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TTM Tata Motors

Participants
Sneha Gavankar General Manager, Mergers and Acquisitions
PB Balaji Group Chief Financial Officer
Adrian Mardell Chief Financial Officer, Jaguar Land Rover
Girish Wagh Executive Director
Shailesh Chandra President, Passenger Vehicles Business Unit
Thierry Bolloré Chief Executive Officer, Jaguar Land Rover
Call transcript
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Operator

Ladies and gentlemen, good day and welcome to the Tata Motors Q1 Earnings Conference Call.

As a reminder, all participant lines will be in listen-only mode. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to Ms. Motors. Tata from Gavankar Sneha Thank you you, over to ma'am. and

Sneha Gavankar

call. and everyone. CFO, of welcome Mr. Chandra, Mr. Girish Tata you Motors; results all and I Thierry behalf evening, good conference Adrian Group Director, XXXX Land Tata colleagues FY to Thank Bolloré, Motors, President, Executive CEO, with Rover; Business, On would Wagh, our QX we and our Jaguar Motors; CFO, Today, Vehicle have to Mr. us Jaguar you Balaji, Investor PB Shailesh the Mardell, Tata Motors; Mr. Passenger Electric Mr. Relations Land from Rover; Tata team. like

Balaji? We quick from overview will business a Q&A. performance session management, and start with of followed the Mr. Over the financial by you, to

PB Balaji

for all want where about spend speed deck open we Thanks, up call. sound. and this for the and safe Q&A pausing as Sneha. the of that and are minutes as Thanks, is you'd we'll want. Hope And on at to after going amplify through Yeah. everybody, there customary, you XX probably joining areas

of Nexon. just the a the to course, that of Safe course, them XX,XXX call JLR, statement. Tata is Moving the Harrier got banks Reimagine the launch apace, the us editions, in in And passenger and, #Dark despite of Altroz, of wheelbase here. Defender. ones for all Harbor units, intense long in to Pretty of launched and have And new sure, pandemic. key vehicle side, Range and order the is close Period continues the out on here of I'd nothing we activity and Rover about the course, record XXX,XXX Motors of program of Evoque the

this of fair are course, second well. as we the growth and, X.X% lower elsewhere that about therefore, solid most because for underlying coming with out through as India notice But numbers has the cash very XXX%, in because EBIT world It's say about the it wave of please. deleverage minus a the exceptional had the a given a because as of have two crore numbers coming pandemic ₹XX,XXX low X.X%, of [indiscernible] ₹XX,XXX for quarter-on-quarter quarter a Therefore, Revenue flattering and been QX ₹XX,XXX PBT in the a volumes the to issues before about wave of us, well ₹X,XXX the crores in of slide the would showing crores lockdowns the semiconductor the operating and of year-on-year obviously, coming you off. pandemic. volumes of working and of context. recovery to quarter, shortages And about having quarter, than coming compared On of quarter items out lower last contend on seen Free basically this basis, also coming over EBITDA of challenge of of a off crores, a loss. XXX% on last outflow basis. as that year-on-year Next to base. capital

Next slide please.

the ₹XX,XXX ended a I'll others. year. when see Others and all JLR, crores about a basically across debt translation price, will on basis, debt Motors We is profitability And be automotive we growth Tata did net in TML significant underlying and the And coming Finance volume, improvement was it about see factors, we which towards end. basis, on talk last

it working of delivering deteriorate, of it the quarter, about unwound change crores. coming course, business, crores and is as did ₹XX,XXX capital it This almost ₹XX,XXX from

up. onwards return debt. as from pick So, second that expect is to net volumes this the situation do We half on see

Adrian, please. to slide Next over you.

Adrian Mardell

please. would, you if slide, Next

view, this quarter the really Okay, just normal in not set comparator. is took you, the To a why that us it's us. through qX. for concerns XXXX. quarter we've you That I FY Balaji pattern points group. information which actually for good the is same four really for included QX Retails And so a our representative are these in were he KPIs good [indiscernible] remind across a was our higher made, than

it level have retailers. pending is So, by in today, revenue strong. supply the retail marketplace just issues, wholesalers, reinforces the not very determined our Obviously, we is

the negative an our course of You QX, QX. loss on impact million beyond £X that. actually billion flow numbers by volume ago and And of can £X EBITDA which slightly see outflow levels X%, you in And than of I'll obviously, on two details free weeks the better I which And well. the million, announced July within continue we through was into as suppressed X.X% the already on cash X. take EBIT will was the £XXX the indicating revenue was calls. the

slide Next please.

Okay.

that of thing the already So, most that didn't I I've I the think order said, was bank. say

XX,XXX, a Defenders. Just that's June. reminder, of the at units XXX,XXX end

marketplace. product incredibly level. that number the the received has same strongly weeks the that And two about be continues stayed to in So, last over

Next slide please.

So, major XXX,XXX units these region. one retails, the are by quarter

increase dramatic a year-on-year. see can You

you'd sooner to were we higher even quarter last dealer apart at The our XX% year-on-year isolation XX% splits, other China, the in normal last of significantly public units. Of returned rest of predict, time was impacted. China. were and this But buying more regional year basis, one than Overall, with us. along regions higher. closures course, the pretty much from impacted a the by China, of as XXX,XXX on course, year. much Wholesales

that units the Normally, course, course, where as importers. important have only over dramatically CJLR, Of joint the of was of only venture, retails retails. hand units in expect about quarter. will before point, dealers pipeline the XX,XXX of and we lower sooner impacted our increase we be difference should than this you'd XX,XXX these a wholesale be And to

begin sales two. falling, key see see So, take to quarter stocks big will to away the we in fall this pipelines think you And wholesales. retail in as I dealer here slide, a and from falls off point are from

Next slide please.

of levels. then pass stocking line into on slide blue back April/May course, own the XX a take last It I course you of closed. a you end inventory retailers the last down take ideal at of on the our deliberately at months, it We've quarter year. customers those the about of to is If hands. that that which occasions at as And was and talked three high there, number retailers did we levels. were that's quarter top this two So, year,

units. You From off that units. can to They've that about in fallen fall with and units keep XX,XXX roll the dealer that enabled XX,XXX QX. XX,XXX since stock see us keep around through about high They not down to high in And retails to they're to be quarter already the March. the from would That's those down the retails units. we their able way line, stock, that as On about two. XX,XXX on dealers. to obviously, we stock own, the wholesale level, brown

in lower both thin. see better is will when the exception forward, again, were closed April And therefore, can for little plants the number CJLR. bit. that the and and levels can wholesale the year. very, But it last You of a measure of be was foreseeable And production very going with pipeline retail May drop a future,

please. slide Next

Okay.

four. also, and XX incredibly months doing are family Defender bigger are. quarter. the by XX% the seven quarter-on-quarter. obviously, entrance eight ones Velar Rover, retails even years up The low course, Defender in of those number quarter ago, Obviously, though doing old, well, the So, month. that's I was Range well vehicles is through in while a in that talked to went that needed for continued quarter year. previous XX,XXX you a be good a why the X,XXX in units. We And one. had very We for Remember, it retails that's

So, the those products is reasons appeal the Jaguar Discovery for year-over-year, very strong and up for also were mentioned. for both.

in quarter Our were electrification numbers XX% one.

XX% year, our XX% units we would so more that in have QX they you remind and electrified actually of last offering do. me said just and Let was an as more

please. slide, Next

us takes So, million lost impacted this is Profitability. year, by QX quarter We prior in £XXX the back heavily to bridge obviously, last COVID. which

think would this I lot a be expected. of

XX% about significantly quarter the volumes just still higher quarter units. year, But in gone. Our about by restricted XX,XXX up than the same last were

year the for CJLR. restrictions there regions. in free year. mix. emissions as last our forget explained is wasn't the portfolio. Don't compliant When can a to and But impacted number got as the and we volume We've Good well volumes of parts richer ago. within of well. the Mix and we in versus last terms months have And You than end rest big We've demand improvements you. accessories of China PHEV as in needs quarter much supply as at previous the a see units on free year. calling did that number out had XX those

and the reserves. we reduced fines know You the

bank units and order UK. units underpinning compliant impacting And order biggest are requirements these within XXX,XXX the previously. over for bank, ability quarter. semiconductor the and that banks reductions you the of which build However, are orders you The our reductions Europe in customer those in the PHEVs. hand order I've shown deliver see supply to And the in data

we That will in VME. either. at the last and about we're when case portfolio. quarter two not highlights two, over was a things not in Other VME those year, pass them years. I've talked the can will This So, have compliant units consistently the over, we build our X.X%. last one, and case the be time quarter

QX, was reserve quarter. of COVID. one-off We X.X%, me impacted reserves actual the out in was incremental you recorded X.X% by because was underlying But in of let marketplace just is [indiscernible]. data it's The data over that of the remind Some being it negatively knew – X%. the

we quarter one one of better, a towards that our said. than improved drop was coming bit quarter So, end as our the were which – through particularly actual losses. more Warranty, reduced anticipating, we the quarter

relationship import changes We with are actually some with our suffering result of a as the Europe. duties added

the see math. You

period. job XX commodity some around costs. you to the increase are and there. was you, not policy incredibly retention structural course, well see years. And actually reimagine lot but as last That, our the And last to which year-over-year it changes, weren't is that cost of year, the the you course, marketing over to levels able seeing a home it of previous we me workforce retain the category increasing, increases furlough monies, we much took we all from people through amount material remind higher of that much But big back that jobs than us that as critical spend, months cost period helped of served and XX,XXX overhead was over definitely lower almost us protect A is sent, talk ago. world actually, normal spend, of And Unfortunately, we let the cost in but spend within suppressed. fixed year. governments much,

was we here maturity policy are on of The product. other we've XXXX. in we've each and happened the lower, explained And just over completed moving changes capitalization flow changed engineering capitalization engineers ebb the of those to And of FY be XX thing and to yet to their to on the in point is the again, continues we've our which What's will those quarter. where note not here are you that XX% new is depending have architectures the over model cycles. reached the product year, because completed Defender, before

exchange, is we've is of Sterling as about to in breakeven Operating have by units. the because bad news offset exactly Underlying loss, appreciation point All you X.X%. That's here £XXX explained hedges we in place. million that XX,XXX previous the years.

and lower than supply optimize ago. maximize that's And of of or a a EBIT indicating start so underlying were months is shortages. couple position this of just our us So, to we

slide the result this Next a was please. cash. good on really In circumstances,

over-achieve traditional this cash balance were the profit are within We in we is on. tells walk. the in just presentations These out that investment. the look The the doing XX,XXX two the two middle cash just February, also presentation. after to in are intention our £XX me obviously, numbers and million tax of and, XX,XXX was said units, our And XXX,XXX units. was in and we've underlying breakeven May on year-end units which under our investor So,

starting difficult the working Overwhelmingly, quarter cash loss So, circumstances. again, in the was to capital. optimize in position our we're

last the at will see reverse it cars, point building billion much know more payables that outflow It's we therefore, can last £X.X at year. pattern the We're were You saw of exactly cars. also and lower. QX end the And start you building you not year. there. our

billion. was on look, see the bottom capital working and number £X.X the You line,

on year, remind basis. million £XX me last Let that billion £X.X year within itself reversed a full-year you,

to begin So, a cars, we're build able reverse. working will once more that to number certainty. is That capital

Next slide, please.

then QX products, investments all, that Our year. grow as in case million you, billion finalization to I've of million. Rovers, QX first to And to This and said high to investment slightly the second the the well. half in be full around I under numbers, expect bring to new Range in we as and a ebb £X.X marketplace And of £XXX start our the quarter. £XXX year. was and QX the MLA flow

please. slide, Next

update. Okay, the so business

So, a organization is program big and obviously, This Refocus. program under fantastic more this Reimagine the is complete of had. holistic than focus for the much, program transformation Charge much we

is less see pillars note programs the in if is were with creation, here turnaround what take the You lot would enablers. to saw recorded starting engaging quarter. go pillars one. I and the we than particularly you a engaged previous value previous and you that is you the the will value the X It there. during X. generation won't pillars six quarter we're £XXX really recording to we people in exciting the And the really we're slide, million in news back here that back across to see but value the three slide, more

you actually million of So, subdivide great, of go really quarter of between there's up, of were for add If recognizing quarter-on-quarter £XXX first we've in the reductions program. year. record what I happened attempted everything, super and the a £XXX quarter, it back can to the course, strong this worth almost over just because shortage full start program. This those program. what bridge, the previous of because Refocus power through million is to Refocus. the the We're happened and This is of

quality, That drove starting And pillar X.X%. on X. down see we're £XX on to an We improvements improvements improvement. also million saw to

free in constrained be absolute savings environment. to Although material supply on a the volume of a are than course, environment, going cost, in lower

number to momentum me great of program let quarter that speed a got And assure two. volume the building. So, full you, partly in building. the half is be and the of determined Momentum absolutely of size supply will by We've first this is program. of recovery

slide Next please.

Okay, so the had also of and retail, page have those and are have a would the quarter so X our there's lot year. was the you through the us demand strong X. is in on for for big underpinned. The a announcements July covered We headlines over previous XX% we news July Wholesales to level with we in semiconductors. of that this meeting This used. on number in special we importantly, have and quarter take But expected the you versus up one down expected to passed were would that. dealers, from orders

been quarter XX,XXX we as of about supply will worse quarter can production two Quarter September's the lot including So, at it's one units. about. has be quarter, significantly. better July. the a And of of we've better news the quarter new A performance towards end quite June, see end the one. August. than than impacted than August July is happened talked

the see are end start. starting of to better we quarter So, than the the

told you broadly higher higher time. the it units. XX,XXX Our in XX,XXX. I XX,XXX indicated slightly in range, We quarter than was also in XX,XXX volume, think back to I and ago. slightly I said that problem fixed quarter The two But at point will two. we're in is be prediction that wholesale weeks

We a those you actions. of are ago. I taking weeks number of through talked all two

is to Q&A, in Thierry aware call. into different actually a led Mission and road. when But been that on a who week. permanent the the from Center, just twice rigorous be the board he's Thierry, has we we activity a level a myself. a which by the meet center get have of front We at energy, location – is into Control really which engagement, today There is He listening the

there's much down for our make pipeline. end-to-end our the him a a no manufacturers requirement tier semiconductor the to requirements engaged have pipeline, to points true be appropriate is obviously of and true for supply to and they we're But so might pass that where comments. over visibility, delayed end-to-end importantly, visibility going that there right are, have we at contractual more filtering engagement So, first back level with, beyond, fully but

plants. At have only that incremental make valuable derivatives to to to with right new on those orders we as moment, far. supply to the traction a nameplates, soon and provide produce. do vehicles to we higher is here and a But us customers progress in obviously, want we choose units so take, as increase all allocation can. the start we'll we XXX,XXX Land XXXX the have orders. if is thing, begin coming the we although cars Therefore, nameplate, more we're to of to we Rover will sure But prioritize to a that, we to to We starting of between course. nameplate. And the believe big those reprioritize small driver And QX, amount Jaguar make we

slide, Next please.

page, So, want but we're the more, difficult know you of a this I is say the not outlook habit one if you. misleading in us to

We added than weeks more ago. have two information

told wholesales QX £X.X So, that obviously, QX. breakeven be was the than But, might lower you already, negative margin. XX,XXX slightly in It those will be about billion. EBIT XX,XXX. off in will our XX,XXX I point revenue be about

however, four is two to on information up to quarter absolutely that. cash do will than those billion. we'll But The expect flow, to And and quarter bring clear for investments, investment not are that determined three. supply the quarter supply. speed £X.X by difficult if is were you. But those be be yet the introducing do, revenue for is moment, actual we'll be customers because ahead it than status in that obviously, better cars. QX. you to plan two, to lower products Our Half be new billion for on significantly but £X if things better quarter free we're We not change, hold slightly to marketplace. We number, waiting delay three because full than outflow

So, change the will again, to cash be XX,XXX flow underlying EBIT brought unit which build now second doing we Why reverse XXXX? reason cash it's two as level the a to capital right also units September's was far activity XXXX be reasonable in not we'll are Optical point half super underlying half because, our X% breakeven been half we will about hand For and at more just or very points down This FY start level, in XXXX. to FY the we we on assume, actually towards No that have confident in over we'll be FY where XXXX. side. from our breakeven And guidance the very, free the know. was that reduce we're away point territory. for the two quickly. positive EBIT. working obviously, data positive to would you X% FY in piece positive as

HX between very you feel we soon FY XXXX, get line draw So, [Technical Difficulty]… this through confident and as XXXX if as a we

Operator

Request please line all participants Mr. disconnected. the The Adrian to Mardell for stay is connected.

PB Balaji

probably a that, confidence clocking having level. of – because HX obviously us we are the step right there. an the here numbers gives in problem from he's The Let of numbers underlying at margin me EBIT perspective,

when issue the resolved, and start as improving. gets So, things current semiconductor

progress, play And an And, through in expect course, that's cash billion of a feed to a big half EBIT in that year as also We second will our because quarter of see the as and in well improvement from because perspective £X.X of from numbers. flow margin. half did – one cash of should something through second years this almost onwards. there we that our

to Motors. on move then let's So, Tata

did stumbles wholesales through about that Overall, therefore, wave lockdowns coming got ₹XX,XXX face for explained ₹XX,XXX recovery that. margin a crores X.X% the XXX,XXX there. The off Next And the we flows into units won't An Year-on-year of two crores. eight almost working ₹XX,XXX translated about slide that entirely units, we coming EBITDA is compared that revenue nicely. unwind. so flattering, earlier. sharp in We impacted. by of of And negative because from resulted drop please. coming quite about capital cover Did overall, off to cash from had. to the revenues the XXX,XXX a And last is quarters obviously also crores. I to X.X% free crores ₹XXXX

Next back. X.X% revenue, now. strong. far as course, slide, years call-outs orderbook vehicles well. as we XX,XXX about working volume is and impacted units, really of while, quarterly two of Used And bit there. on CV in sales talk the volumes PV, breakeven, portfolio. the was highest about little that on only is since passenger standout a stronger. operating please. strong out crores. as EBITDA Cash capital, with of of we'll entirely X,XXX of The leverage a The a and inflation highlight of flows the be PVs going for Penetration progress shares units well moving Profitability, as continuing rocketing with being the ever the at X.X% ₹X,XXX and EV, market explained X% very playing almost liquidity as us a key by And to see.

please. Next slide,

the see Just the you inflation, here last waterfall fixed volumes And with recovering as last can lockdown as on all time. increase. there, cost the unlike variable being well is On in of particularly PV, a precious costs, costs, commodity compared metals greater deterioration the this to sharply. the the year

Therefore, the in kept investments all there. guns had And We blazing. out SME IPL. D&A So, the continued. we investments have play did

resulted not we picking So, it ensure any up, but needed stopped in also that demand action And service have [indiscernible] that was to we here. subsequently.

So, that was conscious a choice.

hence these were kept things it was last and unlike So, agility plan a going this time. business time,

able way to broadly after breakeven, And is news. cost, please. as good and absolute being is that all built in a the demand working this going very them JLR everything the two, similar levels to trade And and come, volumes which story. Cash the capital way. if just even is we of these at slide And coming semiconductor, via hit going payables receivables now whatever other of inventories, have explained consciously payables, the therefore, profit tax and combination manufacturing Next business just investment, low cash low. there. flow inventory, to and first is is all, volume, ensure to you our particular, up, add of Cash of

around Investment to end, lower ₹X,XXX slide see But ₹X,XXX we to then on range, somewhere land, more crores in on the expect track, Next where land. is where crores that please. towards we'll track. spending

Next side.

the market business, the there. the The key has doing measure for vehicle share commercial Moving is M&HCV very been well to on us.

now this And for row year the have category that further That's us. this market in IL series picked increasing. it increase now to and we has is XX.X%. consistently quarter, quite And progressing happy to a started So, market shares coming are we been another we're that's about third been shares have up. one up And we as with the well, too. picking good way

challenge to lower right the And top we'd current end of of really almost if losing want economic you're business the the it year. been it commercial share, same used corner on side at given that almost year. are the this your the the on are and impacted like that. ahead similar a don't bad started previous We business, shift rest salience, last small assured hand We we the when shares go to look year, that. the overall based market about the at to to ensuring And We has at actions conditions. now also XX.X%. time did the level, has XX% be Draw XX% and vehicles. attention where, SCV the Our of there, graph you only at

sectors the on So, and will sales has half front. Buses almost we again that opening. year, hope as back the evaporated that, where remains start underway particular come schools pray work buses come second this and of is

domestic EBIT, this the a because is Next between volumes quarter vehicle, the quiet fall this from inventories was key by comfortably wholesale EBITDA revenues which coasting And commodity and see. Hence And towards impacted that just hopefully very the of the retails broadly is you so at recovering course, cause onwards. factor there. margins, and same. the market and EBITDA Commercial inflation are of did overall breakeven, this call-out obviously will slide, please. level, operating double-digit lower start grief, business of disappointing leverage. in combination

please. slide Next

over Girish, Let on and over have. to the to to operation comment business you. plans me hand we Girish the

Girish Wagh

Balaji. you, everyone. Thank Good evening,

So, was first this financial quarter up of going down. and year

the there of the second then was further So May, And March. April another over drop the month the wave of COVID. month we XX%. the XX% with actually in of started volumes of dropped month by of And

May, good to the thing March picking in by the up the growth the over dropped and almost saw XX% volumes month volume the which But especially May, actually fortnight, from So, one in XX%. means is, almost June, started of QX had back April QX lockdown. overall compared that at as to level. FY a we level June very an came XX% volumes in At XXXX level, to when previous than were good almost a volumes lower of QX, but the complete second

almost X.X to continue were able volumes localized QX. last times to So, lockdowns the of and across the country helped sell economy we actually have

has think I MHCV us. which mentioned, and for share augurs continued, market Balaji As well ILCV momentum and

the also consumption as increasing, towards the bills workshop diesel think of think SCV with the metric level, increasing, I of freight our an I pickups, second improving job recovering. parts fortnight focus June, internal on overall e-way Balaji and is mentioned. now started At has the

are freight need I as improving far As low also think May. rates in concerned, that are from the they the of they month

the terms In increases, to inflation of had keep that which April and result I this back-to-back two this, up also almost is as the we of fighting. And take we something efforts accelerating This think in we've inflation, X.X% and commodity reduction on a basis precious to on some steel X. in further metals. cost started, the is to X.X in July price addition inflation even

in With diesel penetration an seen increase prices CNG. also the one has increasing of gasoline, and of

future. and saw of sentiment is current this Because also not in So, the up with stress, the the a conditions second also limited satisfaction profitability of one improving. down CNG increasing. penetration one CNG parts. in transporters made transporter the is under country, of going the in is two the Many is CNG is this, penetration of infrastructure expectations the the the transporters One country, few index of pockets with index areas from QX. And sentiment to

like were with was actually were infrastructure the QX tippers this steel minerals. transporters and part and conditions means thrust And driving also The there is So, good and negative, with future, state the were the HX. the satisfaction which ahead QX. in current But in dissatisfied they current demand government's completely continues. segments in in the about the going optimistic cement,

We as well to also to as do last see well, hub both is distribution. for continuing e-commerce the mile which hub

improve end a credit, the started of led availability and month good May, also, of convergence in I of the this financial in June. availability of April of terms increase fall In QX to and towards credit think has in therefore, ratios and collection to have and after

Going the as the prices freight still we with well with ahead, restored. think are continuously is demand It the rates are on the balance I March, the profitability a transporter the where concern. demand/supply increasing is rates, and levels below the still increasing as being but freight diesel of

is we So, continues it a one from we so focus we perspective. a improving that ahead. weekly, and fortnightly, where goes the part are looking managing room a tracking semiconductor inventory at is almost upon what monthly the in with it be availability Semiconductor go And area, profitability depending are therefore basis looks every at us. or as how daily, to war important component transporters' on

overall at QX position. ensure optimize also, semiconductors inventory multiple sources latter the in have alternate we footprint the also with or We're at of the we taken to year, better parts the consumption design So, like parallelly, open semiconductor the that in in demand also the are half the built the critical suppliers, down. a had are spot engaging We've from gone directly to of we vehicle. least looking semiconductor buying when And interventions semiconductor-based steps market. towards developing of here,

are which QX, commercial are taken, a the pressure, is possible teams So, of our having vehicles. And have these all therefore, able are more the current steel to placed seem tracked do said, inflationary we area, something sector. better, the repurposing where therefore, think the amount in ambulances, CV demand. I and to finally, extent we cost. other but on we of only green in very on down. buses low. Coming muted almost continued materials, demand in continue manufacturing steps this And daily we steel reduction been that QX placed have drive on had towards still precious be as shoot to is to otherwise passenger basis. continue ensure challenge, next I therefore, is for And better, The has to and, out a very, of also of course, but is to and so by very buses the pull reduce there significant the gone pull cost demand the consumption with been the a especially steel and lot visibility all a some good being very, which were to whatever There

last muted. for So, sector other But I IT manufacturing comparatively to seen transportation back also semblance. better. had school employee transportation demand employee think, some coming thing whether buses, we intercity that as for start something improving should The ahead. Same doing we are year seems things was well. the is sector, the going all is remains be QX But transport which bus even where to expect gradually, it segments,

you. a CV in that's, for Balaji, business. nutshell, to back So, summary

PB Balaji

Girish. Thanks,

sale Nexon, quarter. vehicles, What market market passenger highest-ever the X,XXX touch starting this coming for was of Moving on XXX midsize remains the almost we the all [indiscernible] on XX% share of now noticing side do response we and and within is EV Harrier units from XX% Safari. share is quarter. SUV bps, even segments quarterly of shares well, portfolio and penetration for high are And for EVs segment the up strong are to think to the market that, now I the of X% starting our seeing to also the particularly

So, good momentum up building and way. vehicle on the that business, passenger continues

Next please. slide

On XX It's higher compared because depending the conscious the to retail. And days to Wholesale industry choice built dropped number. now XX have financials, just your six about on levels draw sitting wholesale anything days XX dealer precipitously here, a to and to retail about it attention than at have between we back player. days. inventory

course, list these of to, sure well. doesn't There's keep around that car. lot – And in control. intend the waiting profitability, like much waitlist of go low still we obviously, at do So, despite too this to make volumes. of it we'd continues for And levels out a our point to time. [indiscernible]

turnaround very on a we much business ahead. performance as this further is and improve should even go So,

to Shailesh, please. slide, over Next you.

Shailesh Chandra

Thank you, Balaji.

quarter share the this and reasonably versus witness As performance, seen July that be QX spoken in to progressive we year. I'll same than better expect we financial are quarter planning last the last about Balaji has actions that had already with we quarter and also year you the recovery as in for the of QX

felt products to micro have our better festive the visibility you product getting it, and in have to the New focused identified is IPL to in segments as example, of most Living ahead excellent Forever, planned know, and systematically festive and festive which recover side, on campaigns where upcoming the philosophy have we season, QX. drive and also. of continue to we October to launched say, And also season. are also to month certain to this in September we the working our working been supporting on this make of hashtag presence on is So, interventions certain levers be provide the we growth will exciting and And will restarts interventions. launch I in and for geographies were what is #Dark generation impacted response. demand would such product out we we which one The November have markets

quarter going also. this are such to So, be more there in interventions

to in processes customer health. terms Our experience key of in network terms and also our and dealer is of we channel reach, strengthening growth systematically are it

actions the are that are for generation these the we side. on demand planning So,

enhanced have and our the should last On on to the the demand realize able capacity semiconductor we working and our mitigate also has are about. closely been alternatives we an with supplier best creating trying supply partners. this ongoing have been Balaji two gains progressively very that in the crisis to be the and now quarters, demand we mentioned we fulfillment, back strong through of The

lined We moving work and same, very really variants accelerate have trying Example, up, EV are those to which on are fast. and CNG high product now is the also new witnessing demand. the we especially

also side we inventory the environment, the for are to building risks strategic in the identified due various Given supply components. uncertainties

cost as concerned, per as constrained have facing the pressure, As are we supply segments drive profitability developed. a we to that far environment plan In keeping are business is agility and best trying control mix better are the to strict we optimize on profitability. also product where certain

did more been the In quarter, organizing workshops. involving further are than integration also than X,XXX this we this to XXX drive going we last ideas have accelerate ideas. employees more in also. – erosion We cost And quarter to

done this will rising offset pressure Finally, given price be the And of – the the increase intact. to be prices, a products competitiveness keep the manner we that partially we commodity continued offset potentially will taking same. of in our

on a So, Balaji. has update actions this for planned quick QX. that in Back business was to the PV

PB Balaji

Shailesh. Thanks,

our COVID. them. impacted unlike So, by we more moving a I X,XXX significantly about on impacted has that here, This by on unfortunately, of collection people got we business last the quarter. were a minute time, had segment pandemic Tata people And And take XX Finance, and want lost impacted of than to one. Motors to this been this the getting infrastructure

down And as various people. now vaccinated. that And visits efficiencies the is And have see we a the than [indiscernible] of so, terms our consciously taken clearly line of people collection we in did more chart to grief call our you to slow in below. XX% to cause protect news had good places dropping,

the infrastructure through now we already shot back on seeing to truly well again. And XX.X%. the in roof, NPAs that meant X.X% And is track. coming are XXX% Our July, collection and efficiency this

ticking this the was NPAs. on and such three clocked there But waiver there months on last no RBI. During time, of time, the moratorium from time same a had stopped

done have best protecting also to of cost income our our expect terms people. in a our And remain ratios see And this ensured provisions reversal Tata up, even we we environment. collection very, tight has in Finance that now So, we in – a current very efficiencies GNPA this from the the quarter as was team. Motors one an overall a but perspective, pick for quarter tough this on been significant

slide. Next

as improvement see up. So, inflation going pick challenging semiconductor we situation, situation, HX overall progressively to to outlook, be the onwards. demand commodity continued rates course, due expect lockdowns. from we do between And to to performance vaccination intermittent stoppages of summarize, Supply and improve issues, is

strategies. underway. the covered it. manage us. is has work well to already priority covered supply but This Refocus we That's Adrian JLR, chain topmost already has it, For all risks. Reimagine do the And for intend Execute

key a HX achieving an priority positive and positive EBIT pickup, overall free cash a flow is things margin at As for level.

And free commercial the EBIT accelerate growth one. want and is to and [indiscernible] continuing to particular and we positive is infrastructure what up This drive up SCV a on market vehicles And would have CVs, I it's a we've we momentum that seeing. to charging Tata Motors, in sales confident grow segments, priority. still think flow PV accelerated on penetration cash of For are [indiscernible]. positive the key even say. setting margin we're delivering for across further segment, we – And in shares

take any there. to happy may out be that So, questions

PB Balaji

moving on. Okay,

questions. the to on Moving

think has would above? one Adrian, in few the Securities. China the sales pick how reason aggregate to China? been The for car car are luxury you from the first I sales HDFC faring up? the since last Makharia, months. What's Aditya declining this want Also,

Adrian Mardell

here. I'm let happening China not in tell referencing But me sure data. what's to you which data you're the

China. November The Day period. is was selling early early in peak first the in Last of year, it basically of is course, point, a the February part China. Singles through of there to was part period From the

period that most Chinese the and all which it's New ourselves selling will vehicles. Year. other OEMs the So, is be And

though fall Year, sets last as you in XX%. data If normal referencing be lower China, we a than us, sales up off to for and even are might give in-market Maybe you're New after December the year, i.e. normal I you much one, January. referencing. February were pretty March and China So, quarter that returned always

in in will out like-for-like in marketplace, a the make, So, to we market result selling our point we a a reduced premium China. better periods China. alongside as were said, – is other particular taking Last China in of volumes semiconductor starting for be where supply to period, like-for-like, are the challenges. start to QX i.e. That's in the reduce regions reasons in

PB Balaji

Jinesh from Gandhi, question Oswal. Next Motilal

Following questions JLR. for

commodity decline question, is for a a in first expectations We it pricing. and of then, price and And impact quarter-on-quarter Is quarter? favorable related What impacts due for this I'll PV, cost expecting due we material the as second margin seen take quarter the Are reduction gross have seen I And year? subsequently. these second impairments. levels? this in mix have a to we've despite gross staff depreciation to benefits well from as the savings which due to restructuring the question

Adrian Mardell

in the them. take asked them me you've order Let

And impact. the it health a a If of see expect And compare I to going relative million up. verbal if It forward the year-over-year million you impact increasing that. sense margin that prices sale, of value can on by I far. a year-over-year you £XX by basis. commodities increasing, also. give marketing a and It quarter, keep an isn't will to influence in adverse coming the our biggest give small small be VME, impact, about we impacted are £XXX even improvement commodity though in to on us performance a So, relatively you the it but it's

which So benefit last influence in two much in reference and not what are Well, a costs. with reduction prices then, going called impact material along points to pieces staff over warranty, the years. that Other of got commodity is do the consistently of performing why out going it's deck. more forward. The we those VME slide I've please, are we've impactful,

XX. You'll page see – to think go it's it. I don't through need We

saying had keep to the is our this There your a versus absolute in we increase last that small I is monies you, cost quarter in improvement last four year year. year, which quarter £XXX number, We see called out year-over-year one quarter You'll there. four. to compared costs quarter furlough here. reference million

quarter have costs, down they you when of gone four. the So, versus at look impact staff

under in the did programs in quarters Some leave and more will leave people Reimagine quarter people later redundancy the also.

bit. versus You're when at look slide, asking you will drop have you our D&A. look XX, you that that did D&A a to little actually chance when about page prior quarter Again, see at

not being MLA you're think here. those mid, is the course, are MLA assets probably referencing I mid of balance sheet, of depreciated. yet point And the on

which but those if you that referencing come had point, actually have brought that through for cost would saving marketplace. to at may a was statement, vehicles we income the then, hadn't So, mid, our the to be here, MLA

EBIT. So, there's has mid about small X.X% stop MLA of What D&A. on reduction done by is that a increasing number

Going forward, won't reduction. a you see

seen avoidance of increasing. it an You'll Balaji?

PB Balaji

our A [indiscernible]. in PV. existing question, and the is Shailesh, utilization? first at quarter other scope of on What July current locations? are What's capacity XXXX? capacity the and expansion your one, And what [indiscernible]

Shailesh Chandra

from will it's we to XX% a in now. the I upwards Pune which, give operate, of know, which here go get Sanand to and to in is get the somewhere broadly, not So, into the as around shop if numbers complicated from And would I But slightly when I new go. slated is going because capacity utilization you coming three because launched months. in to locations which going the is have Pune [indiscernible], shop would terms XX% the be we launches, operating say of you to of capacity

that increase price will would what venture the joint XX%. capacity upwards which and of XX% far CEAT CV. And is is Girish will take concerned, I greater is question I would have, of I say. the to the factory part also be Ranjangaon the would first about than utilization talk ask As on we then engine capacity the utilization, as our transmission, powertrain be which is and

two. PV. On a have in to price taken the Girish, to And about take far yet in increase X.X% May, CV. for increase so the quarter price price we you, are increase Over in we

Girish Wagh

X% took increase we price about increases, range. X.X% April have the a it steel the And price price If around taken increase across X. July starting X, to around at we was another looking on X.X% of

cost taken. pass saw or So, the increases. it's those kind are I of PV CV to have a on question in whether also we on price easier the increases

and Balaji, not also, that to think cost pass what both the at units, our to been easy try rest, market. of look reductions do pass you. to And I it's And therefore, business course, to has back focus on on in on. first. we it can

PB Balaji

inventory is pricing from mix J.P [ph], OEMs all very and Morgan. question is the Because seeing are Next tight, Stephanie during Winston period. improvements

online. behavior However, JLR upsell for ability being more with as done find customer cetera, does marketing How example? management to et I'm options, to customers [indiscernible] curious [indiscernible] the

Adrian Mardell

few things A one. to this consider on here

and You're tighter correct. a course correct. over absolutely inventory That's quarter is tight become of one. lot the

support verbal close that, see deals. actually. marketing money to our then is Obviously, first the use And dramatically, starting that's You're the starting fall verbal to to we in marketing. quite the impact

So, that did to deals in result as the we already you valuable one, of were pressure actually supply, will us. a see the with quarter on customers more

was unfolded in And this that challenge one. forget Now, one. don't quarter quarter

normalization. to to the months the take addition to will they So, of – in also supplement sales. our will to don't ability order be would so order that, in by value wish also of we to that, want banks, going if available, seven to not forward, on for or banks i.e. and back derivatives. of to those need up-spec order of request vehicles dealer course, online either to our nameplate derivatives they control average their lowest one six, order in we customers cannot ordered. They four, until get some we five, Temporarily, We're starting actually away be

marketing with within to support. next the happening. now, So, a on the less those already Existing one And lowest are nameplate. value things, going stage taking marketplace derivatives the deals in of away we're two

in of if the first obligation our customers, to will the not us year order the them banks, of start units. in to second half to in because, the Balaji? piece to course, XXX,XXX-plus the up-specify those to able marketplace. their that is those be the we'll already deliver need of orders vehicles of the the year, they wish to we've received fulfill So, cars, second half for impact Most

PB Balaji

into Pramod One. a Capital. you InCred drastically. slip back you helping China inventory? concern. Any JV's do JLR system shortages to question see reduce Chip to an fix losses here? Amthe, system second, medium-term is Next levels? reduce go needed March Do structurally is from repeated And opportunity inventory to Or to need

Adrian Mardell

take of being in order them me asked. Let

at it £X March, globally was at inventory billion So, level.

Let we billion. two it you, years was earlier, remind £X.X

a that So, that? can reduce of It's just XX% levels an opportunity and at on markets, we've orders number not to level, by reduced now number would across when all – Do markets, impact the we'd number low from suppressed starting shortage, only have customer that of impact see inventory, we this the nameplates quarter drastically we already all been in I impacted inventory over anything, supply nameplates, all Hence, will of is the marginal. close a If too regions. two. to be in out. retail

So, closer it bring to seeing no as an there time actually what February to we than levels continue it time is rather find you'll level last unnaturally to is we to appropriately drop back do I'd this February were low we and but to say, will actually, position. time, drop, need year normalize March

be. – the by the I There for fix place beyond China. good forget gains structural as a don't billion slip repeated impacted losses cost China Any I into us year-end, £X supply charge concern. at marginal off to formally we is improvement, that. kicked medium-term to Just are is well, a program you, did a been JV around JV think say well. has the semiconductor in China

to obviously, XX,XXX above other And key discount is number were the XF another is at of Range the great going been point China there year quality well. that. from this reduced Evoque breakeven Long – forget, Our health is of ourselves down months. cost and dealers now is That's get wouldn't you XX,XXX, we're The then XX% in to average as local XX%. had another wheelbase a were improvement of now in reasons don't the – They've sign. great new XX% of the end inventory That's cars, our And And that June. metric structural for our a the XX% see, dropped to to units. challenging of We're Rover months two on was and finally, the Two for that. the X.X sales oversupply, the X.X below into products marketplace start sale, of extended of There at replacing products. course, the sign. on discounts of course.

So, both effectively improve. vehicles, brand-new will vehicles, of to those start

JV position structural and of with a So, taken of together considerably. supply, costs, mixture on improve think, we all the our taken those in China we've actions will

PB Balaji

question Next Singh, Kapil from Nomura.

much Tata that standards the charging plan you the and information. in units one the with India? obviously give comes EV can we India definitely And portfolio is as of come question we you sensitive in whom would leaders we the done, of doing and we infrastructure infrastructure is profits done, staffing does you operate allude adopted it able announced. how to slide we how and I'll are Let subsequently. JLR thereafter, that, to we And is able and the consistency clearly, We even is the entire in do like the have break it. very have breathing our staffing the of the sustainable business, are of investment Kapil, media when right. our will is who said we plan Pricing-wise, ensure partners. how getting come And And ones let formally India? reuse company bring quantified partners because to job space are in of see traffic. conversations in to technology know our India order keep that you. in, play units, me are infrastructure, take then And haven't play out on this charging in the book aim in scrapping and with. the capitalizing charging into ecosystem and we terms what to we'd adoption the done, want least in to in it we current we're ecosystem. a and we being and scale bring with in I of one to excitement providers the did yes, please is with as vendor this we the partners. scrapping, reference and be recycling We is want in EV put ensure that in barriers a to We'd know terms see being bit quotes across On of how to for world-class – to already I'll is what And working to technology amount as definitely today, you're that to at terms we out with world-class the conversations And work What's now the to some intense us it closely investment, as the is that today. build? want scrapping also first well. of So, this working Power job to there. outlook role already with called policy the ensure ecosystem to a investments make

of XX, start more. a But as come of We that. through economics of we get the to have definitely should over And time, least right up during want unit period the not a on year. over – at if to two time or getting we this three period that's course

the that's this. work So, on

EV order India, in Our pick want Shailesh, up? you to would book current that

Shailesh Chandra

that I'll up. pick

current shot to bookings going what this But one two increasing terms has doubled whatever have of we in been rate, or have to the used say. our book It then reducing improved by would the this between basis, weeks, I last really supply I supplying receive. So, months, this to the get supplies. if XX as has XX to anywhere is we the be in two last months, take to three up. to that order But would in

Balaji. you, going Back really is to fast. this So,

PB Balaji

your Adrian, XX,XXX as presentation? Do the X tier of chip more continuing in factors units? expect revival in suppliers QX on What the JLR in breakeven specific level than referred question, to a FY affecting to sharp we are PowerPoint XXXX production shortages.

Adrian Mardell

to I'll road. start actually comment. front. ask I – this ask Thierry But on mind, question. I'll the will in I he's And may, then this bear from Thierry, him actually, is if the to leading

works. So this we'll see how

in back of would XXX% have specifically we the that had March, towards fire which brought significant In plant mind and in we level. is with we the X, a wrote attention in the back Japan, the being i.e., middle what as to of couple tier happened previously, terms of issues and Renesas now built your yes, production

not expect X. March that February, So, have this would point. again, confirm as were improve we expect been to do in into be go late through And And we around QX quarter in snowstorms, back increasingly progressively the as QX. also. similarly, at levels in we onstream those to X that quarter same production the Texas facilities we through a go QX period early position But into another which, coming to we're one would

to lowering. breakeven our is said you have We

it get have units the really to don't be want confirmations marginally, expect better we saying And by but XX,XXX we to the from don't I suppliers those We mislead just there time probably. yet. than you by

it's those we've we that to you. where confirmations, we then once we get a communicate will if what communicated, to So, significantly to different get point

like over to hear able I if to hand to me. Thierry he's would However,

from road. that He certain flavor you of say, As things are have this, I'm on if the there. I would first-hand a there Thierry, are has and response. that missed I is

Thierry Bolloré

speak. the we applying means, long-term chip and tier that same would to not one example, necessarily allocation like with news learned Well, are at and as are direct, operandi all what also the our we working. learning offender the them and have suppliers are play for supplier that with stable What and OEMs the have That are the good we that have with contracts let's like very chip their make – that key the would are that And is is modus learning and getting I we our key what we severe we efficient. music that with And capacities with crisis the in the this take-or-pay approach about far supplier order whatsoever. is having say, moment doing our very that the we the in way at capacities is that X and is think such capacity moment, very fast there, we so needs are them. are they of to is it chip

our in a future, the have problem clear small extent we well-positioned JLR far, to such, quite compared big So be interesting X. is with size some And as our that to moment. world. very have a the fix considered the we to also the suppliers chip at And a to of moment you, the structural at because tier is OEM to customers, we the Balaji. following approach it's the are that with and especially outside certain Back

PB Balaji

for EBIT as one? Can looking clarify questions. X% referred, make full for Thierry and It on in from FY as guidance too at sense the to -- fluid at 'XX plus guided doesn't earlier? Thierry. next Two for we breakeven this Bank [ph], a are is sales Thanks, Ranjit this X% of America. a One Adrian The please JLR. things time. think call [indiscernible]. now the point EBIT you of just Are year is number I

seeing clarity any in at us due that emerges, out on And calling from Then visibility happening launch That's Adrian? semiconductor change we'll it time definitely are this put as ensure what is lack point we And on communication availability? number front. are we JLR we obviously, lines one. to [indiscernible] what that So it of the is in to time. back again.

Adrian Mardell

timeline new change of expected products. launch of the in No our the

timeline Let you, each communicate me I this, gets the shorter. remind time

expect semiconductors We those slow Sport QX because good, be then some of in on the supply. some months yet, new not, vehicle don't clear of six as Range course, that down that haven't to, or the that. we find, any way, the to vehicles. point that Rover, launch We yet got now we these later than a not new which nine really and product to launch, we on the problem enough in of are within of marketplace Whether we're Range plan months, Rover is the

those wonderful that's when delivering to nine and time. they're push to around So, new to vehicles likely ready, is absolutely months' in our be marketplace in the ahead intention

Thierry Bolloré

I add complement Adrian. if think Balaji, may, something and maybe I from answer the

of supply to are that at moment plan the the contrary, huge path but tension Refocus. experimenting under I in intensify faster in fact change, progress. doesn't of a efforts And and of we is the intensive all because Reimagine our progress grow company order through the at think

which synchronized. period more back coming then making we just So, that getting have the is made it's time we such show supply and why will are of this reason And means we the that's as the that faster, the is company well. muscular, that during getting is getting better progress

PB Balaji

allude CV the we post for share? is warranty levels emissions, on this The for XXXX can market is very as other saying the How volume industrywide VME demand concerned, Indian is domestic second outlook coming been number this? to [indiscernible] they with pickup sustainable Shailesh phenomenon. market and we an we is saying CV PV And for about fact given than how midterm? in on to the the that business that [indiscernible]. needs far for business, and comply the JLR a on speak. shortages that any to reopening to supply think roll. move demand and in are back volume as the FY PV conjecture did in do Girish are is low And on annual market, the significant both Adrian. has seeing other there VME Question as is to outlook the want we Wouldn't and are

Adrian Mardell

post supply than shortages VME, shortages. supply going I'm midterm interpret during to rather

you Let me back the announcements take I've to previously. made

to verbal warranty around or at marketing and around at expect or point time at that We X.X%. X% in be

marketplace, get a then that good there guidance. once we assuming that correction isn't I to So, here, permanent anticipate still normalized a guidance would is

over closer adjusted will level constrained this with foreseeable Although the the future demand. be or to VME to X% until been below period supply commensurate be has in

from for that to I think the data. take From you reasonable you emissions-related I've as well. away today it's an penalty perspective, quarter message mentioned to one today

was quarter PHEV X.X%. in and shown X Our the in total numbers BEV page on presentation X

level, actually non-compliant. So, at that it's

to would digits. So, we double grow need number that to through

customers, at look XX% in units. we me goes PHEV level get know portfolio. that strong when are about compliance to our at a We our with the for order banks requested Let we from say, total, a to demand

is So, today, about customer our us back perspective. a fines and us we And XX%, cars which can not penalizing ability our to potential it's banks, order just within holding again, those see X.X%. from that, it's the build

PB Balaji

up further term? Thakur is the can shaping saying up from normalizing near the Similar quarter? peak ASPs do mix see Satyam question the it on – supply mix Suisse. from third was that starts Credit once this where you you're is or quarter-on-quarter, JLR this improve in How from

Adrian Mardell

asking beyond you're Again, the I piece. think chips me

nameplates, reduce the to and VME. the prices half have think levels half here, half talk net moderate the natural I banks, to supply of the to do order shortages derivatives extent. the stay the reaching transacting two going going we've two. for shortages there's increase there even in to It's of within I'm will those trying average the just taken, to because more two lower trying believe the lower actions course, the I a impact that's actually. the prices first selling because of within be and improve

of for supported that as increasing once place. those words. second the two it's Again, Thierry's have actually of to the sale, prices, we've post-crisis, we and transaction over don't health Refocus put increased as back that accelerate regions So, even orders but actually and forget I to transformation us inspire we're you in see will within This will And focused our half further year quality prices. normalize see the net been all improving program. very that program and more difficult, items listen transacting coming

not be improving if will going as prices, transacting roll So, exchange there course, strong, be a like-for-like out to of continue on rates, we Those legacy will the program. forward.

PB Balaji

A be launches at equally from Any on look the is aspiration on in Thank Can Nishant, going more to it you. this shed breakdown XX like plan would it I segments, Vyas being going back-ended? be more XXXX? years the is Securities. some to the question India chain and planned or way of in supply battery new I to the of how India? Are light think after. target EVs we're you until across from launches ICICI new strategy spread Nishant is

into to we're We to with player. And an over. particularly therefore, charging times put choice. infrastructure by quantifying the to fuel barriers are needs rising we out prices the electric. given we're the some excited given able starting many that just all-in customer pretty is will it, have. we at together, the speed the country And believe And be and the that be that come choice, bone meat so we falling. which moving already called to And also We've

is other want any we'll ensure of would So, to and specific and more where wherever as as part put At do. And the I OEM Otherwise, fully provided customer new XXXX, Nishant. XX spread this helps, we [indiscernible]. integrated the plan normally obviously, that And hope wouldn't built closer rest an launches to point assured the going, be that back is definitely end out. to wouldn't what out well in by And want a begin saying get is to than segments when we time, isn't it, is yet be be the to we with. reasonably that that we this target as able more be. color we to share.

that if in consolidated question, it net seen higher fair from the second JLR, is debt Kale for at Even end for question Jay. be FY Next Great improve Capital. things ₹XX,XXX half to XXXX? FY from Elara XXXX of crores is will than assume Jay

in capital. And both this actually Tata think this time, out would that and be Motors working than less just comment crores there. cash breakeven that in made is is of operating point near at point that, we And showed to in ₹XX,XXX the JLR outflow saw, wouldn't more point that is the to therefore, I is year-end the ₹XX,XXX be. want debt where at crores the we time, in CapEx

far JLR how Adrian how – see We how all out are How land. much we have in clear figure that clarified said have basis, much the times flow on And very we as depends place. in it where made cash improvement year, comes semiconductor exactly on And Tata profitability, actually work full-year revenue, has good recovery many we positive. today, in on Motors how the far, a cash that far it concerned, half. second is the through. as we we will be that still is a [indiscernible] positive saying to side free big, underway would

That Now we need serve to where get we need is the are. we demand. – to

you start to a is this where full-year want in unwind would Adrian, deterioration the see this? add But volumes on keep we obviously basis. we working the of capital on land guess mind So, of most up up. to do anything a to it quarter, will picking when that working hazard and wouldn't a of want significant capital

Adrian Mardell

Nothing to No, to that, add you. thank Balaji.

PB Balaji

Question year question Binay year-on-year a I saying revenues understand year. half similar what out EBIT unless had would year similar the second We on from this basis? going must much. the called he's specifically admit time, that lines the of you second same we very on haven't didn't margin your if revenues too half can is that, out in to to why lower I Singh of EBIT very last be Therefore, to say. trying Adrian, be the that margins figure for

Adrian Mardell

I the Balaji, misunderstood where If is has slide outlook think I this – because drop I question did the think may, off. I X% the

and I for to X% was the is last So, I actually is but The it, explain headline did like myself. it talking X.X%. underlying year the sounded

to both two last the relate numbers year. So,

for for said. any not the XXXX We provided reasons have guidance HX FY

PB Balaji

Yes.

levels at Do I JLR hope Adrian? we be Now, Got prepared CJLR expect charges or emission rest reduce Then expect of better early if Three Management. going to of to I CJLR similar losses volumes I Can forward? as anything continue more have that's you we absolute Hoddes, follow think get the pattern wholesales to overhead for Binay, Avi HX? a done can in for should Got got be Sandbar JLR? it. to it. it. to Should cost? Should may. clear QX? Or QX you we as you. questions Asset we

Adrian Mardell

can. in the is get range demonstrate is what's in QX think just to, guidance. Do we Yes, guarantees That's can. certainly it's reasonable will. That we we levels? But haven't can QX, of possible. yet certainly I But outcomes. as to not – we That supply the I got

put to of we your charges to take piece me in profile. it QX, in question, reasonable continue assume That's to assume. I a have to Should that. Let similar expect we the emission HX? QX a to If first compliant won't profile think if reasonable it's like it I you be

that That So, would be us in full portfolio. to we expectation here. above compliant need increase X my for view, my that actually the to volumes would quarter for level, see power

course, given demand the QX we've to the to is the with semiconductor expect quarter. i.e., it's same, for two given, the to on XX,XXX-unit but are i.e. They that absolutely twofold, sale, that So, to will cost ourselves quality supply we obviously similar would a in And be VME, the therefore, nowhere assume if units we compliant have to breakeven reduce point we cost be as previous of to in volume those reasonable need supply, reductions business, of of health our the as lower for than by to big did the reducing future. and much on a reduction shortages one but compliant of number also near the do they think questions, be we've breakeven be incentives at structural indicated. made to pattern will impacted core And working sale, mention base I will expect closer foreseeable normal – not here, have I we level absolute be reductions for the below I numbers to as XX,XXX I not CJLR. could of in get us any yes. this CJLR, well. do reasons,

PB Balaji

see Suisse. How Girish discounts in Satyam do What M&HCV? Thakur, quarter-on-quarter for you that? Question from Credit in the been trends has

Girish Wagh

we I of price taken and have mentioned, January then beginning increase again April. in As a

So, increases increases, price we the go we quarter. ahead get as accepted these take in when these generally, price

these the accepted. middle So quarter month, increases of by price second I or get think, generally,

toward levels were in we are say would quarter. the I we the in to that the end back the So, terms previous of realizations, of quarter

PB Balaji

you in anything in JLR. similarly, and doing PV And [indiscernible] inventory you Shailesh, for for CV? retrofit, for are in you Adrian

Girish Wagh

is to – inventory finished vehicles. want to On of don't keep keep no need CV, there we

either at not are semiconductor That's cases, to few I level, part parts you. production at not presentation, keeping strategic very in of we we back As because mentioned aligning but at my retail. level. aggregate inventory level. or required our In the are vehicle semiconductor Balaji, to

PB Balaji

Shailesh? Sorry, to Edelweiss. Shailesh, Chirag came the before side on this from Shah, it over I question Shailesh, hand PV [indiscernible]?

Shailesh Chandra

of good operating peak uncertainties are at always the we keeping are see we of we also disruptions volume similar XX% this that would in to that the been absolutely just kind what inventory on different items, but Given say. volume low or capacity we certain the so industry given facing, have months, Rest to of CV. side, of that the limited some supply is I because monthly is is finished

common of inventory parts. strategic keeping are We

preparation As new towards you, launches. I Balaji. for is to Back more this said,

PB Balaji

on [indiscernible]? any inventory Adrian, JLR side, kind of the

Adrian Mardell

we We cars less words, Normally, progress So inventory would we of over the expect we X,XXX your what retrofit. would this call year, X,XXX in build for of did work retrofit than just had June. in at in end actually time units. at or,

build end of you're build as So, period. versus at expectation four I to our September, a is of we our make what three will suggesting quarter two, exactly the retrofit the here. weeks what continue What the you is like decisions June, to we'll me go do almost where quarter to trebled question the what lot we that inventory obviously, know around we don't next because, don't Would we two. retrofit end the through their we Balaji? in will with And post shutdown happen

PB Balaji

for you But HX. already JLR that plan have Yes. covered [indiscernible]

a something questions, Jefferies. another minutes, next particularly so you covered, Two Nitij The got take Mangal UK from being with to maintained We've the We we think covered, at look basis. [indiscernible]. question. so the you that's quarter already three So, not particular, the that, I'll question is the recognize a from respect at – something next recognized, haven't Adrian. second quarter. Nitij, recognized. tax the is Could system, at again, how It and within look second I asset PBT when expense tax think large full-year that's tax couldn't the to being [indiscernible]. just the you could Therefore, situation in deferred want loss Within half? the on we to tax quarter always will take be not that and there despite had Why losses, look in JLR? there negative we've noisy first. continued it for that the loss tax loss, higher ETR the contributed a I one explain this

OCI business well be Thirdly, OCI, on go have XX% as from to we both on through as should as as pension has well gone hedging XX%, tax because which to restated up recognizing rightly be have becomes for the asset position, reserves, a not. we as the back recognizing loss rates And and [indiscernible]. you tax that mean DTA the that, which when obviously current are these getting given into profitable,

as overall no at an JLR change ETR basis. that? is in there structural look do is to ETRs to Adrian, So, you on want add as anything far There's concerned.

Adrian Mardell

this Just isn't The too the missed Excuse I is Balaji. one IAS line think, it. great. me I if XX. point, Look,

accounting. is it think I

than cash So, point the deferred-tax it's the rather payments. where profitable, I this sustainably point cash we regulations be become But asset is accounting will just than wanted to At it's accounting make. rather created.

PB Balaji

Yes, We spot. spot good added that. on. Those are have a should

have there. for which issue, JLR Yes. time So one, is last covered. one semiconductor This [indiscernible]. question already you is from the that out again, maybe This

what India EV for CapEx partnership The the other and JV be a is partner. business on PV the plan subject the launches, strategic is to with

strategic that there As obviously, call a that. us partner we strategic have financial as a a out. partner said, for for is or is And EV for

as is degrees take it. also freedom. as far around, more will gives partnership that, that of will turn well of part as we'll to said are Having to concerned. more implemented starting as our and this to be this be And obviously, happy us plan. But imperative than We to is the be business able any we open do

you. I [ph], Nikunj clarifies So, for hope that that

the X the session, So, I right now to clock at end think with time. come of 'o this, we my have

to of all your able we thanks questions. were of in. days. JLR taking Thanks Take safe. coming very the the like teams the in you'd I engaging to us questions best. and you anything reach for to all there's to to look satisfaction. joining free So All to answer that Stay case for in hope to TML else you clarify. Feel us Bye-bye. care. the And forward your with out

Operator

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