Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Q3 FY2025 Earnings Presentation
53 slides from Tata Motors Passenger Vehicles's earnings presentation, Jan 29, 2025
Slide 1: Exchange filing cover letter
BSE Limited National Stock Exchange of India Ltd. First Floor, New Trading Ring Exchange Plaza, C-1, Block G, Rotunda Building, P J Towers, Bandra Kurla Complex, Dalal Street, Fort, Mumbai 400 001 Bandra(E), Mumbai 400 051 January 29, 2025 Sc no – 18577 Dear Sirs/Madam, Sub: Submission of Investor p
Slide 2: Tata Motors Group Results for quarter ended December 31, 2024
Tata Motors Group Results for quarter ended December 31, 2024
Slide 3: Safe harbour statement
Safe harbour statement Other Details • Presentation format : The results provided represent the details on consolidated segment level. The operating segment comprise of Automotive segment and Statements in this presentation describing the objectives, projections, estimates others. and expectations o
Slide 4: Product and other highlights
Product and other 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 Jaguar Type 00 revealed at Miami Art Ran
Slide 5: Q3: Revenue ₹113.6K Cr, EBITDA 13.7%, PBT(bei) ₹7.7K Cr
Q3: Revenue ₹113.6K Cr, EBITDA 13.7%, PBT(bei) ₹7.7K Cr On track for a strong performance for the full year despite challenging conditions; YTD PBT(bei) ₹22.3K Cr Q 3 F Y 2 5 | C o n s o l i d a t e d | IndAS,₹ K C r Revenue EBIT PBT (bei) FCF(Auto) % ₹K Cr YoY (0.1)K Cr ₹K Cr YoY (1.7) K Cr ₹K Cr Y
Slide 6: Net Auto Debt at ₹19.2K Cr
Net Auto Debt at ₹19.2K Cr Deleveraging plan on track leading to sharp drop in net auto finance costs. Q 3 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 1.8 2.1) (0.2) 113.5 7,776 7,700 110.6 1.7% (1.9)% 3.1% (0.2)% 2.7% increase Q3 FY24 Volume & Mix Price Translation O
Slide 7: Corporate Actions & Auto PLI Update
Corporate Actions & Auto PLI Update Demerger Production Linked Incentives (PLI) • TML Group was awarded a sanction letter from MHI on December • NOC from Stock Exchanges and SEBI: Anticipate receiving 31, 2024, for the entire claim of FY24 of ₹142 Cr and subsequently the No Objection Certificate fro
Slide 8: Jaguar Land Rover Automotive PLC
JAGUAR LAND ROVER AUTOMOTIVE PLC R I C H A R D M O LY N E U X Results for the quarter ended December 31, 2024 Chief Financial Officer 7
Slide 9: Record Q3 Revenue and highest Q3 EBIT margin in a decade
Record Q3 Revenue and highest Q3 EBIT margin in a decade Strong financial performance; £7.5b revenue; 9.0% EBIT; £523m PBT (bei) Revenue EBIT PBT (bei)1 FCF YoY 1.5 % YoY +20 bps YoY (0.1) b YoY (0.5) b £m % ₹£m ₹£m 7,375 7,486 6,475 8.8 9.0 626 627 Q3 FY25 523 5.1 398 157 (256) Q3 FY24 Q2 FY25 Q3 F
Slide 10: Q3 Performance Summary
Q3 Performance Summary VOLUME & REVENUE Q3 wholesales of 104k, up 3% YoY, up 20% QoQ Q3 retails of 106k, down 3% YoY, up 3% QoQ Revenue for the quarter of £7.5b, up 2% YoY and 16% QoQ PROFITABILITY EBIT margin was 9.0% for the quarter, up from 8.8% in the same quarter in the prior year due to higher
Slide 11: Q3 Wholesales 104K, up 20% QoQ
Q3 Wholesales 104K, up 20% QoQ Mix of Range Rover, Range Rover Sport and Defender increased to 70% of total wholesales 2 59.2 104.4 52.9 101.0 44.8 87.3 Q3 FY25 28.8 30.6 27.1 12.1 8.9 7.8 9.1 6.0 5.6 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3
Slide 12: Wholesales up in UK, North America & Europe QoQ
Wholesales up in UK, North America & Europe QoQ Strong wholesale volumes reflects improvement post supply chain disruptions 38.1 26.5 25.1 21% 20% 21.2 21.6 24% Q3 FY25 20.4 17.6 17.1 18.0 18.8 17.9 13.7 15.0 12.7 9.3 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2
Slide 13: Q3 FY25 EBIT margin was 9%, up from 8.8% in Q3 FY24
Q3 FY25 EBIT margin was 9%, up from 8.8% in Q3 FY24 Higher volumes, improved mix and reduced D&A, offset by increases in VME, warranty costs and unfavourable FX revaluation 49 (138) (146) Volume & Mix 110 Emissions (30) 257 VME Other (31) Operational (1.7)% to (138) (126) (105) FX (4.2)% Realised FX
Slide 14: £157m of free cash flow in the quarter
£157m of free cash flow in the quarter After investment spend of £1,012m (85) 723 (1,012) Payables (270) 1,161 Receivables (16) D&A 377 Inventory 168 Engineering 229 Other 126 costs expensed 523 Interest paid (101) 8 Other 218 157 PBT Non-cash Cash Cash profit Investment Working capital Free and oth
Slide 15: Q3 FY25 Investment of £1B; full year target £3.8B
Q3 FY25 Investment of £1B; full year target £3.8B Engineering capitalisation rate of 67%, consistent with recent quarters 324 1,012 229 688 459 Capitalised Expensed Total Capital Total Engineering Engineering Engineering Investment Investment YTD FY25 1,343 694 2,037 873 2,910 YTD FY24 1,064 632 1,6
Slide 16: Business Update
JIR BUSINESS UPDATE
Slide 17: Macro economic environment
Macro economic environment Responding effectively to challenges and opportunities as they continue to present themselves TARIFFS EMISSIONS REGULATIONS CHINA MARKET Ongoing monitoring of the impact of potential Electrification plans continue to support global JLR import business outperformed the mark
Slide 18: Cash flow breakeven
Cash flow breakeven Efficiently managing cash flow breakeven despite macroeconomic challenges U n its in 0 0 0 ’s Cash flow breakeven How is this being managed? BRAND PROFITABILITY Maximise offering & elevate through personalisation & bespoke focus INVESTMENT OPTIMISATION Streamline and prioritise b
Slide 19: China market update
China market update JLR in China maintains resilient performance despite macro headwinds CHINA AUTO MARKET JLR CHINA PERFORMANCE CHALLENGES Premium Market (excl. Tesla) JLR Import JLR Local -6% -27% -14% 42k 39k 39k 2,393k 29k 2,066k RETAILER NETWORK FREELANDER ICE Market - JLR import business deliv
Slide 20: Jaguar enters new era as Type 00 debuts at Miami Art Week
Jaguar enters new era as type 00 debuts at Miami Art Week NEW JAGUAR TYPE 00 REVEAL BESPOKE BRAND PRODUCTION CAR BRAND LAUNCH IN MIAMI LAUNCH EVENTS REVEAL & ORDERS Nov 2024 Dec 2024 Jan–Oct 2025 Late 2025 New Jaguar repositioned for luxury market, where it was always more successful Increase in Jag
Slide 21: Looking ahead
Looking ahead Holding full year guidance for EBIT margin and net cash positive Q3 FY25 YTD FY25 FY25 ACTUAL ACTUAL OUTLOOK REVENUE £7.5b £21.2b c.£29b EBIT MARGIN 9.0% 7.8% ≥8.5% INVESTMENT £1.0b £2.9b £3.8b FREE CASH FLOW £157m £131m c. £1.3b Net cash NET CASH POSITIVE £(1.1)b £(1.1)b positive ROCE
Slide 22: Tata Commercial Vehicles
Tata Commercial Vehicles Girish Wagh & GV Ramanan (Includes Tata CV India, Tata Cummins JO results and Tata CV International) 21
Slide 23: Registration (Vahan) market share
Registration (Vahan) market share Market shares improve in all segments barring SCV. Work to improve SCV competitiveness underway Tata Commercial Vehicles | Domestic market share* Commercial Vehicles 41.7% 39.2% 39.1% 37.7% 37.4% 36.5% FY23 FY24 YTD FY25 Q1 FY25 Q2 FY25 Q3 FY25 HGV+HMV MGV LGV Passe
Slide 24: Q3: Revenue ₹18.4K Cr, EBITDA 12.4%, PBT(bei) ₹1.7K Cr
Q3: Revenue ₹18.4K Cr, EBITDA 12.4%, PBT(bei) ₹1.7K Cr EBITDA margins remains strong despite decline in revenues; YTD PBT(bei) at ₹4.6K Cr; ROCE at 38.1% Q 3 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 Revenue PBT (bei) EBITDA EBIT ₹K Cr ₹K Cr YoY (8.4) % % YoY + 130 bps %
Slide 25: EBIT at 9.6%(+100) bps; PBT (bei) ₹1.7K Cr
EBIT at 9.6%(+100) bps; PBT (bei) ₹1.7K Cr Margins improve on cost savings and PLI incentives, offsetting impact of adverse volumes and mix Q 3 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 PLI : ₹169 Cr (FY24 ₹40 Cr; YTD FY25 ₹129 Cr) FX & others : ₹9 Cr EBIT % 8.6
Slide 26: Commercial Vehicles – Industry Insights
Commercial Vehicles – Industry Insights • Industry volume remained flat in Q3 FY25, improving from the 11% YoY decline recorded in Q2 FY25. • In the quarter, Passenger Carrier grew by 11%, SCVPU grew by PAN INDIA FREIGHT INDEX 3%, ILMCV was flat and HCV declined by 9%. 129.1 129.3 128.1 127.9 127.9
Slide 27: Tata Commercial Vehicles – Highlights
Tata Commercial Vehicles – Highlights Vehicle Business Electric Mobility TML Smart City Mobility Solutions Ltd • In Q3 FY25, volumes declined 1% YoY • E Buses: • TML e-bus fleet cumulatively crossed improving from the 19% decline in Q2 o 200+ EV buses registered in Q3 260+ million Kms with >95% upti
Slide 28: Digital Business: Continuing to scale up
Digital Business: Continuing to scale up • Fleet Edge has 760K+ active vehicles on platform with healthy share of active and engaged users. Now it has 81% monthly active users and 61% weekly active users on platform. • Fleet Edge subscription growing at a healthy rate. • Fleet Edge - ML based Fuel E
Slide 29: Bharat Mobility Global Expo (BMGE) 2025: Highlights
Bharat Mobility Global Expo (BMGE) 2025: Highlights Future-ready range of products 6 Battery Electric vehicles New CV theme unveiled 1 Hydrogen ICE truck Products 5 alternate fuel options (Biofuels, Flex fuel, CNG and LNG) 2 new generation architectures, and 2 high end special applications
Slide 30: Focus areas – Q4 FY25
Focus areas – Q4 FY25 Grow ahead of market in a seasonally strong quarter • Q4 is a seasonally strong quarter, and we expect QoQ growth in wholesales, with continued infrastructure investments by the government and growth in most end-use sectors. • TML’s focus will remain driving growth by: o Drivin
Slide 31: Tata Passenger Vehicles
Tata Passenger Vehicles Shailesh Chandra & Dhiman Gupta (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV)) 30
Slide 32: Vahan market share held at 13.3%; Alternative powertrains continue to grow
Vahan market share held at 13.3%; Alternative powertrains continue to grow Penetration of CNGs & EVs at 35%; Portfolio emissions well below CAFE norms Tata Passenger Vehicles |India business VAHAN Domestic Market share(1) Powertrain Mix Tata Motors PV CAFE Compliance Petrol Diesel EV CNG (CO2 in g/k
Slide 33: EV wholesales improve, backed by strong retails
EV wholesales improve, backed by strong retails EV industry and Charging infrastructure set to gain pace Tata Passenger Electric Vehicles EV Volumes VAHAN registration market share(1) Charging Network* Wholesales (incl. exports ) (K units) YoY 5.8 % 18,159 14,018 12,075 10,065 15.6 16.1 73.0% 15.2 6
Slide 34: Q3: Revenue ₹12.4K Cr, EBITDA 7.8%, PBT(bei) positive
Q3: Revenue ₹12.4K Cr, EBITDA 7.8%, PBT(bei) positive EBITDA reflects cost optimization efforts and PLI credit of ~ ₹180 Cr Q 3 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 Revenue EBITDA EBIT ₹K Cr % PBT (bei) YoY (4.3) % YoY +120 bps % YoY (40) bps YoY (0.1)K Cr ₹K Cr 12.9
Slide 35: Q3 EBIT at 1.7%; PBT (bei) ₹0.3K Cr
Q3 EBIT at 1.7%; PBT (bei) ₹0.3K Cr Lower volumes, adverse mix, realisations and higher D&A; offset by material cost savings and incentives Q 3 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 EV achieves its highest EBITDA margin driven by volume, m
Slide 36: Business update – Q3 FY25
Business update – Q3 FY25 Recovery in customer demand in Q3 due to festivities and year-end demand Industry Highlights Tata Motors Highlights • In 2024, SUVs grew 16% YoY, increasing salience to 54%, at • Tata Motors recorded fourth consecutive year of the cost of double digit de-growth for hatches
Slide 37: Bharat Mobility Global Expo (BMGE) 2025: Highlights
Bharat Mobility Global Expo (BMGE) 2025: Highlights ‘Future of Mobility’ Portfolio Avinya X Sierra Theme: “Journey to a Boundless Future” Harrier.ev Punch Flex Fuel Key Pillars for Tata Motors PV & EV: Boundless Exploration Boundless Protection Future Facing Sustainability Tiago & Tiago.ev MY25 Stea
Slide 38: Focus Areas – Q4 FY25
Focus Areas – Q4 FY25 New products, stronger foundations and structural actions to drive growth in Q4 • In Q4, we expect QoQ growth in wholesales, on the back of lower channel inventories and festivities in March 2025 • TML’s focus will remain driving growth by: o Capitalizing on low channel invento
Slide 39: Tata Motors (CV+PV)
Tata Motors (CV+PV) *TML, TMPVL, TPEML and Joint operations TCL and FIAPL. 38
Slide 40: Q3 FY25 Free Cash Flows at ₹2.5K Cr
Q3 FY25 Free Cash Flows at ₹2.5K Cr Adverse working capital partially reversed in Q3; Investments well funded from cash profits after tax Q 3 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 | I n d A S , ₹ C r (1) Payables, acceptances ₹ 609 Cr Trade receivables ₹ 22 Cr Inventories ₹ 5
Slide 41: Investment Spending in Q3 FY25 ₹2.0K Cr
Investment Spending in Q3 FY25 ₹2.0K Cr Steady investment spends to continue towards new technologies, powertrains Y T D 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 813 2,026 164 653 478 1,213 649 735 268 489 210 221 1,373 514 724 Capitalised Expens
Slide 42: Looking ahead
Looking ahead We remain committed to consistent, competitive, cash accretive growth and generating strong returns Outlook • Underlying domestic demand to improve gradually on account of infrastructure spends, slew of exciting product launches and stable interest rates. • JLR wholesales to improve fu
Slide 43: Investor day details
Investor day details TML India Investor day: tentatively Monday, June 9, 2025, Mumbai, India JLR investor day: tentatively Monday, June 16, 2025, Gaydon UK Details to follow soon !! 42
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 43
Slide 45: Tata Motors Group: Additional details
Tata Motors Group : Additional details Results for the quarter ended December 31, 2024 44
Slide 46: Q3 FY25: Tata Motors Group Financials
Q3 FY25: Tata Motors Group Financials Consolidated Quarter ended December 31, 2024 ₹ Cr. IndAS Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 81,264 18,431 12,354 1,526 1,13,575 Grant income / incentives 565 226 262 1 1,054 Expenses : Cost of materi
Slide 47: Q3 FY24: Tata Motors Group Financials
Q3 FY24: Tata Motors Group Financials Consolidated Quarter ended December 31, 2023 Rs Cr. IndAS Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 76,655 20,123 12,910 889 1,10,577 Grant income / incentives 582 61 92 12 747 Expenses : Cost of materials
Slide 48: Tata Motors Group Financials: Jaguar Land Rover
Tata Motors Group Financials Jaguar Land Rover Q 3 F Y 2 5 | I F RS , £ m FY24 FY25 Q3vQ3 Q3vQ2 YTDvYTD Q3 FY24 Q2 FY25 Q3 FY25 YTD YTD YoY QoQ YoY R evenues 7, 375 6, 475 7, 486 21, 135 21, 234 111 1, 011 99 M at er ial a nd ot her cos t of s a les ( 4, 237) ( 3, 784) ( 4, 329) (12,429) (12,341) (
Slide 49: China JV
China JV Q 3 F Y 2 5 | I F RS , £ m Q3 Q2 Q3 FY24 FY25 Q3vQ3 Q3vQ3 YTDvYTD FY24 FY25 FY25 YTD YTD YoY QoQ YoY Retail vo lumes (‘000 units) 13.4 10.5 8.0 39.4 29.0 (5.4) (2.5) (10.4) Who lesale vo lumes (‘000 units) 12.9 9.9 6.8 38.3 28.5 (6.1) (3.1) (9.8) Revenue 398 310 253 1,202 924 (145) (57) (27
Slide 50: Q3 YoY operational FX unfavourable, offset partially by hedging
Q3 YoY operational FX unfavourable, offset partially by hedging Total Q3 FX and commodity impact £(146)m unfavourable YoY, primarily reflecting lower favourable FX revaluation YoY Q3 FY25 YoY | IFRS, £m Operational Realised FX hedges FX impact on EBIT FX revaluation of net Other FX revaluation FX im
Slide 51: Q3 Retails of 106K, down 3% YoY, up 3% QoQ
Q3 Retails of 106K, down 3% YoY, up 3% QoQ Range Rover, Defender and Discovery up QoQ TOTAL 56.3 51.5 52.2 109.1 106.3 103.1 28.8 26.7 28.3 Q3 17.1 11.7 14.2 10.0 10.1 11.6 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 165.5 3
Slide 52: YTD Retails up in North America & UK
YTD Retails up in North America & UK Powertrain mix 80% electrified 35.7 27.8 25.0 25.4 22.8 20% 21.0 20.8 24% 21% 19.1 19.2 16.1 17.2 18.0 17.9 16.0 16.4 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 62% 64% 64% 89.3 81.1 68.
Slide 53: Debt profile
Debt profile Strong liquidity; debt maturities well spread out Jaguar Land Rover Tata Domestic Business* IFRS, £m Debt maturity profile IndAS Total Debt maturity profile Total liquidity ₹ Cr Total 5,056 4,599 9,451 726 989 1,600 1,211 2,794 Undrawn Undrawn RCF 10,154 2,794 3456 324 RCF 1,000 600 2,6