Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors Group — Q4 FY2025 Earnings Presentation
56 slides from Tata Motors Passenger Vehicles's earnings presentation, May 2025
Slide 1: Tata Motors Group Results for the quarter and year ended March 31, 2025
Tata Motors Group Results for the quarter and year ended March 31, 2025
Slide 2: Safe harbour statement
Safe harbour statement Other Details • Presentation format : The results provided represent the details on consolidated segment Statements in this presentation describing the objectives, projections, level. The operating segment comprise of Automotive segment and others. estimates and expectations o
Slide 3: FY25 – Tata Motors key highlights
FY25 – Tata Motors key highlights Tata CV @ Auto expo 2025 : 11 Cargo Carriers | 3 Passenger Tata PV @ Auto expo 2025 : 18 new Cars & SUVs | 11 Carriers | 6 Intelligent Solutions | 4 Advanced Aggregates Intelligent Solutions & Advanced Aggregates | 8 Curated Zones Driving India’s Green Future with L
Slide 4: FY25 – JLR key highlights
FY25 – JLR key highlights Net cash positive target achieved Consistent financial performance continues CJLR Freelander licensing agreement announced Range Rover Electric testing continues Jaguar Type 00 revealed Defender Octa delivered to clients 4
Slide 5: Q4: Revenue ₹119.5K Cr, EBITDA ₹16.7K Cr, Auto FCF ₹19.4K Cr
Q4:Revenue ₹119.5K Cr, EBITDA ₹16.7K Cr, Auto FCF ₹19.4K Cr Robust performance continues – Highest ever full year revenues and PBT(bei) F Y 2 5 | C o n s o l i d a t e d | IndAS, ₹ K C r Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Global wholesales (K units) 330.3 303.8 341.9 366.0
Slide 6: Net Auto Cash at ₹1.0K Cr
Net Auto Cash at ₹1.0K Cr Deleveraging plan delivered with businesses turning into net cash Q 4 F Y 2 5 | C o n s o l i d a t e d | IndAS Revenue ₹K Cr PBT (bei) ₹ C r 3.4 0.4 (1.4) (1.9) 119.0 (1.2)% (1.6)% 2.9% 0.3% 119.5 9,542 12,068 0.4% increase Q4 FY24 Volume & Mix Price Translation Others Q4
Slide 7: Business has delivered a strong turnaround
Business has delivered a strong turnaround Revenue (₹ K Cr) EBITDA (₹ K Cr) EBIT% 34.3 70.0 40.0% PBT (bei) (₹ K Cr) 440 57.6 35.0% 60.0 21.9 44.3 30.0% 50.0 25.0% 263 261 40.0 20.0% 30.0 5.2% 22.3 15.0% 3.9 10.0% -8.7 93 20.0 11.7% 5.0% 10.0 7.9% 0.0% 0.0 8.6 0.0% -5.0% FY10 FY15 FY20 FY25 FY10 FY1
Slide 8: Credit ratings continue to improve
Credit ratings continue to improve S&P and Moody’s upgrade rating by 2 notches; CRISIL and ICRA upgrade rating by 1 notch during the year BBB/Stable Ba1/Positive BB+/Positive BB/Stable Ba3/Positive BB-/Stable B1/Stable B1/Positive B/Stable B/Watch Pos May-21 May-23 Nov-23 Aug-24 Mar-25 May-21 Aug-21
Slide 9: Corporate Actions (1)
Corporate Actions (1) 1) Final dividend recommended 3) Production Linked Incentives (PLI) update • The Board has recommended a final ordinary dividend of ₹ 6 per • FY24 claim under Automotive PLI of ₹142 Cr has been received. share (300% of face value) • For FY25, the Group has accrued income of ₹38
Slide 10: Corporate Actions (2)
Corporate Actions (2) 4) Tata Motors Finance merger concluded • Final order from Hon’ble NCLT received and merger of Tata Motors Finance Limited (TMFL) with Tata Capital Limited has concluded. • The Appointed Date for the scheme is April 1, 2024. Hence the income statement for Q4 FY 24 and FY24 have
Slide 11: Jaguar Land Rover Automotive PLC
JAGUAR LAND ROVER AUTOMOTIVE PLC R I C H A R D M O LY N E U X Chief Financial Officer Results for the quarter and year ended March 31, 2025 11
Slide 12: Q4 Revenue £7.7b, EBIT 10.7%, PBT(bei) £875m
Q4 Revenue £7.7b, EBIT 10.7%, PBT(bei) £875m Achieved best full year profit in a decade; Commitment of EBIT margin ≥8.5% delivered F Y 2 5 | J a g u a r L a n d R o v e r | I F RS , £ m Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Wholesale (K units) 97.8 87.3 104.4 111.4 110.2 1.1%
Slide 13: Q4 & FY25 Performance highlights
Q4 & FY25 Performance highlights Strong financial performance delivered, and net cash positive target achieved VOLUME & REVENUE Q4 wholesales of 111k, up 1% YoY and up 7% QoQ Full year wholesales of 401k for FY25, flat YoY Q4 retails of 108k, down 5% YoY and up 2% QoQ Full year retails of 429k for F
Slide 14: Strong Q4 wholesales, up 7% QoQ
Strong Q4 wholesales, up 7% QoQ Mix of Range Rover, Range Rover Sport and Defender at 68% of total wholesales, improving with Jaguar run off FY25 | Wholesales1 | Brands | Units in 000’s TOTAL2 63.3 58.3 59.2 110.2 111.4 104.4 30.6 31.5 28.7 Q4 13.5 9.7 9.1 9.6 5.6 7.1 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24
Slide 15: Wholesales up QoQ in the UK and overseas
Wholesales up QoQ in the UK and overseas Strong wholesale volumes reflecting sustained global demand FY25 | Wholesales1 | Regions | Units in 000’s NORTH OVERSEAS JLR POWERTRAIN UK EUROPE CHINA AMERICA MIX (RETAILS) 38.1 34.8 30.4 27.8 28.0 15% 21% 20% 21.6 21.0 20.1 18.9 17.9 18.5 17.6 -------------
Slide 16: Q4 FY25 EBIT margin was 10.7%, up from 9.2% in Q4 FY24
Q4 FY25 EBIT margin was 10.7%, up from 9.2% in Q4 FY24 EBIT increased to 10.7% driven largely by cycle plan timing D&A 209 Volume & mix (13) Other (15) 141 Emissions & (36) VME (2.6)% to Other (148) Industrial (5.0)% 60 Ops Operational FX 56 (49) 194 Warranty 16 Realised FX (2) derivatives (148) 76
Slide 17: £1.5b free cash flow in the year
£1.5b free cash flow in the year After investment spend of £3.8b FY25 | IFRS, £m Free cashflow before working capital £735m (311) 2,347 Payables (97) (3,790) Receivables 286 4,525 Inventory 118 D&A 1,677 Other 436 Engineering costs 869 2,489 expensed 743 Interest paid (424) 1,478 Other 225 PBT* Non-
Slide 18: Full year investment spend £3.8b
Full year investment spend £3.8b Increased spend as we near the launch of new products FY25 | IFRS, £m 1,129 3,790 869 2,661 1,792 Capitalised Expensed Total Capital Total Engineering Engineering Engineering Investment Investment FY24 1,453 880 2,333 930 3,263 18
Slide 19: Key reimagine target of net cash positive achieved
Key reimagine target of net cash positive achieved Net debt reduced by £5.4 billion since the peak in August 2022 4,398 4,634 4,293 4,254 4,154 3,861 3,792 4,009 3,817 3,691 3,689 3,414 3,456 278 (732) (1,001) (1,214) (1,143) (1,574) (2,477) (2,249) (2,996) (4,628) (4,599) (4,356) (3,199) (4,886) (4
Slide 20: Business Update
BUSINESS UPDATE JAGUAR LAND ROVER AUTOMOTIVE PLC 20
Slide 21: Tariffs
Tariffs Addressing the new US trading terms is our priority BACKGROUND INITIAL MITIGATING ACTIONS CURRENT STATUS & JLR IMPACT On 26 March 2025, President Donald Trump In April we implemented a series of short-term actions On 8 May 2025, the US and UK Governments announced trade tariffs of 25% on aut
Slide 22: Protect EBIT through value optimisation
Protect EBIT through value optimisation CUSTOMER CHINA EMISSIONS EX-WORKS WARRANTY LOVE RESILIENCE COMPLIANCE Reduce material, Address increases and reduce Improve customer loyalty with Stabilise and enhance sustainable Mitigate risk from compliance and manufacturing and freight costs underlying cos
Slide 23: Looking ahead
Looking ahead Remain focused on key priorities We have delivered on our FY25 commitments SUMMARY & PRIORITIES We are facing significant headwinds, particularly the evolving global trading environment We are focused on the continued execution of our transformation missions We will protect EBIT throug
Slide 24: Tata Commercial Vehicles
Tata Commercial Vehicles Girish Wagh & GV Ramanan (Includes Tata CV India, Tata Cummins JO results and Tata CV International) 24
Slide 25: Registration (Vahan) market share
Registration (Vahan) market share Tata Commercial Vehicles | Domestic market share* Commercial Vehicles 41.7% 39.2% 37.1% FY23 FY24 FY25 HGV+HMV MGV LGV Passenger 44.2% 49.6% 48.8% 48.8% 37.5% 37.3% 41.7% 37.8% 36.5% 37.6% 34.3% 30.5% FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY 24 FY25 *VAH
Slide 26: Q4: Revenue ₹ 21.5K Cr, EBITDA 12.2%, PBT(bei) ₹ 2.1K Cr
Q4: Revenue ₹ 21.5K Cr, EBITDA 12.2%, PBT(bei) ₹ 2.1K Cr Over $1Bn EBITDA delivered, strong ROCE sustained F Y 2 5 | T a t a C o m m e r c i a l V e h i c l e s | IndAS, ₹ K C r Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Global wholesales ( K units) 93.7 86.0 97.4 107.6 111.3 (3.3
Slide 27: EBIT at 9.7% (+10) bps; PBT (bei) ₹ 2.1K Cr
EBIT at 9.7% (+10) bps; PBT (bei) ₹ 2.1K Cr Despite lower volumes, margins held as mix and realisations are optimised Q 4 F Y 2 5 | T a t a C o m m e r c i a l V e h i c l e s | IndAS, ₹ Cr ₹ Cr. IndAS D&A ₹(25) Cr Employee cost ₹ (46) Cr Others incl PDC : ₹ (30) Cr EBIT % 9.6% 0.2% 0.5% (0.2)% (0.4
Slide 28: Commercial Vehicles – Industry Insights
Commercial Vehicles – Industry Insights • Total industry volume (TIV) improved marginally YoY in Q4 led by Trucks and Passenger Carriers PAN INDIA FREIGHT INDEX • Average utilization grew QoQ across segments and transporter 129.7 profitability improved marginally 129.4 129.1 129.3 129.1 128.6 128.1
Slide 29: Tata Commercial Vehicles – Highlights
Tata Commercial Vehicles – Highlights Vehicle Business Electric Mobility Smart City Mobility Solutions • In Q4 FY25, industry volumes improved 1% YoY • E Buses: • TML e-bus fleet cumulatively crossed 310+ • 89 EV buses registered in Q4 FY25; million Kms with >95% uptime • TMCV Trucks and passenger c
Slide 30: Digital Business: Continuing to scale up
Digital Business: Continuing to scale up • Fleet Edge (connected vehicles) • 796K+ active vehicles, 81% monthly active users and 59% weekly active users on platform. • ML based Fuel Efficiency solution- Mileage Saarathi has led to a 5.5% - 6.3% improvement (median) in fuel efficiency, reducing TCO o
Slide 31: FY26: Focus areas
FY26: Focus areas Sustain momentum whilst winning back SCV • With most macroeconomic indicators on track, improved fleet utilization and stable sentiment index, we anticipate sustained growth despite global headwinds. . • TML’s focus will be to: • Ensure smooth transition of AC regulation in Trucks,
Slide 32: Tata Passenger Vehicles
Tata Passenger Vehicles Shailesh Chandra & Dhiman Gupta (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV)) 32
Slide 33: Vahan market share held at 13.2%; Alternative powertrains continue to grow
Vahan market share held at 13.2%; Alternative powertrains continue to grow Penetration of CNGs & EVs at 36%; Portfolio emissions continue to trend well below CAFE norms Tata Passenger Vehicles |India business VAHAN Domestic Market share(1) Powertrain Mix Tata Motors PV CAFE Compliance Petrol Diesel
Slide 34: EV market leadership maintained with 55%+ market share
EV market leadership maintained with 55%+ market share EV industry and Charging infrastructure set to gain pace in coming year Tata Passenger Electric Vehicles EV Volumes VAHAN registration market share(1) Charging Network* Wholesales (incl. exports ) (K units) 21,742 YoY (12.9) % 83.9% 10,065 73.1%
Slide 35: Q4: Revenue ₹ 12.5K Cr, EBITDA 7.9%, PBT(bei) ₹ 0.4K Cr
Q4: Revenue ₹ 12.5K Cr, EBITDA 7.9%, PBT(bei) ₹ 0.4K Cr EBITDA improves. Positive PBT delivered despite volume decline F Y 2 5 | T a t a P a s s e n g e r V e h i c l e s | IndAS, ₹ K C r Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q4 FY24 Y-o-Y FY25 FY24 Y-o-Y Global wholesales ( K units) 138.8 130.5 140.0 147
Slide 36: Q4 EBIT at 1.6% (-130 bps); PBT (bei) 0.4K Cr
Q4 EBIT at 1.6% (-130 bps); PBT (bei) 0.4K Cr PV margins impacted on account of adverse volumes & realizations partially offset by cost savings ₹ Cr. IndAS Q 4 F Y 2 5 | T a t a P a s s e n g e r V e h i c l e s | IndAS, ₹ Cr PV (ICE) and EV financials split PV Q1 Q2 Q3 Q4 PLI : ₹170 Cr ₹K Cr FY24 F
Slide 37: Business update – FY25
Business update – FY25 Leading industry in high-growth segments – SUVs & CNG Industry Highlights Tata Motors Highlights • In FY25, industry recorded 4.3mn units, reflecting a modest 2% • We outpaced industry growth in SUVs - driven by robust demand growth over FY24 for Punch (#1 model in 2024) & lau
Slide 38: Focus Areas for FY26
Focus Areas for FY26 Regain growth momentum to drive up volumes and profitability • While industry demand in FY26 is expected to be moderate, key segmental growth trends are expected to persist • Our focus will be to deliver market-beating growth by: o Leveraging our strongest and freshest portfolio
Slide 39: Tata Motors (CV+PV)
Tata Motors (CV+PV) *TML, TMPVL, TPEML and Joint operations TCL and FIAPL.
Slide 40: FY25 Free Cash Flows ~₹ 6.9K Cr
FY25 Free Cash Flows ~₹ 6.9K Cr Strong cash profits driving positive cash flows despite increasing investments F Y 2 5 | T a t a M o t o r s D o m e s t i c B u s i n e s s ( C V + P V ) | I n d A S , ₹ C r (1) Payables, acceptances ₹ 945Cr Trade receivables ₹ 412 Cr Inventories ₹ 337 Cr Others ₹ 16
Slide 41: Investment Spending in FY25 ~₹ 8.4K Cr
Investment Spending in FY25 ~₹ 8.4K Cr Future Investment spends to be around similar levels and remain well funded F Y 2 5 | T a t a M o t o r s D o m e s t i c B u s i n e s s (1) | I n d A S , ₹ C r PV+EV CV 3,286 8,423 874 2,042 2,961 5,137 2,412 3,095 1,032 2,088 1,010 1,056 5,461 3,049 2,039 Ca
Slide 42: Looking ahead
Looking ahead We remain committed to consistent, competitive, cash accretive growth and generating strong returns Outlook • Tariffs and related geo-political actions are making the operating environment uncertain and challenging. However, • The global premium luxury segment and • The Indian domestic
Slide 43: Investor day
Investor day Tata Motors India Investor Day Jaguar Land Rover Investor Day Monday, June 9, 2025 Monday, June 16, 2025 Mumbai, India Gaydon, Warwick, UK 43
Slide 44: Q&A session Thank you
Q&A session Thank you Please submit your questions in the Q&A textbox Please mention your name and name of the organization you represent along with the questions 44
Slide 45: Tata Motors Group: Additional details
Tata Motors Group : Additional details Results for the quarter ended March 31, 2025 45
Slide 46: Tata Motors Group Financials
Tata Motors Group Financials Rs Cr. IndAS Consolidated Quarter ended March 31, 2025 Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 84,957 21,485 12,543 518 1,19,503 Grant income / incentives 527 58 252 4 841 Expenses : Cost of materials consumed (49
Slide 47: Tata Motors Group Financials
Tata Motors Group Financials Consolidated Quarter ended March 31, 2024 Rs Cr. IndAS Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 82,988 21,590 14,431 25 119,033 Grant income / incentives 598 46 66 8 717 Expenses : Cost of materials consumed (47,57
Slide 48: Tata Motors Group Financials
Tata Motors Group Financials Year ended March 31, 2025 Rs Cr. IndAS Tata Tata Consolidated JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 314,220 75,053 48,445 1,977 439,695 Grant income 2,438 373 644 4 3,459 Expenses : Cost of materials consumed (181,919) (5
Slide 49: Tata Motors Group Financials
Tata Motors Group Financials Rs Cr. IndAS Year ended March 31, 2024 Consolidated Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 302,825 78,790 52,353 47 434,016 Grant income 2,354 242 332 43 2,971 Expenses : Cost of materials consumed (176,325) (56,
Slide 50: Strong Full Year Performance
Strong Full Year Performance Consistent financial performance delivered F Y 2 5 | I F RS , £ m REVENUE EBIT MARGIN 7,727 10.7% 7,273 7,486 6,475 8.9% 9.0% 5.1% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 PBT (bei)1 FREE CASH FLOW 875 1,347 693 523 398 230 157 (256) Q1 FY25 Q2 FY2
Slide 51: Tata Motors Group Financials
Tata Motors Group Financials Jaguar Land Rover Q 4 F Y 2 5 & F Y 2 5 | I F RS , £ m Q4 v Q4 YoY Q4 v Q3 QoQ FY25 v FY24 Q4 FY24 Q3 FY25 Q4 FY25 FY24 FY25 Change Change YoY Change Revenues 7 , 8 60 7 , 4 86 7 , 7 27 2 8 , 995 2 8 , 961 (1 3 3) 241 (3 4 ) Material and other cost of sales (4 , 5 35) (4
Slide 52: China JV performance
China JV performance Q 4 F Y 2 5 | I F RS , £ m Q4 Q3 Q4 Q4 v Q4 YoY Q3 v Q4 QoQ FY24 v FY25 FY24 FY25 FY24 FY25 FY25 Change Change YoY Change Retail volumes ('000 units) 10.8 8.0 5.2 50.2 34.2 (5.6) (2.8) (16.0) Wholesale volumes ('000 units) 10.4 6.8 5.0 48.7 33.5 (5.4) (1.8) (15.2) Revenue 332 25
Slide 53: Q4 YoY favourable operational FX
Q4 YoY favourable operational FX Total Q4 FX and commodity impact £141m favourable YoY Q4 FY25 YoY | IFRS, £m Operational Realised FX hedges FX impact on EBIT FX revaluation of net Other FX revaluation FX impact on PBT Unrealised FX & Commodity exchange 1 debt & debt hedges commodity hedges impact o
Slide 54: Q4 retails of 108k, down 5% Yoy and up 2% QoQ
Q4 retails of 108k, down 5% Yoy and up 2% QoQ Range Rover, Defender and Discovery up QoQ TOTAL1 59.5 114.0 55.9 56.3 108.2 106.3 27.9 28.3 30.2 Q4 18.1 12.2 10.1 11.2 11.6 7.3 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 225.
Slide 55: Retails up in the UK, Europe and Overseas QoQ
Retails up in the UK, Europe and Overseas QoQ Powertrain mix 85% electrified NORTH OVERSEAS JLR POWERTRAIN UK EUROPE CHINA AMERICA MIX (RETAILS) 35.7 31.0 27.3 27.0 15% 24.8 21% 20% 23.0 18.9 20.8 19.1 17.8 --------------------- 85% electrified ----------------------- 16.1 17.2 17.9 16.4 15.5 Q4 Q4
Slide 56: Debt profile
Debt profile Strong liquidity; debt maturities well spread out Jaguar Land Rover Tata Domestic Business* IFRS, £m Debt maturity profile IndAS Debt maturity profile Total ₹ Cr Total Total liquidity 10,434 1,600 4,356 6,294 707 1,032 Undrawn 1,033 1,833 15,991 4634 Undrawn RCF RCF 1,037 314 623 2,616