Tata Motors (TTM) 13 May 222022 Q4 Earnings call transcript

Good day. Welcome to Tata Motors Q4 FY '22 Earnings Conference Call. I'm joined today by Mr. Thierry Bollore, CEO, Jaguar Land Rover; Mr. PB Balaji, Group CFO, Tata Motors; Mr. Tata Director, Executive Wagh, Motors; Mr. Girish MD, Passenger Electric Chandra, Tata Motors Tata and Limited Vehicle Mobility Passenger Shailesh Limited; Mr. Adrian Rover; Investor Mardell, and then colleagues Land CFO, from Relations team. Jaguar the earnings to you plan by we Today, through the Q&A. presentation walk followed to [Operator to presentation. begin Balaji Instructions] hand the now I over

the Thank you. attend thanks the time for Welcome, taking everybody, to and call.

are sorry, that Going minute India. just that and has passenger explain we business, there. is to few the changes our change, vehicle which and on to we stand-alone the debt safe now businesses, put presenting of the -- statement. in the electric CV want I vehicle the business of harbor the the post PV this CV Due to to a business in earlier and through the had the have this subsidiary take numbers all the a way election

things. a much such, the overall as doesn't it So have of than purposes, other relevance in reporting dividend of for scheme

here actually So have is basis. start a on what consolidated done reporting numbers we onwards to

Trilix vehicle all as as businesses well [CV] at And then design businesses well Vehicles, have annual that talked have the as in all So Commercial business, automotive not we which in the operation as results, is That commercial one that PV, TMETC, the others. through and we have centers, Tata-branded which includes segment And segments accordingly, do read our Seattle. world. business the you within would have the includes change. X if we about the Tata-branded automotive at consolidated we report, our Vehicles, joint does Passenger

of we'll change. Rover that Vehicle second then, financing, the that's report Land numbers change. vertical no on. no Jaguar So course, And

better. you'll able a in is that our also have you be to given key to past being will ourselves also is you brand, the the of part there. this so same understand And the numbers comparative the track that bigger therefore, of So numbers as help shift format

So but as is in again, a our reporting, the thing this we're downwards viewed individual upwards. that consolidated than just, doing is whole it rather significant shift the business

big a shift that's So there.

these Next product seen slide, lot journey of have these hell Tata that very, that electrification the of has would in press, the the please. them interest been launches as there's I and very time Motors, slides happened of on of because a for slides. skip a intensive. as are Most activity you've well in the

All of these leading strong to results.

something our that in rest, JLR, The coming Tata a That's so. that for even or also the move we gone Next targets have where the announcement of action of emissions. Motors press through. slew similarly, page. forward. callout you've other have carbon particular you And And are should have in been science-based again, is actions expect all there A in in all year seen.

the same to the course, INR XX.X% have versus about talk delivery a by The recovery the the were sequentially we X.X%, and but something that's I The the business the time, cash we of in in of as well EBIT quarter. at improved. had we what which last summarize that forward. numbers. QX an crores. in positive previous inflation in X,XXX entire at comparison versus And will And again performance sequential delivered year, improved. business as year, see semiconductor QX to you that's the we'll quarter if exactly the business, the we challenge, go particular compared as declined So year committed this And delivered sequentially to despite in of

JLR, as that year and than we to through big been this the And of Next notice profitability manage put drop far performance, slide, decline want now business. just the please. have would we business particular with out a volume big leave the is had. we performance shift the is has with. concerned, But quarter, PBT-positive Tata challenges almost of you The as semiconductors drivers in you big for Pricing delivered I well inflation EBIT-positive, is last call mix. this this aware I are XX.X% are to year, has think which of on Passenger dealing from that the Vehicles, where our

is XX,XXX I which debt, it of than that And would even -- we related, to, INR of capital crores think to committed JLR, originally again, course, planned. which what almost back almost more just crores, in crores I we we working comes XX,XXX growth think net once but comes is had XX,XXX than deliberated had have earlier JLR. down reverse much entirely INR INR the

Next slide, please.

through let to starting us the over business, Rover performance the Sport fabulous you Adrian front Adrian? this see off So me of of in the now with that take you. to Range hand

Balaji. Thanks,

please. slide, Next would if you do,

Okay.

flow if you is positive details semiconductors. get constrained by Volumes, cash quarter flat next in later slide, this please. would, So profitability into the quarter-over-quarter. X obviously, and We

You're vehicle. down underlying including million, again. is been GBP million as of aware to in and quarter, XXX,XXX billion, XXX from year. bank's haven't free Defender billion being there, quarter, on worth XXX new It's again XX,XXX X% aware X.X XX,XXX, a They Range units grown X. the have said taken hand. in at bank. units, few We've breakeven about Order to up in GBP under increases once that. very strong order the GBP X.X was the that XXX,XXX Rover our we Rover that cash GBP yet EBIT released in within we quarter Sports about flow, cash within the Range Liquidity

you if would, slide, please. Next

Okay. the of it's X% the you the the at those on Range significantly X family quarter there, X. impacting look page, right down to volumes. really model provided This X. see Rover is in quarter of understand to Rover families, can When our that Go Range quarter you important is sales, runout

Range apart from can Defender. But Rover lower header, on little in All the You either see is supply. there cause a units other again, or down. it the model runout X,XXX nameplates,

supply-related very full very, Defender apart are On growing. areas, a areas. banks is again again, in the those order basis, and healthy in year which down all Our family from

region, By slide, Next actually quarter. it breakdowns regional shows the within the this so please. one,

see banks. that there X versus with overseas is the because You U.K., is full XX are for again, you QX the New Year all supply actually. months of year, units actual a constrained again, within normally ago. bigger the units, by in course also. the were XX% Electrified And from American these numbers those But of And Europe constraints. are up QX impacted China of is growth order the quarter. see XX%, normally China, China -- them North place. down. and in quarter kicking and

slide, Next please.

GBP So our X. you lot EBIT flat, of. X should A I versus are aware the happening quarter X. this loss the walk in million number is things million be profit is quarter walk, in instinctively these speaking, mean, X of in GBP but QX, broadly

in XX%, X that higher, quarter-over-quarter. X on were Range a I've guidance being But our Our down, quarter significantly quarter mix and wholesale basis. the impacts versus Rover mentioned

to That supply lifts. probably level, X, but will you EBIT, strength not quarter bad is to be higher G&A big are page hedges on introduction can has Quarter-by-quarter, our there, into as of starting And but again, a XXX loans, Range that much VME actually inventory. the first temporarily. the efficiencies, continues be the terms far we've commodity supply it within plunge this costs, Material the impact the to commodities within quarter, building another GBP are actually You of with a Rover, there offsetting on being continue met demand of where higher almost million. offset drop. symptom other we the see we course. dollar-denominated the is cars to going see is in result see the in obviously, of callout minus than with are until but continued very right, revaluation there, on of increases low, more XX. dollar of the of you it's news

Next the GBP we'll exceptional slide. which It should XX ignore is item, later. I data reference million say EBIT-related. does

slide, Next please.

Okay.

a about And you That off again, often. you Range We've around are that possible products, it. we amount million. improvement talked of on as that Furlough have revaluation actually was in products. And and between but a big where and to That that's be sterling which we've year-over-year. in consciously architectures, and is depreciation so be commodity managed not the result referenced repeated material And new to in low continues point get see absolute continue is expense. you difference. digital the cumulative a significantly, the valuable GBP year Rover Jaguar. mostly will year-over-year. into minus reimagined with the Volumes I of a our the higher. on at of as million. administrative instinctive. coming this calls. just EMA, And do. down balance then data mentioned our the our to going before investing IT, well. challenges also. perspective, position a do have costs and impact significantly end taken So actually are year-over-year In We've cost and at number capitalized is contribution loans, more EBIT Russia inflationary sheet, lots costs the from on pressures engineers the The next engineering year, maturity VME loss and lots XX of we a within a if message the on could we increasing. course, forward year-over-year the XXX this March now, given would [indiscernible] Huge marketplace it GBP was of a an GBP slide, should It's year-over-year. And That most which the where given million, we've would mix all we will continue made is PBT, XXX Total on was which

get Okay. continues develop to It to We'll value. continues program that. into mature. Look, our Refocus

coming And Sport for X 'XX, investments It's our grow that expect half we as underlying. Our is Rover and units. in Rover now start FY Range do XXX,XXX FY Range through actually to 'XX. this

We in in grow because IT more were begin our at also we to also of of the expect costs invest marketing marketing the costs, FX, digital bank And and changes. business, generative now low side our consciously will we value because in position. point very to it order changes

we or more marketing. As build to more cars, sales generate more as soon will start we

or on return be changed hasn't should for above. units our this you last underlying, normality, when page to That's to months. you about will XXX,XXX That what the XX there. think conditions the see So really start as

Next slide, please.

to understand. important number page to number. This is flow walk from the cash Okay. our EBIT the free cash Really

You can see X these things in the middle for we've about years. are been talking there, look,

profit can the put hopefully there. in full cash our you by than after bottom be tax see quarter data And Our year investment. And the it the we've million. was GBP has higher to XXX at

XXX GBP is about You on wholesales. see by underlying million can underlying the cash cash positive for our sub-XXX,XXX position why just we're today. XXX,XXX year That's

working year loss, the With free billion, full which GBP than billion. capital EUR X.X X.X cash was is the greater minus

cars You QX, cars more back during That to 'XX. are as in will working we capital to we us. us can see back building as to start will produce more to come FY come continue that

So that lost. money isn't

slide, Next please. Investment.

at and speed we do investment GBP need million the the just do are cycle, investments. here to our spend need We to XXX those low well, We quarter. up more in in as

please a cycle. in this take So the as low

quarters. GBP little monitor intention anticipation we FY at but bit X.X will so to be is these We back forward, billion. at following no need a we'll going 'XX, be Our cash do have levels to that for from

billion, for the new next moving guidance we now to those year on expect GBP programs. X.X Our are still actually is engineers and --

expect much number. actual be We the to to closer that

please. slide, Next

Okay.

Just well. a I'll these few as through business run quickly items.

You've seen slides. the

they actually see used top have of much across None pretty won't actually view, like the the at a which a We have Sport, Range same of challenges back on us, page, in is in you chips, mostly pretty the if of will Supply, would Look give icons, see kind X the supply, these for you the only is the the have within Ukraine, reveal the anymore. able terms this outlook in brilliance much business of well. front to really environment this None as view took because Rover are time moment. those pressures we What of inflationary a yet. slide. vehicle. point we'll historically, there, the in not particular is to XXth to the as to use that but China, order lockdowns Hopefully, you but May. company those icons stunning bank bottom see we Tuesday yet, the that you COVID us Brexit. This of at of in should products night, show that orders good we're this within generally you any of Next anywhere industry, the industries. be

bottom, have good room for banks no XXX,XXX. All Range order Our happen got much so the grown to new just in right. We Rover. the

of if you do to in will opportunity, for continues about our program, the program, pricing, the Rover our Range inflation brands, Our offset that be that is strength because talked really have Defender and I've Refocus we lot. but holistic

performance will We through have 'XX Amazing program that FY we'll later. 'XX FY in get better. page a into and continue the

Next slide, please.

We did on that actually gradual would a was Okay. Production XX,XXX talked wholesale. quarter-over-quarter, in units do We've the We've better about happen. talked improvement. quarter.

a units to wholesale stock able few build our own by well. we're So thousand as

and carefully. COVID, for us. do we're have a in of additional very, China course, monitoring QX, challenges We QX very with which So quarter was better

period depends on short those out actually within quickly time a how issues for of It flatline may on volume. we China. really that close So

please. slide, Next

the Ukraine, response. on Look, we do, our Ukraine. in humanitarian focus sad the we can Okay, what events efforts

We employees within to Russia, have very loyal almost actually employees Jaguar Rover, course. XX of Land

We have units, and making of which, plant we've plant are their of Cross, And brought Red focus within aid particular. employees also in time humanitarian that some families XXX built Ukrainian a course, given we sure that are our the Defender to Slovakia within actually together. federations, lot

the a been position. within lot things of we and that's can control the So Ukraine sad that manage

there's impact position chain have we're was where seeing. on GBP supply NSC, We loss. million XX the Russian taken exceptional a impacts Ukraine, that and our for Limited on

alternative look parts, to doesn't this actually to terribly for an seem sad given to foreseeable those the position for sources age looking in it are that We be future.

Next slide, please.

Okay.

XX% We be talked around been so what China today, the a China would you of today. that's to questions they better. slide shown is we doing right? has of But have might to in XX some the COVID, they to the there while included discount And months haven't about just lot late, ago, continue given and we you we quality, better. course, Sales China market. because improved get China felt

and on X.X%. that stayed Dealer have does still -- tell about improvement an here which a strong really are years, and vehicle really stocks and profitability from very what sales an registrations, of X to in There's demand level continues stocks last So up happening, sales means high China, just again the locally, flat excess on sales which actually supply us? the retailer quality is at a starvation positive fall. over

key So bad. every was China, of one show will metrics we China the key in we when metrics these are the same show

are the We haven't good These all picked some ones. same They're positive. ones. exactly super

terms mentioned So been in by the And produced strong. and of was supply is very, point I impacted supply. we U.K. shutdowns of are care in obviously, And our China China yes, quarter which very impacted of by China, X. health the earlier shortages it's in of business in through the the cars

slide, please. Next

for it in Rover finally X. beautiful will XX,XXX on banks quarter old find Defender. as That Range going that space increase grow have is within Very XXX,XXX we to Sport, XX,XXX units, Range that go The few we ones through the Order Rover, grown. database. Okay. presentation,

This Next the is slide, beautiful Rover Range please. Sport.

It us did say, looks drive fantastic. good, within or that as you the the before data there of that including built the looks platform. the beautiful just is see this products page. Rover Electrification. -- it I is The hopefully, reveal a absolutely the see Rover As talked beautiful our to of you the improved opportunity architecture take on just of I'll as up Land close, drive. terms This Tuesday. for see capability well, in the well our in seconds warranty connectivity. leave to obviously, it I picture locally you U.K. EVA have Range for We've from that of X gorgeous connectivity, at in X to electrification to is as about color. The to but We XXXX, from MLA stare

in wonderful The A Refocus areas FY lot continued expect on antidote X, across inflationary course. performance into including in much to very on those now a pretty We've cost. the market and quarter and 'XX the particularly and pressures performance all got The supply, very, us do please. to of pressures. the that's of mitigating cost, help program, us, teams of X.X on. GBP to will are shortages activity mitigating of into quarter transformation slide, billion quarter on work Next X continue focused lot of focus program, both X market to digital and you'd

the to beneath sets actually mentioned We some to have. and recruiting We savings. data did I've people that of make and happening investment many are investment. what's dive getting more And us billions much actually see enable we better

We to the target spend are going we but criteria, tough spend more need more, on forward. nonproduct investment do will in we towards and the

slide, Next please.

Okay.

the So helpful GBP think to XX.X of well, commodities, We I'm going be labor. last subject to inflation. that of sure, we inflation, the questions, is as one identified is billion cost key of cost energy, try to areas be We've year. worth here semiconductors, to again

see can XX% generation, that's those of a but claims, sense, cost. we're early. of the our this are inflationary mature, is things there. offset we're are claims. What those a program we doing solutions, Refocus about of about for it? will all we why course sustainable and hitting the claims program, confident trying and capability, full It's efficiency it is over You The in it's value those year, the to also mitigate there, total Obviously,

again, over this the QX period, offset. actually course claims inflation offset will So XX-month the we're Refocus confident inflationary of very than may be But seeing. more we're

conflict supply bring underestimate, the get Volumes by launches, will, Range grow and in Ongoing Summary. Ukraine challenges, if think, and the China, as shouldn't you runner, course, itself we run mentioned a in also in slide, volume Sport of inflation. through a quarter short-term would, particularly until X. out run are of ramping we of FY run 'XX Rover please. Next cash of in in commodity target beyond mean you and Rover our a out we and We're would well. in confident and as our slowdown and of Range EBIT in increasingly in, later targets those compounded

what the the in we've You is exactly prioritization already there presentation. see explained

slide, I think that's the Balaji. last

Thank Adrian. Thanks, you.

as to a have includes -- Motors than and the slide. Tata EV in EV as to plus the reclarify, Tata-branded attention again, Moving just at ILCV next well. the powertrain out numbers the the mix, to of CNG draw in you this world particular at leave Commercial I'll portfolio entirely Vehicles. there. callout I actually, -- you your mean, to SCV there penetration Commercial XX almost On Tata Commercial buses seeing the all PV I'll This, with Vehicles the commercial vehicle are running that [indiscernible]. as well.

starting So of to it's as prices fuel in and powertrain the hasn't a significant day soon. too we increase seeing are we SCV that have done just the a are that shift the now launch come

back market the the overall that what perspective we market. being that's And increasing for an the all products segments, aware SCV really as of. out well-received a in Next a testimony to this mix slide, stands But we now happening quality believe from us is there time. well you're out are that's are And report up well. of and also long please. of help will the shares happy also that Really the to across normalization that as

and look growth CV. XX%, of call than Next improved here think and Tata-branded CV if volume of by delivered an EBIT at growth out the And overall business X.X%. of the this is led X.X% slide, at I'll the pricing. significantly EBITDA performance revenue please. basically, you the is an mix higher Financially, I

pricing very, role. been So a very large playing has

the improving market and increasing shares price and been have we increasing Sorry, profitability. sequentially

track that's Obviously, So on. well. the intend something we watch challenges commodity to that the the right that's are biggest keep should going we remain And on and a therefore, continue trend we close as forward prices.

that are is that big This investment well. is walk as the terms that you're see the as to business all the growth Next of there, we back costs driving of coming fixed slide, seeing please. the related in

Next slide, please.

Sorry.

Sorry, one call here. out

is unrecovered slide this to back price. go Just

you bps that line sometime calling has starting the pricing negative be to If narrow out back, market. used XXX as recollect or we is to starting that unrecovered to price It's of come this down. with

do Girish, take slide. to you Next want that?

Yes.

Thanks, Okay. Balaji.

and X gone quarter the the of highlights So year by.

outperform XX% while year, by growth. industry So grew a were with the XX% last to we able

is So the the good bps, we XXX intermediate were grew heavy, market I commercial share it point all we light, market and the vehicles able passenger segment. think by and across as share well medium as our to is small and gain segments, whether

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customers quarter it medium far consistently. And customers, the and coming seen as we have for the availability improving retail in heavy market. back retail As finance is X, now into

the there out we which customers consistently this [indiscernible]. one Now that for retail not point have been is are calling

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price in of are we good say impacted, yet situation of overall pipeline and inflation for been closely even not in it. watching has hikes, the increases month and customers see watching we fuel the that May. pipeline So place on rate terms I must in the

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electric in with first cumulative, this, electric more amongst within mostly we an I in Mumbai, last XXX cumulative roads more think all [indiscernible]. Indian with million. them buses one we than than West now running year, than delivered buses and covered more So is than have And on has financial this been more XX operationalize And And mobility. uptime XXX kilometers XX%.

think I So we this a domain. in are developing very experience good

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mass electric On one. mobility entire solution, the

maintain play model. operate own strengthened buses or electric with in we as So our have the and mentioned,

on So delivering are service per-kilometer we rate. a

have CSL than have as we you X,XXX which buses buses. by know So this under let emerged LX a total quoted was than manning recently that we in more delighted more of XXX the quantity vertical. And also to tender, with

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see to a this area. on right will what as team opportunity are we ahead. be promising in business financial structuring very, we business addition the this and Balaji go do In this, for working But very

On front, a things. the few digital

is edge. a about first about brief fleet So

our cost, So better. fleet their efficiently, commercial down vehicle with platform their vehicles, is on improve enabling to customers of connected edge customers their asset focus bring manage in finally, their intent them help and operations an productivity

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come guarantee, leveraging provide have as this are with services, all X data which well to we management this program up as we value-added So uptime value-added fuel services. new is wherein efficiency

now are from BS Play of than more also the And to rating XXX,XXX Store anyone I'm the on have in you than highest and that more tell else using has X there have a see been downloads customers of edge platform, the who Fleet way vehicles also downloaded the that and We pleased ahead country. from of VI this. number Google

otherwise E-dukan, lot our is which been were storefront we've a reach of to spare last to our reach who digital parts year. finding it difficult we've And retail also addition launched to physical able for this, during In network. customers

year INR even tell we crores, aspirational targets itself, for cost to and that of very you So delighted with revenue have this business. first the XXX in

So Balaji, to commercial the this back you. summary in vehicle about is business.

Girish. Thanks,

Next the slide, this and range to got I'm launched to the vehicles passenger please. [indiscernible] market. very received moving entire that by well

Next slide, please.

share the numbers now attention X domestic here. again, to Here, increasing. have market is seen consistently XX.X%, your the points data -- you in draw quarter, touching last the One

seeing penetration powertrain in is sitting electric see, X.X%, increased other penetration The mix CNG's that the one. this substantial the now X% to of and you shifts that fuel now where at you're

Next slide, please.

for XX% is move area pushing shares for higher. to rapidly, full and to market Here, are where we'll quite this the and an higher the the quarter. XX% keep numbers again, year, the current continue starting Charging EV infra

Next Financials. please. slide,

messages strong It's strong, moved [indiscernible] we X.X% It's I very [announced] growth now, done leave think of now breakeven very increasing breakevens EBITDA quarter. breakeven kind this away well this want has and business, EBITDA. to from and with of ahead key to EBIT shares. you the an also a PBT one market. a business the breakeven turnaround. do I delivering managed And of cash it's is,

well track. this on significant on now seen still in price the is fully that the be and this context increases to challenges And margins, we So have. needs business commodity of given contribution

build nice come with starting well. operating the to deal momentum see So as through to we what that's but up is at and

nothing reason new please. numbers not slide, that -- about. provided you've going Next size this itself. otherwise, this get -- to FME That's I'm This seen, reason to the in The only numbers have the only talk slide. at quarter for

please. slide, Next

run it through over to challenges. hand spots the the quickly bright me and to Let Shailesh you

Thank you, Balaji.

industry seen in we in of compared think first in was semiconductor easing last the what the QX and had We saw year. have we what out of QX. of to a supplies as QX of financial I quickly, situation QX flavor

seeing there as of of year. as during trend, of XX% their increase a it a So X% supplies. by on the the in TIV. happened share of percentage new quarter-on-quarter continuous increased back XX% was launches which some and And SUV, a increase have also, been

Tata XX Motors well full as it of is increased our year presented in for ever also, a the we was as level quarter concerned, business. of at we the share already as highest market last in FY XX.X%. And 'XX sales history both as being years far to that our As PV but quarter, of

Talk was the have from predictions of because semiconductor, FY We #X of of will in possibility on this X lost X we among Punch, quarter 'XX, and seeing touched it we to quarter seen And the the during penetration 'XX quarter customers both on disruption the year, seen by, also strong FY XX back actually the driven say, and SUV of as emerged that start X. models [indiscernible] products, last FY we FY is no various have X%. of primarily of this nature. And manufacturer a interest increase, a basis that year prices. In had Safari. of in of the petrol market agencies the be which X,XXX on roughly these towards the as of X time we would the COVID we follow and our on what assumption. we FY in for surpassing that 'XX, that 'XX have sales EVs EV X the Nexon, basis about Nexon #X financial industry, situation full the for might QX QX, of the in disruptions. first volumes and peak X.X million. XX% 'XX, hoping 'XX, SUV that are are units, the achieved FY is we already in financial increased is today. And powertrains, full years, CNG emerged in that share estimates are And And Harrier in over years, there we set that models Demand I easing also out increase the

response poised have about. The Tata 'XX is a in remaining SUVs to concerned, increasing. well. grow also really for as XX low. as launched has rate year channel talked Strong very pipeline. entire CNG, generation all X what robust been is we levels inventory last The Motors see as have booking X far Jan financial bookings some and In year SUVs, we seen the strong I very at well we been we has As the for got low has to days inventory booking

Talking already of up debottlenecking going that one the up to potential also further planned going last have. And the are exceptionally have we the certain the Girish very factor, semiconductor might months, restricting that is impact we in ramped the we up actions increase, also is ramping phase the X are the uncertain X.Xx. remains with have about which is price We Commodity we our the next to us and demand year. fast challenges. really supplies for also which supplies capacity full growth unlock demand situation still tap high. by strong, catch and very there's obviously demand, EV covered, to for And what is profitability. nearly this

concerned, So we challenge, suppliers as formation far creating as Tata far Motors market and financial as will open identified alternatives, improve remain have multiple on is risk year. terms is to innovate, to additional our but the to concerned, times, And also. semiconductor engineering. lost focus actions as will we levers taking price this profitability cost value continue are at certain mitigate electronic of resources, And in we on a components X next in

from PV you, side. and update quick EV a that's to Balaji. So the Back

Thank you, Shailesh. Thanks.

This Next please. shifting the to PV cash Motors to plus get together just -- slide, gears a flows. sense Tata CV of

just So here. a comparison

flows You look working that an cash is flows, the and negative we amount we something a able overall cash ahead we'll negative cycle normalize this And is investment normalize. that. that And And that profit coming at of that the of so once investment can next well-funded would generating therefore, some the tighten we year do release growth growth working capital the also after with the that capital see level. internally. notice expect that are we stabilizes. the taxes, should plans of to to the operating the cash at the through you and, bit, This

So that's it.

up despite please. EV, anywhere stepping The slide, is see close CV, further to PV and Overall in deploying will between significant change and be between only assured, both back, INR CapEx deploy strategy if no in. And able there. to -- EV step-up as to rest But them better. we of about it well. for investment. I expect be coming the X,XXX in is be is callout investments CV Next or positive we therefore, investment, funds have crores of more what It spending growth we'll the CF we'll remain

a slide, Motors Tata Taking Next minute Finance. please. on

line And from said we the RBI this therefore, good -- recalibrated, in be ROEs better connection onwards. having norms is had that, corrective notice that ROEs improve around aggressively GNPA/NNPA we improving will concern of You new the our by are with on with work which would last from we to And action. for not from October market share on we strategy and are like. to market compliant collections that -- is was X.X% are the are at RBI that starting news reducing something XX%, PCA significantly, continuing is norms focusing maintaining in of the an we the the being coming time. area The

the new well. as digital transformation digital create expand accelerate also will We further and NIMs and streams income ROA-accretive

on message strategy the that going we So on and forward clearly have, that is they the as business accelerate will and delivering well.

please. slide, Next

you the flow immediate that this the lockdown COVID-related once is debt Girish callout the of gradually expect 'XX given will, and obviously, there. strong is improve take out this, to trust last PV, in get any in book, which remain to concerns. looking-ahead we demand first you automotive the there well explained something is is the in committed will to the me improving, cash it at have And start promised to to are EBITDA over is to sequentially, With are that geopolitical that continuing remain order FY the elevated by we demand concerned, will we may see. So commodity as I to China you is And basically at of course, of as this is individual performance situation it raise year make brings is the as questions something CV, would there as me to sticky. and albeit, inflation QX to here slide. key JLR do situation want the both And point eloquently, area should likely improvement slide, the concerns in have do strong The despite hand is time. we see impact behind strong CV And this near far free be a that That's and not and as like all we Supply well, need inflation through levels, deliver to improve as likely what the journey 'XX. to. us, quarter, And we for let have. as well. free there now FY

already question Okay. queue The has built up.

because Oswal. now CV it pro obvious stand-alone? most first PAT and the forma And move you just is you not think at to pro And Jinesh is we wouldn't would want from India it mode. the look number please also, "Can Motilal CV a I rather to the it to a make or are Gandhi as to me down a would of I on a meaningless Jinesh, new the quarterly minus to basis?" encourage be I to -- consolidated provide with stand-alone do comparable well Let share start moving question, rate. possible to business it PV P&L forma. interest therefore,

You already time. have comparison full across

it are to anyway you. giving We

be would in perspective, So is it to you look it past. used comparable towards the encourage pretty consolidated. which what materiality this is And move the dominant India is CV Therefore, India. in we entirely almost But want PV something to definitely, to that is segment encourage -- it you the to we would is a business there, direction. is and from to something in it that in quite

in other FCF on -- on expect then based second it FY volumes? this 'XX billion X%, Adrian, may of me and will Again, do or normalization GBP phase our target Jinesh, you take that to mix to in out move on And restrict I do you think of have. to first you the mix third EBIT, want this what quarter kind JLR, X the of one? support, is or half quarter?" Let 'XX questions normalize "FY of the

Balaji. Thanks, Yes.

increase, Range So and we Sport Rover Range our to do come products expect through. as particularly volumes Rover

the year as out strong see we year. is as year, this number won't run a full which You

X value. X% You because see in which of on volumes billion flow target cash the series can actually won't is But will highest model a that. I we volumes,

by we're a normalize semiconductor I'm variety doing know But after higher get be quarter when going will going there's because the towards end this, don't to reassure is the I quarter quarter of to and to COVID is which lift a on close don't not. EBIT X to do Sport. need each No, Range the do and half months and to phase-out the phase-in, to you No, They're me the half X, in way of let expect Range it second mix So I China, I on you, of us volumes the give improve. going forward, when know free the number not Rover enable it going X? not. That's phase-in, be year. actually, Rover, will phase-out X I X% slower period in to but in cash to flow Expect half would billion year. GBP a X, quicker other. behind of

of start new norm have semiconductor to and see to you're as going to China it's version about months the reason of normality. to a in closed products. really 'XX, before talk for And well. quarter why what running say XX actually X eased position down So I the because data those X rate is by The saw that us we our was position to the of you is. I hopefully said has did then, February

second through see So that you come of actually won't year. until the half

do take plan FCF me raise billion] how billion XXX [XX last -- on XX-year consolidated Let X that cash question. by in to is 'XX?" years you net for "Your the the debt -- plan And one flows. X to FY a

-- think I two pieces here.

cost, at look NCF. primarily to in the We are intend which ways X seeing anyway, we our being cash

Second pick current comes sooner restore expect even cash drained to we Obviously, year, that up we strategy flow change. capital. has one residual flow up, the it. billion JLR fundamentally already we picks as year. about towards is The doesn't free flows. that well. cash growth That the as and we in $X as even you weighted basically talked do And look see us. to is its monetizing would cash need, Tata back in Adrian is And further. to working growth numbers this the at notice free has equity, will Motors, thereafter, noncore numbers any And

are that put that we that's quite will we that something that well. So reason there, plan the comfortable is we have are out we deliver this reiterating And as it.

question. next Moving to the

a us our started. minute get technology please. give Just X minute, please to

facing with XXX?" who's outpacing UBS. March X% PFs our PF How license imposing is with given opting for This X% "PFs regulators BEV back minus one? Okay. phasing support, headwinds high it affect are market EU restrictions. Germany PFs this BEVs. does Okay. quarter JLR's incentives of customers the -- and in and Shanghai [indiscernible] Pramod, on from plus out scaling dependence was until

total BEV in was Look, XX%. in QX PF

offerings it the time. in years' full We anticipate to actually X BEV that So arrive increasing. continue until is

to expect years. following to years next and BEVs again double have over and our the the PF double combination then X X over We

than and lot So PF we bank order units. see, actually that demand do do we a for have more

are suggesting in you're other constrained actually that by within data have supply. products here [is] what set shortages So like They the today. we

cutbacks Rakesh compared done And Okay. Paribas. Adrian. in FY to to CapEx "GBP the planned investments will of from the Thanks, levels. XXX in in is JLR higher 'XX, implying being be BNP million 'XX?" lower made? needs needed be Where not FY that

undefined reasons mixture GBP million was quite a spend. what There's critical allow down, investment. have why we for on the XXX as an is determinations of say, some And returns Yes. we I

certain reached to is be need to go I'm billion intention of of as we FY no spend. back, have But will $X.X a we've areas we catch-up Whether not yet. money in in actually need that there do. within sum means cash up 'XX, in which caught we that or that FY Some 'XX into that saving 'XX. we FY And

The Question tender. economics LX counterparts CES to of the the the were in Okay. competitive unit Thank was close explain you. is per in rupees Motors rates a please kilometer AMC. Girish, basis?" and Poddar, quoted high Tata Can from Nippon the very to Prateek on "Recently, next order, you extremely

Yes.

been these but some Delhi buses So more I have still almost like context. XX than right? would to mean, of operate million on basis. for we And uptime many covered operating a years, buses XX% have kilometers, See, in daily Prateek, X,XXX last I with give we the X.X

amongst our a the into instilled So instilled we have which over people. experience under these belt, -- amount huge of XX we have years

in kilometer. experience this, years we -- I which been X.X being now almost in kind over X, electric into think for to a professionals, we almost bringing cost deliver and goes most into bus to money has element, have not And cities. market forming assembled each this rates come number, run efficiency X rupees each And this and which team each every addition cost have to we quite able to optimizing are and quoted. we'll and looked actually have with the the then quoted. of this And when a we in All at So we this, every buses which been element. they element, confident to put efficient per at rate of on we finally, but XXX look the at of cost just make together, every also be at

years. So I behind a operating is work Balaji? which gone has -- experience for putting almost almost of of of wisdom and and XX think there humongous amount this experience buses

Girish. Thanks, Yes.

from give Pramod Considering to order -- "Considering this value Capital. way. absolute your and Europe?" chain capacities EV And second what the commodities, cancellation JLR?" coming recent is management InCred this book, the increasing the Thierry, months uncertainties order confidence for question, Amthe, being gives to an "Good guidance the as supply how an Next trend of been but created in question has new see are in Thierry? is,

first performing think of the bank, hopefully one will actions of expect, I I on that the the quarter same And quite are course, with the would confidence better that us we the that after quarter the the -- nonsignificant time, such and uncertainty point, trend actually is That's giving can we even and the of -- almost not better of say, concerning gradual products the we the Thank if a runs robustness speed cancellations you, that our see desirability accelerate. would improvements continue that our is first Concerning as element. we the Balaji. big. is is Yes. At we the reality fact.

Thank you.

JLR Joseph, we inventory increase such from given strong is this as IIFL. December a inventory. have explain order How March, book?" retailer in as into well seen an "From we Next

healthy several I sign see here. we a we've do really things Look, got need to as this because

to pipeline. over X of I'd trend months, pipeline. the expect continue. fill increase last back to the into about refill it them units and is XX,XXX to And One this the we

depends or XX can to get footprint they're It take need to on a days where going. that us wholesale to car think point days. You our X It is global. a

So our intention is to refill the whole pipeline.

to along our start inventory have been we getting would to going resupply increases. rebuilt. It's several from talked see the the and own XX,XXX with Once the XX,XXX, dealers will sign. You today, sum, a units times, in around total up health we've XX,XXX a a own, but of then take quarters we good that this position pipeline few is healthy XX,XXX and

increase question think Okay. don't in business. and a "Working Maybe [indiscernible]. I'll take working [indiscernible] the capital it's from negative volumes so with in JLR is pickup activity." expected I capital to because requirement

actually therefore, as comes as in. capital working growth generates So cash business

most 'XX have you've from about FY EBIT worry so 'XX, the talked about to margin's you've of numbers are for perspective. and talked target need and 'XX, about X%, don't you that. there So 'XX, for that you 'XX, 'XX

do volume performance. will Let range 'XX Singh, broad Certainly, quarter 'XX the Nomura, help India the how first me you and first question, to see Adrian? come that for you a FY to 'XX on me always what's Kapil team outlook the in FY And subsequently. strategy "Congrats Any strong on FY JLR, also 'XX then, in forecast? coming of side." Let one. ASP versus

of is Yes. difficult No, a because China. be going to quarter quarter X

start China Range a see see continue if then to us and things, they as changeover, volumes at lift, But improvement. Rover Ukraine order than can Let's gradual the lift bit will pieces. stronger little bank FY semiconductor big COVID, 'XX in 'XX. will And Range you changeover, Sport our again we stabilize. start FY the the for the of be to Rover

do 'XX you "Your [possibly] see way, in and the for EVs many your launched loss you. production how how for FY monthly inflow we book constraints posted price you have in And supply overall? May? one India how PVs? Okay. April have 'XX or Thank after EVs versus the selling other." What's much and order Shailesh, do FY And to order due

because So maybe have increase the we that QX is additional in But that very will pretty change that situation from will commodity let It of first the and seen And line much a be be turn take. going assess to It's the would therefore, the in much realizations and to one. mix are I the really difficult ASP, mix of say, going take. extent in we it especially the had. price play price what those be increases pretty that out. would in we with how perspective, me we lines to might

can So that kind is this the I stage. of at give guidance

to order as and would for so order and far of X.Xx it book As it's about overall, EV overall, inflow say supply okay, our would rate. monthly I is for concerned monthly X -- be

Not have April concerned, say April as talk do have for For to much be or reasons. production far would due growing. supply about volume give -- months but I about sensitivity been we EVs, in it X to cannot I loss constraints would is you exact percentage lean, of is trying May?" the that number as we "How

would supply if increased yesterday. We we of still terms would launched and you XX% would I were in the growing capacity far EVs XX% terms FY be in and to loss, have loss had, the see we'll incurred We "How April. have which say have of have of on X have able we that order supplies the XX,XXX 'XX?" are book our month-on-month, many XX% it constraints have based to been launch what in would we still we that a that concerned, XX,XXX. as the we -- But to hit in number as could produced,

the already We going XX we that in to launch are mentioned next years, products. have X

products, you financial least, expect every in I So can X is at can what year say.

losing market Thank you, Adrian, But impact market appear is way. most this share brand? "You will such developed are share I markets. not issue it different. the of -- Shailesh. dynamics understand retail in market low semiconductor be that to your not the coming share will with

Yes.

of Thierry, any you, actually. Adrian or

more -- reasons -- that it in meeting clear impacted have are our that array developed many mitigating are we Well, of helping much a I is the that than it we think for some the remember also some previous of we competition actions, we And big that of which agreements, are together. such make with better had we especially a have long-term some strategic allocation. to I in

why that's are we So the improving gradually, situation.

but brand which of the because incredible, to is sure, are clients be losing we So on We even to bit time, maybe we higher share. and and At our scarcity are impact not, sometimes appetite maybe because desirability the are we surprised. supply the products, for cannot some that desirability same yes, little of higher is the even creating the we an enough. a are but for incredible should extent, customers market the contrary,

the brand modern to higher So we at towards luxury certain a even level is faster. extent, boosted than expected and

Gupta, to maybe let not from that. "Visibility, Fund. you talked Mutual put in we Clearly, you, question me also have L&T the Yes. Sonal about, next coming

and reprogramming, that?" question. by supply for this much think [indiscernible] expect don't saying plans you your improvement from interesting existing driven levels FY other an How do chips vehicles by levels 'XX auto assuming I for redesigning is change

because competitors. we have with our It's heart of question at are a probably some interesting differences the very we

sophisticated. [proprietary] We are are complex. products Our often, that chips, super chips. very they which know are Very have we

in with more Tier directly with difficult put of our our some alternatives the Xs longer So to redesign are place or suppliers. chip to or much

We these creating our that of working the And is are together. short-term that all only level on the we suppliers, sourcing as with, creation suppliers. new Not we of chip the and actions one, improving supply as more but for of are that having we with already them. so intense dialogue by well angle such creating for incredible businesses hard an well our now with that course, especially are with the the just are are the making parallel fruitful for you we even attraction us, as understood, along that's improving because situation of that we huge interest are way to

side vehicles?" from any Girish, commercial for -- CNG way. is the "What's this Thanks, plan your to of Thierry. Sonal on coming Again

Right.

balance need the done you you of to Sonal, for I generally So CNG, range, range. are knowing be on for vehicles retail longer-range the I mean, therefore, the use, and infrastructure heavy commercial essentially they has need [indiscernible] think I range think longer higher range. And the CNG, between longer because and meant

So in there. where and is we requirement have range selecting been the products lower applications bringing

you applications. seen vehicles. intra-city we used light inter-cities, vehicles, Also, have some very Intermediate CNG. and seen So would penetration so extent, small a of for to good commercial mostly have commercial and there, intra

looking will that our from coming at are sense as country CNG payload. we it it side at alternate stay fuel the medium you range towards customers this is movement vehicles, is sufficient sense certainly makes will because for makes move available the compromising eventually to applications And clear But heavy see. as for you here well without quite to and large. some commercial see action even in some where on are We towards and the

production Thanks, Girish. Question to on you and QX based can visibility, Adrian from can a you Chirag range change." QX current Adrian? that give achieve at Edelweiss. in that "Can it acknowledging

Yes, sure.

going because We as position to those before, Rover standing our stronger, X Range X, QX position. Sport, and lift of quarter. actually you Range things, So the it's Range Quarter X, reasonable rather back start production out the Sport Rover to I'll increase than course. we I've it's end production be expect any new China in will One, go China, at particularly assume to numbers. Rover be the of of down actually, quarter so to of one give quarter developments some of Range Rover the go difficult position, to said do what

Sport, next in extension, Rover. restricted Rover it [indiscernible] Thank QX, quarter Chirag. new impacting ASP. can Run of a only volumes down Range impact of from is as There's for we you. one, an Range again The expect normalized HX? QX or launch to And X,XXX

of impact both Sport. will QX, Range QX, quarters the half and is ramp-up rundown is So Rover first

for Rover, today. Defender. us. build the And to X,XXX then higher pretty you X I units could on if I I'll certain a a we say we're be years that significantly Range is would it them said what ago than said benchmark healthy On month

for to on into yes, sold planet, back XX that right, be is that So a say, as you're it's that well. out I'm month out Rover, we likely the you were And X,XXX then telling flat healthy months. than Range would baseline for going that on load we That's if suggest today, to you orders a us. probably XX,XXX have higher

Thank you.

business, past, do had For headwinds, see a liquidity?" JLR you these an EBITDA. impact impact headwinds "How In the significant and traditional on emerging tightening inflation, the demand CV and

way. So maybe JLR, CV coming Adrian; Girish, you, I'll pass to and it your

things things Refocus year's results. would listed this inflation, that think and here impact -- to program that are we reference strong the the of enough you earlier all said actually the us you've across that on Look, I we eliminate headers that you is what have. of to expect expect Yes. I'll all

is inflation again, impact, year. to [indiscernible] big that us thing, and problem but place produce real yes, that for this The will expect be to we in So healthy sales. offsets the actually very able [indiscernible]

China You value all be FY in EVP strong position. saw about is 'XX. again but that across the in It the really piece, will

your Thank to Same way. question Girish, you.

the vehicles, and in profitability let's company commercial look the so at then customer margins. the first Yes,

is far impact. which than a it the As is rate, interest more think customer bigger profitability fuel has I as concerned, price,

almost the fuel Xx interest transporter, price see you a to the hike. the if Xx So operating of economics that rate impact is of of

we'll rate about of hikes. interest fuel So the be the followed then course, price by, concerned and more hike

is demand of between there which on or imbalance kind tailwinds. the always what is balance headwinds Now dependent and is

until we beginning, close rated terms rate keeping As have are transportation. now of track at the therefore, to increase. interest But freight good in and of and said been I balance for as this we of keep on watch very will fuel least, now, in in because headwinds is been there a overcome seems tailwinds And a very we with have of see of terms whatever price this. hike availability this then important,

And is CV the profitability, own profitability. something actions general. the been to price watching -- steel steel coming this have also has on in Now increase our I our of to we we've reduce that price often that spoken the having is impact the largest and think impact

Thierry? to have April can due on issues activity? discussed Thanks, you demand chain in economic China. The of the trend one order supply "We any JPMorgan, in terms on in share latest channel?" getting there lockdowns. next Is May Pirani, Girish. intake risk the is a from China of of disruption impacted And account for and Amyn

is I My impact global industry. speak we XX% last even about industry for than think is more for as it's for brands orders decrease side, premium of magnitude the the included. all on massive or is for And XX%. all the the minus month brands the

The thinking I in the of the a part moment. about cannot show country, because new because the traffic which a zero almost the homes. that's people is part situation in out get is rooms car such but of people that, significant the So their are things situation normal country buying than at of think, other

want life happening suddenly, new to travel. by absolutely in get it's of When enjoy want can and insights people contacts the have all buying situation to COVID, that. is massive. out going as And come catch we we in as way, normal, with the that the all is the back and a Suddenly, part many appetite of the country However, we we to is to to countries. have people up, and the again, see car soon

that we have recover as concern, no possible. the expect to except I quickly real So country real, as

volume Yes. these Girish, give plans The for Nomura. kind what next can one of Motors from PVs, you, "Tata perspective?" both significant is a buses, advantages a rack of EVs, What of of to synergy Kapil actually. for CVs. kind Singh, Shailesh, -- for has for from synergy

Maybe I'll start Girish then can add. and

the have we as looked to the CVs rating at as as convergence, really for motor we all. the say, let's the fleet of because well This is of of we as chemistry of the the certain choose, period as area are certain X, as well have example, have low-voltage as PV. like segment, CVs of So where can the a segments the batteries. of as especially, well capability and And segment a industry Batteries, that as we have has C choice where far there trying would well fast-charging we chemistry over be taken as form for the where concerned. especially the factors and in in potential and see area each PV in alignments the we category. of see we clearly as are view Fleet areas in next synergies time, commonalities seen seen and the X certain passenger And years. to that

So are we an growing. exercise as it's ongoing

and kind Complete We interest. ratings, be different we made, of but of are expanding different to areas therefore, segments, choices are require different power to be also there synergies, different. where areas have

Okay. Fair battery a large to enough. supply take, such indicated up -- plan The As for we think I earlier, volumes?" next at question, I to a perspective planning look would Tata battery are facilities. for secure there's "How Group setting from had we clearly

have time. last discussed We we this -- consciously

onerous. have that clear same time, are something we At because that the set PLI for up. will formed applied is to be very not to want we We we conditions this the

current In to do or as plan now intermediate the there please traditional Shailesh, are from next the progress. up, you will plans see And and production capacity? so. you time are being in EV the period are battery Securities. until are ready sourcing ICICI the How factory to -- in share and we "Can when comes them, to implemented. we strategies share clear [indiscernible], meanwhile, So that?"

we of the business, arrangement had started EV off-line had EV fitting an our we when earlier See, powertrain.

to of we So to there, all now in issue our with. we line. used which have integrated was for have But capacity, an our main start products, assembly limited

can ICE EV. convert the capacity So we literally, fully into

capacity issue. internal not So an is

are and capacity certain supplier we what certain is headroom supplying as component concerned, now. than have right enough capacity far As we

new We battery in with have add items. volume also based projections that the the right come have area line a to lines very of packs, comprehensive power and the electronics on we and

as stopping far full really absolutely we as semiconductors. is which track, are also there capacity something the potential of of that So concerned, is the unleash out issue on is to restricting us demand is

Shailesh. Bank how expect on has? inflation The Gunjan flow next Thanks, of commodity Prithyani, America. is us JLR can P&L?" to to from we metals from And "On color that JLR, you the give you. through Thank do commodity question hedges some

thanks. Yes,

the Slide of you quarter-over-quarter, course terms of and aluminum there, More up those in running in the in exposure. of that less think to down The within in term, our exposure off. hedges about XX half cost terms over And year. was hedges I it refer XX material I'll biggest but months, second have GBP specific our of XX% of is GBP back million, next position. we the are were And the million actual our of So the short XX hedge. the X

I into earlier. So year, if the will more we be said this exposed. half continues again, of the I But second what to certainly refer

offset of We inflation offset quarter. commodity expect the costs. across, the in increases 'XX, all of course But Refocus we program year, FY costs over our to certainly, by in land all including may will evenly these not the

Thank you.

financial question next 'XX? sustain low it should year below you. to X%. Our beyond come down -- Do levels CY through to has pan through we expect that?" the again How "VME these

Land the Jaguar look, X%, number, on supply Rover, So X%. is that the low

of that the increase course resupply, we the year. As during will number

Range biggest Rover banks do whether biggest -- really So X% Defender. the we of will products stays the demand resupply, it VME, Sport Range lowest are at depend and on the speed will that have resupplies. When order Rover, the and

foreseeable after. products to I future in very, see quite the healthy a as and being position actually, then sought those -- very of resupply us So so in resupply are because

Thank you.

our also, to we'll market?" and about discounting talk the "Can the skip Girish, covered think Girish, "How fleet in that. want about operator I is about Girish talk that? quite do so next it this question, economics," you And trend business. you CV extensively, OEM

Yes.

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Thierry. Thanks,

question, "What the company? me additional about recent And way. ask are JLR, planning is of for?" been coming hiring [indiscernible]. what maybe kind AVINYA, This what our from has coming kind you your this or doing? architectures Shailesh, let And in Next in trend is buildup new AVINYA, voltage are first we of capability for R&D

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Thierry, want Shailesh. add? Thanks, do to you

first We which the Great of a to Because that previous control [indiscernible]. partnership the also chain. it's the controlling value are double] technological the need part but order not Balaji. value -- the complement clear mention inverter. answer and the Why? just the would maybe We going really this you in master chain, of to to with critical of new one holes chain I the we one semiconductors, satisfaction incredible mention mention strategic [resist change ones, which and the customer mastering, sales, could in from could mentioned value the e-mobility excluding is of is Great. EDU, ultimately the Shailesh. we And manage only even course. absolutely and semiconductors, could from the to the security, this -- not I'm compared some

what is that's driving So us.

actually people, no the are, we course, of doubt. that's So

order point way we are We is that is and ecosystem, capabilities technological view goes it are we to true in partnering utmost we the make Group, rightly Tata the you the And that that hiring, manage also course, of one which these the mentioned, on part much e-mobility, embrace the services, you full enhance It share are but topics. of the my level and but the example, point with we key not and when is Shailesh. advanced in are also product, to charging. experience, order for along we as have can all second the the with such at with very everything software have seamless only of that absolutely being, a in can

you. Thank

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