Tata Motors Passenger Vehicles Ltd · NSE:TMPV
Tata Motors Passenger Vehicles — Tata Motors — Q4 FY24 Earnings Presentation
54 slides from Tata Motors Passenger Vehicles's earnings presentation, May 10, 2024
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 May 10, 2024 Sc no – 18262 Dear Sir/Madam, Sub: Submission of Investor presen
Slide 2: Tata Motors Group Results for the quarter and year ended March 31, 2024
TATA MOTORS Tata Motors Group Results for the quarter and year ended March 31, 2024
Slide 3: Safe harbour statement
Safe harbour statement Other Details TATA MOTORS • 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 ex
Slide 4: FY24 – Tata Motors Business highlights
FY24 – Tata Motors Business highlights TATA MOTORS BS6 Phase 2 transition completed Unveiled state of art facilities Fleet edge digitally connects Intra V70 pickup, Intra V20 Gold successfully for development of hydrogen over 600,000 vehicles pickup and Ace HT+, Magic Bi-fuel propulsion technologies
Slide 5: FY24 – JLR Business highlights
FY24 – JLR Business highlights Consistently strong financial Reimagine transformation strategy Sustainable projects continue Ratings upgrades from S&P and performance progressing Moody’s Higher production volumes during Further strengthening of Tata JLR products continue to win awards £1.8bn of debt
Slide 6: FY24 - Corporate actions
FY24 - Corporate actions TATA MOTORS G IFIRE:IIGHT TATA TATA TECHNOLOGIES TIGER 1 Successful IPO of Tata Technologies – Multiple Acquisition of ~27% stake in Freight Tiger Platform-sharing partnership with JLR to records broken accelerate development of Avinya ADRs delisted DVR simplification - shar
Slide 7: Q4: Revenue ₹120K Cr, EBITDA ₹17.9K Cr, PBT(bei) ₹9.5K Cr, FCF ₹14.1K Cr
Q4:Revenue ₹120K Cr, EBITDA ₹17.9KCr, PBT(bei) ₹9.5K Cr, FCF ₹14.1K Cr TATA MOTORS Robust performance continues – FY24 Revenue ₹ 438K Cr, EBITDA ₹ 63K Cr, Auto FCF ₹ 27K Cr F Y 2 4 | C o n s o l i d a t e d | IndAS, ₹ K C r Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Y-o-Y FY24 FY23 Y-o-Y Global wholesa
Slide 8: Dividend ₹ 3+3 per share recommended
Dividend ₹ 3+3 per share recommended TATA MOTORS • The Board has recommended a dividend of • ₹ 3 per share for Ordinary share holders (150% of face value) and • ₹ 3.10 per share for DVR share holders • The Board has also recommended a special dividend of • ₹ 3 per share for Ordinary share holders (1
Slide 9: FY24: The best-ever performance delivered
FY24: The best-ever performance delivered TATA MOTORS HIGHEST EVER HIGHEST EVER INDIA BUSINESS REVENUE EBITDA TURNS NET CASH ₹ 437.9K Cr ₹ 62.8K Cr ₹ 1.0K Cr HIGHEST EVER PBT HIGHEST EVER FCF HIGHEST EVER (bei) (auto) DIVIDEND^ ₹ 28.9K Cr ₹ 26.9K Cr ₹ 2,310 Cr payout * Represents data on consolidate
Slide 10: Consolidated trends
Consolidated trends : TATA MOTORS Revenue (₹ K Cr) 263 273 270 291 302 261 250 278 346 438 60.0 I I I I I I I I 50.0II I 40.0II - 10.9% EBITDA (₹ K Cr) 11.7% 8.1% EBIT % 62.8 15.0% I I I I 13.0% I I 11.0% I I 8.3% I 9.0% I 14.4 PBT (bei) (₹ K Cr) 19.8 21.9 16.6 28.9 7.0% 11.5 233 I 3.7% 0.0% 0.7% 10
Slide 11: EBIT 9.1%; Net Auto Debt reduces to ₹ 16.0K Cr
EBIT 9.1%; Net Auto Debt reduces to ₹ 16.0K Cr TATA MOTORS TML India is net debt free; Overall on track to become net debt free in FY25 Q 4 F Y 2 4 | C o n s o l i d a t e d | IndAS Revenue ₹ KCr Profitability (EBIT) ₹ C r 0.2 3.6 0.4 9.9 247 (196) 244 3,519 120.0 105.9 9.3% 0.2% 3.4% 0.4% 13.3% inc
Slide 12: 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, 2024 11
Slide 13: Q4 Revenue £7.9b, EBIT 9.2%, PBT(bei) £661m
elf Q4 Revenue £7.9b, EBIT 9.2%, PBT(bei) £661m FY24 Revenue £29b, EBIT 8.5%, PBT(bei) £2.2b. Significantly improved v FY23 F Y 2 4 | J a g u a r L a n d R o v e r | I F RS , £ m Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Y-o-Y FY24 FY23 Y-o-Y Wholesale (K units) 93.3 96.8 101.0 110.2 94.6 16.4% 401.3
Slide 14: Q4 & FY24 Performance highlights
elf Q4 & FY24 Performance highlights VOLUME & REVENUE - Q4 wholesales of 110k, up 16% YoY and 9% QoQ, the highest wholesales in 12 quarters - Full year wholesales of 401k for FY24, up 25% YoY - Q4 retails of 114k, up 11% YoY and 4% QoQ; FY24 retails of 432k, up 22% YoY - Revenue for the quarter was
Slide 15: Q4 Wholesales of 110K, up 16% YoY and up 9% QoQ
Q4 Wholesales of 110K, up 16% YoY and up 9% QoQ YTD wholesales of 401k, up 25% year-on-year, with the highest ever full year Defender volumes FY24 | Wholesales | Brands | Units in 000’s RANGE ROVER DEFENDER DISCOVERY JAGUAR TOTAL 110.2 58.3 52.9 47.8 101.0 27.5 27.1 28.7 94.6 --- --- Q4 12.1 13.5 9.
Slide 16: Q4 wholesales by region and powertrain mix
Q4 wholesales up in UK, North America & Overseas compared to Q3 YTD Wholesales higher in all regions compared to the prior year FY24 | Wholesales* | Regions | Units in 000’s UK NORTH CHINA OVERSEAS JLR POWERTRAIN EUROPE AMERICA MIX(RETAILS) 30.4 27.8 26.5 22.0 24% 21% 20.3 21.2 20.4 18.9 21.0 20.1 2
Slide 17: Q4 FY24 PBT £661m up £293m YoY
Q4 FY24 PBT £661m up £293m YoY Q4 FY24 EBIT increased significantly to 9.2% due to improved volumes and easing of material cost pressures Q4 FY24 | IFRS, £m Volumes Other 239 (47) Pricing VME (0.5)% to (3.0)% ! 118 (182) 267 -t (64) (38) 192 - (64) Material costs 276 FMI & Selling Other (8
Slide 18: Record full year free cash flow of £2.3b
Record full year free cash flow of £2.3b Free cash flow positive £892m in Q4 FY24 Working capital detail Payables 761 FY24 | IFRS, £m Free cashflow before working capital £428m Receivables (329) Inventory (157) ( 95 ) 791 Other 189 ( 929 ) Q4 1,357 464 892 661 D&A (565) PBT Non-cash Cash Cas
Slide 19: Total FY24 investment spend £3.3b
c1r Total FY24 investment spend £3.3b Engineering capitalisation rate 62%, reflecting expected maturation of vehicle programmes FY24 | IFRS, £m 930 3,263 880 2,333 1,453 Capitalised Expensed Total Capital Total Engineering Engineering Engineering Investment Investment Q4 FY24 389 248 637 292 929 FY2
Slide 20: Business Update
BUSINESS UPDATE J A G U A R L A N D R O V E R A U T O M O T I V E P L C 19
Slide 21: Model developments – coming soon
Model developments – coming soon RANGE ROVER SPORT - RANGE ROVER ELECTRIC DEFENDER- OCTA STEALTH • Uncamouflaged prototypes demonstrate • A curated combination of dark and • V8 Twin Turbo mild-hybrid petrol power build quality of prototypes dramatic finishes and class-leading 6D Dynamics air suspens
Slide 22: Looking ahead
Looking ahead Remain committed to sustainable, cash generative growth - EBIT margin to be around FY24 level - Investment spend of £3.5bn in FY25 FY25 OUTLOOK - Net debt zero during FY25 - Free cash flow to be broadly break even in Q1 - Customer Love to be at the heart of what we do PRIORITIES - Cont
Slide 23: Tata Commercial Vehicles
TATA MOTORS Tata Commercial Vehicles Girish Wagh & PB Balaji (Includes Tata CV India, Tata Cummins JO results and Tata CV International) 22
Slide 24: Registration (Vahan) market share
Registration (Vahan) market share TATA MOTORS Truck market share continues to remain strong; Small Commercial Vehicle market share starting to improve Tata Commercial Vehicles | Domestic market share* Commercial Vehicles 41.7% 39.1% 39.7% 39.0% 39.1% 38.7% FY23 Q1 FY24 Q2 FY24 II Q3 FY24 Q4 FY24 FY2
Slide 25: Q4: Revenue ₹ 21.6K Cr, EBITDA 12.0%, PBT(bei) ₹ 2.0K Cr
Q4: Revenue ₹ 21.6K Cr, EBITDA 12.0%, PBT(bei) ₹ 2.0K Cr TATA MOTORS Pivot to demand pull strategy delivering results; Business clocks the highest ever Revenues and PBT (bei) in FY24 F Y 2 4 | 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 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Y-o-Y
Slide 26: EBIT at 9.6% (+100) bps; PBT (bei) ₹ 2.0K Cr
EBIT at 9.6% (+100) bps; PBT (bei) ₹ 2.0K Cr TATA MOTORS Margins continue to improve on higher realisations despite lower volumes Q 4 F Y 2 4 | 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 ₹(180) Cr Employee cost ₹ (45) Cr Others incl PDC : ₹ (129) Cr (147) (354) 61
Slide 27: Tata Commercial Vehicles – Overall update
Tata Commercial Vehicles – Overall update TATA MOTORS Key Highlights Bright Spots Focus areas • Domestic Volumes: Wholesale volumes grew by • HCVs grew by 5% YoY in FY24, Passenger carriers • Continue to drive realization improvement and ~14% QoQ in Q4 FY24, however declined 7% in grew by 26% YoY in
Slide 28: Tata Commercial Vehicles – New business update
Tata Commercial Vehicles – New business update TATA MOTORS Electric Mobility TML Smart City Mobility Solutions Ltd Digital E Buses: • TML e-bus fleet cumulatively crossed 140 • Fleet Edge has now more than 600 K vehicles on million Kms with >95% uptime till Q4 FY24. platform • 1700+ EV buses deploye
Slide 29: Tata Passenger Vehicles
TATA MOTORS Tata Passenger Vehicles Shailesh Chandra & PB Balaji (Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV)) 28
Slide 30: #2 player in H2 FY24
#2 player in H2 FY24 TATA MOTORS Penetration of CNG cars & EVs at 29%; Portfolio emissions well below CAFÉ norms Tata Passenger Vehicles |India business | Volumes VAHAN Domestic Market share(1) Powertrain Mix Tata Motors PV CAFÉ Compliance 3% 5% ■ 20% Petrol ■ Diesel 8% 9% ■ EV ■ CNG 16% 13% - (CO2
Slide 31: EV growth trajectory continues at ~48% YoY volume increase
EV growth trajectory continues at ~48% YoY volume increase TATA MOTORS Tata.ev exclusive channel to drive growth in focus markets; Open collaboration to help expand charging infra Tata Passenger Electric Vehicles Wholesales (incl. exports ) EV Volumes VAHAN registration market share(1) (K units) ,--
Slide 32: Q4: Revenue ₹ 14.4K Cr, EBITDA 7.3%, PBT(bei) ₹ 0.5K Cr
Q4: Revenue ₹ 14.4K Cr, EBITDA 7.3%, PBT(bei) ₹ 0.5K Cr TATA MOTORS Consistently delivering volumes growth, positive EBIT margins and PBT F Y 2 4 | 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 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q4 FY23 Y-o-Y FY24 FY23 Y-o-Y Global wholesales ( K units) 14
Slide 33: Q4 EBIT at 2.9% (+150 bps); PBT (bei) 0.5K Cr
Q4 EBIT at 2.9% (+150 bps); PBT (bei) 0.5K Cr TATA MOTORS PV(ICE) reaches double digit EBITDA; EV is EBITDA +ve before investments; ₹ Cr. IndAS Q 4 F Y 2 4 | 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 •• FME : ₹29Cr Employee cost : ₹(58) Cr PV •• D&A and
Slide 34: Business update – Q4 FY24
Business update – Q4 FY24 TATA MOTORS Highest-ever Wholesale and Vahan in Q4 and FY24; 2 out of 5 highest-selling models in FY24 are Tata PVs T a t a P a s s e nge r a nd E l e c t r ic V e hic l e s Key Highlights Bright spots Challenges • In FY24, industry recorded highest-ever • Market growth rat
Slide 35: Tata Motors (CV+PV)
TATA MOTORS Tata Motors (CV+PV) *TML, TMPVL, TPEML and Joint operations TCL and FIAPL.
Slide 36: Q4 FY24 Free Cash Flows ~₹ 4.9K Cr
Q4 FY24 Free Cash Flows ~₹ 4.9K Cr TATA MOTORS Connecting Aspirations Strong cash profits driving positive cash flows despite increasing investments Q 4 F Y 2 4 | 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 ₹ 2,162 Cr • Trade rece
Slide 37: Investment Spending in FY24 ~₹ 8.3K Cr
Investment Spending in FY24 ~₹ 8.3K Cr TATA MOTORS Connecting Aspirations FY25 investments to be in line with FY24 focused on electrification, products, technologies and infrastructure F Y 2 4 | 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 630 2,262 232 73
Slide 38: TMF: Pivot to Quality yielding desired results
TMF: Pivot to Quality yielding desired results TATAMotors.:ftnance lil'N11:'l1f'1151 Prudent sourcing and concerted collection efforts continues to drive up portfolio quality F Y 2 4 | T a t a M o t o r s F i n a n c e ( C o n s o ) | IndAS, ₹ ( C r I N R ) • Collection Efficiency continues to impro
Slide 39: Credit ratings continue to improve
Credit ratings continue to improve TATA MOTORS Connecting Aspirations S&P and CARE upgrade rating by 2 notches; Moody’s, CRISIL and ICRA upgrade rating by 1 notch Rating Agencies FY23 rating FY24 rating Improvement S&P BB- / Stable BB+ / Positive ~~ -- - - - CARE AA- / Stable AA+ / Stable ~~ Moody’s
Slide 40: Looking ahead
Looking ahead TATA MOTORS We remain committed to consistent, competitive, cash accretive growth whilst deleveraging the business Outlook • Remain cautiously optimistic on domestic demand over the full year; expect H1 to be relatively weaker • Expect premium luxury segment demand to be resilient desp
Slide 41: Investor day
Investor day TATA MOTORS TATA MOTORS JLR Connecting Aspirations Tata Motors India Investor Day Jaguar Land Rover Investor Day Tuesday, June 11, 2024 Wednesday, June 19, 2024 Mumbai, India Gaydon, Warwick, UK. 40
Slide 42: Q&A session Thank you
TATA MOTORS 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 41
Slide 43: Tata Motors Group: Additional details
TATA MOTORS Tata Motors Group : Additional details Results for the quarter ended March 31, 2024 42
Slide 44: Tata Motors Group Financials – Q4 FY24
Tata Motors Group Financials TATA MOTORS Consolidated Rs Cr. IndAS Quarter ended March 31, 2024 Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 82,988 21,590 14,431 978 119,986 Grant income / incentives 598 46 66 8 717 Expenses : Cost of materials co
Slide 45: Tata Motors Group Financials – Q4 FY23
Tata Motors Group Financials TATA MOTORS Consolidated Quarter ended March 31, 2023 Rs Cr. IndAS Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 71,463 21,240 12,093 1,136 1,05,932 Grant income / incentives 833 107 77 28 1,045 Expenses : Cost of mater
Slide 46: Tata Motors Group Financials – FY24
Tata Motors Group Financials TATA MOTORS Consolidated Year ended March 31, 2024 Rs Cr. IndAS Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 3,02,825 78,790 52,353 3,959 4,37,928 Grant income 2,354 242 332 43 2,971 Expenses : Cost of materials consum
Slide 47: Tata Motors Group Financials – FY23
Tata Motors Group Financials TATA MOTORS Consolidated Year ended March 31, 2023 Rs Cr. IndAS Tata Tata JLR Commercial Passenger Others* Consolidated Vehicles Vehicles Revenue from operations 2,22,860 70,816 47,868 4,424 3,45,967 Grant income 2,133 316 431 33 2,913 Expenses : Cost of materials consum
Slide 48: Tata Motors Group Financials: Jaguar Land Rover
c1r Tata Motors Group Financials Jaguar Land Rover Q 4 F Y 2 4 & F Y 2 4 | I F RS , £ m Q4 v Q4 YoY Q4 v Q3 QoQ FY24 v FY23 Q4 FY23 Q3 FY24 Q4 FY24 FY23 FY24 Change Change YoY Change Revenues 7,102 7,375 7,860 22,809 28,995 758 485 6,186 Material and other cost of sales (4,327) (4,237) (4,535) (14,0
Slide 49: Strong Full Year Performance
Strong Full Year Performance Trend of improving financial performance F Y 2 4 | I F RS , £ m EBIT MARGIN REVENUE 7,860 9.2% 7,375 6,903 6,857 8.6% 8.8% 7.3% Q1 FY24 Q2 FY24 Q3 FY24 Q4FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4FY24 PBT (bei)* FREE CASH FLOW 627 661 892 435 442 626 451 300 Q1 FY24 Q2 FY24 Q3 FY24
Slide 50: China JV continues to deliver improved financial performance
c1r China JV continues to deliver improved financial performance Q 4 F Y 2 4 | I F RS , £ m (Presented on 100% basis) Q4 Q3 Q4 Q4 v Q4 YoY Q3 v Q4 QoQ FY23 v FY24 FY23 FY24 FY23 FY24 FY24 Change Change YoY Change Retail volumes ('000 units) 12.7 13.4 10.8 50.9 50.2 (1.9) (2.6) (0.7) Wholesale volume
Slide 51: Q4 YoY operational FX unfavourable, offset partially by hedging
Q4 YoY operational FX unfavourable, offset partially by hedging Total Q4 FX and commodity impact £(38)m unfavourable YoY, primarily reflecting lower favourable FX revaluation YoY Q4 FY24 YoY | IFRS, £m (157) 132 - - (25) (23) (7) (55) - 17 (38) Operational Exchange Realised FX hedges FX Impact on EB
Slide 52: Q4 retails of 114k, up 11% YoY and up 4% QoQ
Q4 retails of 114k, up 11% Yoy and up 4% QoQ YTD Retails of 432k, up 22% year-on-year FY24 | Retails* | Brands | Units in 000’s RANGE ROVER DEFENDER DISCOVERY JAGUAR TOTAL 51.5 55.9 114.0 50.9 109.1 28.8 27.9 23.6 102.9 15.4 17.1 18.1 --- 12.9 12.2 Q4 11.7 Q4 Q3 Q4 Q4 Q3 Q4 Q4 Q3 Q4 Q4 Q3 Q4 Q4 Q3 Q
Slide 53: Q4 retails by region and powertrain mix
Q4 retails higher in UK and North America compared to Q3 YTD Retails were higher in all regions compared to the prior year FY24 | Retails* | Brands | Units in 000’s UK N. AMERICA EUROPE CHINA OVERSEAS JLR POWERTRAIN MIX(RETAILS) 27.3 27.0 27.8 25.0 25.3 22.3 23.0 20.6 19.3 19.2 18.9 19.1 18.0 17.9 2
Slide 54: Debt profile
Debt profile TATA MOTORS Strong liquidity; debt maturities well spread out; gross debt reduction Jaguar Land Rover Tata Domestic Business* IFRS, £m Debt maturity profile IndAS Total Debt maturity profile Total ₹ Crores ,----. - 4,886 9,254 1,520 I I I 730 1,028 I Undrawn I I RCF 1,046 905 1,520 4154