Tata Motors (TTM)

Prakash Pandey General Manager, Treasury & IR
PB Balaji Group CFO
Adrian Mardell CFO, Jaguar Land Rover Automotive
Thierry Bollore CEO, Jaguar Land Rover Automotive
Girish Wagh President, Commercial Vehicles Business Unit
Shailesh Chandra President, Passenger Vehicles Business Unit
Call transcript
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Ladies and gentlemen, good day, and welcome to the call on Tata Motors Q2 Earnings Conference Call. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to Mr. Prakash Pandey. to over and you, you, sir. Thank

Prakash Pandey

Pallavi. Motors, I you, FY Results Good for evening, Tata of 'XX Call. behalf On Conference warmly QX everyone. our Thank welcome all you

my MD have Rover; and Bolloré, We Jaguar Mr. Motors; CFO, Rover; Balaji, Land Mr. CFO, Mr. us Guenter Adrian CEO, CEO, Passenger Tata Vehicle Motors; Wagh, Tata Mardell, Motors; all President, Mr. with President, Motors; Chandra, Business, Vehicle Tata Thierry Commercial Business, other Group Tata PB Butschek, the Vehicle Girish from Electric Mr. Shailesh and team. Jaguar colleges Investor Land our and Mr. Relations

you, will we business always, brief from overview the the start As to session performance with by a Balaji. with -- followed the and financial management, of Over Q&A.

PB Balaji

Prakash. Thanks,

all loud delayed Apologies you is getting clear. welcome out. of just were issues us slightly now the I'm safe few statement. sure We hear and a a to for start. technical are harbor This standard able sorted you. Firstly,

only to free You and intense next this few in clarifications who product as on further consistency EBITDA well during period which the particular would this have around ensure the definition, available slide, seen be as that. basically reporting these consolidated off-line Prakash. interest, where Databank. we front. other was there. net I'm the to are is cash will OEMs The clarify now there, ensuring one an you free of across. comparatives alignment definition The are of definitions on big may which flows happy short of Tata need something well. and quarter launches cash always of to Again, right be out on have free Motors attention with in the on are Go I'll JLR the any that are we changes consistency into and flows. on as done And a cash flow are both draw domestic, The

have has all well of The key with A them. Tata I as Motors on call as been CV XX period XXXX. seen SIGNA side. out in launched SIGNA intensive You the the would make pretty

in us, the the JLR, XX and XXX,XXX for to EV in already was is of numbers Defender of you've the vehicles, F-PACE model 'XX the and course, celebrate but about. For milestone available X,XXX passenger Rover Tiago seen, the results, Nexon the now sale. The something launched. Land And

positive. managed Growth-wise, added -- EBITDA this improvement have the cash And MHEVs has crores notwithstanding, period year-on-year our breakeven there far, a been to And year the been INR also been put of even think in PBT flows drive. portfolio, decline sequential particularly XXX deleveraging in revenues achieved Go XX%, been at X next period. have I been X,XXX decline out this levels. so reduced slide. and X it's I in basis, that we our to that mean, has has on has a commitment significant line and been been to have And in with our electrification EBIT seen, PHEV just there, automotive reasonable we a free challenging to performance. bps furthering despite

the supposed rest started saw numbers the performance X,XXX-odd basis, earlier from course, automotive overall, that coming If we INR as profitability, its the that a improved. into slide. to TML, crores set you this to. period, in volumes Bulk with of happy quarter. fundamentally it trying of next a through. the this volumes in about down. mix, And has drop which it? the because And think, Go that because it is drove the it's So what the big came And now highly with debt we fundamentally have -- have coming go reduced actually year-on-year I one of that JLR factor. of on to to overall, net downward compensated we was came have of journey down and on put peel

Next remained strong out. strong. has with Debt Overall, is maturities profile liquidity spread slide. well

on Additionally, been month profile the in had October, liquidity strong. $XXX an added basis, quite memo further which a happened million that but in JLR, overall, issuance additional the the we liquidity of to has

to about talk Let And, me Adrian will then invite you, who over Adrian. been I'll -- business Over to the this he days XX course, sees having how JLR. to the about talk now hand his on job. of Thierry

Adrian Mardell

evening, Balaji, Thank Right. everybody. good you, and

this when things few those on for in July, of really -- most this things have pleased, signaling remember, there you if slide, I'm we we were a talked happened. you so If were quarter.

them In of some signaling. happened aggressively more fact, were than have we

You stronger actually significantly than see year-over-year, are as last X the percentages, previous in XX.X% as quarter. for flow course, That year, through and we we and the not also pleasing down free is is that, sales We that. here were which, ago. take reasons very in last of X, signaling you QX, which but quarter higher Revenues. we'll back than time. strong than not EBITDA a were July, something retail is were quarter. months cash the actually to were Similar profitable higher into signaling strong double-digit as revenue significantly although the said we

Next slide, please.

to thing We take portfolio few X with come, to X a the quarter. are that these pre-COVID that China down to inventories million improvement our regions and headlines and actually are have X however, intent another more quarter. added moment. PHEVs retailer down July. revenue. our year-over-year, you we on and I in already said, within the the in are MHEVs I'll That you product was in those as quickest, I'll levels. 'XX were in levels U.K. a returned Significant FY to ideal So profitable, the through £XX as through an Q-over-Q; and in XX.X% signaled moments. take

million again, that the at And Some which CJLR, Charge the for year-over-year with investment. was million we was cost EBIT continued £XXX X.X%. and breakeven also the so of again, levels. second its running again, exchanged, quarter reductions did was, £XXX thing

year-over-year improvement continues consistent venture million joint positive then, And in China. the £XXX that our cash. So in

mentioned, I details that of take As through moment. I'll a in the you

slide, please. you. Next Thank


I So the returned to minute pre-COVID have ago, China and mentioned norms, U.K. quickest. a

So in very they're supply close to very, were although last levels. QX about year's XX%, U.S. down to there the U.S. shortages September.

be expect are PF regions. very the expecting X levels to we're overseas, So the which half haven't added expect the second are QX lineup. now carefully important to And in at so to And previous year obviously and being in in America. looking North second results returned offerings the model the yet to regions Europe, year Europe we 'XX although And we're Defenders stroke are better in the things we overseas will again, QX, sales overseas of half. better stronger

to You see levels. we're there, returning pre already

if would. please, you you. slide, Thank Next

any of Rover, the the you XX half four. than this Again, will quarter that year, quarter. nameplate. F-PACE second right X profile, pattern and right, Range the this in course, this over Defender to on call-outs. continue by back On at of the just So two significant can quarter bigger short see one Defender expect the the page, end time. we of the year add other but calendar we into top And and QX, showing last They're of in

confident sales the on So will X. half continue in increase those Very product. Defender to

adding offerings, appealing of there. large those in to of presentation. engines the MHEV later the some are You We're see mix MHEVs, details customers. powertrain we'll get well our take-up that into a ICE Proportionately, now and more

please. slide, Next


had increased. dealer worth in Really out in inventory, is two. quarter called inventory our levels pleased. the place days wanted said to as September. we So days intent the in inventory sub-XX closed X. We with We're quarter the end XX that we when were that to at into time, be. XX bring at We of of dealers at specific March, days back those Because we control

we're getting inventory, XX,XXX line on really, is is absolute dealer units, the again, two of we good. quarter the The The bottom which levels, way really which little a units. So inventory a habit XX,XXX dealers, top to say, only. is grew doing what in in line

please. slide, Next Right.

where reasons JV These it down versus you million, So in as £XXX volumes, quarter the was last year. improved substantially we the almost position reduction year-over-year. profitability has our although dramatic were on earlier, in are why saw Balaji mentioned, also.

year. now May. we sign have the U.S. the And the reductions. campaign in second-hand released, ability in in actually a costs quarter, there, quarters. news the to warranty. actually appreciated that back the the residual The suppliers. improvement over which of cost network half on the I-PACE. year, two, sheet, rapidly XXX% in profitable we the that marketplace, a course, quarter, underlying and improvement, that We Now finishing second pull-in-place. the its That short in And and makes control health we of stuff just market we improve operating mid-X%, is And deteriorating of those down our the here the on important better $X.XX a Charge and rapid effectiveness. structural done than of are did And note a And time have of March, And supply quarter of of was a China, currency weren't into and previous particularly most which this of actually July. headline Also achieved saw Warranty, It's exchanges, PHEV delaying so of the And which, year-over-year. the sub-X%. our we at point course. the there trying this in again reserves particularly has is obviously, which release revaluation reversal America. last of in will gave also the market, great in on communicated reserves, the we quarter half April a were this North improvements the marketplace the measured working the to the was big reason sterling here had themselves campaign markets first were with of year. to aware take like value balance little a spend why in VME our Significant cost get the are we in down is in been of to

Next slide, please.

slide. this with pleased Very Okay.

that significantly That you section, cash So annualized were a say performance. overwhelmingly deliveries we was. into is was middle negative, but on be say sub-XXX,XXX we positive. marketplace. We underlying cash deliveries will working million, if to XX,XXX about go which underlying But strong units. capital, it we the that That's did £XX did

our signaling from because you, mostly reductions. X was health of of pushing sale, a This of also years quality the has position don't forget. position again, cost sale, but So remind the not XXX,XXX value I'll been we're volume, over breakeven sale XXX,XXX right? ago, strong is is breakeven our which units, units. shade of sale, We're health pushing structural our

improvements can on that downside entity. assessments this the dramatic So risk you make on

investment a Investments, slide, X I quarter to close £XXX It million. lower. Next please. shade in Again, will say July, levels. be was did

see investments You where those were.

have this our at We work the of brought back engineers to quarter. back end of more

second expect the year So in actually levels half increase investment of I the do to modestly.

says the we're year, you'll £X.X full year our up spent However, of spend. £X.X with And first control think billion still see -- billion. that to in stays of in I actually the our at investment guidance half

slide, please. Next

Shifting surprise environmental to of Okay. a bit this update. you. little gears None will

of us We'll could get actually, the only coming us in together process period, things they We'll border Presidency. over January, into course, of the lives come now. be these the COVID, production. in won are us. the may here course, at of completion speed the that May later. And some is the of know friction will get some instability the on in and people's period time. I means Brexit, there next surprise that winter who's week Xst at again, that the potentially, worse. think of at for and U.S.

will information moving back on So emissions come disruption based expect on things. And very you later single And within, the to very, that all continue Markets quickly. the out we've marketplace that's at sets just I'll touch off we will quickly off environment and operate seen are in the the moment. of would the slides. these of

Next please. slide,

Okay. actually overwhelmingly on the volumes We intelligence information, and use wouldn't time modest you from in is index IHS, improvement Obviously, can external over it see mainstream marketplaces. case and a over in particularly I've events standing But modest do of down sectors XX our binary months. all we regions the expect a just of our in any across forward growth going next impacts, those the mentioned. their

we us should. tells IHS So

Next slide, please.

Okay. Defender, Defender. marvelous the

X,XXX retail the actually So level month we higher of so in will the deliveries expect September the point U.K., month does very, going did XX the and we increased per U.K. with in were and the to fill actual now still deliveries and being increase will of largest second although strong. added, us to the as do also. coming I the order to X,XXX vehicle say consistently, sales at the bank from have deliveries Wholesale units units X,XXX our factory are very this, -- sales a market X,XXX get vehicles of in now to forward. customer remains the in and September increase bit was our -- start more

we're of So of year. additive reducing, still end And which XX, sales not the banks of sale they're rest the the out this this increasing, Defender at actually for year. in including goes position sold being order of the the on

performance. Next -- are slide, overwhelmed please Defender pleased with we and

slide. Next

our new our lineup adds DXA of Great Okay. architectures. are PHEVs. These actually to with

big is one upgrades F-PACE this interior Velar, the also. So and the

think and European half well. growth our in also it particularly so year are of we off will underpin be vehicles compliance as the these very these be we right? enhanced to U.K. the will Emissions in of also the back and regions, expecting So appealing, sales second compliance,

please. Right. slide, Next

we and are the only the lineup where this, about cover time left we to talk from overall perspective. PHEVs. X an Each from on MHEV There's you a vehicle of off. So X on more PHEV come covers our

now announce announce will as I'm well, but year, more second is, to three to vehicles, not And to obvious, quality, tomorrow. of U.K. determined the vehicles our that pace the our actually the PHEV so MHEV particularly and actually range go region which come later place you becoming that then the the in range. of that's on cover second these a European be position additive adding will on the to E-PACE the to quarter through in the will say particularly We today. quality, second most but in as MHEV one all of the that sure is half in But we'll the bringing off. by the marketplace, year, We're it's to time, a quality. I'm

compromise will not quality We for speed.

marketplace. get deliver to vehicles will them we before right these We the

Next slide, please.


are I we U.K. of overall year. going with this so by green the our I'm Lots region. on calendar targets focus focus where and on actually to compliance on for won't So those. page, Europe

have as July, PHEVs, later will in part the of They marketplace, the delivery the delivered particularly, been anticipating. COVID the those by impacted a As actually be delays. to mentioned than originally of to which, I are and marketplace we are

quarterly in up Europe, result a added four of to results, within year. of end we to As our first those last million. pay fines of reserves U.K. for we've need potential all, will our which in and Reserves we quarter have £XX results built

-- year, the basis. obviously, of registrations this were will year the of also will because, we year assessed a be Now PHEVs, for And new the compliant be the QX dependent I-PACEs. calendar QX on on in a course, fiscal compliance but calendar number these not

hopeful And the quarter is balance to this the reserves the for adequate. fall. level So start in those in, we're we're reserve of now will moment,

not compliant year are a have dates. These year year in We calendar fiscal lineup calendar 'XX. dates,

And so simply those through will quality of quarter. to it's case delivery hands, customers' vehicles progressively a just happen of this which

please. the Next wanted the been you I we've on. to Off remind back journey that, slide, of

from Our levels. target XXXX XX% a reduction was

next final U.K. progressing markets have But into calendar the quarter. European compliant that these get we quickly to in PHEVs. a our point this when point that post introduction at in we be and will We year. of fleet We're overwhelmingly,

over XX% team, of the by period in job great COX that reduction a time. So

please. slide, Next

into sure get We'll Brexit, Q&A. I'm in Okay.

similar base of European again, WTO and want a into there about the we we our what then And Q&A, it there's anyone If the within becomes the most we're i.e., the Canadian expect. arrangement get deal a to has trigger should and base still a as ask. details European is true, between That no quarters case to something becomes will means, won't Australia U.K. be say talk very the still I'll Commission, the position simply our Union, a like that case. if with that tariffs. we that Just expecting deal, that's to deal

please. slide, Next


expenditure. So Charge are of what people We don't well, investing, the controls so does done best, resources and are We so. balance of are investment as this we underinvesting? tight we It's it appropriately to year. done that ask, over starting and has over think to the cost believe will grow appropriately we speed us come

forget, Don't additional quarter, almost £XXX million we This did quarter, £X.X savings. last billion.

have billion we on basis, in So by the cost measured inventory way. the a all profit total, investment a first variable year, in the reductions made, £X.X of at half and year-over-year worth

notional what the prior internal against targets. we isn't year. did stuff versus this measured internal This So is in

confidently, to within like would we say the where forward, to year again, is come for absolutely that £X.X this reach. billion And ask target people Looking going it's from.

and it's Also, the two, You've on XX-XX investment. in we forward. quarter we're going done in seen investment profits, mostly that's broadly splits about expect the and cost

at at quarter that two. £X are billion end level We of the

slide, Next please.


to So just for the looking Xnd the that we're I set don't the attention quick discussion, Day to think points there's really up any Jaguar overall. And just on The words. and to here a Investor new Investor December; Day, forward it. December, quick a Xnd Rover, say summary of anyone. draw at like to I Land for I'd to a of ask your Wednesday, Thierry few looking we're

the wouldn't investors. Our a to mind, just few new if you CEO, saying words Thierry,

Thierry Bollore

without impacts unprecedented presently health of goes hello, the the you with Well, the my and pleasure of everyone. facing today. as industry. myself saying challenges are economic that CEO Jaguar introduce COVID-XX. Bolloré, to Land Sure. Thierry it's My to Adrian. many times and Compounding, new you Well, very Rover it other Thank these much, is name

and Brexit, and a few. technological political change have uncertainties, We such trade to rapid as name

talented Land profit Land and achieve team long-term the generated what times. positive what business I would the will confident about the say Jaguar Rover this to sustainable Jaguar I ask you about able is the be brands in a the to like in However, still I'm through think iconic for of an I is [Technical changes you Rover to make; business. year, quarter strong reviewing like with future and to the flow of company and Difficulty] these employees about vision and management to just with testament know That a this, however, before to a or manage more iconic cash profitability. business company company my to joined might of September, the I'm the and the of this I've expect process end then of I many future

you you So I look speaking Thank forward very to again then. to much.

PB Balaji

investors Thank Thierry. on main the towards engage the Xnd of for is, of all a December. lost bit he Basically, scheduled Day is now very point little that We you. his keen Investor the the end. be to you Thanks, would with

there. forward basic look is That So to takeout. seeing you his

Thierry Bollore

Absolutely. Thank you.

PB Balaji

Yes, thanks, Thierry.

your Motors on flow piece. by vehicle the from X,XXX EBIT XXX I bps. as there business, after despite positive cost of entirely love really on this most line to sequential by happening free new domestic the interest a Year-on-year XXX definition And EBITDA work you that's of in improving is down passenger the call of movement the line led amount Tata Revenue and per INR EBITDA, crores. strong revenue last again, the cash holding Moving broadly was line, reassuringly about which with in growth at what still tells bps course, performance. what X.X%, the almost -- improvement would and year. to attention to PBT X%

many month in the of compared something in way of a highlights, that's call-out please. stabilizes. EBITDA market with with Motors NEW the report, if CV happening but what's despite has a quarter-on-quarter heydays improvement sales strong improving Next there. but with was momentum weak. Passenger were where And real Obviously, boil. chain me remains which you our the earlier, asking go the terms CV. share demand still call-out, course, of Tata to given achieved. breakeven. through terms noteworthy but FOREVER and supply we've is Glad of to been portfolio to CV mix, still positive increasing Performance for had the demand absolute it has on been is improved cost coming it gradual market earlier vehicles, EBITDA summarize, to the within sequentially, improving so definitely been on really of as side. October in share. of CV, was Very weaker -- long has slide, improvement

quite at out earlier. of course, are our Strong while X.X%. flow, We for cash highest we at EBITDA probably a free have ever called

slide, Next please.

this other won't spend So you've this, than seen, time on already further on the so slide. nothing much I what's too

Again, flows. cash Free please. about. Moving, we've talked

no comments on So further that.

look of skip the slide, you demand, slide. we I the You as into cash can a between out crore And minute We working are we can savings. bit we this delivered INR please. capital point, on seeing in because investment move commercial have X,XXX against future, X,XXX forward vehicles, into had the PV. here. spending, Investment very INR a Cash and the this numbers through a resurgent are a of crores. the INR we in savings, called particularly And X,XXX expect that, confident movement coming crores. delivering

ensure XXX need are INR crores crores to Keep we in will prudently we is forward as to the X,XXX moving. confident catering CapEx while strong, managed deliver and are delivered, course, INR but very just of So resurgent EBITDA that reflecting -- we'll of. improvement Move and that which demand, the is profits the that cost well.

chain supply On as need or do to vehicles, side, to which vehicles Civil be win on to that had to Supplies continued X,XXX commercial is month, M&HCV something, improvement -- at well Pradesh share. call-out is is vehicle improve where and has of coming XX% stabilized we at the shares supply, It issues our share, the at The we've some will for an recent that, will the the sorry, small fundamentally market we later, the The us in of state segment as something than But schools there. there. which issues is will lot in of happening will to work stabilizes half which will talk CV like be chain home forward. much passenger, I'm a more buy. call-out from see because second supply happening help real being you this undertakings year sure not don't Andhra where starting post-COVID. Girish and Every month-on-month. out not transport having commercial of there improve well the market see in the are seeing particular working we we as money XX.X%. Move as share of

overall the actually of even because financials, a mix and On being we in a our retail. has the terms M&HCV -- weak commercial position despite within further. very overall vehicles have decline that, revenues been it Despite improved

than higher the being retails than we just build inventory X.X% retail wholesale mix line. Move sorry, EBITDA find overall being forward. the reflects at post as And BS-VI. on higher situation You'll --

CV the market On update.

I want take think but do Girish, talk Q&A, this? I'm a sure Girish on you minute run-up is about to quick going a in to there. the it

Girish Wagh

segment put Yes, thanks. M&HCV I Balaji seen and out, across see we decline declined X%. QX. we ILCV rightly, have segments, by think, passenger SCV Balaji, by The which Yes, the XX%, XX%, in by as has XX% so happening

has declines September, July, also see good is if this And in that August, reducing. lower within decline are this think the QX far QX, than thing I these decline. been the you

September, So M&HCV, it low was quarter, XX% a it single-digit if for month is the matter, of decline, decline. for while the take very you that for a

at XX%, SCV Pickup, the by volumes as up actually this, in now fact, almost quarter. And segments. the was September commercial this result salience So 'XX gone it's vehicle small I higher in and to in up pickup picking all compared the and are so of has think September 'XX. a in as XX% gradually,

of and the demand, status. also about although sentiments E-way bills, going gradually is customers have going the And satisfied macro Rural strong. level, some we utilization are that is track of within good is essentially, things all us consumption, up. that very future, for with we segments so not the the Fleet know, GST are in they current the as collections quite at that, improving, all going seeing So been up. and are petrol optimistic

infrastructure the well see driven think very I And also mining range We really range. across BS-VI received as in good especially our projects, has as been happening by well movement highways.

We have which in is the to recall a leading and seen fuel efficiency minds very benefits, TCO the positive of customers. good

And as go metals, going ahead, challenging. we month have but of the both flat from of precious spoke Thank that of because working of I up demand generally, low is go I a to can Balaji something long only on very think working the commodity passenger, prices passenger not Prakash, again. have and for already so the think up started the we not home. And gone the lot challenges slide? schools employees also steel, from October, you. Some next steel,

in the been doing? that buckets about call. we last So I we earnings Again, think what is spoke have same that it

is demand terms prove in a on-ground BS-VI on a lot to the of I so focus COVID products of lot reducing, as generation, back-to-back trials So of of think superiority. intensity there's activation, the

services, uptime warranty. value-added guarantee, of is it or lot whether a extended turnaround platinum pushing are AMC it guarantee, time We is

EMIs lot being is up, customer, financing, of the done have in in And closely been especially are the of to of good financiers brought across. are by by work appreciated era. the BS-VI lot which a think the era. being And that coordinating schemes equivalent I with BS-VI ensure a these lot a

a up demand chain, on and we ramping on supply fulfillment, working clear focus the supplies. terms In we the are debottlenecking of have very

is improvement, good there month-over-month, a happening output. is think the in I which

of are We driving in also lot manufacturing. flexibility a

example, in for QX, of So X of high-impact our had locations a plant COVID.

to locations location this that COVID to impact. the it minimized. some some working of the then see position to a Similarly, that has other are at also vendors in shift production were we therefore, our impact we think with I variants to negate of and

now there forecast daily we supply. that a is process and bridge having and good to operation also ensure between sales demand to almost We are planning what are able

track. cost And time. fixed I as on want focusing mentioned. a sustaining Balaji all is right operation on with the expenses, CapEx, our of reduction I now deployment. coming But choiceful to to On spend in are we think don't I cash in cost on conservation, reduction, and are more track, initiatives continue pre-COVID scale although increasing gains back we levels. the fact, think

led of CapEx, to increase we are good in other controlled but working Some which cycle, to otherwise working due volumes, capital with tight we Balaji, are in back cash the areas And a flows. has very, areas. you. very spending to

PB Balaji

Yes. Thank you.

move. period gives So to is a share sense after let's On a commercial going. of where long you vehicles, time. Call-out of that passenger is vehicles X.X% market the

starting Tiago, as So course, are we this since move, watch now Nexon, this Altroz Tigor, that is All have of to to starting nameplates and the X now there, out do particular the Harrier, Q&A well. and said, really And Harrier Altroz, about is I'm up pick going talk it really as seeing sure, we're momentum between segment. well. this space. to in And Shailesh, in

architectures. niche of vehicles a XX%. we are growth half these plus Alpha on therefore, X first put there see out that to growth minus Omega happy in And So industry and XX%, the an of

quite the noteworthy because So this lockdown includes period. this is

there. industry strong volumes And X.X months, delivered despite of Nexon this now EV has very a a is market So share with lockdowns, shutdown business complete almost for XX% XX% growth.

being what Move now back don't And now revenue point have quarter that almost, So that results there's X,XXX flash P&L. this business this is talk of it EBITDA breakeven to of EBIT at breakeven, a is INR over starting nothing before. the this inventory of And also next next where slide, is was into there. many, get at the growth, to. then in wholesale anywhere. overall, is is XX%. to no We cash There's over is the extremely which was It to about. the Move home pan. And a yield XXX% in not retail to to PV target quarters showing for what crores built to many And high is absolute is clear is X.X% out numbers, and are in and time. reimagining to reassuring inventory the a we forward. on focus this on please,

the driving happening Shailesh, in to step-up an So what's you. understanding let to me this for hand performance. what's of over Shailesh over and

Shailesh Chandra

Thank you, Balaji.

sales the actions So have in to some in months. last that of took improvement of the that kind the seen drive X you we key

was COVID seamless the dealers, to This cash fast demand-supply the rotation needed what capital initial in of what this is in cash were have trouble, working the double a led therefore, what especially essential do it able align flow in times. market. retail very months. and But ensured foremost the would this Otherwise, was and that especially production flow we synchronization. First capacity focus And been to ensure the on for dealers. was of was us the absolutely the -- to, the to

as mentioned, car, we all it lockdown that and market. that's action was product the FOREVER April in was important took while increase in that consideration really X Balaji X go call itself. not or helped low, why our a every all in of very our car portfolio, us cars. And of And of that NEW doing of we realized we share of far well well not from the also have to so. as as our only has years, July took some doing a high awareness but on Each are concerned voice in is that and also cars we'll are our not most and the earlier them second right interviewing story X their the customers The about We period, to is increase that we that awareness who were share voice. pull the the May,

the like also of on portfolio the policy have not on enhancing jump well; dealer some in a incentive the we that action that which that to was section with the a the And policies, now incentive profitability. meant revamping areas growth to of I'm at specifically our significant share to third happy a significant doing the The margins which that the with time, revamp the of which were very are were products are the And dealers which said wanted the who structure, majority that significant also. dealer the structure, dealers aligned portfolio, same we And action drive, done, profitable of not there profitable. we us I seen. was and took have in we specifically in enabled the of change growth diesel kind

action and as traction digital. generation So really on this booking also fourth the far us our helped has was concerned. drive The as is

not the the houses out to their the to in As pandemic, were of of showrooms. you know, go times customers ready venture and

of an important digital bookings our where experience. source drove that, the for brochures, was the and actions immersive back initiatives So of we could view a the inquiries, video took several Drive really and And it on of online lot Click could especially the customer get us. to

work markets their initiative, that, last very digital beyond network is rural there focus what a hyper drive in are market, rural strengthening, will have also nuanced penetration which outlet which also is local one micro urban marketing and cetera, our several which and markets is identified. for -- and includes marketing key holistic initiatives journey. focused and seamless we experience that we emerging the customers et expansion. that marketing micro on we And of for a to XX with expansion, have activities, enhance set taken, in working So are a market entire The EMO

are these Back performance X of which this the last to kind Balaji. in led you, months, us. have the for we X, set which of taken has to So initiatives

PB Balaji

Thank Yes. you.

to when is one area go Motors the slide, is Finance. ends. September please? express So critical to Moving to did as month moratorium the a on want we watch next where Tata This we

XX%. a to been have things had that The anticipated. share actually CV see to what happy had than business again, Here, market better we improving

market be have never and will because never removed we up shares the consciously are share -- market have PV, public competitive banks We we absolutely here on there. picking humongous sector

with -- significant PBT below cost-to-income focus are something So is overall, year, coming X.X%, PBT despite a GNPA in something money is despite of on deploying CV market And efficiency through. is really really this share that a reassuring. we last was has at overlays helped. ratio, choicefully on focus therefore, And positive our it moratorium what

business, of extremely at now been at concern highs this has from that are XX%. front. XXs, then the strong the XXs, down XX%, of We in now on below course, at no liquidity And now XXs,

will we look terms at move So efficiencies its its double-digit of this disposal. a ROE as we and tighten as overall ROE -- X.X%, in Move it business forward. to

is business to next you've to are The years become for costs portfolio ahead, much No demand slide. better the deleveraging slide. new focus positive. to cash cash the to call-out would as areas cost sustainably seen than and half all have news second than half improves the there first looking X to over So be see. is other and of the And there therefore, manage harder. execution key committed and absolutely And and expected the continues this Last exciting continuing our we're I drive brilliant tightly. on our focus

have. there TML In there. JLR the to strategy answers you will of business Xnd dive me and question in any -- look may and post December in that deeper it a terms on both back more be let this, you With of the Xst obviously seeing and COVID, you forward in for and to hand

PB Balaji


this View, coming seeing through call. already on live. think Moderator the the it I is started chorus questions MediaFrame we Anyway, says

segment, are record at Defender to you driving provide order medium Adrian, take Girish, And margin? levels? Pramod First item can declines wholesales heavy three, great and was probably and retails you gap and the gross of please and going these Number to Kumar, the update on share can arrest across X? Congrats explain X-K you a Goldman to Sachs. divert and performance. do vehicles? X Number sustainable And one. one on And are item between you what three. customer since commercial I'll market two, from ASP current say, is the launch? book So an CV What

Adrian Mardell


the you Thank for questions. Balaji. Okay,

grow to taken May we're quantity that rather looking our actions only had of think, sure the including overstocking of health we a making the cars needed including in that number I'm I margins, June, So sure building margin April, sales. from We've making marketplace of on the we the we're than to record look, saying, with and build.

back off the The the course, and that's time, brought plans off Range the in Solihull to the our with back Defender, we demand-led where the plant And come why on same to quarter of speed brought a we Rovers quickest Nitra, performance and So recovery. are the built. good. has up has been builds region of Discovery. been at actually, which XXth in Starting the year-over-year May, China, China, back based

China. units our in I on of margins and, think are you know from we therefore, China sell units healthier SUV-X more the those

U.S. growth quarter in us, million. profile refer and releases So value performance back driven reserve also, some strong residual has of back VME I £XX the change the to for of a the regional margin

our headwinds those as those -- million reserve over £XX an performance difficult extra negative suppliers. and cost had XX we've reserves get the within to -- case just on PFs do which Although in for cost we down offset booking marketplace well, releases, including just also compliance don't a

will gets of as wholesales do and go customer place that into I higher retails -- That then hands. Therefore, to half car our lot then actually that little course, wholesales, So production, to customer's face from be And is that year, overwhelmingly, the there's between in The has region. we built expect or particularly the a course, sale, cars dealers And a into because, Defender speed the us into will own therefore, our our the of through second Defender, than into because underlying customer. left to the hands up, continue yet a have don't into of then into there lag our of XXX. return sales of the now enough vehicle. in customers' retails. the would on China the order banks is of an but Defender of is of bit all-new health hands the tell

be onstream the get Again, you'll to see initial customers vehicles there's XX hands. We Production there's that The quarter well. of profile expect, more supply the in the The will are because, the will estimated year as sales the big will mix ordering order when at are mix customers' will balance throughout stronger healthy than X higher days sales. this banks strong the we course, four. is message lines bring here the and same we retails demand than than the I in that the fiscal early out, outweigh the and later of they down year. have level the stay and Defender worth we those good wholesales, And anticipated will sales as months' in minute, of into profile. of

attempting happening possibly into to can. nothing apart as customers' from there's soon get as we those hands So extraordinary vehicles

PB Balaji

share Thanks, Adrian. going on and heavy say, Girish, declines across would question you you market to do take are the the want CV what segment, address commercial? to to medium

Girish Wagh


there, has which supply-side this essentially market share constraints. decline, see, been is the So due to

June see of in I have shares, we think good. I of the from chain. been can you supply the terms debottlenecking generations pipelines the market increased quite grown, consistently May, to as availability have vehicles starting month-over-month onwards think from demand the And our have get of

look we September market alone you almost close had fact, in In share, think are September 'XX. what if to I at we

double than HX we supply-side to addressed. was in to journey. going recover this will HX, continue know, a think it the very So in us therefore, as market the in constraints HX. is And total what are good on this And opportunity to as we give industry volume it be I the more going is of

XX%. factors of And the mentioned, key small here key think to at the in commercial actually level. overall salience this the and pickup therefore, the is the Balaji to gets loss segment be going aggravated some vehicle any actually increased also I business think I that has where

only pipeline around bagged in the good but Pradesh's also So recently the vehicles. market we is here, this retail is X,XXX Andhra not from order supplies

this in Balaji? is will calculation, market the either or QX. which part the segments, back across beginning all all So share of to us our get of towards QX help

PB Balaji

you. Thank Yes. Girish. Thanks,

question Second Indian Poddar, Fund. Mutual Prateek comes Nippon from

other? your pruning to the the Is at starting the Would addressed Let that. nameplates brand respond in that relook me you such cannibalize JLR need view? product a positioning there look question and models each to Thierry. to at Jaguar of First don't portfolio

to of has Thierry as on as be I you, up on makes this think I conversation we to -- he's that mind Xnd my response wait the that to he said Prateek. rather keen December. us for his would speak would

that. the indicators up are talk indicating? you predicting is question that, question, to Motors among say demand, that is, the CV and is want they has leading Second Girish? of M&HC Next you it pick Girish, to can Would to confidence how after Internally, about outlook take what operators? Tata you for I'll M&HCV

Girish Wagh


indicator improved, is we One we And say, which index, I mean with the from that Index, current to can this and think So also significantly indicators that kind that multiplication they and what we well of forward the of QX, lead what infrastructure, we satisfaction to another also at, that expectations as kind to M&HCV is e-way future good. as which e-commerce, that, is that the slightly happening is the What is of look kind indicator. of first all, output steel which bills. the mining some firming the what of spend, from of the agri so is is expectations. the course, the which of have a means I Consumer and of I on these of Sentiment up, produced? the sentiment one. while good industry? are improved looking the but internally number are is see the this is track future looking seem indicators most Number kind status thing the these cement of the think is freight good indicators to utilization as over see their current of gradually are of two, over some And we the be lead at. that doing rates status the is fleet is business something In grow. well, QX, are

the by But QX, just it at quarter, degrown X% XX%. if degrew it degrew X%. the by I only almost in XX%. segment XX%, first think look September, to you the As of In I had by M&HCV said, month

last So what year. commercial with up heavy and are vehicle, growing gradually, in volumes and were medium catching we

was Of the course, last decline which year of high. itself was over amount to year a previous that, good

vehicle the Balaji? overall, do place. think medium should that gradually indicators some of heavy go we as are in we go And lead I falling and ahead. indicators demand commercial therefore are up see So -- the

PB Balaji

Girish. Thank, Yes.

BSVI more the platform also it because with. remain from over are or and in done is to fair to are investments PV And I CapEx investments term is given will about anything. continue capacity investments over in are representation question same Third [indiscernible]. And demand major think here, medium want How investment the and that presume should your domestic. don't tight. constraints the lose of that we time, at we

So very but choiceful through we don't that that, expect be I here. will about coming

of X,XXX that of to INR imperative should very ballpark So saying deleveraging and kind the crores also INR the have in and we because range a business. be we clear crores around X,XXX

well why pay the So will talk flows of net cost. one about start as debt, flow saying cash generation the keep changed we to is I free as to interest definition more cash earlier free to off down saying that we reason

available to is the CapEx And a will the time, derived from same pay we So that know number that, At not compromising on down money therefore, be that debt. growth. perspective.

next Gupta, question. So the That's let's move UBS. Sonal to from

that to to this Is BEV targets. meet Can in share should EU For JLR you terms some of for JLR, the can Adrian, volume you indicate the PHEV, FY what was the be for provisioning quarter? share for BEVs indicate do meeting of are You 'XX? EU and you want for what up? Also XXXX PHEV? plus pick U.K. COX target, you need achieve? was to what the fines QX [indiscernible]

Adrian Mardell

for thank you, question you Yes. Thank also. the Balaji. And

our market, X%. the first, and the of into X% each into X% ultimately of we the divide X X.X%, we data will as time. expect of Europe, the to show global and I get X% to quarter increase so you by three you be quarter period go both presentation, sales. course, will the speed anticipate And of to market. is the important. given is percentages those the given PHEV through or driven But course. that sales be And we've actually partially, speaking, The double-digit one of that divide release increase, XX% of for We've up guidance is vehicles BEV in in PHEV marketplace. U.K. So as level five would crudely or Normally a X% world course, our X of these say XX% and say of we into will you out. and times That years next the if we XX%, PHEVs broadly be guidance these of to

is XX%, QX. XX%, XX% will BEV of those stroke expectation units So sales XX%, our levels PHEV, in be

grew yes, June. reserves the forward end were about million just Going They to beyond that, million the at of September. of at £XX end £XX

million do quarter, the million. increased about actually that balance -- depends to £XX We in release those I million to by those we So expect on but million, reserves mentioned it £XX of really come i.e., the year, £XX QX as vehicles in earlier. £XX down the this of calendar fiscal,

PB Balaji

Thanks, Adrian.

from HSBC. JLR, Do the you for is Second, share... E-PACE the Aggarwal, to and Yogesh market years? Again move plan over question Adrian MLA to coming coming on XE you. Next platform

Adrian Mardell

No comment.

PB Balaji

quarter. clarify, provisions. part particular in you to I'm Okay. share of it is answered China. fall Market think continues behind already Reasons question P&L I not surprised. and this that the on the of To Yogesh,

P&L. the outside nothing So

market on take question Adrian? share you this China, in can So

Adrian Mardell


sales China we -- metrics -- that been is vehicles, this quantity of I a number localized China. health in absolute is health previous we So rather -- working you of sales about we've quarters, sell China show -- lands that particularly organization sales. rather talk really than the than there's within rather localized sale. number to than we've of of And been actual sale, -- of in shown greatest the use than where including sale rather that our on we We've think

inventory area we including months X.X were metric, X.X up the at on metric. we're that on XX% have the in So in we which actually to including and that that sell metric vehicles the of responsible on and level where actually XX% with that place. Dealers,

we positive. our which at territory have positive cars make a be, dealers in quarter to return like three. metrics on also money, dealers, we to course, the of want they We Dealers for and when your sales sell to returned

underlying a units in support. result the put marketing sale actually in import the X% health we drive, quarter. that, China As We around variable of business reduced to behind of the

of half we're So about sales.

selling business. margins in the and And seventh size SUV-Xs the this know, in highest China. with within times. their import incredibly strong that you point we And rich X eighth incredibly feel business of at As are and the units the those vehicles, is scale life are of from year our the

deal we China. So forward, pleased -- target. very, going in as can those we a we're think better very but by where do metrics We are driving said we

them to We expect hit that target.

locally them rather We their sell region. that to expect outside of than car

we and We we and expect sensitive them think lower have have are them quarter. to share that the market, going about forward And expect again profitable, we stock things, in levels, delivering all to we those absolute also. of of less things be although delivered can those we improve

PB Balaji

question There's on or a the question Does models for the Yogesh, keep this more want I portfolio strategy. lesser? as said, X. December CEO on let's

ask the question to policy? of Enterprises. Rare Jhunjhunwala question? scrappage I How Next Girish, Rakesh important comes Mr. that from take is can you

Girish Wagh

Balaji. Yes,

having important. September demand load regulation almost with seriously be years axle I for X replacement -- going the since a of increased has policy. last very indeed back for to up demand we've window the say, and So ways downturn commercial the policy internal vehicles, create started most scrappage in scrappage Because the coming been that is that think was when over very Which low kind of the April, notified. then therefore of the seen

is of appears based to usage the the be also how now, is assessment it health and to vehicle be it scrap. not on it some it to not found going basis, to the being the the going years vehicle the assessment disincentivization if scrappage some vehicle as but be number subjected and think depends is defined. safety. of then norms, think meeting of on emissions And on of to health only policy forced and And also I is I of

think So the will appears scrapping this is I it what policy be.

an this, by the to centers across manner be well to scrappage addition as assessment across country. the organized centers health country it In as supported also in needs

forward the there ignite two which been the So to replacement we the demand, scrappage Balaji? was not it are because of amount fleet will for indeed utilization has low. last policy looking some years because

PB Balaji

Yes. Girish. Thanks,

Edelweiss. Next question Shah, is coming from Chirag

in can you are it a on Brexit, because what had if there. questions kind today one models made of what models will after there And of there EU, U.K.? take be we'll party other that? be First out to? a question with And lot what for make needed investment excluding Adrian, forced Chirag, you it.

Adrian Mardell

Okay. Thank for and you. question. Thanks, Balaji, you thank the

our Slovakia, our models build in Steyr the the Austria, at we build Nitra Magna E-PACE the on behalf and Defender and plant Graz and in the I-PACE. So Discovery our in

So And we within and intention those across to really rest the to to build shift have the models of it would don't course, U.K. Europe the they're are the today world. do to currently want or we so. speculate what the models about cost other whether both other of plants in shipped Europe. globally, I to

Day. of may And about All Investor from of are of things get strategically the we as types a these on we footprint less. questions these models talk choose perspective particular to a emphasize are possible. will Anything or part rather model that would into more we which going forward the than

what lot right? Just to anything, So you speculating we can a do things. do could money -- of costs

would clarity going should of an be it which wouldn't actually The investment after XX good very circumstances the what without long forward. at are trading very, return to be that the us days. quickly of So really likely do the time next we assessed a clarity on news over come course

PB Balaji

Thanks, Adrian.

skip volumes in strategy question third will is, me capital, priority? the flows, take mix. here terms on drive portfolio So free of order what that. I'll Second working one that. and of on, or and from let cash the is is Question profitability,

that. pullback capital are in previous combination that will profitability. The to correction two, see, credit Of fact, of quarter. one volumes was the always be talks a base nothing I some to driver on capital since the growth, of see question negative happened have, strictly you going than is extent you your driver The the unwind the that And a you therefore, capital other the also it the saw out be I main won't that And you working working to going think the and Chirag. called you will coming working think more seeing the and the we but forward working through, quarter a than that forward, this explicitly. actually starting set. capital of main profitability, get next

will -- the material the of extent, cost come end savings Some of towards the in some particularly JLR the year.

today, there. start an on start flows, through the So the operating see is comparison us CapEx to less you become is cash there if coming which playing will be improvement start free But volumes X. That why near have cash sustainable. for up to positive flows turning to needs to the

the have want same share do would look payable In the is on we what it? our It market past, this Then to JLR It and of yield you more How you that's don't adds a all at first in share, are, need is share. your that? to go focusing payable. rising But we industry intend we're on. of So norms at profitability. comment what question adequate failed to on we have the terms the question market rising payable JLR, on -- payable. time, a market beyond to the question is Adrian, second rightful that. days in this to market. not particular

Adrian Mardell

back on I'll sale. responses. the of Yes. very, health very focused to We're go previous

share predominant. but market health more is is important course, Of also, an consideration

the will actually last see forward continue powertrain to to of started do So will that. going volumes part some actually We well. also increases over program in we And it were take loss-making. which offerings, you Charge most the X that And think where now we of years, in shares is model to to and increases the course be. have, as as a X needs is of and

PB Balaji

be into as ask I'll push the but December which more question, mark. rather BEV, it than something PHEVs that's again, question X focusing you your peers. the I'll question, compared to last The seem to on BEVs

X? want you series launches Or it to would you now? this of defer a to set and announced You question take the expected December Adrian, targets. aggressive

Adrian Mardell

simply mean, lot I targets Yes. put, our have we a different of competitors. to

Europe. There's smaller up Of XXX,XXX a U.K. course, volume in a units. to we're derogation value and seller

different into. the to That or understand, years of themselves Day. things the over next get will some have differently will works to will us. which through for because means phase The rest, is the X drive X Strategy need competitive do the next not more aggressively. we'll to -- will strategy X very, That late over X to XXXXs. between at it strategy, cover over need things we it or They years, our just the very next we do Our competition

PB Balaji

Thanks, Great. Adrian.

it's are new So BEV plan plan competing we we best launches What think do moving JLR's that. the from when several the as up is years? do more answered next next Kapil coming X strategy? Adrian -- on How Nomura. launches question, just to in Singh, I

you're go? Second, below -- a understand be that if are talking going we CapEx guidance what us are to be maintenance I that key the have India pointing back. in may the sustainable put 'XX CapEx right, for in not we that. we that, of as JLR of is Below which if CapEx and -- increasing business? I does sustainably reason when the the if think numbers difficult for the you India? to saying What out maintenance models is have have you're to for recollect, FY growth level think about, next are the for it's what cannot I you come year CapEx We the post-COVID, business. probably is that

in account of of to the for level, none be business. going main will believe we of that. availability -- PV, that at deleverage Adrian, you're this you for if are in therefore, therefore, the the growth you continue do And we values will So CapEx model reversal do through we fact our to kind CapEx few see we be dynamically don't towards can with will there. corrections need But need And changing a CapEx that rates the coming because the out market? to Where as -- to this you We petrol, mix the XXX% changes at that CapEx. will look really up? scraping than pick is would want U.S. to concerned, assure far are barrel. all significantly is as is higher signaling of the India residual focus

Adrian Mardell


course, releases, of part provisions. sheet. a it's balance our it's other in It's VME, So on and of the

PB Balaji

Got it. Thanks.

So is moving to question, Motilal which on the next from Oswal. Jinesh Gandhi

benefits quarter? quarter? what X% further to from of dealer For is at reduce JLR, the Are looking the And you there VME second scope third any in in to inventory further underlying levels? reduce the VME expected furlough the

Adrian Mardell

the So furlough scheme to overwhelmingly, end. coming an is

three. VME people, As during had 'XX you we model scheme, U.K., years. extending period, in the year we're well, was progressively the into the quarter course, levels of will think those three in quarter I 'XX arrival of the the X,XXX it business model back would in know, on October they come pending

be do particularly Europe, products those higher I in So season new to us, good programs than a VME for in as a slightly better will measure selling there. right, quarter will out It's it, expect QX and There's overextended we four. new and out be U.K. X% those us levels get for there. QX,

it's time those quarter. or place. X% is X% expect So lower levels good you such not And for for for maybe I've is end X% said or of point that high this when X than us, the to a below into at even above X% X the end place quarters, I'd be in good to at rather a

of half sub-X% into in So of the we're looking that to year. get place the back happy second

PB Balaji

the So on EU is question next potential fines.

from have we please how Will will vis-à-vis point is -- is, it fine? The provision And skip competition? we next light you later questions, Could on? covered Citi. do be think think some be be the these the EUC for Arvind Sharma I -- it of key will shed therefore, question I'll also, that. and I on offset stand it COX later

Adrian Mardell


are a fines actually year basis. calendar assessed the So over

this quarter. us be for hopeful the year. do why in calendar compliance in really we're And this will a therefore, and we're We is because this a is also where believe So a last big be quarter the third lower amount for of will quarter the will and it's than pure the second or year. actually of credit, it hope fines next quarter from the fine into ultimate actual be end back year. payment period £XX will this be The assessment million at we the quarter externals would the the

depends million earlier. as the the actually we do it's hopeful reduce. going So we're mentioned on expect of coming get, £XX it and timing those to is to through, really PHEVs worst It

PB Balaji

product PVs, from market you. want to on are able you perspective? the when In And portfolio that? Thank like your be gaps by again what to would of aspiration Jinesh. moving it? on to Then next India that question is Shailesh, achieve from take And coverage fill? what the to you'd you would

Shailesh Chandra

Yes, Balaji.

we the that growth. smaller seen then demand And also, subcompact be hatches, compact the SUVs, years really to we which be SUVs for have coming which One SUVs, in grow will In compact next including that other there see that is traction. X, segments. gaining the the years, five really than is will even in see if will see it premium X X-seater segments are So will one SUVs hatch be the we the mid-sized the there today. going growing versions the the are

we'll think, us, as we The well future. This the year, it. subcompact serve going and is which and which Hornbill. I named for that I very of planned have fill and portfolio HBX compact you transmission think is in as coming variants this product is version one as fit will in in SUV, launch is be one. when space. the the have the to version a if going DC, same see Nexon, traction, at in also. I as lot we it concerned, automatic we have we announced with we we as code a how far premium mid-size which Altroz, time, are already or the said, also the to our And therefore, entered Gravitas is had X-seater have the is the we And SUVs, therefore, therefore, refreshed turbocharge SUVs, segment gaining the as the space with this like and is this Harrier. But In us hatch

the as be to grow which are also. going the market and segments, portfolio will where in Hornbill, complete our to I of us. a for pretty should area Balaji. the Gravitas sitting And with widest have years the launch of be to think going Back aligned is where to come. And our the Electrification will to to increase plan, there those is another sweet So grow going portfolio in is in per much we portfolio our spot future. penetration and you, very progressively

PB Balaji

of we this And to something capture not particular partner getting this is from with will out wouldn't we the us more quarter, opportunity of here. which not last despondent. putting And of partner on work conversations imperative is coming better we Yes. underway. by Thank you, investor HDFC is quarter, say for of trying it did Shailesh. when are delayed? quarter despondent, turnaround definitely that's we about thought a done as what I were watch be a to need up, Makharia turned we I The do characterize point think you. said We as space. plans now EBITDA we I there. investor driven related the on don't the an are partner Last are and we comes from is way it There we lot that this will A And own as have in. term. PV -- share were Aditya It today. as partner, long our a find for business Securities. a tomorrow, our with happening. a move portfolio decision and with an Are breakeven. or Yes.

on Raghunandhan from moving Emkay this to So -- Global. is

segment? Let over of me portion on you areas the market or reach similar exploring. few is JLR over the be can tie-ups you xEVs years next Adrian? confident and spend of xEV the is Can company in share that the -- planned Would sizable quantify give some on R&D the and have color segment. volumes a the alliances CapEx also the this medium-term, luxury in for could a the EVs that

Adrian Mardell

intending Balaji. hit, confident? which I we underpin we're we the be Would will make. need investments to to capital targets confident you, be hit the Well, that I'll will Thank

as will a you Technology our referenced changing the think EV than quickly, I earlier, know. I growth little significantly towards is competitors. be slower

will we place technologies point be pull compliant. we the be We need want definitely need compliant. to to in compliant. the So We we be will time in at

be in of been the has to of 'XX. events. won't our taken year A we lot due out calendar unfortunate that happy are hands that We

investments again in to course, we will not down to CY were CY what's well, by going in as and be we compliant EV, break what's intended BEV, Of be 'XX what's I'm 'XX. PHEV.

point we the will on about our of what some information also. at in give we're and do lot you a over that years to strategy, we'll the detail the next planning talk X about to time X technologies, and of more will December Xnd share We more in

PB Balaji

Thank you. Adrian. Thanks,

generate grow And becoming to indicate debt win near be these debt in have again likely right Raghunandhan is a from all see in in terms this X that free also business the near our be right therefore, more As cash divestment And debt-free which entities These question important sales? how target to the this flows, considered there Second X, this in cash to we our automotive flows. earned Number are of we verticals are our led. will to we meet X. one, on of to to to using we'll get we win can for target? next free you operations continue X are market. indicate And years, earn said, be to we ensure and -- always market. please

one. lever very flow that important be cash being and positive play free therefore, So is we and a large an imperative, will number will is that with,

X are we've Tata Technologies that is will and Hitachi. lever be investments and identified Second noncore there Tata divestment, already

in these and that that We hard that remaining look that, a may not is have we we do whatever us at we But look business once is there's when point in at parts equity be that. will needed, will piece. and also that to the core, that earlier. time are were the for is X, looking lastly, you of we how we That's done it see core at therefore, time. future at at, something And then look that it, an have top-up take it entire

quite important business. are of more divestments and this important, So the even business cash -- free but flow operating

question The Can it And in is Pirani, next item, to from item? charged? about. clarify CLSA. the which Adrian? emission just think line Moving line we charge Amyn you EU talked which quarters for quarters, under I was already

Adrian Mardell

into goes I then on part think a reserves. it revenue is the legal it's balance sheet the and liability of product and

PB Balaji

of the in order is level of EV EU meet meet forms the forward? to penetration you emission and need going What need PHEV to you --

Adrian Mardell

percentages, double will be low double digit in 'XX. so digits It CY for

PB Balaji

have EU are between this level of and moderate what I you And the Okay. capacity? flexibility covered U.K. already we've think question.

that from is Defender Mr. capacity question again. Rakesh you Next Jhunjhunwala of What is have? the

Adrian Mardell

pull Well, shifts it many we into marketplace. pull units on. month on to a X,XXX how the We're depends to up looking

PB Balaji

better month. again. that Nomura, are of was available cross Singh, that I XX% at sometime to figure? least collection think even the -- and Motors But And what starting moratorium. were as October, Kapil collections now September but from Finance. are in overall, than seeing worried Question What mark, the had we Okay. improve September to Tata further. the about, We we expect latest we far efficiency is

Moving next question. on the to

comments. be we covered for Is I have the think strategic in this And M&HCV PV I I company think And assessment, And from CVB? I replacement growth? these for for is Capital. debt to report quick to Surjit a from industry Funds, its how to partner you would Sonaal Sharma, is segment? when In Aurora. your IDBI the how one Tata looking take Mutual think still want is planning could of company that? the Girish, likely demand my have Singh free? both that

Girish Wagh

Yes, Balaji.

month-over-month, indicators, degrowth degrowth quarter, one Y-o-Y also pretty that. And over itself, should same well. this quarter, think, but quite September, start earlier, few I [indiscernible], been here as the of with has been growing. particular low probably down. the in a see going in certainly seeing volumes least M&HCV said, the have at a previous the And or I a respect there still growth the a at kind within digit single quarter, looking yield, X of rate we've month. And think spoke seen new are not year mean in to very I So I month entire of [indiscernible]. will as doing We're lead cement, talking we infrastructure, instructional the this I

tracking then which going start M&HCV is a lead on looking I think growth are ahead. which how we moving, very these can we keep will indicators in at good Balaji?

PB Balaji

third JLR quarter-on-quarter, in would better Thanks, it quarter in inventory Yes. Basudeb and a larger the Girish. AMBIT now Capital. of next I thus operating approximately have question rise volume from flat With be going Banerjee, wholesale assumption further? retails to right control, assume leverage Adrian? XX% under

Adrian Mardell

and you, thank the you Thank for question. Yes.

are the back So where be. our production CJR, retailers we Therefore, excluding our outside and should forward, wholesale now broadly wish dealer as levels of of or CJLR, yes, other. will them good be their level inventories of consistent to a going XX% quarter-over-quarter quarter yes, And And guide, a quarter they be more. guide for increase thereabouts two. three, a with maybe is bit each than actually, higher and

PB Balaji

Adrian. Thanks, Okay.

Mutual £XXX Next is Axis Fund. JLR £XXX Nitin and questions. X CapEx million. Arora, from EBITDA, is million

which not we So free much working went flows. any It cash working How got flow? done? terms that cash of answered Because JLR the see generated or this in capital we of generated looks capital, -- reversed JLR of this higher think it I free question cash. in is has which the largely how more QX of generates reversal can and happen sequence priorities.

important back the cash free capital of quarter get because was This unwind. loss flow, to the working

us drive cash we done to going flows it of are be will that. the as profitability a obviously So that demand we forward, for well looking mix as have for. And free improvement

you're working I Second, we again, generating JLR China. This free cash risky losing are you agree share, equal at depreciation CapEx motorcycle I and doing improving a be that think in looking that of in which are running we're the your today. the covered saying that market saying in and length point to especially looks strategy Adrian has sale don't China health than profitability. on think Do share China the driving and seeing flow? market reducing impacting is of reducing at we will CapEx, rather there I like think to out

launched of We ensuring are us, that Defender an we a out dealers as products to coming peak top range continue in market as have well the our a forget of that between healthy introduce exciting ecosystem is continuing our that Don't products portfolio, pandemic, are we'll electrified we're the there. to we the having are into that and and there.

portfolio, that, very CapEx let that pay that implications And -- looking its will product going be will not this and on have or of you generate good not reassure will thereafter. be we that greater debt. December. and will a a CapEx company, our discussion So strategy, And we be a to forward are zombie a cut become would be me down quite about we Xnd where it think, can talk we in cash, and after the no that I have to the too. acceptable, sell there. But we That the silly detail

have Sundar, inventory, you this now P&L we On plants Are further that are yes, U.K. understand for see operational, quarter-on-quarter. we Fund. retail Shyam can been the from other Sundaram JLR, you one Adrian? us housekeeping Mutual question. Depreciation seeing inventory are pre-COVID All lower And days So [indiscernible], in destocking? depreciation at help levels. which has than JLR number? need

Adrian Mardell


again. for you questions Thank Okay. the

is North some there Conversely, are in where down. planet of continue rest partially North in higher, and little are constraints. to because to good nameplate, quarter So by earlier, two, now there are those nameplates would dealer at level, inventories the nameplates that average some are markets examples and within were overseas I still average, which some we'd of the by When and too we'll why quarter America take supply be absolutely break a them some are year-over-year market mentioned America that also markets, some which retails in wish particular, we be. in bit markets, which lower And down low.

Ultimately, go year-over-year a issues of resolved the still and are significant selling Depreciation the lower months as XX all Yes, of natural ago. was X through to a lot therefore, be much is expect as money, Range cars and quarter cars much those they've it almost overwhelmingly marketplace, just left therefore, write result gone not in four. in but the go well, partially Sport. Range Rover And fresh those now are QX that's result cars we market-by-market cycle, lower. years into COVID We is to really with time, nameplate be X-year depreciation back a and new of months' Those residual to everything Rover as life. will than beyond going all replaced in a a little XX off. vehicles. bit, That's mostly of generating DNA and the speaking, those but much,

PB Balaji

Antique Thanks, from question are has warranty doing Priya -- increased increase we is Adrian. to quarter-on-quarter as next What Limited, cost The again? going contain Ranjan.

Adrian Mardell

one take Let me that as well.

PB Balaji


Adrian Mardell

Many Okay. for thanks question. the

of -- increases model see them, in I the quarter-on-quarter, least X for vehicles were we performing on than PHEV data I is a our So the 'XX reversal model 'XX the mentioned, at year spoke around occasions, 'XX underlying campaigns. referenced the I-PACE also or years. and China. better campaign X much year can think, and we I've last campaign actually

We which customer in year. a years three. road, in start to need into only allow at to XX% effect 'XX take the of through those hands be model point of certain a of have accounting of rules happen time. us quarter will That the to model sales

three my in line warranty X% quarter you will of for a this X% is or Don't below line forget, to I from is mentioned, X%. just bad VME, was see So warranty. good year, like expectation that start

lower three. is X% expectation that than plus in will be quarter we level in range So my the

that's year. the the of So come half where to warranty the through as second a will start positive in

PB Balaji

industrial question more How be Do it comprehensively. can trial X we till more December which let's platform? from the One related again, you. take, This, anything that to the withdrawal I will related see Jaguar to up answer on Thank see hold December your it pick success plant X, portfolio, the coming Jaguar of we a XE time on we through, to seen models? footprint have U.S. questions Can long on may the portfolio linked better modular CapEx and going to one. of

JPMorgan, updated [indiscernible]. a And to impact Next Can JLR increased how question, gross inventories much margin? will from question second excess view of give no-deal you please on on Adrian? hold an is indication us need Brexit? electrification how in some will case

Adrian Mardell

for Okay. Thank the you questions.

measure margins, margin. you So depends obviously, how the on

measure a rather you traditional fines, we'll obviously If margin it there a before vehicle of is electrified than then make on reduction a ICE.

will higher. do put purposes. vehicles we we losses compliance that, be even the marketplace we'd on into for vehicles However, the And if weren't those make to

excess follows is strategy, at we're right compliant in as strategy value January. the -- thing our of level, of the previously, well, first and do we inventory it's electrification we our again, to also inventories, our strategy, days friction maximization just there continue record, case on to and past raise our an weeks borders course. So From particularly over the

same the done over to end have of We this leading weeks, year. last the several again the up

buffer friction. it of we've can't in avoid inventory and with inventory inventory that us day's of forever, and will between to therefore, in worth period weeks grow level will rather time this is January. stock, of over into help So it vehicle days place. and extra course, an Europe similarly, added We we just Finished of hold U.K. than which

but early into work likely are the operational of quarter it's challenges big be working the four, following capital, deal part whatever I during months. through a we'll they'll we'll work to the quarter at time, or requirements over through the in border, it. is factored over expectation into Our four suspect this be

but So into built we're previous just quarters. can, our doing factories. can't hold There's you exactly done where many so parts inventory. we in what we've We've come

hold enough trade through can't that You period. uncertain to

PB Balaji

is Question, Thanks, of This is next then the of the the period? India Girish default moratorium trucks especially from Siddharth. PV. on to stroke of How to in resale question financials is M&HCV? risk understanding way. trucks, end post and repossession Adrian. Yes. the new what's willingness coming the value fund your [indiscernible] And your M&HCV, of

So these two? you could if take

Girish Wagh


So thanks, Siddharth.

financials as and been customers seen to then moved not have they I only the think the think QX loan-to-value and the large QX that I the coming also funding QX. risk have improving from we gradually QX we are to ratios their reduced but forward customers. aversion. Even have from And retail

for So openness and what which is a the question available regarding now moratorium status there funding, think is On the is I good second customers. your M&HCV two. after

But know and been moratorium very being well is also it as moved him, by moratorium ahead so to have colleague, only X And which see this in answered I not Samrat. happening loans, M&HCV, from think say. as I as think my from I but better many two we to ILCV too we would think to from domain. structured in don't even are the moratorium NPAs we the I managed two go M&HCV,

There So month and has environment. I we now. the that's how see as very good from moved a financing as been QX improvement month we over QX Balaji? to stand

PB Balaji

Girish. Thanks, Yes.

out your try out to and for in to reach again thanks patience and lot us, these team And -- for the can we Once case to I run questions have time the on time, a Response again, Look in through that is us. address think the do and any of forward listening that think meet coming well. I with you time. the are out questions. the days. conscious time, much questions of of at there, we'll call and again, rest the we going Once thanks as appreciated. seeing you answer

of December Days. All you you. X and you X X Thank you stay in to safe on Investor December the soon and seeing and forward look catch


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