one the launch immersed QX as also Punch. number Tata We in manufacturer of SUV

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of used taken of be SUV last have Next and and a X,XXX it quarter. sale FY last and this in of one sent time share that This were EV X,XXX highest in we X,XXX said in unit became quarter the new one in also and out as three the X%. around attained XX,XXX models of industry. have XX,XXX. peak EV the our period up for now now penetration over ‘XX XX market XX,XXX we selling And a we to month. the we number us I And he as SUV take in and us to monthly fact XX% helped of to

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a demand You electronic have semiconductor the shown has part as that outlook said And mitigating strong. we well have the of very better I quarter we it hope factors situation. supplies to further EV around outlook improve Balaji better, been remains given that in our chart the Critical we seen improving all that every see. semiconductor

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I us. start should that of this not of quarter wave onward, Third next expect better. to impact issue month we would this that this behind be say It was but And an significant the COVID has I at from was month. say any would infection led

for Motors the the concerned same is industry. is for as Tata As two challenges far pretty what challenges much

our got bookings We down and at very the strong bring wave have well business pipeline which now that challenge of us. for EV, say we the month also waiting a this period those including plan. have it remains would And I because priority not of we all, impacted to agility for third COVID remains managed the

PV So that on the to you update was EV. Balaji. Back and

Shailesh. Thank Thanks you.

time continuing liquidity. the have on Next that two as changes we with in even is But the lower two stage stress. a regulation angles. we finance changes as business we seeing NPAs normally slide, going of been Motors it, been cleared And and On GNPA daily increased is all And market it's there. happening business RBI to to much because Tata shares remaining a portfolio have in seeing to but we're good One basis. worthwhile not years. deal asset income sitting to restructured change are One ratio assignments a have ensure always are place be daily X.X on fundamentals of a on may well this calculating good MSME for issues of XX.X%. taken normal, in want NIM have bit expected top almost you in the were time on credit don't little noticed, a some please. assets there too additional it in reflected order the maybe spend strong, to has take is got four cost to we remaining They management expanding loss, overdues the the intrinsic though identification your XX, given the which not I regulations, of to quarter. an back second, this overdues. overlays has the get and GNPA this, just at last basis three RBI And with.

bucket. a further bucket as XX therefore would collection growth good a we can So we out meant lever we is not will we is drive therefore ensure want to But better. levels the continue Therefore, of XX.X%. a nil of short the the place these GNPA. unacceptable going GNPA particular we is technology the overdues an are change this lot strengthen a for to to day also quarters. been it's to we've see share a MSME the about particularly retail, risk coming that before Obviously, take that key account same this team, use return XX call us ideas and will There's making growth [indiscernible] change high require of and that instead shift recognition to At the behavior on of forge course from the collection to in GNPA an day deliver with it's up And with mostly believe issue. to the this will customers, you perspective to the that because is the time months successfully. in fund at behavior XX cure from this. take interesting It doing SUV and even them therefore, manage of coming focus this partnerships we'll to of

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will watch close So this which is we a keep something on.

please. slide Next

Shailesh demand remaining further So few QX actions we and in inflation as persist. gradually about strong. Supply And already do FY beyond do talked Girish. JLR turning resilient overall performance outlook, and this quarters ‘XX in see expect focused to worries its so situation and the do been but and we improving, have now last we improve have see to

down we one me the EV of in final transformer. piece stages let for are TPG on So Helios add drawing maybe CPs where completing last the the

final stages we cash drawdown flows should will a to and And this both underway do margin on to quarter the So that. of EBIT in Work aim this which deliver the hope businesses positively is of. course, to target happen. are that's positive to confident complete and reasonably

a have So that's what we to presentation. as say

just me section is we'll first move move There trying Q&A. up it around the to quickly of is Let And next Then set to as then Q&A I'm covered, JLR. questions mix main around questions it we will the a of do the then to What on there. and of goes we the then first PVs. along. do set spend issues once are CVs of series

JLR chip to the cost the do? you? PV been secure chip how not the hand of done there has What Tata Capital. JLR question Kale and increase, going starting And it differently especially the day. supplies of Elara able better been Jay Motors with the to India has one. I any suppliers. with managed to has To committed Thierry question EVs shortage? can JLR this first two, meaningful was onset That's that the So at Adrian has from forward,

you tell Balaji. that can I that Yes, question

you the If an tensions is of not the problem give really well. semi we've It are on availability the specificity about I real processors, and what the which is are we situation following. that as There really real can centric at for may tension JLR. insight some supply you imagine speaking also all the But First prices semiconductors, between our demand The looking for point a industry. is globally one this of permanently. of our first. is

the The cars. between of have high OEMs, have of end some in lower different first you because is end the higher point, which That's point first different. margin look only maneuver is end when we little at terms that mitigation very cars against of we cars

we elements you reasons having know example, proprietary second not very two is a source, have why chips, to this sophisticated, second The may for mostly have key these that which point compared are means sometime the is lasting, that explains complicated, complicated, as be more [indiscernible]. especially to much if impossible. we That long

Thank Thanks you. Thierry.

question. a indication give suggesting update expected for well ‘XX? for or fourth seems the JLR. The FY Next an the chart as Again, an you improvement. be on to production marginal Can as quarter,

Adrian? sustain. Second, increase is in to driving the XXk what expected improvement in impressive breakeven to point this ‘XX. from to Mix substantially expect is is to XXk it? FY very

Yes.

we're this Look in this but specific on gradual Balaji at not a we've put you. thank quarter shaded to We're going course, confident it's that's why be three, stronger Of numbers And is improvement going QX. this. point. to

bottlenecks. the what of over only on on But not the put number. changes And points you're And are you number if I didn't why it going give end a number hit going we certain ask anticipate and three. particularly in with supply We towards that at going to improvement forward. you step me May, back a because quarter specific progressing gradual frankly, it QX do this I changes guess I'm quarter to

very will So the going lead I in it's a specific let that have am more some I'm mind. greater confident which to And I supply. doing. of four me confidence quarter pretend not to in bottlenecks teams are overcome work number

run around the ‘XX towards really out back Rover. go actually you more In move vehicles a environment we terms that normal towards slide Range and out we're if saying what particularly ‘XX we more normal don't like and points won't FY environment FY us of we a once to look, specific breakeven to continue it buy as the a move when look says at plus

you in our would you Range QX the So seen business wholesales XX% have if that data is of for pack carefully read normal us. Rovers were a not also,

would will which get mix will actually different environment that We was and that means I think four you have of would you will reasons circumstances breakeven point saw those more normal a the will I build levels ‘XX? around lowest three quarter question to naturally a and means breakeven is in building lower that normal quarter families move breakeven explained which in I'll if FY means start at levels we've average expect that, reasons towards all another There the we and reduce to in is to points say be other of well production, why for be out. I just our be volumes, the that pulled articulated higher. your

That going their again changeover, product later which Sport we mix continue Range volume. all incremental Apart have Rover And will the forward FY you update Thanks won't of big changeovers, the two to ‘XX. and drive weaken we'll Range for Next. Rover on Balaji. from product that course. on we be as

is at XXX while you. waiting RR coming Wilson, one. of potential solid And from verify any the Thanks estimate third, you And quarter to be Adrian. who about are end Thank Can a launch? you What was of having in look the the about is then would million Why your that? would down the for track very feedback as last customers sheet of that be Morgan. you what Stephanie And provisions had of restructuring that? One And the December? financing of number JP UK down [indiscernible] orders Yes. end. more customers it for seem quarter? last wholesale Defender not potential balance versus from all unsecured

the range suffer we the because back answer Unfortunately, Rovers was actually off of see Defender Range where and question the the could is the of Range you'll that. a last your data, to of is Rovers, build reduced symptom the unsecured. of that did within Stephanie, excuse production orders, So a first privatization the we financing of UK all the that from the families rose order time and me,

So Defender solid. are orders

over going clear, body as the months at the next the we We And extend means more a the in three. point which build soon expect pretty family on XX bigger Wholesales Defender forward. forget some what the Defender will extension we can than in point, range that's quarter of build basically with XXX is the course built going QX we forward, of an to as actually that don't Defenders increase them.

So go as BEV we there's point, data I've Rover family to have that customers, we're this the and no course even greater offerings seen, BEV. in around that Only Rover customers Range just Range through open you the the new I'll books on last or in May of we XXXX. at the well orders starting have placed going. order for in to week is come [indiscernible] over be so order which only as Range our to Rover, that explain bank

at four. as derivatives successful, the moment, are back. as expect super quarter in the new We the be issuing the orders PF well we're to But other

by would be sight date of have the in the data. to it's growing to any pretty event. continue That's did, And appealing more to say. assume before way, any Now all I if release I they don't that and just have even I reasonable

the I miss think unless I questions one Balaji.

restructuring provisions remember it? The would you

Excuse the me, pay that £XXX won't We of million end quarter they in dropped all at about four. to of out three. quarter

So into of will our those ‘XX. FY on finalization I continue suspect some

can is the EV Raghunandan with EV on second for platform sooner? the licensing R&D so launches from FY can capitalization rate that company is other And question JLR, expected for what next OEMs ‘XX? happen Okay, MK collaborate of is

unique platform, the which proportion exploring and a when all you at can all extraordinary it's future. capabilities MLA which new we a want partnership to the being also a of this the and is It's understand our completely we differentiation Range not the enhance. opportunities picture platform absolutely of and look take that our continuously also permanently the same [indiscernible] think by At for platform. are that are make chance. And Rover that unique. unique but interesting that. you any time that's you I Well, That's it's can can And Balaji. cars, type them see on [solicitated] I is bringing we

it's and capabilities that it's So the concerning unique creating [ENA] going manufacture that because why our research. for to Jaguar, with moments to well. we to put going going speak as new be, the new the proportion platform platform, we the do as And we consequence a we're that's by have priority of is that proportion we are of reason and it cars to car the bring to unique two a the

Thanks Thank you. Thierry.

will then FY new three six will increasingly the do their EMA will they so best the into recognize think On And go best rather are platforms, Range way ‘XX. this at to is and go to point next about on capitalization engineers Range off, the numbers this and this meet Rover which the to platforms, Sport, the the points to capitalization, both coming look they give months. think way through Rover precise I think about happening, Jaguar over as than what's we

we XX% If a XX% that when three XX% in stages and Jaguar will platforms. a upwards to we're in XX% the think two. to capitalization, change you to be ‘XX to and then range range XX% that XX% should the XX%, now to to to in to expect vehicles predominant go that XX% starting as FY new they're which XX% have move we they the are next to when XX% have XX% we'll site the EMA of earlier XX%, do we signal will of should maturity in you XX%, about in into And latter to platforms over those And the their XX% be quarter this mind XX% up and the come from the stages blocks through to through to to you in range. blocks when XX%, for quarters the this you

this range. to XX% phase, over next XX% So we in the are

quarter to Thanks million for CV. taking then off for move restructuring? I Is account outflow target Adrian. the on both the roll XXX One FCF JLR more one into

were outflow an of settled for reserves most Well, the they million we've flow restructuring XXX originally those. isn't the

to with to still course contractual and the have four. that given these ultimately of determined reasonable to quarter about said in that dialogue settle of assume million non less will the be left than discussions previous just I've we suppliers. that have think be are we half paid questioner, the I It's But by claims. XXX will

restructuring, of positive flows net cash can confirm we the that? But

cash we restructuring positive natural intent The to ones. be

Thanks.

cover unnecessary your CV when I'll back to down we ‘XX? we enablers of switching towards into end. all of are see terms Girish able the in them fleet recovering, Okay, the gears improving fleet age India and years that seven come utilization, and demand coming so tracks. FY to a then areas replacement lot how In of recovering plus most demand profitability, the do in JLR

Right.

So going less to utilization year, also gone rate has think at you yes, QX. end But XX% gone mean, I I The are you're right look be up. if has of the still the freight industry than up peak. towards of we this freight total the the volume,

the is from still industry the already at peak be a to looking industry we Even far growth away are even peak. are it year, that in the growth level to utilizations peak away they portion double the improving, are and the will was going Frankly from still previous that of far [TIB] that has the achieved. see we seen previous up while So over digit still not the ‘XX. peak year, are some the year well was we is while what next the peak in FY

of the you So there who forward buying customer I retail go. larger more see even amount mean some ways accounts the and I are a And their as today very participation. terms think coming very is and still feet the are is in customers small small. result in mix, of to it if

think peak overall which still So the been had the is from achieved. I I would industry away say far

with third in quarter Thank margins this Ronak the experienced round rising going as another hike Suisse, higher to CV Satyam some too? or have don't Sarda, have Why Credit seem third go sequentially up next and been has Systematix. in been been improved counseled do CV think have continue hikes Jan discount despite in That in The to was Thakur, one met volumes? it quarter from discounts What price bump question up you you volume from despite Girish. CV of price Jan has stuck the time?

Right.

question gave. part of think I answer So the earlier that answer was in to I this the

while volumes take taking, increases, the getting commodity one. we think a gradually that previous two, the from increasing been way the in within that year, increases over over number are I Number have into the increases quarter. been peak, the and trailing the far still a price the away month month passed price So we've market on

the we've we taken there is we've the in And month a And been increase. will seen quarter increase QX. of to quarter I pass now increases no where commodity price think over now happened QX the whatever same continue that basis, through has CV this price month.

month improvement quarter itself. As QX will this Balaji already during And Balaji? in the seen a mentioned over month on we we've same continue earlier, I trajectory margin also. happening think

come end as to we'll on I'll from another Satyam it question and There's in and Girish. Thanks JLR. we PV questions the to CV come on back I’ll complete JLR to the move

in of what operators costs, you back? and small any chip commodity seeing fourth with in already what of and covered right which about Are signs -- supplies Girish [indiscernible] in for is they’ve CVs growth, the first is Gandhi. the they Question hold account do coming recovery section under question expect [indiscernible]. from So the single talked And PVs? are fleet the the the So in and and the you Dinesh quarter presentation kind so already maybe Dinesh might

Yes.

I response So about spoke think the mix. first I customer in the

accounts currently into we now, of from we profitability customers do rates mix or gradually a to up, BSX vehicles, larger customers which way customers. retail see towards less declarations BSX smaller that it is I the these is customer retail the whatever back the older purchases, selling and market appreciate should retail is the new comes will small go customers and off as back, completely regions sign one and seen going in accounts. the doing, few fleet a go are back. they or now something will last up, continuously accounts, the So the freight this BSX think But of larger are we've the track started But freight fee skewed coming as are also their coming

changing of into early But the retail hands the customers whole happening the do So see vehicle that's we signs coming how currently. market.

if semiconductor On the I Balaji. answer can

Yes.

you've to face medium do the I and we QX with for requirement our taken, the heavy that continue efforts low. able So been the the lights to course, versus and think you've pretty secure shortages. is intermediate But supplies in of

to and we to the Balaji something over we continue been commercial think small working segment face that's in you. I that the challenges with vehicle supplier. have

coming up. Yes. We'll to of on Girish. move PV set Thank is a questions on that

Tata So that. Shailesh Motors clear We on made you. over to division PV strategy

again if for during engines Jay we plans products the variants Tata consumer in next for lead strong those on launch, lost Shailesh? seeing next same is considering However, deciding would three question will question three strong are transition demand be and years, be fuel the what like the flex CNG the launching another years? two, the company's demand there? Kale hybrid the that time yes, and four from Motors for is CNG If what

Balaji. Yes

the the and technology therefore they few and purpose would players years. to cars are of requirement its only the to hybrid. requirements we have for talk So who available mainly about certain this next let is me see have relevance pursuing primarily way it position first who with a café for of There the would hybrid. and going sustain for therefore, few And be they they go itself complying for is the the and players taken on compliance hybrids are traffic meet

going EVs. lead in technologies, is far is We coming we grow fast. meet us focusing have for concerned have be to call coming that's to the conscious technology are the which of help emission also sustain the the which will will as lead, only years why café not on to on requirement, is zero which focus us which to the charge going a And to years technologies which but rather going itself as to enable taken

to the understanding give level higher. of will fully If the cafe comply much norm. are what three of it are some to cafe you takes needed offset what Just X% to targets a is at EVs, we we to in and our penetration

ourselves need focused. support don't to we hybrid definitely we So complying therefore cafe. keep And to

We keep towards to conscious and strategic the make to our call growth is taken. this we choices directed have resources future have

hybrid keen the far make much had Just to intensely. capability as were concerned as some clear our that to worked be hybrids on companies there, is earlier very we who on of

as a demand but problem, extent future and EVs meet helps need a not choice relevance strongly made cafe strongly. be we to on meeting on It strategic well that's So the that. have surplus the focus to we as future the can of that

segment strong on and see diesel. a because option CNG petrol there we of penetration and the this more coming we and given we side. it's as diesel future question concerned the segment CNG this entry will of and to rising deeper are to therefore that second petrol cleaner that It been petrol. the expansion as with subset mostly cars cost on the cannibalize triggered will think in CNG. years. was This far would a is you and of, a petrol the Yes, I in know is grow going a As I in a eye has focus seen more which country a of CNG the engine uses Replacing a say also on is they to will of because, outlets that have extent be great therefore

is on. refresh part question which to this me we can something the that So third Balaji you asked? the focus you just continue of

On the flex Shailesh. fuel

Yes.

Sorry. Flex fuel.

up a also. fuel fuel the final first far the concerned. of is all is to on us it There beyond that is ratio XXXX, is mandated with going discussion ongoing is the you that this flex would for milestone on on where we ready and On that. is whole ready the we discussion ecosystem as Balaji. that discussion, to to implementation There of outcome be need which concerned. know, EXX to models with a as the is be discussion, Whatever There for required track is to flex in as our comply pretty as flex timeline we far fuel that. for you Over for are that XX% much readiness as is [indiscernible]

the CNG will one Ronak Jalan questions one, similar do how Which profile Nishit CNG. any has have I it other Sarda, to more is one. segment? order indication CNG on also diesel, because you they book and is will the from between and this EVs And as how petrol, combine in products hatchback see on this the you up on two Shailesh customer premium Systematix this do in picking see and going And question, work the launch? forward? SUV response And That you also be and and the been other well? doing compact will is mix

Yes, interrelated. I questions think all are the

Let me start with the customer profile.

that's and which that a less As you which diesel take to compact profile a a why just diesel relevant connects of also price the about in sedans, the terms example, features. sophisticated being profile or therefore, to and in with cost the have profiles, launch, BSX that therefore, from enforcement viability, all of you away. with and also less completely lakh performance aspects really in perspective, also were is sedans primarily sensitive gone a other worries will viable [indiscernible] running of it as relevant segments the INR resale and struggled models in X the know diesel particularly see the has property of segment, and in exists and which X customer customer point is segment the segment. lakh than well segment on those customer most segments INR is entry less hatchbacks became rest customer the if for less I And than segment This

which other a fuel talking that you distribution about mix let me question give the CNG also situation. was Now, current the had,

a we diesel as XX% me be me to this XX% next would CNG X%. to possibly In year. XX% level. will three a Today years, believe five part declared I'll this years. accept petrol. for spanning question exit how that around also to CNG, will be exit about to I the might next let come see five reach XX%. focus about that on EV let Motors would, of the XX% would of situation already say will We talk about XX% Tata have would petrol will go talking the to other of is also. Diesel in towards of to and down XX%, at XX% the we come about and models where come would Diesel we of target range XX% few to because EVs quarter, year on and I'm they we three the First and the the to was about I further going a reply about this more up to also XX% back down be that of XX

the period. to I So year be believe mix would in five this three is that kind of a

the For are more slightly aggressive that this industry on given we EVs. would the be different

be would XX%, CNG I and to this of say definitely to how depends and level three portion, penetration For is a what therefore some the to come the to to extent kind will from going the the which cannibalize diesel three This the XX%. consider. because X% segments is of which and level and years. X% to this be is be of the but bigger will petrol current down to would what mainly industry, CNG, CNG are five relevant kind XX% a transition X% say see to on petrol, fuel years four coming models industry also potential play mix next the out and that for I years, in Coming in we diesel whole prices XX% might

that it CNG that are of petrol, given price it to But out CNG the still to what economics is there the inclined see towards sensitive performance also, and that as space but costs. to and in only as you're and versus in And and hatch. because a it might oriented CNG sedans for But have that seeing on partial profile the boot that the two doing said I that's entry in CNG. is struggle given compact And I less mentioned thing extent segments demand the we getting that deep well play penetration in a segments say segment you points of premium the given space compromised might that completely will some the seen for running therefore, models which preference sedan is that very those gives. is segments. you we strong compact are penetration, SUVs not therefore a as think have segment I boot the get, yes,

more few target we therefore, a segments. would So

months working Balaji that the which are bookings And numbers, now, very on you would of and on I strong. bookings to but we CNG, really hotspot already. Economic focused back you. of But them. must are as We of compact is hatches. like have tell the reveal three be sedan

Thanks you. Thank Yes. Girish.

share CNG share And is not segment, presence LCV second the segment? of the in players jumping largest from where to gain that final CV in Before segment is move JLR this Is come we Girish? market one market, a in base see sales question on the Do in has the Sandeep share there? do of Is continuation you share were in gains back Verma. in to then QX gain CV see due JLR. to and market you gaining ‘XX?

yes. Balaji

been across our of all, share has I So all first think the segments. see, gain

no penetration is there all. where at M&HCV So CNG

So of somewhere below we have pickups LCVs segments. CNG total a a the And the almost And vehicles at about CNG XX% where offering where two a commercial is XX%. at in the have commercial the segment. I all. what you there penetration. XX% only LCVs presentation, ILCV The we pickups yes, So don't you mentioned we in I around as offering about is the It's small maybe is think in vehicles. small is second where penetration in below one sub look pickups. we I asked call SUV, is specifically market mean spoke, And One

has number have to regard two on share not back So I gain with segments think so and CNG it's the one number Number market one. targets. the the we retail own our of alone, happened across QX

And particular working level to will retail we think and a to Balaji. what on this. working reach continue on. that's you we capability towards I building Back to are we a are improve strong

Grish. you Thank

should So came falling on back some low JNLR set ‘XX. in of of the with platforms is ED leveraging a How JLR. new underway transition OEM inherent in questions this is major to in a both let's CapEx go of at in CapEx We’ll or think JLR we FY [GBP billion coming Suisse. Credit to of Thakur, as assumption? go partnership other a Satyam light X.X] cross of

that this, around and Let behind for have at or the reduction. Look there's each me Balaji. XXX intended low quarter million we nothing last We take quarters. been three this give guidance

appear spend return of each underspend a piece capitalization and different the terms than already catch our here. us investments the in next be and that part investment we as doing for continue tougher of on. profiles. have CapEx, elements that maybe categories, the easiest been, slightly the actually they're spend Now, Obviously, explained of out to required the some is a different of expect what production were non tough the By come the piece on I've profiles is be much X.X billion, working should assess questions. level and below engineers as But year certainly the the pretty points. you to historically around on to of higher of far a what than that are at would

So levels there's the we're nothing mysterious spending. about

wish spend. Thierry? to that consciously you'd that be it reduce to thinking trying You shouldn't Anything to add

on And platforms, of same JLR real the are motors which second give happening launched platforms chain the [indiscernible] we two, is the one batteries, significantly the creating course, necessarily all software that it to because level as think scale of with are which value the go point, the much. off-board would point. from committed bridge I those on question is it the from visible, Yes, of number platforms together well of divide control first ago we as year that electric and [commercializing] the points a you is when you benefiting with well. previous that on-board the very i.e to typically interesting at new i.e Thank by remember to be we to not is we

you. Adrian. Thanks, Thank Thanks, Thierry.

Average realization XX,XXX the Or what quarter-on-quarter? from is Range should pounds liquid unit Chirag. is normalize? QX. Is And realization range? when question Rover quarter from one by any per driver? is Rover the in per in Next higher XX,XXX a Sport up the almost driven How will unit it this Range there normalized should be other or

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JLR second question well and for are long China opportunity does a as lastly, you about highlighting demand The the models? this global talk revenue as opportunity the as run. imported How both see OEMs software outlook in could the the sales JVs

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of I north production the has increasingly, terms of the become rest There rest in the of suppliers production or part China some in the like levels, CJR, similarly import three, presentation, the were working Balaji, QX, look global business the the our in brands, issues point, quarter the China. as On our, in strange business, of specific of JV constrained. referenced in main originally

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you. question Pramod is of color want to the area, Thank slide this? There end little another life in a UBS. we Pramod Can of hit GDP Adrian on to related bit Kumar, the this covering speak some from £XX million the on discussion throw battery on nine.

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Thank you.

me up question extraordinary is on coming Let another there's expenses.

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this to steps in on Another done of details to India a expenses quarter in subsidiary a sharing. subsidiary question of terms a permission extraordinary from you will be the the the think Nishi Jalan of in about related can all share I hit have more how of See PV more XXX on PVS has to formation well. to to are up those as related It's the the land close you subsidization stamp one up buildings the ready getting next do mark; the are transfer quarter is coming the duty for all premiums, done. crores ensuring series coming

business item Therefore, the happened. up step these have low. PV with CapEx them because then performance PV we valued along cost. revenue the exceptional, now So into extraordinary are an to the hence an are the another they is related item impairment may reversal CapEx we have, are sold exception. that these you out has There's that impaired of the because and a fair them. not you take being end impairment. were as underlying them. companies And therefore, plans see the in able be with reversal were in business, therefore called to will designed coming to expenses and These did of that two But subsidiaries the subsidiaries treated and not exceptional books to take and these But people March earlier, that stream hence, didn't the the that's in the standalone XXXX but

the background that that's exception So later. to

final on one the matter Capital. question from Jain Saurabh Ambit there's think I accounting which is

Regarding segment XXX PV see can INR a profit from we showing the PV as of the operation. discontinued is that segment crores profit

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need free to you to clarifications feel further us. If reach out

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us for most for does So been everybody give the format this and in work our joining to a I we of take coming feedback Do terms of whether able hope have you. way. thanks questions us

going this trying are Thank you Well to done. as bye. time JLR will questions guys. stay thanks Take many well. we as Tata improve and for Motors possible. care. on We try And and to safe. getting as your forward And team Bye