Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — TML Holdings — Debt Investor Presentation (August 2022)
28 slides from Tata Motors Passenger Vehicles's debt investor presentation, Aug 23, 2022
Slide 1: Proposed £375,000,000 Syndicated Term Loan Facility
TML HOLDINGS PTE LIMITED Proposed £375,000,000 Syndicated Term Loan Facility August 23, 2022
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL NOTES OR OTHER SECURITIES. IT IS SOLELY FOR USE AT AN INVESTOR PRESENTATION AND IS PROVIDED FOR INFORMATION ONLY. THIS PRESENTATION DOES NOT CONTAIN ALL OF THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. BY ATTE
Slide 3: Safe Harbour Statement
Safe Harbour Statement Other Details Accounting Standards • Presentation format : The financial numbers represent the details on • Financials (other than JLR) contained in the presentation are as per IndAS consolidated segment level. The operating segment comprise of Automotive • Financials of Jagua
Slide 4: Company Speakers
Company Speakers Mr PB Balaji Group CFO, Tata Motors Ltd Mr Dhiman Gupta VP & Head – Treasury, Investor Relations, M&A, Tata Motors Ltd TML HOLDINGS PTE LIMITED 4
Slide 5: Organizational Structure of Borrower
Organizational Structure of Borrower Tata Motors (Consolidated) ₹ KCr FY22 FY21 Rating (Moody’s/S&P) (2) B1 (stable) / BB- (stable) Market Cap(1) £16,671 mn/ ₹ 160.5 KCr Net Revenue 278.5 249.8 EBITDA 26.8 30.4 PBT (before exceptional items) (6.4) 2.9 Gross Debt 146.4 142.1 Net Automotive Debt(3) 48
Slide 6: Tata Motors: Global Player with Diversified Product Portfolio & Owner of Marquee Brands
Tata Motors: Global Player with Diversified Product Portfolio & Owner of Marquee Brands Key JVs / Subsidiaries / Partnerships Flagship Company of the Tata Group, presence over 125 1 countries JV to manufacture passenger cars, engines and transmissions for Indian 50:50 JV for the design and and overs
Slide 7: Tata Motors: A Strategic Company for Tata Group
Tata Motors: A Strategic Company for Tata Group Continuous Increase in Promoter Shareholding, current holding at 46.4% Promoter Shareholding in key Tata group companies Promoter Shareholding in Tata Motors (1) Key Tata Group Companies % Shareholding(4) Tata Consultancy Services 72.30% +4.0% Tata Mot
Slide 8: FY22: Revenue ₹ 278.5KCr, EBITDA 9.6%, PBT(bei) ₹ (6.4)KCr
FY22: Revenue ₹ 278.5KCr, EBITDA 9.6%, PBT(bei) ₹ (6.4)KCr F Y 2 2 & Q 1 F Y 2 3 | C o n s o l i d a t e d | IndAS, ₹ K C r Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY22 FY21 Y-o-Y Q1 FY23 Global wholesales (K units) 213 252 286 335 1,087 903 20.4% 317 Revenue 66.4 61.4 72.2 78.4 278.5 249.8 11.5% 71.9 EBITD
Slide 9: Jaguar Land Rover Automotive plc
JAGUAR LAND ROVER AUTOMOTIVE PLC 9
Slide 10: Product and Other Highlights – Jaguar Land Rover
Product and Other Highlights – Jaguar Land Rover Great new products – Range Rover, Refocus delivers £250m in Q1, on track for Order bank grows to new record of Range Rover Sport, Defender 130 £1b savings in FY23 200,000 units Announced Science Based Targets to JLR most improved OEM in J.D. Power qua
Slide 11: FY22: Revenue £ 18,320m, EBITDA 10.3%, PBT(bei) £ (412)m
FY22: Revenue £ 18,320m, EBITDA 10.3%, PBT(bei) £ (412)m Lower volumes, lower capitalization and inflation impacting margins despite favourable mix and VME F Y 2 2 & Q 1 F Y 2 3 | I F RS , £ m Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY22 FY21 Y-o-Y Q1 FY23 Retails (K units) 124.5 92.7 80.1 79.0 376.4 439.6
Slide 12: FY22 & Q1 FY23 Performance highlights
FY22 & Q1 FY23 Performance highlights • FY22 Volumes remain constrained by semiconductor supply Volume & • Q1 FY 23 volumes further constrained by slower than expected new Range Rover / Range Rover Sport ramp up, and Revenue China Covid lockdowns • Order bank grows further to c. 200,000 units • FY 2
Slide 13: Strong demand continues – record order bank of 200k units
Strong demand continues – record order bank of 200k units New Range Rover, New Range Rover Sport & Defender account for over 60% of order bank ORDER BANK 200 168 155 125 110 47 41 37 62 46 29 33 31 20 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 New Range Rover Sport New Range Rover Defender Other 13
Slide 14: Cash flow breakeven remains around 300k to 350k wholesales
Cash flow breakeven remains around 300k to 350k wholesales U n its 0 0 0 ’ s 660 540 400 Annualised 350 cash flow 330 320 breakeven wholesales FY19 FY20 FY21 FY22 Q1 FY23 FY23 Quarterly Breakeven Wholesales 165 135 100 83 80 85 14
Slide 15: Refocus improvements of £250m in Q1 FY23
Refocus improvements of £250m in Q1 FY23 On track to achieve £1b+ target in full year £m’s REFOCUS STATUS Q1 REFOCUS PERFORMANCE MARKET PERFORMANCE • £100m value contribution in Q1 FY23 • Higher sophistication in data-led pricing decisions has driven 750 improved profitability 1,000 COSTS • Continue
Slide 16: JLR – Strong Liquidity profile
JLR – Strong Liquidity profile Q1 FY23 | Jaguar Land Rover | IFRS, £m Debt Maturity Profile Total debt £7,897 701 Total Liquidity 2,277 £5,191 1,500 undrawn RCF 4,919 3,691 1,500 undrawn RCF 865 227 119 777 811 986 786 958 289 573 396 409 Total CY22 CY23 CY24 CY25 CY26 CY27 CY28 CY29 Total Liquidity
Slide 17: Expect significant improvement in sales, profit and cash flow over FY23
Expect significant improvement in sales, profit and cash flow over FY23 Supported by improving chip visibility and RR/RR Sport ramp up P R IO R IT IE S AN D O UT LO O K FO R FY 2 3 • Im pro v ed v isibility o f chip supply thro ugh senio r supplier engagem ent including partnership agreem ents co m
Slide 18: Tata Commercial Vehicles
Tata Commercial Vehicles (Includes Tata CV India, Tata Cummins JO results and Tata CV International)
Slide 19: Products and Other Highlights
Products and Other Highlights BS VI product suite giving widest range of Incorporated ‘TML Smart City Mobility Solutions Making strides in developing offerings Ltd’ for undertaking urban mass mobility business hydrogen fuel cell technology Launched over 80 new products and 120 Launched Ace EV to pro
Slide 20: FY22: Revenue ₹ 52.3KCr, EBITDA 3.7%, PBT(bei) ₹ (0.1) KCr
FY22: Revenue ₹ 52.3KCr, EBITDA 3.7%, PBT(bei) ₹ (0.1) KCr FY22 Revenues higher y-o-y due to improved mix and pricing, margins impacted by commodity inflation F Y 2 2 & Q 1 F Y 2 3 | 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 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY22 FY21 Y-o-Y Q1 FY23
Slide 21: Tata Commercial Vehicles – New business updates
Tata Commercial Vehicles – New business updates Electric Mobility TML Smart City Mobility Solutions Ltd. Digital Delivered ~100 electric buses in Q1 • TML-Smart city mobility solutions ltd. • Fleet edge - Adoption and active usage FY23, Cumulative ~715 e-buses incorporated as wholly owned subsidia
Slide 22: Tata Passenger Vehicles
Tata Passenger Vehicles (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV))
Slide 23: Products and Other Highlights
Products and Other Highlights $1 BN fund raise in its Passenger Electric Power packed, PUNCH India’s first Introduced advanced CNG Vehicle business, first tranche complete sub-compact SUV with 5 star adult technology in the Tiago and Tigor safety rating MOU with Lithium Urban Technologies Showcased
Slide 24: FY22: Revenue ₹ 31.5 KCr, EBITDA 5.3%, PBT(bei) ₹ (0.9)KCr
FY22: Revenue ₹ 31.5 KCr, EBITDA 5.3%, PBT(bei) ₹ (0.9)KCr Strong turnaround continues, EBIT breakeven delivered in Q4 FY 22 and Q1 FY23, FCF positive in FY22 and Q1 FY23 F Y 2 2 & Q 1 F Y 2 3 | 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 FY22 Q2 FY22 Q3 FY22 Q4 FY22 FY22 FY21 Y-o-
Slide 25: EV business reports highest quarterly sales in Q1 FY23
EV business reports highest quarterly sales in Q1 FY23 Volume & Market Share Charging Infra Network 25,0 00 100 % 87% 88% 2681 90% 157 19,105 143 71% 20,0 00 80% 70% 2000 15,0 00 60% 97 50% 90 75 10,0 00 9,310 40% 30% 51 4,218 5,00 0 20% 450 10% - 0% FY 21 FY 22 Q1 FY23 FY21 FY22 Q1 FY23 FY21 FY22 Q
Slide 26: Looking ahead
Looking ahead We remain committed to consistent, competitive, cash accretive growth whilst deleveraging the business Outlook (FY23) • Demand to remain strong despite worries on inflation, geo-political situation. • Chip supply to improve further from Q2 FY23; Cooling commodity prices to aid improvem
Slide 27: Key Credit Highlights
Key Credit Highlights TML Holdings Pte. Ltd Tata Motors Parentage 100% Ownership in JLR Part of salt-to-software conglomerate Tata group, operating in more Globally recognized iconic premium brands than 100 countries across six continents One of India’s largest Automobile company; One of India
Slide 28: Thank You Q&A session
TML HOLDINGS PTE LIMITED Thank You Q&A session
TML Holdings — Debt Investor Presentation (August 2022) on 6ix