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TTM Tata Motors

Participants
Guenter Butschek Managing Director and Chief Executive Officer
Adrian Mardell Chief Financial Officer, Jaguar Land Rover
Bennett Birgbauer Treasurer, Jaguar Land Rover
Girish Wagh President, Commercial Vehicles Business
PB Balaji Group Chief Financial Officer
Prakash Pandey General Manager, Treasury and Investor Relations
Shailesh Chandra President, Passenger Vehicles Business
Thierry Bollore Chief Executive Officer, Jaguar Land Rover
Call transcript
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Operator

Ladies and gentlemen, good day and welcome to the Tata Motors Q3 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand over the conference to Mr. Prakash Pandey from Tata Motors. Thank you. sir. you, to over And

Prakash Pandey

Thank you, Motors, QX behalf Tata everyone. ‘XX Good warmly welcome evening, I our conference On you results of call. Diksha. all FY for

us Tata Jaguar Tata Land President, the Motors performance the of Business, all Mr. a Vehicle Mr. CEO, our Like Q&A. President, with from We Vehicle Passenger and Mr. MD from and Tata overview colleagues and Group Girish Investor by followed Motors; Commercial always, Rover; Chandra, Over other Electric business Guenter quick Jaguar management Adrian financial Thierry the we CEO, Mr. Wagh, session Mardell, PB and to team. the CFO, have Relations Mr. you, Bollore, Shailesh will Tata Mr. start CFO, with Balaji. Motors; Business, Motors; Balaji, Vehicle Butschek, Rover; Land

PB Balaji

Thanks, Prakash.

now the slide, possible. period call It’s here you to is key the – would plan I vehicles, us Harrier, Safari that so for India of all like which of vehicle. vehicles, the the awarded the of launch has welcome attend the you Go the picture Car The reached comes call-outs JLR, about Thanks that’s activity see been go Pradesh Firstly, Defender, there in X out then the as through And sound. this vehicles to XX highlights this the we million twin the despite presentation possible then the the keep statement. short, Q&A is a standard out Tata Passenger Year for been of you key course, proud and launches, you And have I run same OMEGA and and the to taking that What to are been the Gear on hope through. in for session. will a new quite Harbor of next of those Safe back of the architecture which vehicle of time of all reached of intense as Nexon business will And is XXX,XXXth Year brother try X,XXX Legend, of much reached there. is see last is the a commercial the Vehicle Model the and what talk Andhra to #WeLoveYouXMillion Prakash, can well. sold Top forward. that an time have as and we a fight side, it COVID series X,XXX and as you. warm is time, the safe for – and

strong up automotive free a almost to through crores And And our that XXX% X.X%, about Next revenue went of crores slide. up that across global on a – bps. strong X.X% all-round performance a up came as up PBT bps is INRXX,XXX second EBITDA dipped quarter at year-on-year performance cash XXX EBIT Overall performance, and basis this, With coming year-on-year, INRX,XXX crores, happy cash board. quarter XX.X%, at flows but where EBITDA touching through the a of a well. And had still we X.X%. flow almost. so now consecutive XXX wholesales INRX,XXX and strong

profitability lower about were perspective, as proportionate against Next we mix in TML growth, a because on basis From vehicle slide. a to coming others JLR contributed. all and us as did Translation the decline. overall volume if were commercial revenue in Components of JLR, talk and well the minute, this also from growth. sales a help invariably of

Prakash. manages has slide, to debt the and Next out. down the this X.X%. reduction to another with $X the Overall for bond $X.X that to net yesterday, and in spread come the you promoters voting out. XX.XX%. in the see a debt, all something their through in The business with and we well, we – as So exercised did is well. EBIT but as automotive as steady is the all billion it billion a issuance Motors crores means that warrants has QX have in bond crores well is This $X.X happening [Technical creation in strong November, touching in strong increased have been JLR, issuance group stand-alone, not and actually is promoters Tata RCF plan, our value and INRX,XXX across consistent line now that of profile gone Difficulty] done In liquidity liquidity a there, deleverage that INRXX,XXX spread that shares have will resulting liquidities well cash in up In of INRX,XXX well the that liquidity crores, parts billion, – adequate of Tata

Next slide.

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

Adrian Mardell

Good call. the evening, everybody on

Okay.

strong. So the really headlines are

before in It’s look QX profit the million, best of Jaguar £XXX X there, the headlines. QX important EBIT positive history flow for for the Land see flow X.X%, percentage EBIT cash JLR below and and the best free cash years was £XXX you tax to million, As Rover.

So please, quarter. here we on. please to listen the patterns last you see that The saw similar is patterns actually

same higher year. So the quarter-over-quarter, but retail is quarter last lower than

therefore, will, revenue same. be course, the Of

cash profitability flow. also free and in EBIT We will detail about and talk some

Next slide, please.

March, effect, we Charge+ At we actually position, in of the improvements best. point. to have efficiencies disappointing I is the investments, warranty just a lose marketplace investments grew manufacturing So also about forward. you as the obviously that we see but structural than million, marketing the regional in cost sales is variable it’s to one almost probably should program. of marketing longer much point significantly headlines, of inventories, ideal strong, as is corrections did well good note improvements, their up care and in year-end Profitability, actually. in mainly And XX%. when the on particularly to expect I for I CJLR we moment in a now make year-on-year in see year should to talking said last lower will elements end as costs quarter-over-quarter Again, variable as committed quarterly doing talked about that we reductions break at also particularly were costs, money to in A CJLR lower inventory about no quarter, up flow, going the normal including start slide, starting quarter. the in we does just it trued £XXX to cash out a as into They about. are through say, places, which from disproportionately. China, come the this you get reductions, the we on last time, you many level what made all and by than When this closer

Next slide, please.

Okay.

is the up the cash. only and both same total impacting has the China, in quarter these levels. And year, quarter-over-quarter So versus overseas, that versus then better numbers in in America, XX% last QX which in as last particularly as not big but the September, UK, quarter-over-quarter results And has retail QX comparator. therefore, growth, is on profitability, i.e., a on the significantly, And a the actually of was are see North Europe not same year. the the you’ll pattern significantly numbers. year course, grown month Again, on China last regional again, and year-over-year data. at yet UK in margin

scale barometer the slide, and please. are out you page PACE. Range Defender this Discovery, most And a on quarter. Rover, Defender, patterns nameplate, I’ve the I’ll about us. past, by now told X,XXX month draw is of good towards Next in again, the units about I’ve a repeated from we’re getting a and for just size the because normal talked

level we XX% deals three particularly market, XX.X’ we We’ve separate the in got had more few then a some electrified and on MHEV healthy by quarter petrol, margins three and across of split the And electrification. for the ‘XX down a Defender we broken in we calendar quarter more to we had And those to model see then that as have level now, as up can year are total that lined as and the diesel We’ve broke about that year vehicles, moments. details. ICE, that But the slide PHEV. some strong particularly of share increasing us, later quarter You in out of very note closed vehicles the bring proportions BEVs ‘XX. well.

Next owned slide, please. inventory, Inventory, below, levels days’ or slightly all target down retailer whether to inventory supply. or be it our

level, to committed forward. way not So substantially and we’ve the at can within job do, I do we quarter. see hauled going change either And to anticipate that you this the we done

slide, please. Next

Okay.

down were substantial would in number And XX,XXX our already here, substantially. swing for same So, course, quarter we several the million of you have volumes, of that, so last swing of in a be mix profitability happening lost seen a but happened this volumes quarter reasons. the year, £XXX Wholesale about units, mix. things this versus

Rovers, North Defender today. larger regions significantly more vehicles markets And than our course, they China the the Of European Rover vehicles, are profitable open Range as well. UK and our significantly the more the our America Sports, our and of active sell products, and Range i.e.,

within that So mix you the column. see

time. to to for exists it That’s we about, for the positive we’re one-off course. The result previously respects, reasons supply perspective, little the from reduce in we this We’re marketplace quarter we’ve this September the as also credit was from to We headline VME million Net from North numbers last two expand those a also. in quarter we towards regional do mentioned, see JV. marketing that as means reduced again, But a started variable partially, to starting is here regions. data quarter There’s this year. set, supply JV, million. talked reduced really pricing, the talked work a X%. reasons of our through of shift be fine which talked and did later. and within I’ll at we’re constrain a on had also as seeing reserves, of a and I’ve able, by the £XX and down of Jaguar. the of end expect compliance. to £XX have demand on there. the to we COX million disappointing this And have Land We’ve of many Rover already course to but because a that, £XX America, were symptom to shift that nice gone about about did of supply We a health China China for a generation that’s

We for underlying value And evolution. be our years. would to we underlying that is America, We and sub warranty difference progress is that level about The be again. residual some for and haven’t a stage basis, actually X on last place more the did really X X.X%, previously year-over-year a the of between mostly line X% us. than us good put again, of good on this numbers. X% Nice seen for say million this VME £XX We X in the at reserves, North quarters. barometer was headline a the up theme did for to release

would precious see now point Model before, in we now the at and A and our You of you manufacturing consistency the making the Year of obviously off Model line care and can our Year. warranty breaking the we’re number, through Model terms we underlying XX progress the point material. as saw X.X% back us through. improvement of costs bill be yourself best XX we’re for actually this vehicles of Year have increasing, in impacts that particularly on units, will are quality X coming quickly least within where It metals the commodity efficiencies for seen engineering that talked years

which a columns. FX be We those, commodities would in have of number and the

to we We because to that And our people and you the reductions in banks and attracting believe have a selling. only fixed year-over-year, right-size money are continue, appropriate of that marketing place spend have. our believe course, got we our less and have spends allocate to pipelines organization at and you cars are significant order buy we better much again, healthier,

of of of VR at isn’t and absolute And quality costs sale, last look take Those the pension X which three quarter true-ups were as at away EBIT a a if target this the sales closer the of those a which was redundancy well. and EBIT X.X%, a we’ve as one-offs, the X.X you we to points, in year, underlying sale model if to is underlying So quality each X.X%. exceptional about, of of of costs a model and X% consistently that are for talked health level, result sale part to pre-COVID. those a their some falling, is number, just

to from operating this we X back levels, So of those do think quarters we’re first poor adjustments actually the and from calendar half is the in of some benefiting pre-COVID year. our performance

the free Possibly actually, dramatic million. slide Next £XXX slide, please. most cash flow

As free but I’ve mentioned, This by for working capital record it cash was the Jaguar Land been positive has a Rover. positive flow it is Historically, free movements, was we half another three that of be, quarter quarter as negative. than and would influenced cash significantly flow. less said our

record many bulk well. Now America just short is profit it actually as of for had cash and mix, to of £X it’s that result of after North as the time sweet on the rich cash model underlying. a billion a a come this years. tax very starting was Again, profit through China, we But is on

the why side. £XXX, QX goes is the to investment haven’t and level it far that We right-hand in that’s had so our

we So more with of a is this than that a the Perhaps dramatically we bit mixture had do. little we’re we we doing lot again just to gone. said in indicated, would QX quarter, of sales what do

please. slide, Next

Okay.

So some of investments down a our started MLA. little £XXX to this million higher quarter, as lay investments we for

number probably higher is level coming this of times, recent and you times the will see in a in quarterly So at at us.

quarter on Charge+ year million the track improvements you investments on we and than £XXX And in this still is billion program plus the last about improvement million year. months and the X guidance ago, three. We’re gave £X.X made this cost this million just for profit lower £XXX-plus £XXX

if will. you Alright. slide, Next

were So, is to we to start got to look you quarterly better the positive start data. since just of in take of ones. like this put those the the this. start the all the If Charge, start tried from the page cash of When place of net the see Sadly, current the XX But of consistency in one shape, months, despite why reason I you you this quarters than that are numbers, previous COVID starting way. the you’ll events back will horrible we’re see of program you and free COVID.

impacting work So are we’re the particularly on of turnaround our overall management. doing our cash we proud program

next commitment get to this the debt So underpins to of course, our net positive years. X over

to out, including well. continue balance starting it quarter We’re we expect see us, debt that to RCF, gross and cash the available if over the sells the between as next to even

please. slide, Next

Okay.

into. and should improvement, we These vehicles And understand got a can People to upgrades. We’ve Interior-wise, a the product significant got these being a model So business here. years. couple of year MHEVs used the Model not electrification of change. visuals similarly, just change and you XX Series think, Discovery. dramatic dramatic to got industry We these I update, introduced already. go change minor I talked model minor offerings. a step Year these times vehicle aren’t being has is quickly a are change. of drive-wise see I the mean historically, wise, This there’s PHEVs with X to really

of a have new products. range We almost complete

work of of the towards we’ve proud COVID back the months, will period, in wowed. a the the Please this we done XX of, vehicles particularly this produced the you end drive, over very marketplace. these last is So test find hopefully, COVID way for a very, right? be We’re period, backside

layout of message. all that know is we’ve it, the We’ve changed can a slightly continue slide, Next The you we continues so been Defender line positive good year. Defender, to with on please. increase. retail so black

as just retails more of XX the Defender more now think December, topped this order even we’ve months’ banks order release of to than the actually bank X dramatically, approaching But you in So the see first started cars time. availability. XX,XXX sales, for in we worth X,XXX vehicle the I

probably reasonable that So to I X,XXX several is beaten the level a fact, month-by-month month lifted basis; think to it’s units situation from order the on be healthy. assume and will to be bank next that a going over months continue in

Top and its the on by nominee. reporting the Gear with from European reports to pleased winner it driving Year job people of very feedback continue super Year from progress, get It team. will of reporters the the Car very, So, Defender and Car dramatic

Next slide, please.

that This Okay. the XX back-end of XX message electrified. towards get vehicles we three. of are the is quarter

super electrification the of all new form and underpins were product we and also, so electrification, there, them of, that I’d see significantly the can QX some of that set the retail say, and in hitting course, in XX% different fact credit-generating across You been which of we’ve now underpinned a three, marketplace. by the the brave target quarter countries

Next slide, please.

data. Okay. of it plays terms back And this in financial is the where

be said, £XX still fall do European assessed to problem. So of finally million, and green expect Authorities. million. year totaled we when acquisition across by going last with believe, our finds XXXX that In green, or it’s is else million I all forward as UK, end full credit well. year, regions, we will compliance £XX total £XX-some the substantially the to as of we up Everywhere around

credit will – that’s me, be That’s your And and assume it we, excuse acquisitions working you of in the it’s will that the gold amount course, we continue towards. similar to modeling, I medal. As COX have to planet, our across those flows is compliant. regions, XXXX, doing the credit, for tax think, heads and to be reasonable of what of across intention

our of savings, start I Next September, slide, worth the quarterly of think results. please. Charge+, mirror billion by see the so, within months, can first you £X.X to end the X of this

assume into cost X% that percentage and a costs, improved at manufacturing warranty through substantially and structural with beyond four quarter VME year hold are vehicles and I going will will model to as still are to I profits of the starting to and longer as no support that it’s of just beyond as start of mentioned warranty vehicle say beyond those savings with gross and come As warranty think pleased plus into we people that cost our but mentioned. particularly a X% barometer, marketing revenue reasonable forward earlier, QX level, We the of go that. continue XX quality and cost previously

We will I set hit the clear, year billion pretty we well. as £X.X guidance now the think. in That’s earlier

please. slide, Next

Okay.

did done. a So get deal

it we XXth. was of December, XXth all us some guessed, As guessed late of truly

direct earlier than tariff We looking get going not So did mostly I is suspect. of Clearly, it us was were feared, imposition deal, the we happen. to the some for.

You do to tariffs. our Origin to will subject Rules vehicles not, of know ensure all are that there

XX% ICE to So European, a that the through in changes, which XX% content XX% XX-month of then at of EVs a and XXXX phase-in. UK, needs up be vehicles be level, will there’s XX% step period of grow and will

So deal were deals is in which government mirror and from. their overwhelmingly trade, in looking the UK EU the to made The were free previously own has this actually we place also UK for. trade the benefiting put that the have deals,

the huge declaration a a bypass finding a actually in we Well, So mostly pretty trade away. compliance challenges from already means a potential significant I we’re operational we I wanted, done government face bureaucracy, said where perspective, Brexit. shouldn’t amount up that here. Brexit actually, required. risk of did would earlier we paperwork much talked customs there’s we thought Operationally, perspective, bureaucracy slides. ended I means From say they we and know get perspective, from and a but UK think

make time. but we continue on end-to-end basis. flat parts out will February, be has supply in get chain It can into we be day-to-day these It in a across do processes operations a January. sure Our bit time, what will so been bumpy probably embedded to from over our working to to teams are the

the you they’re expect wouldn’t that I in operational witnessed we have the frictions borders. and not So because have seen

this actually through we of will have quarter. We as eliminate the go seen, course

And please. of more assess, COVID. one the slide, course, to Next is difficult

starts down Land sales mix challenges got suffer those less North of excellent we pattern protection America, passionate You UK stellar sites the North regions. in starts health suppliers open. stronger locked biased explain China, know explain metal had, the in were Obviously, about record attend less Europe, to We’ve significantly we we’re from are still the disproportionately been safety, a bias, dealer able remain have in China. an partially [Technical of to week-to-week and in on employees. work. Rover down our heavy to and America an sales very in perspective, to are and why UK in do Difficulty] perspective, in basis From do and very a have which which Europe, we’re course, This the and little locked so also not our so operating of been through safety going day-to-day, from same being of the which

hope work safe introduction and from as continue here. as actually So to we the QX. we what that, them always, of Offices, But I we we expect through horrible offices the course, office, home, the secure where can is of pray guidance. we government with will possible. our very all people all observe course, that’s of feel be, pray a safe soon actually always we make that this know I and virus of can’t work environment course, And this as and from place That mostly all becomes to they safe myself well I eliminated as vaccine for. where for well.

and people, are our our Rover to our as facilities we health the working production we safety main We well. And of plants. of within course, at facilities sites registered Jaguar making NHS sure that standards, lots Land have have and both highest in

these the awful, UK. biggest for is fact, in that we COVID testers I’m and And team the biggest so Actually, the what, tester country. awful you an that We’re know proud of are management is think, events. of in amazing response I the the really just one to in

please. slide, Next

But things through, retail every those less have the and the go done news want electrification year continue and X the a emissions. probably go do positive also QX as February course, got QX navigate happening. for phase EBIT we repeated whether day, we’ve we still margin reduced, for build for level. be challenges. of will is open to COVID, were than solid to the very our to in do ask JLR stay Brexit higher And those dealers will are can happen billion, through as are say of can both than on slightly out, And the I really say flow sure, that to managing here. very, we of whether we February, XXth we over you product I’ll call safely investment here both have still, think XXth I the in cash Full the Day will last breakeven investments expect We I of time in Risks: and January, next QX. COVID quarter. today. and some the of a that which more I positive compliant we the course, required fifth a we cash, £X.X exciting be we years, the about if Investment the obviously, what on expect is And for you close outlook, vehicles. So nobody mean underlying, over we’ve to EBIT should challenges And quarter. lineup and for of

he So Thierry obviously should. what he say today, with will is me feels

please, thanks. slide, actually. last one and Next the maybe Many

PB Balaji

Thanks, Adrian.

growth of wholesale and at of flows INRXXX bps on about XX% another XXX standalone. to cash moving here up with Performance revenue and breakeven Tata be of improvement quarter and I’ll EBITDA, XXX strong at XX%, growth free was loss a EBIT in PBT basis. So crores, through revenue halving what delivered sequential a coming on of a it well. with bps X.X% quarter last the Motors

and the highest has the of in of led history delivered we heavies achieved. medium X Moving with XX%, to is highest EBITDA and breakeven margins tear, of and demand slide, sequential highest coming and CV, quarters XX to be the significant case of X.X% is higher In the is infrastructure, improvement in in this its of at CV Forever it’s last portfolio EBIT EBITDA its we passenger to CV, EBITDA pick in up strong. that sales further case higher a and is a to strong the New e-commerce. the which it with sales is the in And overall with from In CVs, the point, the recovery in recovery on business the next the unpeel EBITDA case to with very the the about. with come the levels by now talked And XX is in a quarter. financials. revenues, set volumes momentum supposed X% I of coming years, highest that bit, And the mining had is very, there, a in and been revenue vehicles, I’ll last the mix. traditional the and the nearing Profitability, we’ve through cash particular PV improving X.X%. XX% when at quarters case And touching last that there, in there

savings, of remaining and year. We’ve for delivered crores, committed INRX,XXX INRX,XXX crores confident we’re well. of already savings the as the had we On cash the delivering

what’s is and happening. Going from? busy Slightly it ahead, this where does possible explain chart come money to

Within the category, the mix is improving.

Harriers to so are M&HCV actually us. more the selling are we commercial starting we take vehicles, therefore, ILCV, more the help more the But selling vehicles, pulling around. Within other passenger are passenger vehicles than and that’s us way we commercial actually, actually because selling So that’s vehicles, and Nexon. and

in ones helping solid is us as costs improve and tight the improvement are that that’s are fixed on as and well what realizations this. pretty is out that are are pricing, dynamic it playing control leading ones that these volumes the So the better

So is business will itself. again, now flows, happy ahead. coming the Free therefore, as starts business Go funding very with CV cash further. start the you back, fact the seeing even this listing that

So to had to. conversion Cash higher you are need the far what minus cycles putting this. aware cash we and we at steady. And as JLR is are of get profit now worries that in some than days. I’m sitting on after few about working is the That’s capital a that tax very place. are is XX concerned, as neutral, investments we

reason this The in are cycle is cash the cash as pretty this is working growth what is coming therefore, capital. So comfortable into through. skewing the business, this negative is we coming coming out on back cash the

INRXXX on is there lower to we that than we in passenger will slightly year INRX,XXX from well. for versus by Go put last the is crores. Going manage that, and therefore, crores Demand, the as something vehicles. crores. INRX,XXX INRXXX working a on crores exceed And at on Compared little we This forward investment will of we’ll to expect are dynamically crores. upped be the the that slide and forward, out, is short now the crores ahead. additional demand I the INRX,XXX bit INRX,XXX profits coming year, cost crores. is had deliver. side, products the But investment going originally capital INRX,XXX side,

So crores ahead. comfortably therefore, Go net. will the get INRX,XXX

further the the does at would And it is XX% improving. and revenue, the will months listing, side, not That This Civil also you therefore, well. is. recognition, vehicles revenue QX been this State improving sense the SCV been vehicles XX%. to XX%. that’s my as Pradesh a almost of we is it about have sold as taken small not up out this recognized On market shares Corporation. on almost inventory vehicles commercial X sitting sequentially about X well. because improve therefore, will continue is This include months, have share Otherwise, market that Supplies in we see what as what steady on come cumulative there. Andhra sharply at the are levels is have months, commercial improving. M&HCV X,XXX X as ILCV to

is vehicles market coming progressing. year commercial share as ahead. back So, the Go

happening. this bit to is pause important financials, what is On an explain one. I will the a

are X%, down your sold. attention retail, absolute we vehicles it down but it year XX%. to – On looks on have draw is like I the optically, we the of number wholesales, a

You recollect, we with started the inventory. zero year

So broadly same. therefore, it’s

month. So there are put the are able to there, we following to is whatever we we are producing, out retail able

So as nothing as retail far happening is wholesale, concerned.

improve way still the to inventory. working are We channel our

price increase you as are under. happening. that tells if As you far the as XX%, to X%, is as almost pickup just we that in realizations the which revenue revenue is down well VMEs BSVI is lower operating Thanks a there’s concerned, up notice significant wholesales

volumes us to now And augurs pick though in in forward. move for terms turnovers overall hit, something fast. mind. quite is leverage of operating may even going not well may up, And the not to keep this are starting So volumes that

into locked very There volumes. get on dynamic just shouldn’t volume. up happening revenues a different is picking we So faster than

EBITDA, and and starting therefore, the improve. digit, that this also On X%, that moving we in will now double are as touching should go of to forward, distance we it direction – the start is at

Next one.

on update to Let it give Girish me Girish? happening. hand to a quick what’s over

Girish Wagh

Yes. Thanks, Balaji.

me let market side So about first. speak the

at is revival, QX the look we grew There projects, mining, than over is construction, growth XX%, by due e-commerce. If housing seen. growth. industry broad-based good more outpacing the almost Tata therefore, whereas QX, in So a actually XX% is we to revival M&HCVs, industry Motors the in being by grew at which infrastructure happening

same the M&HCVs, At salients growth the for if you think case across, been first improvement. time, in rural quarters, So driving commercial seen e-commerce And XX%, light country. time, vehicle was this Same good and been has XX%. vaccine vehicles, has the One commercial the has therefore, intermediate happening. e-commerce growth first more demand. side. demand with the also back; almost also In we and reached I requirement manufacturing in the driving it see, have pickups, think trucks, the recently and from urban I small the transportation a coming is there considering introduced two of

also And coming back. demand be I going think to is urban seems up. the consumption

I something something remains which driving So is a is the mean, small The that passenger, and vans concern. is still buses CV vehicles. which commercial

large utilization, not STUs So to level a low very working home, operating, in and running still at from employees started schools a passenger. part going while of therefore, little have offices to the some leading demand

We And as supply have worked spoke. on in market across seen growth QX. were the seen constraints, QX segments, we and all sequential share Balaji which

in PBT continuous salients reduction and led to to six the positive few have So, new EBITDA we’ve which us. on up, most also quarters, are which a the coming know, of of cost in Therefore, higher has, back constraints you highest behind this, the I’ll as about. those QX. of many been constraints of seen margin efforts speak there due But therefore, course, M&HCV

at. as as bright to spots, well the what most has we in look think micro some the Going improvement macro seen I of that indicators

QX the fleet fast and every So actually going index and the consumer I also up. that good multiplication of future traffic, it And of up, rates, in and combination track is something in or levels is which whether is collection, that, track both a up. It – is fleet e-way container is The think, we is, is The the improved. quarter. QX. the now The sentiment gradually monthly are in the within thing has good bottom XXX% And which the index to diesel is bill, consumption utilization improving. index a the petrol has in improved going sentiment internally owners of expectations. things profitability the it the satisfaction index pre-COVID almost freight everywhere, state in of scraped thing trending QX, therefore, current XX% further and is

the even better. future within think I expectations So that, are doing

So this industry. augurs which well for is also something the

I terms a vehicles. focusing as own our have back-to-back products, respect vehicles as with we market, BSVI trials our well In to on been BSIII, competition the of think, in lot BSIV

to And for payback the improvement is they demonstrate I the the the ownership. think purpose in cost what total price customers, BSVI technology. higher therefore, the for the paying to that of are is

terms realizations, of something us higher in also I mentioned. So is think is helping Balaji which which this

some started the we I are ahead, situation. one think, It we with more. continuously the of QX, But a issue. since started few supplier facing tracking then the and challenges, Looking gradually semiconductor

see manufacturers also for semiconductor directly we the are this with talking to can how manage situation. We

us, and does something tracking. in quarter. have And we drive for commodity think this an something which agenda been very is in is it’s the which a happening. going Increase So prices volumes to remain is this important important thing I

price able We reduction negate increases. cost well through have to as as it been

price So increase taken we in QX. have

in taken QX. We have price also increase

finally, a the helping XX%. I remains spoke And and demand this price us commodity up, It’s tackle has leisure to business inflation. collapsed yet – which open concern. to is yet which this normalize. almost to travel by I is industry schools And So something the think, CV the is passenger about, segment,

are can vehicles the see to how this commercial this tracking last within we So come segment back.

commercial of vehicles. to Back So this is you, summary Balaji.

PB Balaji

Thanks, Girish.

draw strongly there. powertrains. numbers, the year-to-date started. on us the a a with a performance has We success front. week mix for vehicles, rate your to almost XX% Tiago, your X.X% run-up to that to all blockbuster next market that to again on industry And And continued in very industry just respective slide, to and is it’s top volumes to Harrier month this far; XX%. X.X% of decline felt of iTurbo in the of Tigor, is Altroz, strong Nexon per EV passenger of from on a we in attention draw have Altroz, last ensured so X,XXX them the starting an EV, the where which make share their now XX X been back And as expecting EV Nexon, presence And the the on call year. now compared grown it last launched up the growth holding we particular X% has course, the is vehicles has months. crossing attention Moving is powertrain a Also out; strong in segment. vehicles negligible, stepped our quick XX% of to is the now its the contribution graph,

the activation, overall end as extensively think Day the quarters on is PV Shailesh two the in the soon. I well entire coming Forever point extensively being quite talk which we to focus that’s front New will starting pay as back, results. Investor covered this And the about range on

We is XX,XXX XX% our the from there own sold XX,XXX Again, very wholesales; got on Next slide, On you’ll the financials, notice retail. growth here. limited there. inventory

dealer So is forward. orders. therefore, the next in by ointment EBIT levels bps. attention is And inventories the year, really to take what’s course, target to Revenues – touching breakeven for through good of part but lead last the have is low, now increase to course, first are commodity your the at on then, EBIT on INRX,XXX increasing take we crores time now resulting EBITDA, just line. of pushing well. and the would happened to XXX draw to and, we the with it time, substantially and precariously And quite slide? you in well. the this move EBITDA And it breakeven huge a this EBITDA for retailer X,XXX to for while bps, are a of over Shailesh, you business which leverage kick to actually, talk substantially see the operating in, are that manage starting get able line increase We and by want the as of fly an starting always XXX. that mix, contribution, inflation, confident every EBIT Go is we cash we the to chin P&L as work, to not operating

Shailesh Chandra

Balaji. you, Thank

demand not on could lowest an generation and going we bookings. the enough the been strong I generation, side, of four in said was a on quarter have to have marketing for supported history. voice as fulfillment is we were in share production our did pipeline the up demand what supplier working very was more a demand last the involved which has the production, the demand able of of just internally, for partnering demand in for was CapEx which this vehicle possibly debottlenecking channel of many not taken it And demand with last our turnaround what actions were to a think and retail, fulfillment capital, between result important were Channel on continued we give revamped been unique to because petrol growth, performance supporting also, in business our doubling the but the good to key suppliers to is times was would us of there times. three margin also Forever generation the me quick supply growth. many debottleneck particularly where PV, areas: remain possibly demand say to actually planning. a average we And inventory in so we that We And twice through the in on also. only the actions. I for bookings of who a not was Talking generation, only without do And Let for campaigns, the demand was Particularly as this structure is a side And any year. three by garner situation multiple important product their this very kaizen average and extremely were therefore, update through demand strong very activities. Xx us about our and we in ever if capacities more fulfillment strong profitability. able well support broadly Starting partner backed quarter ramp we where the because expect very Tata the as side and player nearly which year. the enhance pandemic kept on Motors and strongly is actions high profitability New that a the I synchronized than was to supported financial actions And financial QX it critical compared to increased enhancement which items, the lot focused range. very have enabled policies a of improvement

was as and of can and what reduction us we cost So margin, favor because Girish we kept variants biggest we you cash to have optimize the several this last helped us demand motto has in CV, was of of idea ideas. strong And we mentioned strong this a XXX on semiconductor mix in see of the was the variant that was were see so we product terms tweaking product In pricing parallel, for of also workshops, seen the because movement both covered a are have happened. and involved of disruption, fixed last the will as the mix, the had costs we efforts actions, pipeline we employees product actually product. on the an pipeline also, of more effort that. profitable the this result Driving the but there scale which also profitability put and XXX Yes, an mix, improvement be taking to of challenge, the undertaken, EBITDA Balaji – global impact, and can mitigation steel in steps the within crucial actually generating in of and very under And one how impact control. profitability. been our the concern, on have the minimize has generation availability has very The fast. really in debottlenecking very but done the this one than a more was initiative There nearly did actually who ideas. systematic a quarter, improve to

is on took Back summary of we in this actions the So the you, that PV side. to Balaji.

PB Balaji

Thanks, Shailesh.

slide, Next please.

that an command, the cannot we made off INRXX,XXX now of well. of more INRXXX come to and increased take on collection area, as before, during long to that. And way fallen January has starting the cost-to-income and crores this stable PBT X.X%. The ball. X accretive which so business at pretty reassured news remain about and NNPA seen at marginally in to is model. down. ROE manage at adequate crores starting eye to ratios, December on asset-light back good XXX% the its XX%, in with this to did over INRXX X.X% out quickly collection down get Tata last while and are that starting but Excellent business is graph move focus AUMs therefore, doing business to real a will – Finance, thing strong X, on now well GNPA hit track we a and the quarter, an you’ve X.X%, to is assign the years, of to Motors crores on performance liquidity business efficiency is And Moving a correctly, we continuing ROE our has sequentially improving, the is

Next.

the we think, we continue it situation conclusion ahead, continuous lockdown. to I improve looking in expect So talked I to think, despite demand, and

there. we a the all needs will lot everywhere. of are to And something focus then supply in logistics of I and causing bottlenecks, chain, supply strong, for we the be the be of to already finish that’s QX be think Motors and Brexit-related them, disruptions, to will inflation XX Commodity Analyst for gains JLR that and sharing you to matters; various there to subsequent in that well items these seized the consolidate had over February see we’ve and next entire the all working February at you any for you the the on of more which individual seeing look XX the message and Really us the That it. is to Tata have keen detail line questions are irritation for Meet all despite we intend place seen. through us and then slide, in year forward our you the and there to this, have. Over Annual may managed and plans broad for will which please. year ahead. the on Move each

Operator

very Thank you much.

Instructions] question-and-answer We will [Operator now session. begin the

PB Balaji

Okay.

would XE results. We weak the quarter? to up question volume up? third it been volumes set Why this Was almost pick Thanks, was to the has in so come due now? And upgrade? are first the that two, of now Adrian, from it number negligible. HSBC. have Discovery Yogesh Great you Yogesh. Has discontinued want Aggarwal, Questions.

Adrian Mardell

to. Yes. I’d love Thanks, Balaji.

encourage and on and And to and volume the facility how note go seen with think does Discovery course, you it’s at through Discovery Discovery a XX for to we think Defender lines the dramatic it volumes about I I strong therefore, is product. outsold. the the Two, production model our share So of Discovery, is next you’ve is things production year. on QX into One moment; as Defender, few demand a there’s refresh. would

lines. imbalances first the I some note we So third the has to over across think product and do been Defender there XX are And cross-shopping Discovery between point there those some is months.

out, post are Year that continues see negligible not. XX as mostly Defender volumes, So balances Model again, whether to now. we’ll XE impact Discovery they or

Okay.

markets, important marketplace, our we’ve model more XF more America, sell the our isn’t had some I note significant to XX but a just UK the cars; of cars. profitable you like health Of refresh here, course, year, into XF sell to and about price that consolidated we’ve for our are to some where nameplate the again just into said sale. repositioning is key the we’ve taken on we XE is lot also We model just model a also which to through in previously going And changes. in North coming thing forward. XE talked

good So it’s nameplates put the all into XE can strategy isn’t have. We returns a appetite customers and for. one solid our we have part to of marketplace make profitable most of cars that on, the

continue can You the...

PB Balaji

you, Thank Adrian.

Okay.

it, to increase JLR the one of CYXX Adrian. need further to Second question and will + that. – Go I this next question, share this The the the from read you you for being what reason portion achieve share how Next in target? okay, asked question and volume UBS. the take is after Gupta, BEV UK does the much Sonal PHEV Can EU?

Adrian Mardell

So a XX% for was and realization in it’s that three. PHEV around And credit obviously, quarter substantial UK Europe position.

expect going forward, of regional and to demand flows would – total global really see quarter. in ebbs this see It Going depending you’ll to where changes. is X% X% we forward, that on

of will a expect we more level strong in four, so actually, quarter go in for course, PHEVs UK, a in forward. why will QX than because we It it’s So PHEV the out four. quarter March and normal quarter a as little higher proportions be bit BEVs selling to sell month we

PB Balaji

hedged And revenues much from other expect QX? And strategy JLR you FY again, are Sonal of the hedging how prices what’s commodities and for the in one rise and from do commodity ‘XX? aluminum next the what key portion in impact of your for

Adrian Mardell

you are but currency, RMB by are XX less depends of slightly vehicle commodity than prime know, you months currencies, course. two-thirds differs year a U.S. is, hedge on euro aluminum, U.S. maybe likely dollar, as to more on on course; It broadly bit and really that in what on bit euro, less There next on platinum, of closer will acquisitions hedging a hedged. our of the revenue know the place, already little and Our gross RMB, little XX% of those and XX%. copper. higher also hedged our are we expectation, Commodities, be dollar

PB Balaji

Okay.

as next CJLR Chirag, well. on to CJLR Moving down is and question a the from there Edelweiss, few questions

take to and anything about piece, So wrap quarter-on-quarter all want one declined may margins that we to short? ASPs else negative. want Anything talk maybe, questions CJLR this the Adrian, so can all one in you you question. in are have specific CJLR on or CJLR

Adrian Mardell

Yes.

Okay.

will be this more we working yes, quarter good wasn’t definitely So for position already the we have the on than determinedly for It’s end been. a them. CJLR. There something was year of

a gone our into Land for talked a supply about We position. Jaguar have We’ve Rover. lot lines

got We and as discounting. to months’ worth higher products, have starting stock X for itself of local locally produced it’s show

over X expect quarter, position in to pull of into on on back volumes. impact level be time, months’ the next volumes, towards next in to to on back. So lower where the but do again, the you not encourage do I’d will which lower assess we of CJLR supply We that that us, on breakeven need back I do marketplace, would few we probably pull need to begin the to the months.

month looking are to to quarter X,XXX and are for the be volume period. a three units higher over We a X,XXX, little they

the biggest Rover quarter the local as for is business well. Land adding Jaguar and Of course, in quarter China three for

bit think I of little highest quarter the around saw selling discounting a we also.

X suggest. I is what So in us to X would months’ judge time

PB Balaji

Got it.

I we all Another together. mix will questions on think pick mix, one the

on? For should all-time high one here wholesales and How at of Defender look Sport is an XX%. JLR, from volume Rover in contribution, Range it

Adrian Mardell

swing X-point X Land the from normalized a Jaguar There across what quarter. quarter about is to be expect would we to a from to Rover

was Land the China heavily open about America a as a of XX% more and swing result expect regions. being business would other And So lot XX%. Rover, North for than we that

although sales in did less well. more very China those about about European sales our historical and It’s in less UK it’s regions. So more regions,

a have really are and expected would here. impacting than of areas. and Volumes on regions that’s margin period dramatically what’s happening lower lower UK the So pre-COVID are we they Europe,

absolute as a we I quarter would quarter out encourage normal closer that to more sell the you time, So at quarter this look to will going out think because four weeks’ volumes than in of come we be I QX of the and is the cars. to XX QX. in X as mixes to normalize abnormality

I about think there’ll to be Jaguar. swing back X-point a

itself lower of will proportion more of Sport be as Rover my Land a than be XX% out percent mid-XX%. that will set XX-low And Defender, play rather lot is high Rover a percent Range rather So would expectation. total and than which XX-high

PB Balaji

are them? the Okay. Adrian, another one EBIT in and X.X%, one-off, you what one-offs some so they Again, mentioned of on you can quantify the

Adrian Mardell

Yes.

that. So in some binary there is one-offs

residual £XX So the million about or million £XX year-over-year. compliance we’ve talked £XX million. values, talked We the reserves, about

the gets is well. as binary into the one-offs that overly abnormal and my percentage high that, would X.X were about that It level So therefore, abnormal, influenced of then you how points. some risk really that’s now and EBIT evaluate of view to

closer X%. should you underlying to So EBIT think

quarter than four quarter is better However, normally three.

PB Balaji

I’ll QX called India quantify than about is in XX-odd side the for of have see the inflation which QX commodity QX. more the bulk has far million. And on We impact, is that out you JLR up, JLR? pick inflation, of it as comment now you visible concerned, much So and will in India it? how Can started as the in rather

in what are question the Moving [Technical for Pirani, Difficulty] been expectation UK Amyn CLSA, currently what the the next the on retail extended? and have trends to from customers,

Adrian Mardell

selling is Yes. we’d the We volumes to In quarter year Clearly, be normal typical of and I actually down scale slide. have UK versus of as have biggest therefore, last versus biggest would we last we’re to selling X%. was the normally the you to seen. quarter. allow the level. March. expect selling would month. showed to know, down starts in in QX this we in four Clearly, our expected you be the biggest If UK of close year, March, this to the started the the at year. not month quarterly March, dealers particularly been the a closed for anticipate at are QX, on dealers open higher us that reduction to the speaking, biased UK quarter, retail to moment, therefore, COVID highest up in That’s

So higher to than four. quarter again, I’d year four expect retails year-over-year UK quarter be last

PB Balaji

Morgan have. ‘XX, better next which answer, is About unit to to with on ‘XX the on later to Binay say Difficulty] Day ‘XX, think margin? as up go from Adrian. you I’ll along earnings. that. to quarter one, hard unit? our the CapEx pick That’s together JLR. on a that of will we give question plans one, coming high. us FY easy time. one And the is we you first give put EBIT with We that bit Effective Investor from of ‘XX an Singh, ‘XX, share There, per just FY strategy we’ll the a cost on it point also [Technical is ‘XX, time Questions The are I’ll share also Stanley. views Goldman, EBIT thoughts any your a also Pramod, now how almost the Could per

the on are do how this? Adrian, of we So supposed EBIT How unit, the think you to about per this? question more think

Adrian Mardell

Yes.

quarter underlying level talked the three. we about about So for think

we to now pre-COVID. where We’re back were

us in trade I you’d to say that. have pre-COVID that continue to how expect to me becomes I’d say, depending of expect developed, increasingly But levels. course, do at COVID control, So those on to if

X% quarter. EBIT level, the ebbs an flows by around So of underlying and

QX you do significant you be therefore, a quarter-by-quarter and to XX we weaker forward. us. better tends quarter changes, to we’ll stronger months, As product QX, for some know, guidance a have forget, go next as Don’t give over the we quarter. XX

PB Balaji

regulatory the business that Day. time what [Technical question Difficulty] [Technical background in rate the India Difficulty] Okay. the quick A CapEX? in line actual cover Difficulty] [Technical JLR are from given We [Technical Investor of Difficulty] will

you next please if What ‘XX? pick How we Sundar. the seeing PV to would you in want around? Moving turns can performance. this initiatives? Shailesh, you to will demand cost the PV, question coming Shyam Difficulty] side margins? up? manage talk about Great How [Technical FY are Indian PV from reduction

Shailesh Chandra

Yes, Balaji, up. I’ll this pick

through in the initiated key or profitability import reduction multiple with very program ideas new creation, nearly it through that leads slide, I very I reduction involves been example, of of working they program, generations outbound cross-functional a very And a presenting cost stretched And company, engineering, areas employees improvement cost include targets, the should we in the approach. workshops with my variant would reduction reduction focus which organizing on. structured would while to have so starting which in was Commercial cost be Then mentioned structure. which on So be XXX are value idea done. have also and logistics substitution, for

targets going steep and the the already on. are result rectified last of are been you initiatives, those these seeing initiatives And have which reduction have which So very several are the cost taken, in months.

is broadly the is the also see market economy as which rebounds the and years the back of that as the industry reduction on about last vaccine we steep how concerned. we in decline, X% show year, decline, is also, the as recovery far ‘XX has this that all in initiative FY what been steep back there given pretty So some $X.X of concerned, estimates cost far Talking year XX% is hover to and if as the is PV it now, see a the this market in so ‘XX, expected is is estimates to around last to financial decline is or what financial expected around is million million $X.X year and anticipate. expected FY is it be and X

PB Balaji

Shailesh. Sundar electrification about Shyam Question plans. your again. Thanks, talk JLR from Can on you

by what it driving the such adoption to importantly, compliance is driven supply – push minimize by is costs? is subsidy? your EVs given take? driven faster Difficulty] by of What’s it Or in [Technical More

Adrian Mardell

plans, February. – out on Anything I a Day I’m Investor we a some of else, in we’ve of we Well, got lot XX current set XX going XX say, simply think, the to look, talk nameplate Okay. super the about them of electrified up form.

to our talk about he more listen to I CEO, and will could much this could. – Thierry, pleasure You eloquently have than the he

shaping you So excited. you please outline how what we’re but us me thoughts allow should to thinking, a we’re really full expect, how and our be and humor give of

PB Balaji

Can some expenditures JLR. Okay give [Technical [Technical Difficulty] in Difficulty] and you other production

Adrian Mardell

Yes.

is goes. interesting where all So this stuff the

on SME Warranty as the So expenses, in also expenses. way slides, reductions other the we in all is in the there, other called out within earlier its the reduction well. engineering, emissions finding and compliance there

the So drop. a one-off in I’ll we and of lot of you see call the that’s of underlying. think income, thesis you, And that out has cost underlying. The significant some structural mostly remind will

will can by we’re we our levels pretty is manage the funding managing successfully. actually results, business And you damn forward. see expectation within those Our going it

PB Balaji

And share growth share? Difficulty] we over at This how is Okay. Question of or Market while [Technical [Technical sorry, the and market Difficulty] any Morgan thoughts from focus, do [Technical cost should how profit from you we cost, coming else Difficulty] from on appreciate Gunjan loss [Technical Stanley Difficulty] from well, years? of cost China while JPMorgan. – appreciate market in we market volume the share share think the And couple someone China? JLR market share as the on see

Thierry Bollore

the semiconductor fact, sectors. I allocation, shortage. terms in to of it’s big concerning car at real actors of can capacities part answer, the And the the if towards of you it’s world of in moment all this the issue a a wish first these because industry, question issue. real for It’s

in the great the order touch picture a positively compared those understand is And huge now mainly doesn’t the for fact, the team X, the to a and impacted of very job of our compared it we because the have matter us allocation As such Tier to that sometimes we moment to have And it to with other we they of companies. to because And that our on are change working to been so in approach, are these make that, this small allocations to not in order fact, at a it’s successful X are happening get X type actors us. may be doing supplied. company. customers impact suppliers in for with

PB Balaji

[Technical on Thierry. Difficulty] shares Thanks, Question market

Adrian Mardell

Yes.

but answer I’m Let you’re a sorry, me bit, I question. that up think I got little one, the breaking Balaji.

about the right? a over know the line of been of not on me I quality you of will sales. share sale those health months. last XX market driver well, – know talked of You have I’ve and great

I’m the looking a So little when at results. share, bit we talk about market

previous the you’ve BMW XX% I look competitor XX%. and However, year, significantly we you’ve told it, Daimler We about were When comparative same you asked particularly at question, quarter that versus XX%. was to we data, up China. period, asked up think, over that last

pretty therefore, versus where vehicles, would they share well. much that explained to results as it expectations growth So is in much. don’t forward aspiration be sell up the share we isn’t in have to course, but well, to and share-by-share the That do simply of of sell aspiration we sales ends changing we a would of and for commensurate the more those aspirations challenge explain have that going have our ultimately suggest more seeing China, We through my as the are quarter-by-quarter, quality Difficulty] as quarterly will vehicles volume as that course, go on [Technical QX.

PB Balaji

When JLR’s impact in the the of same from has the Difficulty] Joseph the P&L hit? way on IIFL. be appreciated [Technical the duration the George, of month. avoid visible negative hedges? [Technical Difficulty] based in sharply What’s GBP out to will

Bennett Birgbauer

I the Treasurer. answer. can I Balaji, Okay. Ben Birgbauer, am

coming our answer is the that results. already So it’s through

that just in the offset period gains year by in was it unfavorable example, of million overcoverage it, And It’s by had that impacted more for of So hedges were on the quarter, hedges this recent that fact rates. million. that most than year-on-year. £XX hedges exchange operational we last was year-on-year, that reflects still heavily £XX Brexit

So year-over-year, are we better it. overcovering the saw why why rates

on effect hedge. on And X an we hedge we’ll policy up to our descending and thereafter. unfavorable percentages to is reality forward, our Going XX% see hedging year to operational do out the but continue is exchange then revenue

and XX% in For example, XX% in we’re FY on about hedged about FY Dollar power, ‘XX ‘XX.

exchange So the question. that’s how I answer can

PB Balaji

that From know than don’t second Rakesh do model. our you giving refresh put we there on Difficulty] question see the broad [Technical it it Difficulty] in Kumar, Paribas is rather [Technical [Technical margins? coming how you playing out BNP The of quarters, Difficulty] a

one, first [Technical the So Adrian, Difficulty]

Adrian Mardell

[Technical breaking up you’re sorry, Difficulty] really I’m Balaji,

PB Balaji

Can I’m better, so you me hear sorry. now?

Adrian Mardell

A little bit now, better I’m sorry.

PB Balaji

Okay.

repeat me Let slowly then.

Adrian Mardell

otherwise. question, wrong the Answer

PB Balaji

Yes.

coming normalizes quarters, playing the out on do the residual value in you it how As see margin?

Adrian Mardell

look reserves over is, clearly what showed very values. of year. headline We residual on Don’t most out shows in at and Now in progressively what value that underlying last the is actually what place year-over-year residual overage, we put right? happens It really itself right?

the COVID the March. of Finally, reserves unwind with at is of those Most now we saw end wind.

and it So the to close a revenue rather my we see will But underlying particularly level going expectation. X%. of forward, what than expect you level, be should have high to the headline guide X% depends we VME going where proportion it’s differs it’s That we course. sell, VME nameplate But here, on better because what broadly, of underlying by no region sell by Africa, region. is a by the number forward.

Operator

here. is you hear the this go Balaji, us? ahead. Mr. operator can Yes, sir, may Sorry, you

Prakash Pandey

Yes.

me Let the take next question.

PB Balaji

Okay. all right? guys? Can Is it better, you hear me now

Prakash Pandey

Balaji. Yes, this is better,

PB Balaji

Okay.

me from Rajat, ahead. go that. Let Question Prudential. Apologies ICICI for

the years? and X, what VME warranty X are For sustainable JLR, the in level next

Adrian Mardell

remember, a we X% first later, of and about on on months right? X% warranty, this, X% about revenue. XX revenue. quarter, and I XX% My so of you to with X%, VME you journey gone XX% if started talk talked I’ve

expect XX% be lower of forward. assume, I think to going to we it it’s reasonable than revenue

quarter, super I a we had think QX. really

sales the levels sub-XX% across foreseeable not it been may improved on quality, those be future. to that of and two be every quarter, health expect for point time be And on you beyond that the well. would hitting but So we’ve as progressively making will the over improvements

from sub-XX% point. this even maybe sub-XX%, So

PB Balaji

up from some question, Difficulty] for XX% fines line Brexit, There’s item? pick Prakash. [Technical Aditya these Jinesh, Oswal. with from We’ll already criteria we’ve share have of about. about. is Brexit CJLR up Other it of you Is accounting EV. PHEVs? rules is Where expenses, Motilal market can accounted we talked which and about a new it talked off-line including Difficulty] one. the [Technical Prakash. with origin realizations, Okay. is pick of MHEVs and reversal

Adrian Mardell

ICE it MHEVs. So of with rules. doesn’t include MHEVs Origin go Rules along the

does the MHEVs So PHEVs. XX% is include fees. It

go together, So where MHEVs PHEVs BEVs ICE and together. and

PB Balaji

Good.

Second, capitalization to to which you XX% normal? this the will rate you earlier? Is indicated Or back had in XX% the been a XX% the revert new R&D has range. range,

Adrian Mardell

XX% range minute. at the

none in capitalized. we’ve were in their furlough. at got course, of And October, of some we as result people Of on costs a particularly still QX, this, were

the data new So below would the agree the stay the with and XX% norm we over and decrease that the I is with we in to patient yet. the But very last expect XX time of furlough. XX% for that. There’s because not for do But explained over been level, XX% moment. abnormality you’ve us. still from months, down to it QX have

PB Balaji

Thank you.

moving and turn take started is revive, So with HDFC, as next our will CapEx. both year the expected towards India growth India, question more aggressive to we from Makharia, CapEx INRX,XXX Aditya, programs? for in to We had instance. of the we’ll crores JLR, Aditya

demand on INRX,XXX like care some We are are CapEx. programs more delta accelerating the now take That’s to basically to we is that continue running the and growth product going crores of cater the that of to to through of delivering ensuring that forward. coming also

will we conditions. any not under compromise So on growth

rightly create put the Adrian and no that. As it, debate about value growth,

broad that levels and back managed the dynamically, is therefore, As will X but because debt-free investing well. that reduce CapEx that That us whatever and as anyway CapEx will that is ensure we within equally we is indicated feeding concerned, and debt far important to our there. want therefore be net as come for in had we constraint, years. next ensure is range to we’re as And go growth, it get hard a will we cash the

here this a great there from So we headwind mixed this headwind, Kapil from performance. we on into dynamically. are as Questions a Mix head be Nomura. Congrats QX? managing Singh, splits. driving. I’ll the about Many autonomous extensively about OEMs talked couple. again skip investing heavily has Adrian expenses, that. talked JLR. versus he’s BEVs LR into are and for Other J think will Question I

comfortable would up? What Thierry, you plan free are foreseeable future. flows them to want this generating for and pick investment the is of not Some for cash these? JLR’s

Thierry Bollore

is, the our say think first terms trend drive evolution which first element figures, in that the of is expenditure, because already should element. CapEx is in of we all I course, of

it is point. that equation. business in way forward our And generate we designed a ambition of have it’s our terms second reduce by electrification clear would is we construction moved the to towards of the a moving it profits. not by That’s programs Second It’s by nameplates. are profitability been element, suddenly, that because matter

means EV, third point from which making get towards well. value also is are being it’s The to are new chain chain. in the it’s that chunk all that moving such that moving translated. as technologies, even value take And extremely that we used the and fast we order forward is being electrified it And our

we profit get can our So robust in prospects. and robust continuously far,

PB Balaji

real – new moving Thanks, will we would are the your has market targets that internally the Yogesh, we do. Thierry. to bright question, to PV what going point targets standard FY a pick in ‘XX? we explained Are share want talk that have share up Then Shailesh, – to the you And launches already spot plan? you on what business question market from India. any the next for been are there again,

Shailesh Chandra

Balaji. Yes,

calendar that number this would share in say immediate would double-digit us share. would would million market the we said next And next year, be market the I this we would, what – we will have be target Safari then two year. by like definitely And double-digit month. would X of year, enable would calendar as I launch be. same that in expected going the we would to supported to So short-term in I in have, the to to hint Hornbill, but and be is market are the cross that specific is no these that the launch the And

will this next growth Balaji, question, that the you year we can a So expect be very also. if What second strong was can…

PB Balaji

you product answered have No, launches, it.

Shailesh Chandra

Okay.

PB Balaji

up Is – cycle inflation and is of How the Shailesh. the as Edelweiss. How should on one look ability should India Girish? Girish, coming also look fleet. demand it? you large that of should at should easy the way nature cost? on medium buyers, we more early-stage the this series. current Chirag with this for to coinciding in small pass replacement can to indicate cost the demand. is the one players recovery? versus Shah, Current at time, Should it fleet pass be the look Thanks, from a cost relatively Question be And of this versus

Girish Wagh

Right.

So thanks, Chirag.

cost the inflation, one is generally, the think time, I to increases. commodity CV on But is the happen it does never cycle upside. the that at inflation same pass cost has easy on when seen

with it. conversant quite are we So

as it continuing one efforts. our on two addressing fronts, I price steps. increases in cost think, And I we is is said, are reduction second

price a took we So in increase QX.

We a have also in taken price beginning of increase the QX.

with what respect doing more how they communicate value are the investments fast we payback. is also, think do products I to the BS-IV, is higher of important BS-VI the whatever is and how

are digest these which helping on, the we increases. what therefore, to, that’s price focusing think is I us let customers

in In QX. terms owners the cycle, up in first, buyers, of started of happening nature fleet that’s forward and large it always who come is what

commercial operators seen have I about always talking small we small of has started seeing LCVs the fleet vehicles, think in. I’m towards QX, fleet the forward. one M&HCV. coming And also operators small specifically and coming end In

the In current in come vehicles of TCO. terms the getting market. terms of don’t replacement in demand, benefit yet experiencing the the still think BS-VI has established The demand because the are I customers up are

replacement will BS-III, replacing in sense. the you. watching And TCO customers well will are they once coming demand more as wherein the back they think, both we make see with economical earlier vehicles So to the BS-IV technology see more Balaji, experiencing as this I benefit. it, more and happening

PB Balaji

financing Sarda and Question there’s no, availability? from from And secondly, on your in SCV, Girish. Systematix. Girish, Thanks, ‘XX? an from also FY M&HCV one are Kapil before seeing Singh demand easing again. outlook in – that, ILCV back another the view we What’s to you Ronak

Girish Wagh

let first. me one the take So demand

industry seen led by we’ve think when was that M&HCV. I it fell, the more

So fallen has the M&HCV most.

at period, Of the that at it you passenger, the of look lot if in course, aside, in the but are base. therefore, a But keep maximum is which that’s is demand passenger that we followed pandemic it of one M&HCV. bus supplies. is very, very CV of I a course, on will upside there most. next look see semiconductor if or then terms wave fallen the year, by second that be small if segment, will the That buses, is think, those expected has you And uncertainties on

So a ILCV vehicles. followed small good M&HCV see also should commercial and by then recovery fairly

upwards $X.X I the think should million of that $X.XX appears to it be year. next industry during overall, million

yes, has the very, a availability, In has that, happening which a products has have QX, BS-VI. now. I And financiers apart in so and there gradually been QX. of see improvement, increase, financing aggressive happened And also considering month-over-month, come availability forward good which think, significant from with price we very happening innovative the terms been financing in

this the also customers and forward helping all vehicles. to is you. come BS-VI So therefore the back buy to Balaji,

PB Balaji

was Thanks, XXXX-’XX? Girish. you is about you Singh, it Where your index, sun, what in the to more under again, Girish. talked coming compared a in sentiment One is to time it Kapil Nomura. This from

Girish Wagh

is values, the is And important. presentation, than sentiment scrape is that But going the the crossed After that, quite in Difficulty] absolute QX. the million I have XXXX-’XX, And we we still we up. the which bottom insist more you segments, value, the across is absolute in is did which our the peak it are up. X on mean, index [Technical trend sentiment Yes. all seen volumes. trend, moving ‘XX if understandable. was we I previous think, behind when index FY

more this be volume. than is likely it we that, touching around X.XX will that think I or kind of X.XX year, million a most

FY overall terms we in are of still So ‘XX. volumes, below Balaji?

PB Balaji

point GNPA. that IFRS or you’re is the – seeing Kapil is ruling the two Also out, would Yes. Kapil, GNPA the at X% Supreme which think is restructured? not Thanks, the to GNPA to credit. book, not another I on book me has taken it Question which the benefit of IndAS percentage One GNPA. This restructured Motors directly, of when the the been Girish. comments, on what your has Tata question answer X.X%, I does because – I Singh X% been again. on Court Finance, is, loan is any broadly have don’t presented, we did I MSME say.

the that this Question is will the our captured So [indiscernible], which the from or India, in could haunt presented. I to is and EV the missed of information, In continue margins coming impact real books, JLR. with I EV just category margin that already delivering the when carrying it contribution GNPA if take margin for we take sync the for you are currently we quarters? are margins. Adrian, broadly financials India in – I’ll then, in contribution is the worst

any So therefore, on as JLR start EV the Hello? the rest the we on well. we we the Adrian, see do Adrian? side will side? working improving because business, be of And margins drag EV. of contribution as for also not the

Adrian Mardell

PHEV We actually into originally and No. quarter units BEV provide and supply in more that than anticipating. more we the market

that the got be in of I be is. going volumes and we So had to reversing margins of small and expect previously these quarter that units, of supply of booked a costs that UK lower the and to of the a higher sense benefit need And to degradation average accrued. – which, marketplace. to QX normality and what X of of increased is a normal is obviously, on to the we quarter we European cost some be better piece that slight a small Overall, part piece margin be volumes. will

the made not is to PHEV to BEV continue business thing continue at and But units, offset QX that’s with of towards significant I normal our these mixing and that’s And if in the to So challenges a what be. to compliances. what to trade changes I pre-COVID and to right do, cost we’ve efficiency us we’ve do. committed the even will levels. the model I said and earlier, repeat QX And quarter, will expect therefore,

PB Balaji

Okay.

on now the are we think hour. I

that this. best you stay everybody forward to anything I’ll than for time call Difficulty] up of in specific. thanks you all all look it More happy again, to a safe, further Bye-bye. the probing want day. free Difficulty] for [Technical with this, to reach you and lot. chat case Thanks out to Once had. with you’ve with Feel So on the taken soon. us to catching that questions Thanks, Take [Technical us and Do you joining. for a you the care.

Operator

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