Q4 2024 Tata Motors Ltd Earnings Call

Operator: Today we plan to walk you through the results presentation followed by Q&A. As a reminder, all participant lines will be in listen-only mode, and we will be taking the questions via the Teams platform, which is already open for you to submit your questions. You are requested to mention your name and the name of your organization while submitting the questions.

With little PV Biology group CFO, Tata Motors, Mr. Girish Clark Executive Director Tata Motors.

Speaker Change: Please send it up and lead tactile motors passenger vehicles limited and passenger electric mobility limited Mr didn't model C O Jaguar land Rover, Mr. Richard Millennium, CFO Jaguar land Rover and other colleagues from the Investor Relations team, who do we plan to walk you through the results presentation, followed by Q&A as a reminder.

Speaker Change: All participant lines will be in listen only mode, and we will be taking the questions by other teams like pumps, which is already open for you to submit your questions.

Biologic: To your question to mention your name and the name of your organization when submitting the questions I now hand over to biologic to take this forward or two so okay. Thanks in Asia. Good evening, everybody and good morning wherever you are from.

Operator: I now hand over to Balaji to take this forward. Over to you, sir. Okay, thanks Anish. Good evening, everybody, and good morning wherever you are from. Sree Baba's statement is coming.

Biologic: Under the Safe Harbor statement coming now.

Pathamadai Balachandran Balaji: Nothing new to report here. I think it's been a year that has been pretty intense at all ends, be it on the business side or the corporate action side. And I'd particularly like to call out on the series side, the BS6 Phase 2 transition that's been a roaring success for us in terms of product delivery and market share pickup. We also had very good work on fleetage in terms of connecting almost 600,000 vehicles.

Speaker Change: Nothing new to report here.

Biologic: I think it's a Europe has been pretty intense at all and speed on the business side of the corporate action sites and I, particularly like to call out.

Biologic: In the <unk> say, the basics phase II Congress and that's been a roaring success for us in terms of product delivery and market share pickup.

Biologic: We also had a very good work happening on fleet age in terms of connecting almost 600000 vehicles out of the east side. The fuel most of actions and particularly all the the new EV dedicated stores are starting to open up and of course launch of the next architecture.

Pathamadai Balachandran Balaji: And on the EV side, a few host of actions, and particularly call out the new EV dedicated stores that are starting to open up, and of course, the launch of the next architecture in our framework, the Pure EV architecture. And, of course, the commencement of production on the new facility in Sanand. The rest is there for you to see. So a very satisfying year from a product and the business side as well. Moving on to JLR.

Biologic: Our framework the pure EV architecture.

Biologic: And of course commencing of production on the new builds are being sent them. The rest could therefore, you will see so a very satisfying year from a product and the business.

Biologic: Fight as well.

Biologic: But we're gonna Gela.

Pathamadai Balachandran Balaji: Equally intense actions are therein, where performance from a financial perspective has really picked up, and there is a level of stability in the performance coming, and the Reimagined Transformation, which Richard and Adrian are going to talk about, is progressing quite well, and we also announced the big one was the announcement of the Agrita battery manufacturing setup which will be a very key vendor to JLR, and of course, the products continue to do exceedingly well, and Next slide.

Equally intense intense actions out there.

Biologic: We're of course performance from a financial perspective has really picked up in the level of stability to the performance coming through and re imagine transformation, which Richard unburied, you're not going to talk about are progressing quite well.

Biologic: We also announced the big one was the announcement of the <unk> battery manufacturing set up which will be very key vendor to gela.

Biologic: The products continued to do exceedingly well and with the kind of cash that got generated more than 1.8 billion of debt has been repaid out of operating cash flows and Taylor.

Biologic: Next slide please.

Pathamadai Balachandran Balaji: The corporate action side, of course, is equally intense there. The ADS has been delisted, Tata Technology had a very successful IPO, and picked up a 27% stake in Freight Tiger, all of which you are well aware of. An additional one is the DVR, EGM, where we had a greater than 99.5% majority of minority approval for the scheme. It just tells you how well it has been received by the shareholders, of both the A ordinary and the ordinary shareholders. And of course, the demerger is produced; we are working at a frenetic pace to bring the scheme to the approval of the board. Next slide.

Biologic: The crop protection side of course equally.

Biologic: Intense there the Etfs have been delisted correct. Walter you had a very successful IPO, we picked up and he said that it doesn't statement pre tax at all because you are well aware of our traditional one is those bbs.

Biologic: Aegean, where we had greater than 99.5% majority of minority approvals on August scheme. It just tells you.

Walter: Oh, well it has been received by the shareholders of both the ordinary and ordinary shareholders and of course, the demerger as Purdue.

Walter: We are working at a panic pace to bring into the bring the scheme to the approval to the board.

Walter: Excellent.

Pathamadai Balachandran Balaji: Moving on to financials, a really satisfying and a very pleasing performance after many years of challenging performance. And finally, on a full year basis, revenue grew almost 27%, with an EBITDA of 14.3% and an EBITDA of 8.3%. In a quarter, of course, it was a lakh and 20,000 crores of revenue.

Walter: Moving on to financials are a really satisfying and a very pleasing performance after many years of challenging performances.

Walter: And finally on a full year basis revenue grew almost 27%.

With an EBITDA of 14.3 in the neighborhood of eight point increase in.

Walter: In quarter of course, because of the lack of 20000 course or <unk>.

Pathamadai Balachandran Balaji: On a full year basis, we are now touching the 4.4 lakh crore revenue. Almost $2 billion of revenue is starting to come through in this month, and call out attention on the PBT numbers of before exceptional item of almost 29,000 crores per year with the highest ever that we have done and I'll talk about the numbers in context in a little while, and of course the reasons being the volume wrap-up in JLR as well as India, pricing actions across the board was done in a surgical manner and of course mix continuing to play a very big role for the and with auto free cash flow of almost 14,000 crores for the quarter and another 27,000 crores for the full year, that managed to help reduce the automotive debt.

Walter: On a full year basis, we are not touching the forefront for lack of core revenue.

Walter: $2 billion of revenue starting to come through in this business.

Walter: And.

Walter: <unk>, Colorado attention on the PBT numbers of before exceptional item of almost 29000 cross border Europe or was the highest ever that we've done on and talk about the numbers in context and little white.

Walter: And of course, the reasons being the volume ramp up in July as well as India pricing actions across the board.

Walter: Done in a surgical model.

Walter: And of course mix continuing to play a very big role for this.

Walter: With auto free cash flow of almost 14000 gross for the quarter. Another 27000 cross sell the full year on.

Walter: That managed to help reduce automotive plants exactly.

Pathamadai Balachandran Balaji: Thanks to this performance, the board has recommended a dividend of Rs. 3 for the ordinary shareholders, Rs. 3.1 for the DVR shareholders, which is the normal dividend, and there is also a special dividend in lieu of the successful DTL IPO of Rs. 3 per share for ordinary shareholders and Rs. 3.1 for the DVR shareholders.

Walter: Thanks to this performance the board has recommended a dividend of <unk> <unk>.

Walter: Three rupees or the ordinary shareholder of $3 one for the <unk> shareholders the normal dividend and there's also a special dividend.

Walter: The successful <unk> IPO of three per share for ordinary and 3.1, so together about six <unk> and $6 two rupees or something on a cash flow of almost 1300 across the highest ever dividend tied more to those paid.

Pathamadai Balachandran Balaji: So together, it is about Rs. 6 and Rs. 6.2, resulting in a cash flow of almost Rs. 2,300 crores, the highest level of dividend that Tata Motors has paid out. This is just a summary of the performance, the slides are there for you to see, but maybe the next slide brings it alive even more. Why is this really a year for all of us in Tata Motors to be satisfied with?

Walter: Pedro.

Walter: Next slide.

Walter: This is just a summary of the performance. The slides are therefore, you have to see but maybe the next slide brings it alive even more wireless.

Walter: Really.

Walter: Europe for all of Us and data models to be satisfied by.

Pathamadai Balachandran Balaji: Revenue at its highest ever, EBITDA now touching 63,000 crores of EBITDA in a year, and an EBITDA of 8.3%. And if you see the prior higher achieved, there's still some distance to go, and PVT BI has the highest ever of 28, 29,000 crores. The second section is even more interesting because we did our highest ever investment spend of 42,000 crores and still delivered our highest ever free cash flows after investment and after interest costs and ended the year at an 18.7% Rossi. So this, in a nutshell, is the performance, and the rest of the slides basically bring this alive as to how we managed to do it. So,

Walter: Revenue at its highest ever.

Walter: EBITDA now touching 63000 crores of revenue EBITDA in a year.

Walter: And an EBIT of eight 3% and you can see the prior higher achieved there is still some distance to go and therefore, our journey continues and <unk> are the highest ever of 'twenty eight 'twenty 9000 pros.

Walter: The second section is even more interesting because we did our highest ever investment spend of 42000 crores and still delivered our highest ever free cash flows after investment in after interest costs.

Walter: Of 27000 gross.

Walter: And thanks to those smaller royalty is really starting to switch gears and ended the year at an 18, 7% proceeds so this and I'm not sure the performance and the rest of the slides basically bring this aligns us all we managed to do it accurately.

So.

Pathamadai Balachandran Balaji: A 13.3% growth for the quarter came from volume mix as a lead at 9.3% in translation of 3.4%. Every business contributed to the improvement in profitability, as you can see in the numbers. And automotive debt is now 16,000 crores of it. 7,300 crores is the external debt, and 8,700 crores is financial leases. Split differently, the India business is now 1000 crores positive cash.

Walter: A 33% growth for the quarter came from volume mix as well as a lead at nine three and transformational viewpoint for every business contributed to the improvement in profitability as you can see in the numbers and automotive that has also seen doesn't prove over 7300 clauses. The external data on 8000 of our closest financial leases.

Walter: And the split differently, the India business is now a thousand cross.

Walter: <unk> cash.

Pathamadai Balachandran Balaji: JLR and Singapore are the two places where we have the debt to be knocked out, and the plan is to ensure this year we take that out completely. Obviously, at a gross level, and there's an individual line item, there will be there, but Singapore may take slightly longer to take on. But between TML and JLR, overall, we should have the cash coming, moving it to net cash. Next slide, please. Let me now hand it over to Richard to take you through the JLR performance. Richard, it's over to you.

Walter: Kayla and Singapore are the two places where we have the debt could be knocked off.

Walter: And the plan is to ensure this year. So we take that out completely obviously at a gross level under the in the line items would be that the Singapore may take slightly longer to take off but between <unk>. Overall, we should have the cash coming out moving into net cash.

Walter: Please.

Walter: Let me now hand, it over to Richard to take you through the Gela performance Richard over to you.

Richard Molyneux: Okay, thank you. Go to the next chart, please. Right, so the headline is we've continued to perform very strongly both financially and operationally. Q4, if you look at the shaded section in the middle, is the best quarter of a very successful year. In fact, every metric is higher than each of the previous four quarters.

Richard Molyneux: Okay. Thank you go to the next chart. Please.

Richard: Alright. So the headline is we continued to perform very strongly both financially and operationally Q4. If you look at the shaded sections in the middle is the best quarter was a very successful year. In fact every metric is higher than each of the previous four quarters.

Richard Molyneux: So just a couple of highlights, record revenue in the quarter of $7.86 billion, that's up 11% year on year, full year revenue also a record. EBIT 9.2% in the quarter and 8.5% full year. That's in line with our updated and increased guidance at the end of H1, and free cash flow of $892 million or $2.27 billion for the full year. That's a record for JLR and a record by a large margin, and that has allowed us to exceed our net debt commitment and bring net debt down to a closing value of £732 million at year end, and that's from £3 billion a year ago. Next shot.

Richard: So just a couple of highlights.

Richard: Record revenue in the quarter.

Richard: 796 billion, that's up 11% year on year full year revenue also record.

Richard: EBIT of nine 2% in the quarter and eight five full year. That's in line with our updated and increased guidance at the end of each one.

Richard: And free cash flow $892 million or 227 billion for the full year.

Richard: Record Fujairah law and a record by a large margin.

Richard: And that has allowed us to exceed our net debt commitments and bring net debt down to a closing value of 732 million pounds at year end.

Richard: From <unk> 3 billion pounds a year ago.

Richard: Next chart.

Richard Molyneux: So I won't go through this in detail; I'll cover the majority of the points through the rest of the presentation. However, I did want to reference the point at the bottom around deferred tax assets. So after a series of significant UK PBT losses in the FY19-22 period, we've demonstrated sustainable profitability, and this triggered a review resulting in a UK DTA of £1 billion being recognized on the ballot. It means the profit after tax in the quarter was £1.4 billion. All year profit after tax, £2.6 billion. Next shot.

Richard: So I won't go through this in detail I'll cover the majority of the points through the rest of the presentation. However, I did want to reference the points the bottom around deferred tax asset.

Richard: So after a series of significant U K PBT losses in FY 19 to 'twenty two period.

Richard: We've demonstrated sustainable profitability.

Richard: This triggered a review, resulting in the UK DTA of 1 billion pounds being recognized on the balance sheet. It means the profit after tax in the quarter with one 4 billion pounds.

Richard: Full year profit after tax $2 6 billion pounds.

Richard: Yes.

Richard: Next chart.

Richard Molyneux: So to go through the wholesales, in each quarter, and you'll see at the top, each of our brands is improving, allowing us to get to 110,000 wholesales in the quarter. And if you look annually on the bottom side of the chart, Range Rover's up 27%, and that's driven by progressive improvements in both our production system and those of our suppliers, allowing us to move up capacity levels. That level of 201,000 units is a record sales for the Range Rover brand. Also, Defender, 115,000 units.

So to go through the wholesales.

Richard: In each quarter and you'll see at the top.

Richard: Each of our brands is improving allowed us to get to 110000 wholesales in the quarter and if you look annually on the bottom side of the chart.

Richard: Range Rovers.

Richard: 7%.

Richard: Driven by progressive improvements in both our production system and those of our suppliers, allowing us to move up capacity levels in our Solihull plant.

Richard: That level of 201000 units is a record sales for the Ranger and the brand.

Richard: Also to tender.

Richard: Hundred 15000 units.

Richard Molyneux: In its fourth year, it is up 32%, which is an exceptional performance. That 115,000 is the highest sales level for Defender ever in its 76 years of history since 1948. Next chart. This looks at the same thing regionally.

Richard: That's in its full year, it is up 32% which is.

Richard: Exceptional performance.

Richard: 115000 is the highest sales level or defend ever and it's 76 years of history since 1948.

Richard: Okay.

Richard: Next chart.

Richard: This looks at the same thing regionally.

Richard Molyneux: Seasonally, Q4 is always strong in the UK and a little bit weaker in China, largely due to Chinese New Year timing, but it's also typically a strong sales performance for us in North America, even though that number was impacted right at the very end of the quarter by the Baltimore Bridge disaster. But if you look annually at the bottom of this chart, every region is up. The UK, the US, and overseas by about 30%; even China, which is almost certainly the most competitive car market in the world at the moment, was up 17% year over year and actually up 27% in FY22. Thanks.

Richard: Seasonally Q4 is always strong in the UK and a little bit weaker in China.

Largely due to Chinese new year timing, but it is also typically strong.

Richard: Sales performance for Us in North America, even though that number was impacted right at the very end of the quarter.

Richard: The Ultimate bridge disaster.

Richard: If you look annually on the bottom of this chart every region is up.

Richard: The U K the U S and overseas by about 30%, even China, which is almost certainly the most competitive car market in the World Amendment was up 17% year over year.

Richard: And actually up 27% on FY 'twenty two.

Richard: The next chart.

Richard: Yeah.

Richard Molyneux: This looks at our PBT walk from Q4 FY23 to Q4 FY24 where we delivered the £661 million. You can see a large part of it is volume. We did sell 16,000 units more than we did in the same quarter last year. Also, interestingly, there is some price pressure in the market. Price is now a negative in this walk, whereas historically, for the last few quarters, it's been a positive.

Richard: This looks at our PBT walk from Q4, FY2023 Q4, FY 'twenty, four where we delivered $661 million.

Richard: You can see in large part of it is volume we did sell 16000 units more than we did in the same quarter last year.

Richard: Also see interestingly there is some price pressure in the market price is now a negative.

Richard: And this work, whereas historically for the last few quarters, it's been a positive.

Richard Molyneux: That is due to slow increases in RBME rates from 0.5% a year ago to 3%. That 3% is still very light in comparison to many others in the market. Those increases in VME have, however, been more than offset by material cost improvements versus a year ago. About half of that 267 million is related to raw materials, which were quite benign in terms of cost in the fourth quarter.

Richard: That is due to slow increases in our <unk> rates from 0.5% a year ago to 3% that 3% is still very light in comparison to many others in the market.

Richard: Dues increases in <unk>, how have however, been more than offset by material cost improvements versus a year ago about half of that $267 million related to raw materials, which were quite benign in terms of Boston in the fourth quarter deal to Hawk relate.

Richard Molyneux: The other half relates to a non-repeat of costs from a year ago, where we were having to spend very heavily on both semiconductor supply and supplier volume. Within the structural cost element, you can also see that we are spending more in terms of FMI and selling, trying to make sure that we generate orders going forward. So you can sort of see that in combination with the VME as being an increase in our costs to acquire customers, which we are offsetting through our own contribution.

Richard: Two a non repeat of costs from a year ago, where we were having to spend very heavily on both semiconductor supply and supplier volume claims.

Richard: Okay.

Richard: Within the structural cost element you can also see we are spending more in terms of F&I and selling that is trying to make sure that we generate the orders going forward. So you can sort of see that in combination with the <unk> as being an increase in our cost to acquire customers.

Richard: We are offsetting through our own contribution costs.

Richard Molyneux: FX and commodities, not a major element in this walk. Sterling moved from about $1.24 against the dollar at the end of FY23 to $1.27. So a small negative for us, but our hedging policy managed to protect us from most of it. Next shot.

Richard: FX and commodities.

Richard: A major element in this walk Sterling moved from about 124 against the dollar at the end of FY2023 to 102007, so a small adverse for us, but our hedging policy balance to protect us from from <unk>.

Richard: Next chart.

Richard Molyneux: The top half of this takes the same PBT, £661 million, and walks it to pre-cash flow. So you can see within that cash profit after tax of 1.357, that is a record for us. And even with very high investment spending required to deliver our cycle plan over the next couple of years, it still allowed us to generate free cash flow of £892 million. A part of that was very faithful working capital; we do expect that to be a little bit seasonal so to reverse back out in Q1, but in Q4, it was very helpful.

Richard: The top part of this takes the same PBT $661 million of walks into free cash flow.

Richard: So you can see within that cash profit after tax of 1357 that is a record for us.

Richard: And even with very high investment spending required to deliver our cycle plan over the next couple of years, it's still allowed us to generate free cash flow of $892 million part of that was working capital.

Richard: We do expect that to be a little bit seasonal so to reverse back out in Q1.

Richard: However in Q4, it was very helpful for us.

Richard: Bottom part of the chart looks at the same thing on a full year basis essentially stayed the same story. So I will not go through it again.

Richard: Yes.

Speaker Change: Next chart.

Richard Molyneux: The bottom half of the chart looks at the same thing on a full year basis and essentially says the same story, so I will not go through it again. Next chart. This looks at our total investment level. Total investment for the year was just under £3.3 billion.

Speaker Change: This looks at our total investment level.

Speaker Change: Total investment for the year was just under three 3 billion pounds.

Richard Molyneux: Of that, 2.3 was engineering, which is in the hot phase of developing all of the future vehicles. Over time, that number will come down a little bit, and the capital investment required to actually produce those vehicles will increase. Within our total engineering, 62% of it was capitalised, that is fairly stable as we've gone through this year, and I also expect it to be relatively stable in the next few quarters. Next job. All right, we're going to the business update. So on the next page.

Speaker Change: Of that two three was engineering engineering is is in the heart phase of developing all of the future vehicles over time that number will come down a little bit on the capital investment required to actually produce those vehicles will increase.

Within our total engineering.

Speaker Change: 62% of it was capitalized that is fairly stable as we've gone through this year I also expect it to be relatively stable.

Speaker Change: In the next few quarters.

Speaker Change: Okay.

Speaker Change: Next chart.

Speaker Change: Now let me go into the business update.

Speaker Change: Next page.

Richard Molyneux: So something's coming. Range Rover Electric, it is coming, but we're doing it differently. This is not a BEV that is going to get sold as a Range Rover; this is the Range Rover with the BEV powertrain. And that happens to give the exact combination of power, quietness, and serenity that is perfect for the Range Rover brand.

Speaker Change: So some things coming.

Speaker Change: Range Rover electric it is coming.

Speaker Change: We're doing it differently. This is not a bad is going to get sold as a range group.

Speaker Change: This is the range Rover with the best powertrain.

Speaker Change: There happens to give the exact combination power quietness and serenity that is perfect for the range Rover brand. So this will be the top end of range drawing, but this will not be.

Richard Molyneux: So this will be the top end of Range Rover; this will not be any other thing than probably the best and best performing Range Rover that you can get. We have opened a waiting list for this vehicle, and as of earlier today, there are 33,000 people who have signed up to that waiting list. In the middle, we will keep developing our SV offerings on Range Rover and Range Rover Sport. We are continuing to push price points up in that sector.

Speaker Change: Any any any other things that probably the best and best performing Ranger, but you can get.

Speaker Change: We have opened a waiting list for this vehicle.

Speaker Change: As of earlier on today, there are 33000 people, who have signed up to that waiting list.

Speaker Change: In the Middle we will keep developing all SD offerings on range Rover and range Rover sport.

Richard Molyneux: So, for example, Range Rover SV doubled its volume in FY24 with an average sales price of £202,000. And actually, within that, there were 30 SV bespoke SARAF editions which were sold for over £330,000. On the right-hand side... the Defender Octa, which will be launched later this year. This is the ultimate Range Rover, still with everything on every terrain that it can do, but with the fastest and most powerful Range Rover that there is. I've seen this car, and it absolutely passes the I really want one test. This will be a big success. [inaudible] Thanks to all, I'll look ahead.

Speaker Change: We are continuing to push price points up in that sector. So for example range Rover <unk> doubled its volume in FY 'twenty four with an average sales price of 202000 pounds.

Speaker Change: Actually within that there were 30 S&P spoke setup additions, which was sold at over 330000 pounds each.

Speaker Change: On the ROI can cite.

Speaker Change: Defend okta, which will get launched later this year. This is the ultimate range Rover still with everything on every train dependent can do that with the <unk>.

Speaker Change: Just a most powerful and there is a.

Speaker Change: Seeing this car and it absolutely policies the volume really won't 12 test this will be a big success for us.

Speaker Change: Next chart.

Speaker Change: Yes.

Speaker Change: It takes US 12, I'll look ahead.

Richard Molyneux: So we expect EBIT margin for this year to be around the level of FY24. We do expect to have to spend a little bit more in terms of demand generation, and we will offset that operationally with cost reduction. We expect investment spend to be around 3.5 billion, and we are holding our target to be net debt zero by the end of this financial year.

Speaker Change: So we expect EBIT margin this year to be around the level in FY 'twenty.

Speaker Change: We do expect to have to spend a little bit more in terms of demand generation and we will offset that operationally with cost reduction.

We inspect investment spend to be around $3 5 billion.

Speaker Change: And we are holding our target to be net debt zero by the end of this financial year.

Richard Molyneux: However, I did note that with the reversal of some of the working capital effects that we've seen in Q4, Q1 cash flow will be broadly breakeven, of priorities. We've written customer love to be at the heart of what we do. We don't just mean this as words on a page; this will actually guide us in what we do and how we prioritise our time this year. It is crucial for us that we focus on this element of our strategy. We will continue to focus on brand activation to maintain our order bank, and we will deliver on our cycle plan. With that, thank you very much for your time. I'll hand it back to Balaji. Thanks, Richard.

Speaker Change: However, I did note there.

Speaker Change: Reversal of some of the working capital effects that we've seen in Q4.

Speaker Change: Q1 cash flow will be broadly breakeven.

Speaker Change: Our priorities.

We've written customer love to be at the heart of what we do.

Speaker Change: Just mean this words on a page this will actually guide us in what we do and how we prioritize all time. This year. It is crucial for us that we focus on this element of our strategy.

Speaker Change: We will continue to focus on brand activation to maintain or hold the bank.

And we will deliver our cycle plan.

Speaker Change: With that thank you very much be time, I'll hand back to balance sheet.

Balance Sheet: Thanks Richard.

Pathamadai Balachandran Balaji: Let's get on to the commercial vehicles, next slide please. On market shares, I think it's starting to stabilize, with the trucks continuing to do well, and the intermediates also starting to do well. And there are green shoots starting to emerge in the small commercial vehicle space as well, which is something that we said we would continue to work on. So it's going to take a few more quarters, but it's nice to see this now starting to turn. At least we seem to have bottomed out. Next slide, please.

Speaker Change: Let's get on the commercial vehicles.

Balance Sheet: Slide please.

Balance Sheet: On the market shares I think it's starting to stabilize with the trucks, starting continuing to do it and the intermediate total project to do with <unk>.

Balance Sheet: There are green shoots starting to emerge in our small commercial vehicle space as well as something that we said we will continue to work on so it's going to take a few more quarters, but its nice to see this now starting to ton seem to have bottomed out.

Balance Sheet: Please.

Balance Sheet: Overall number that's been in a very.

Balance Sheet: Strong year was the highest ever revenues highest ever profit as far as this business is concerned as well.

Balance Sheet: And we ended at 78800 cost with double digit EBITDA that we had committed and for the quarter that came in stronger at about 12% and overall the business generated a PBT of <unk> almost 6000 cross.

Unknown Executive: and it also delivered about a billion dollars of EBITDA, which is also a new high for this business and this industry, and as we de-merge this business, you will start hearing more and more, more and more granular details about this as we go forward. Source of margins, we call specifically out the pivot towards a demand pull strategy and improving realization that exactly what you see in the numbers, so the English and the math are in tandem.

Balance Sheet: And it.

Balance Sheet: It also delivered about a $1 billion of EBITDA, which is also a new high for this business and this business as we'd be mazda's business, you'll start hearing more and more more and more granular details about this as we go forward.

Balance Sheet: Please.

Balance Sheet: A source of margin so we call it sleep corridor.

Balance Sheet: Pivot towards a demand pull strategy and improving realization that exactly what you see in the numbers.

Balance Sheet: The English on the map.

Balance Sheet: Exactly.

Unknown Executive: Overall, Grish, you want to cover the wholesale volumes, which increased by 14% over Q3. However, as we had indicated, there was a decline of 7% in Q4 and almost 4% on an entire year basis.

Balance Sheet: Overall garish cover the.

Speaker Change: Yes, Thanks policy so.

Speaker Change: I think the wholesale volumes.

Speaker Change: Grew by 14% over Q3.

Speaker Change: However, as we had indicated there was a decline of 7%.

Speaker Change: In Q4, and almost 4% on the entirety of yen basis.

Unknown Executive: Balaji spoke of the highest ever quarterly revenue, also in Q4, surpassing the previous high, which was in Q4 of FY23. On the shares, I think we improved the market share quarter on quarter. Steve Pickup, I think, seems to have bottomed out in Q3 and you started the movement upward.

Speaker Change: But as you spoke I think highest ever quarterly revenue also in Q4 sort of pricing.

Speaker Change: Maybe as high as it was in Q4 of FY2023.

Speaker Change: On the shares I think we improved our market share quarter on quarter.

Speaker Change: So if you pick up I think seems to have bottomed out in Q3, and you started the movement up.

Unknown Executive: The transformation in SUV pickup is underway, and we should start seeing results as we go ahead. In the non-vehicle business, we grew revenue by 13% in Q4, and almost 17% on a year-on-year basis, and we have also seen a healthy growth in annual maintenance contracts, which is an attractive business. Some of the bright spots.

Speaker Change: The transformation and as soon as pickup is underway and we should start seeing results as the warhead.

In the non <unk> business, we grew revenue by 13% in Q4.

Speaker Change: And almost 17% on a year on year basis.

Speaker Change: And we've also seen a healthy growth in annual maintenance contracts, which is a.

Speaker Change: Attractive business.

Speaker Change: Some of the bright spots.

Unknown Executive: I think heavy commercial vehicles grew 5% yoy. [Inaudible] who once again 26% YY, and in just quarter four, I think we had 38% growth, so the capacity increase action that we've taken has also started panning out. Going ahead on the Customer Sentiment Index, I think they have remained firm and, in fact, slightly grown in the tipper segment, remained firm in ILCV, and a marginal drop, which is seasonal, for HCV cargo and SCV.

Speaker Change: I think heavy commercial vehicles grew 5% Y O y.

Speaker Change: Passenger carriers, who once again, 26% Y O y.

Speaker Change: And in.

Speaker Change: And just in quarter four I think we had 8% growth. So the capacity increase actions that we've taken.

Speaker Change: And we also started.

Speaker Change: Panning out.

Speaker Change: Looking ahead, the customer sentiment index I think they have remained strong and in fact slightly grown in the paper segment remained forming AMC.

Speaker Change: And dropped marginally which is seasonal for HCV cargo NFC.

Unknown Executive: I am happy to report that the percentage of digitally generated leads and sales has reached almost 26% now in Q4. So this is becoming a significant part of our lead generation mechanism, and we will continue to ramp this up. I think this is giving significant convenience to the customer. The net promoter score continued to improve and is now at a highest ever level of 72.

Speaker Change: Happy to report back the percentage of.

Speaker Change: <unk> generated needs understand.

Speaker Change: Almost 26% in Q4.

Speaker Change: So this is becoming becoming a significant part of our lead generation mechanism.

Speaker Change: And we will continue to ramp this up I think this is giving a significant convenience to the customers.

Speaker Change: Net promoter score continues to improve and is now at the highest ever level of 72.

Unknown Executive: So we continue to maintain and grow this. Every year we launch more than 140 new products, more than 700 variants, and we will continue the same momentum. We saw in commodities, ferrous metals, some softening.

Speaker Change: So we'll continue to maintain and grow this.

It appeared we launched more than 100, new products more than 700 million.

Speaker Change: And we will continue the same momentum.

Speaker Change: Yeah.

Speaker Change: He saw in the commodities the ferrous metals had some softening.

Unknown Executive: While barring aluminum, which has gone up, I think all other non-ferrous metals have stabilized, and I think the cost optimization efforts have led to realization improvement have helped to improve the margin. I think during the year, the feed utilizations also improved, and the freight rates also stabilized. I think we actually exited the year on a strong note.

Speaker Change: Wiley barring aluminum, which has gone up I think it was all other non ferrous metals is fabulous.

Speaker Change: And I think the cost optimization efforts have led to.

Speaker Change: Realization improvements have helped to improve the margins.

Speaker Change: I think.

Speaker Change: During the year the fleet Utilizations also import freight rates also stabilized I think so we actually exited the year on a strong note.

Unknown Executive: Going ahead, we will continue our agenda of Driving Realization Improvement by delivering more value to the customers; that's why I have growth in the wahan share. I think demand generation, as we've been saying, now will have a judicious mix of ATL, BTL, and digital, with digital becoming a key part of our demand generation. In electric vehicles, we are now looking at generating demand in the post-fame environment, in the sense for each kind of segment. There is a pause in the frame, and Sathya.

Speaker Change: Going ahead.

Speaker Change: Continue our agenda driving realization improvement.

Speaker Change: By delivering more value to the customers.

Speaker Change: Yeah.

Speaker Change: And.

Speaker Change: And we have growth in the one chair.

Speaker Change: I think the demand generation as we've been saying now will have a judicious mix of <unk> and digital display becoming a key part of our demand condition.

Speaker Change: In electric vehicles, we are now looking at generating the demand and the post payment.

Speaker Change: In the sense for is kind of a segment.

Speaker Change: There is a pause in the same in.

Speaker Change: Incentives.

Unknown Executive: And to address that, we've actually launched a new variant of the ACV, which can carry a payload of one tonne. The price in the hands of the customers will be around 17% more for the without fame or a one ton variant as compared to the earlier 600 kg variant which had fame incentives, and it will deliver almost 30% better TCOs. So it's a far better business proposition for the customer.

<unk>, new actually launched a new variant of SCB, which can carry you pay a lot of one time.

Speaker Change: So.

Speaker Change: The price in the hands of the customers.

Speaker Change: Ill.

Speaker Change: 17% more.

Speaker Change: They don't frame order.

Speaker Change: The one time variance as compared to the year 600 kg variant, which had famous.

Speaker Change: Payment centers.

Speaker Change: And it will deliver almost 30% better <unk>.

Speaker Change: Part of it is business propositions.

Unknown Executive: So we were preparing for this post fame environment and have launched, and exciting range of products. In the downstream business, we will continue the growth, with increase in the spares and service penetration which has been continuously growing now for last four years. Value Added Services penetration continues to grow and that will be our focus now. Essentially, it also delivers higher customer value and also, and also therefore helps us to improve the realisation. International Markets.

Speaker Change: Our customers so newer preparing for this post payment environment.

Speaker Change: I don't have launched and.

Speaker Change: An exciting range of products.

Speaker Change: Okay.

Downstream business will be continuing the growth.

Speaker Change: <unk> created the spares and service penetration. This has been continuously growing now for the last four years.

Speaker Change: Value added services penetration continues to grow and that will be.

Speaker Change: Our focus now.

Speaker Change: Essentially it also delivers higher customer value.

So.

Speaker Change: And also therefore helps us to improve our realizations.

Speaker Change: International markets.

Unknown Executive: I think while the top line has remained flat, you've been able to maintain market share and, in fact, improve profitability quite a bit, and we will also continue to maintain the health of the channel in these countries. Excellent.

Speaker Change: Anyway well.

Speaker Change: The top line has remained flat you have been able to maintain.

Speaker Change: And the market shares.

Speaker Change: And in fact improve profitability.

Speaker Change: Quite a bit.

Speaker Change: And we will also continue to maintain the health of the channel in these countries.

Speaker Change: Thanks Helane.

Unknown Executive: Coming to electric mobility, I think during FY 24, we deployed more than 1700 electric buses. So now we have more than 2600 electric buses on the road, covering more than 140 million km cumulative. S. E. V. We improve the details month over month during the year. And overall, we have now more than 4,300 vehicles flying on the road. Here we have covered more than 16 million kilometers so far.

Speaker Change: Coming to the electric mobility.

Speaker Change: During FY 'twenty four we deployed more than 79 right.

Speaker Change: Electric buses so now we have.

Speaker Change: More than 600 electric buses on the road.

Speaker Change: Adding more than 140 million kilometers cumulative.

Speaker Change: Is EV.

Speaker Change: We improved the details month over month during the year.

Speaker Change: And overall, we have now more than 4300 vehicles playing on the road.

Speaker Change: Here, we have more than 16 million kilometers so.

Unknown Executive: Strong set of experience under the belt. In Q4, you will see the retail sales were at a high of 2115. Good numbers on detail. In the market, the vehicle is delivering more than 99% of the time, and we are happy to let you know that we are getting a large number of repeat purchase orders. I spoke about this higher payload variant being launched, and it becomes a better business proposition for the customers, despite the fame incentive being paused for some time till we get to know about fame 3. Smart City, I spoke about the buses covering more than 140 million kilometers and consistently delivering 95, more than 95% of the time.

Speaker Change: Strong set of experience into the base.

Speaker Change: In Q4, you will see that he feels good at a high of 2000 and 115.

Speaker Change: Good numbers on retail.

In the market the vehicle is delivering more than 99% uptime.

Speaker Change: And I'm happy to let you know that we are getting larger number of repeat purchase orders.

Speaker Change: I spoke about this higher payroll related and being launched.

Speaker Change: And it becomes a better business for provision for the customers.

Speaker Change: Despite the famous center being forced on some time till we get to know about <unk> three.

Speaker Change: Smart City I spoke about the buses covering more than 140 million kilometers and consistently delivering.

Speaker Change: Thank you for more than 95% uptime.

Unknown Executive: We continue to deploy the buses in CSL tender, Delhi, and Bangalore. In addition, we have also started in Jammu and Srinagar, now where 150 buses have been operationalized. Going forward, we continue the engagement with the government agency. I am happy to note that the payment security mechanism is mostly in place. We are now working on options for the asset-light business model, and I think with this, you should see us participating in future tenders on digital. Balaji spoke on the first slide itself.

Speaker Change: We continue to deploy the buses and CSL.

Speaker Change: The lead Bangalore. In addition, we have also started.

Speaker Change: In Djibouti, another malware variants with fibrosis have been operationalized.

Speaker Change: Going ahead, we.

Speaker Change: Continue the engagement with the government agencies.

Speaker Change: Happy to note that the famous.

Speaker Change: Payments security mechanism is mostly in place.

Speaker Change: We're now working on options for the asset like business Margaret.

Speaker Change: And I think like this you should see us participating in the in the future tenders.

Speaker Change: On digital.

Speaker Change: Apologies for the first layer itself.

Unknown Executive: Cleetage has now more than 600,000 vehicles on the platform, and you know it's amongst the top three globally in terms of customers on the platform. In our quest to keep on introducing value-added options, we launched a machine learning-based Model which gives live inputs to the drivers and the owners about fuel efficiency. We have branded it as Mileage Saathi, and I think it is giving... a very good fuel efficiency improvement in real life operating conditions.

Speaker Change: Fleet age has now more than 600000 vehicles on the platform.

Speaker Change: And it's amongst the top three globally in terms of customers on platform.

Speaker Change: In our quest to keep on introducing value added.

Speaker Change: Options <unk> launched a machine learning based.

Speaker Change: Model, which goes live in Cuda drive rather than the windows about fuel efficiency.

Speaker Change: We have branded it as myeloid safi.

Speaker Change: And I think it is green.

Speaker Change: A very good fuel efficiency improvement in the real life operating conditions.

Unknown Executive: Litesh is now providing a lot of contextual insight, to both the drivers and the customers, about vehicle health, driving behavior, as well as overall operation, and thereby enabling them to improve the business. You have also completed the integration of Fastag.

Speaker Change: It is now is providing a lot of contextual insights.

Speaker Change: Through both the drivers and the customers.

Speaker Change: About vehicle held driving behavior as well as overall operations.

Speaker Change: And thereby enabling them to improve the business.

Speaker Change: <unk> also completed integration of phosphates. We finally won three days to become a one stop shop or managing their entire logistics business.

Unknown Executive: So we finally want Fleetage to become a one-stop shop for managing the entire logistics business. E-Dukkad, which is our online marketplace for spare parts, was a very healthy 3.8 times in revenue, and we have onboarded many more customers, as well as retailers, on the platform. So the convenience being provided by this platform is actually enabling us to improve the penetration of spare parts. During the year, we also launched an online sales platform for vehicles. I am very happy to tell you that we had total retail on the platform of almost 24,000, and just platform generated retail was almost 9000 commercial vehicles. So I think about digital also.

Speaker Change: <unk>, which is our online marketplace for spare parts.

Speaker Change: Who will be indeed, three eight times in revenue.

Speaker Change: And we have on boarded.

Speaker Change: Many more customers as.

Speaker Change: As well as a retailer.

Speaker Change: On the platform.

Speaker Change: So the convenience being provided by this platform is actually enabling us.

Speaker Change: To improve the penetration of the spare parts.

Speaker Change: During the year, we also launched the online sales platform or vehicle.

Speaker Change: And very happy to tell you that.

Speaker Change: Local retail on the platform of almost 24000.

Speaker Change: And just platform generated retail, while almost 9000 collection rate.

Speaker Change: So I think on digital also.

Pathamadai Balachandran Balaji: We are moving pretty well, and we are committed to accelerating the pace of deployment as we go ahead. Balaji, back to you. Thank you, thank you very much.

Speaker Change: We are moving pretty well and we are.

Speaker Change: Committed to accelerating the peace.

Speaker Change: Deployment is the Lawry Berlin, Mexico. Thank.

Pathamadai Balachandran Balaji: Moving quickly on to passenger vehicles, I think the real heartening feature is the consistency in share improvement that you see and, second half, actually at 14.3%, we were the number 2 player in the market for a good 6 months, which is nice to be feeling, and the other piece that's striking is the level of the, I mean Shailesh had talked extensively about the multi-power train strategy, and you see it exactly playing out in the numbers with Petrol Associate. These are the 13, 13 EVs and 16 CNGs.

Speaker Change: Thank you. Thank you Krishna.

Speaker Change: On the passenger vehicles.

Speaker Change: Please.

I think though.

Speaker Change: Heartening feature to the consistency and share improvement that Youll see and second half actually of 14, 3%. We were the number two player in the market for a good six months, which is nice.

Speaker Change: <unk>.

Speaker Change: And the other piece that striking is the level.

Speaker Change: I mean, <unk> talked extensively about the multi powertrain strategy exactly playing out of the number.

Speaker Change: With petroleum diesel at 13 <unk>.

Pathamadai Balachandran Balaji: So we are playing all the powertrains and it's coming through very nicely, and that has ensured those green emissions friendly vehicles also mean that our cafe headroom that we have is substantial at this point in time and well prepared for the next phase of cafe introductions as well. On the EV side, it's a slight disappointment when it comes to the 73,800. We would have loved to do something more on that, but that's fine, because markets do stabilize a bit and pull forward thereafter, so we just redoubled our efforts, bring in the early majority of people coming in so therefore the charging network is a big piece of work that's underway for 10,000 charges upcoming, another 22,000 charges coming in the next 18 months which we are working with the various charge point operators, on the market share at 73% needs to be seen in the context of 14 models having coming in and that's actually welcome news because more and more models coming in EVs become more and more dinner table conversations which is what we would like to see, financials, Ebitda is 6.5%, I'll peel it out for you in terms of PV and EV, because the mix of PV and EV as it changes, that is something that will play out. And despite all the investment we are making in EV, the business is now comfortably profitable and doing well. A very, very important slide in terms of the split between PV and PV.

Speaker Change: Playing all the powertrains and it's coming through very nicely and that essential Devine emissions.

Speaker Change: Friendly vehicles also means that our cafe.

Speaker Change: Room that we have is substantial at this point in time and well prepared for the next phase of career Cafe introduction does better.

Speaker Change: Please.

Speaker Change: On the EV side.

Speaker Change: The happening.

Speaker Change: It is a slight disappointment when it comes to the 73800, you got rid of the block or do something more than that but that's fine because.

Speaker Change: Markets to stabilize a bit and pull forward thereafter, so redoubled our efforts to bring in the early majority of people coming in so therefore, the charging network.

Speaker Change: Is a big piece of work that's underway.

Speaker Change: And drivers of Goldman another 20 hotels in China is coming in the next 18 months with Youre working with the various Josh quite operators.

Speaker Change: On the market share of seven 3% needs to be seen in the context of 14 models, having coming in and that's actually welcome news because more and more models coming in for Amy has become more and more dinner table monetization with is what we would like to see.

Speaker Change: Please.

Speaker Change: Financials.

A.

Speaker Change: Strong set of numbers coming through on the revenue line close to now almost 62000 close to the size of the vessel of selling by Alexandria doesn't makers.

Speaker Change: Six in hospice and then fill it out for us in terms of <unk> and Eagle or the mix of <unk> any of the changes that is something that will play out.

Speaker Change: And despite all of the investment we're making in the business is now comfortably profitable.

Speaker Change: And I believe with a slight please.

Speaker Change: So very very important slide in terms of the split between BB and BBB.

Pathamadai Balachandran Balaji: Firstly, it is a significant achievement for the PV business to become double-digit EBITDA. You recollect, not so long ago, we were looking at EBITDA break-evens in this business, and we have really come a long way. The team has really put in a stupendous effort to bring this double-digit EBITDA business, and the business is now comfortably generating 1,800 crores of profit. On the EV side, we are continuing to improve our profitability. You will notice that this is a quarter.

Speaker Change: Firstly the is a significant achievement for the PD business to become double digit EBITDA Youll recollect marks along back looking at EBITDA breakeven in this business and we are really come to a long way.

Speaker Change: In Australia for Columbus to print deliver springs.

Speaker Change: Double digit EBITDA business and the <unk>.

Speaker Change: It doesn't all comfortably there any thoughts on it and therefore the profit.

Speaker Change: Profit.

Speaker Change: With this which is essential.

Speaker Change: On the <unk> site.

Speaker Change: We're continuing to improve our profitability you will notice that this is the quarter. We also took a price cuts in Barcelona.

Shailesh Chandra: We also took a price cut in to pass on the benefits of the battery price reduction, some of them. And that's the reason you'll see the EBITDA starting to increase now at 1.1 percent after we remove the PDE expenses and negative about 100 odd crores, which is extremely manageable in the grand scheme of things that we're taking. More importantly, the revenue is now almost 9000 crores, which not so long ago was the size of the PV business itself. So, we have created a new PV business out of this TV. Let's now hand it to Shailesh to give you a sense of the market and the performance of TMS. Thank you, Balaji.

Speaker Change: Pass on the benefits of the vacuum price reductions are often.

Speaker Change: And that's really then youll see there, but it is starting to increase our one 1% operating model <unk> expenses and negative.

Speaker Change: 100, <unk> cost with this extremely manageable in the in the Grand scheme of things that they're taking that more importantly, the revenue now almost 9000 cost, which knocks along bank was the size of the PD business itself. So we have created a new PV business all of this TV.

Speaker Change: Thanks Leslie.

Speaker Change: But I'll hand, it to say it is to give you a sense of the market underperformance on ebay.

Leslie: Thank you Valerie.

Shailesh Chandra: First, I would like to start with the first comment that you see on the table that we witnessed the highest ever wholesale and Vahan in Q4 as well as in FIQ. I was so happy to share that two out of five highest selling models were Tata PV cars. Starting with also the key highlights in the industry. It was the highest ever wholesale, which was 4.2 million with a growth rate of 8.6%.

Leslie: Also I would like to start with.

Speaker Change: For someone that you see on the table that we missed I guess on the answer.

100 in quarter four as well as in next late breaking score.

Speaker Change: Also happy to share that Volvo bi I guess setting Walgreens.

Speaker Change: <unk>.

Speaker Change: Cars.

Speaker Change: Starting with also the key highlights on the industry.

Speaker Change: It was the highest ever wholesale which was $4 2 million with a growth rate of eight 6%.

Speaker Change: Although the one hand growth was slower at six 1%.

Shailesh Chandra: However, the Wahan float was slower at 6.1%, and that really led to the addition of channel inventory last year. SUVs further strengthened. We have been seeing this segmental shift, and that trend continued in FY24, the share increasing now to 51%, at the cost of hatchbacks, of course, which fell down to 28%. But the other main observation was that emission-friendly vehicles, namely CNG and EVs, contributed to significant growth in the Ras Financial.

Speaker Change: And that really led to the addition of chemical inventory last year.

Speaker Change: Suvs further strengthen we have been seeing the segment grew chip and that trend continued in our fragrance before but the share increasing now to 61%.

Speaker Change: The cost of hedges of course of it fell down compared to 8%.

Speaker Change: What are the other mean.

Speaker Change: Observation was that the emission friendly bankers can be CMG and.

So elyse contributor for significant growth.

Speaker Change: And the last financial year.

Shailesh Chandra: Coming to Tata Motors, this was the third successive year of posting the highest ever wholesale, 573,000, and Balaji already spoke about us being ranked 2 in H2 of FY24 in terms of Vahan with a 14.3% market share.

Speaker Change: Coming to Tata Motors.

Speaker Change: This was the coast towards successive years of posting highest of advancing 73000.

Speaker Change: And Bud you already spoke about being right next to offer flagrant before in terms of one with a 14, 3% market share.

Shailesh Chandra: E V volumes grew by 48%, and we crossed the milestone of 1.5 lakh E V production cumulatively since the time we started selling E Vs. Also, Balaji talked about the double-digit EBITDA margin in Q4 for the PV business, and this has been driven by a mixture of mixed structural cost reduction actions and, of course, the operating leverage that we got in quarter four because of the increase in sales volume. Coming to bright spots for the industry, I think SCV is continuing to do very well, and there is a huge traction that we see for the new launch, especially in the 4.3 meter segment and the subcompact category.

Speaker Change: EV Williams grew by 48%.

Speaker Change: And also we crossed the milestone of one and a half block EV production humanity really since the time, we started selling the east.

Speaker Change: Also <unk> you talked about the double digit EBIDTA margin in Q4 for the PV business and this has been driven by richer mix structural cost reduction actions.

Speaker Change: Those new operating beverages that reported in quarter four because of the increase in the.

Speaker Change: The sales volume.

Coming to bright spots for the industry.

Speaker Change: I think a series continued to do very well.

Speaker Change: There is a huge traction that we see for the new launches.

Speaker Change: Basically in the <unk> segment and the subcompact protecting.

Shailesh Chandra: As I mentioned about CNG and EV volumes, in terms of numbers, they have grown by 55% and 70%, respectively, in a market which has grown otherwise at 8.6%, so this clearly shows that growth will be driven in the future by emission-friendly vehicles. And therefore, for the PV and EV business, it means that the leverage that we will have of having a wide range of products in the CNG and EV portfolio will really be upon us to capitalize upon.

Speaker Change: I think.

Speaker Change: Mentioned about <unk> inhibits the <unk> volumes.

Speaker Change: In terms of number which has grown by 55% and 70% respectively.

Speaker Change: So a market, which has grown otherwise at eight 6%, so which clearly shows that.

Speaker Change: The growth will be driven in future labor emission friendly bankers, and therefore for PV and UV business.

Speaker Change: It means that with the leverage that we will have of having a wide range of products and CMG and <unk> portfolios.

Speaker Change: We'll really be upon us to capitalize upon.

Shailesh Chandra: What is also interesting is that all our products, in the seven products that we have in our portfolio, most of them aren't talked about in their respective segments, and therefore, the traction for all the products continues for us. Also, we are going to introduce a new nameplate this calendar year, later this calendar year, which is called Curve. This is one segment where we have not been present, which is the 4.3-meter mid-size SUV segment.

One thing is also direct all our products in those seven products that we have in our portfolio.

Speaker Change: Most of them are in Baku in their respective segment underfoot attraction for all the products continue for us.

Speaker Change: Also introduced the new name blip in this current Wm later this calendar year, which is good.

This is one segment, where we had not been proceed.

Speaker Change: Which is before <unk> delivered a mid sized SUV segment.

Shailesh Chandra: Last year if you see this was the segment which grew very strongly by 44% and therefore this would be the product which would be helping us get into this high growth segment, are talking in terms of challenges for the industry. After transmitting the projections from multiple places, we clearly see that the industry will moderate and grow less than 5%. [inaudible] For us, you know, we would be focusing on driving higher penetrations of EVs and so on, and here we are actually focusing on certain cities which we have identified where EVs and CNG have a greater propensity of selling, and we are also coming with exciting product interventions in the next month you will see one of our cars coming with what we call as the new forever intervention so this will continue for other models also.

Speaker Change: Last year. If you see this was the segment, which grew very strongly by 42% and therefore this would be the product which would be hampered.

Speaker Change: Helping us get into this high growth segment.

Speaker Change: Talking in terms of challenges for the industry.

Speaker Change: After triangulating the projections from multiple places.

Speaker Change: Clearly see that the industry market and grew less than 5%.

Speaker Change: Given that the pent up demand has caught exhaustion.

Speaker Change: The channel inventory is high and then.

Speaker Change: In the first quarter of legal fees.

Speaker Change: Certain factors like that of elections, heatwave, which might dampen the demand for temporary for quarter, one I would say.

Speaker Change: For us.

Speaker Change: We would be focusing on driving higher penetration of Evs and <unk>.

Speaker Change: Sure, we're actually focusing on certain cities, which we have identified with <unk> have a greater propensity of selling.

Speaker Change: And we are also coming with the exciting.

Speaker Change: Product interventions and.

Speaker Change: In the next month, you will see.

Speaker Change: One of our cost coming with what we call as the new photo of intervention. So this will continue for other markets also.

Shailesh Chandra: To drive the charging infrastructure growth, and I think we have been doing this for the last 6 months, and it is working out very well in terms of accelerating the growth of charging infrastructure for charge point operators and oil marketing companies, the latter being more aggressive, I would say. And that has ensured that in the second half of the last financial year, we have doubled what was done in the first half of the last financial year. So going forward, this is going to accelerate much faster. The public charging interest has already crossed 12,000.

Speaker Change: Our booth.

Speaker Change: The charging and for growth.

Speaker Change: We have been doing this for last six months Senators are working out could be very well in terms of accelerating the growth of charging trucks with the charge point operators and oil marketing companies the lack of being more aggressive I would say.

Speaker Change: And that has ensured that in the second half of the last financial year.

Speaker Change: We have debated what was done in the first half of the ASP and actually also going forward. This is going to accelerate much faster.

Speaker Change: Public charging interests auditing costs 12000, and we intend to further increase with this partnership to the open collaboration group that we have taken.

Shailesh Chandra: And we intend to further increase it through this partnership through the open collaboration that we have taken to increase it by 20-22,000 numbers in the next 18 months. And, of course, the razor-sharp focus on profitability is going to remain through the Structural Cost Reduction Initiative. So back to you, Balaji. Thanks, Shailesh.

Speaker Change: To increase it by 2020 can tourism numbers in the next 18 months.

Speaker Change: And of course the news.

Speaker Change: With a sharp focus on profitability is going to remain through the structural cost reduction initiatives battery button at chili's.

Pathamadai Balachandran Balaji: Okay, closing out the rest of the slides. Overall, CBPB, the main one to call out is CapEx is well funded by operating cash, and there is nothing abnormal there. And the investment spending, we ended the year at 8,300 crores. There are some questions that I already see.

Speaker Change: Wrapping up the rest of the slides.

Speaker Change: Overall CVP knee.

The main one to call out is the Capex is well funded by the operating cash and I think nothing abnormal there okay all right.

Speaker Change: And then there's some spending we ended the year at 8003 across there as I'm sure a question as I already see what are the negative EBITDA allows investment nor to the $3 5 billion in Gela and broadly similar lines for Kinder Morgan. So thats, what our Capex on SDN is also going to be selecting a stabilized broadly on our cap expense Nicholas.

Pathamadai Balachandran Balaji: What is likely to be JLR's investment, and what is ours? About 3.5 billion for JLR and broadly similar lines for Tata Motors. So that's what our capex for next year is also going to be. So I think it's stabilized broadly on our capex bench. Next slide.

Pathamadai Balachandran Balaji: And on Tata Motors Finance, let me quite quickly take the, we don't comment on market rumors that have come in this morning, but the performance, more importantly, the performance of this business, underlying performance is starting to look good. Prudent sourcing and the concerted collection effort, the teams have been working for the last 18 months to get their house in order and methodically work the system, resulting in very healthy early-day dependency rates that we are seeing today.

And automotive finance, let me quickly take the we don't comment on market rumors that have come in this morning, but the performance more importantly, the performance of this business underlying performance is starting to look good.

Speaker Change: We're enforcing the concern of collection efforts that <unk> been for the last 18 months working to get their houses in order an oddity.

Speaker Change: Resulting in very healthy early delinquency rates that youre seeing today collection efficiency continues to improve and Thats. The way <unk> is now reduced to five 6% and an NPA is 3.2% so from that perspective portfolio back under control and therefore, we are now focusing on profitable growth in a steady manner that so we want to build this business.

Pathamadai Balachandran Balaji: Collection efficiency continues to improve, and that's why GM's PA is now reduced to 5.6% and NNPA is 3.2%. So from that perspective, the portfolio is back under control. And therefore, we are now focusing on profitable growth in a steady manner. That's how we want to build this business. And disburses are starting to pick up, and there is also a fair amount of asset diversification underway in terms of used vehicles, and structure financing, all this starting to improve the mix and support the NIMS as well.

Speaker Change: And both of those starting to pick up and also of Panama asset diversification underway.

Speaker Change: Used vehicles financing all of the starting point for the makes sense or the lenses with capital adequacy and liquidity both adequate ultra broadband.

Pathamadai Balachandran Balaji: Capital adequacy and liquidity are both adequate; no trouble there. Next slide, please. So on the ratings, you are there, so nothing further to add, other than we'll continue to work with the agencies to explain our performance and keep improving this number even further.

Speaker Change: Please.

Speaker Change: So on the ratings through advanced and nothing further to add other than.

We will continue to work with agencies to explain our performance and keep them growing this number even further.

<unk>.

Pathamadai Balachandran Balaji: Overall, we remain cautiously optimistic on the domestic side, particularly in the first half, and do expect premium luxury demand to be relatively resilient. But, of course, there are emerging concerns in overall demand, which I'm sure Adrian and Richard will be talking about, but nothing that is going to Let me start, and I'll probably mix it up between JLR, PV, and CV, and let me probably start with PV, Shailesh.

Speaker Change: Overall outlook, we remain cautiously optimistic on the domestic side, particularly in the first half and do we expect.

Speaker Change: Premium luxury the demand to be relatively resilient, but of course, there are remodeling concerns in the overall demand et cetera.

Speaker Change: And Richard will be talking about but nothing that.

Speaker Change: Glen.

Speaker Change: <unk> has bought us continuing to deliver strong financial performance, but thats.

Richard: I think the business is not structurally different order it was earlier and therefore, the resiliency built in in each of the businesses lay it out on the breakeven CV on each and every vertical starting to work CV delivering double digit EBITDA. So there is a fundamental correction that has happened to this business and therefore, the expectation of a strong.

Richard: That performance to continue.

Richard: It is absolutely natural.

Richard: These are the priorities for the business. So I won't talk to them you can read for yourself.

Speaker Change: So overall, a pleasing set of numbers coming through a prolonged time, so I'm pretty happy about it with this happy to take any questions that have come through we are already about 21 of them that have come through.

Speaker Change: This stock and they'll probably mix at Aberdeen <unk> C D.

And.

Speaker Change: Let if properly stocked with PV satish.

Shailesh Chandra: Let's talk about demand. This is coming from Kapil Singh Namura. What are the negative factors which are affecting your demand? And the science seems to be even below GDP growth. So can you give a sense of how demand is planning to play out? Yeah, thanks, Balaji.

Speaker Change: Let's talk about demand that's coming from a couple of thing Nomura. What are the negative factors that are affecting our demand and the science seems to be even below GDP growth. So can you give us sense of our demand the same planning to play out.

Shailesh Chandra: So as far as PV demand is concerned, I already mentioned that this is going to be less than 5%. So that's right that it is going to be less than GDP, and mainly because, you know, it has been two very strong years of growth. Just remember three years ago, the demand for the industry's sales was at 2.73 million. And this has grown to 4.2 million.

PV Satish: Yes, Thanks <unk>.

Speaker Change: So as far as solar PV demand as consumer I already mentioned that this is going to be less than 5%. So that's right that it is going to be less than GDP and mainly because.

Speaker Change: It has been boost in already strong user group just remember three years further demand of the sales of industry was a 2.73 million.

Speaker Change: This.

Speaker Change: Has grown to $4 2 million. So it is natural that the growth will moderate to some extent also because of the possibility of further.

Shailesh Chandra: So it is natural that the growth will moderate to some extent. Also, the possibility of further replenishing the channel is low this year because the channel inventory is high already. So therefore, it will be all about creating demand every month and then. So this will remain, you know, slightly low this year, but going forward, as we have always seen that the secular growth trend for the passenger vehicle industry has been in the six to eight percent zone.

Speaker Change: Filling the channel is low this year because already a channel increase height. So therefore.

Speaker Change: It will be all about creating demand every month and density. So this will remain slightly.

Speaker Change: Slightly lower this year, but going forward as we have one we have seen that.

Speaker Change: Secular growth trend for the passenger vehicle industry has been in the six week Boston Zoom. So it is coming to that level at a slightly lesser than the secular growth rate because of <unk> Steve.

Shailesh Chandra: So it is coming to that level. It is slightly less than the secular growth rate because of the two very steep growth rates that we had seen in the previous two. Thanks, Shailesh. Richard, this is coming your way again.

Speaker Change: Growth that we had seen in the previous two financial years.

Richard Molyneux: There are a lot of questions on this front in terms of margins, one which started by talking about, I think it came from Goldman Sachs, Chandramouli, saying we went from 6% guidance to an 8% guidance and delivered that. So why is the Polish guidance of 8.5%? And what is your roadmap to 10% in FY26? What should be the drivers, margin drivers that will make this change from 8.5% to 10%? Okay, so let me cover that in sequence.

Speaker Change: Thanks Satish Rishi.

Speaker Change: Richard This is coming your way again, a lot of questions on this front in terms of margins.

Speaker Change: One was started by talking about.

Speaker Change: It came from a governance back Standalone Ronny, thanks, Steven from 6% guidance to 8% guidance and deliver that.

Speaker Change: So why the flattish guidance of eight and half percent and what are their roadmap to the 10% in FY 'twenty six water Davita drivers margin driver that makes us change from a tender offer.

Steven: Okay. So let me cover that sequentially. So if I look from the year that we've just reported into our current year.

Richard Molyneux: So if I look from the year that we've just reported into our current one, on the downside, we will spend more in terms of variable marketing expense and FME. Not a lot more than we spent in Q4 in terms of VME, but we will have to invest in demand generation. Offsetting that, as we've said in these meetings previously, we've been growing, during the course of the year, our production capacity on Range Rover and Range Rover Sport.

On the one side the downside, we will spend more in terms of variable marketing expense and SME lots.

Steven: Not a lot more than we spent in Q4 in terms of <unk>, but we will have to invest in demand generation.

Offsetting that we've said in these meetings previously we've been growing during the course of the year our production capacity on range Rover range Rover Sport, obviously now we've got that capacity close to where we want it to be so we'll get a full year of production of range Rover range Rover sport.

Richard Molyneux: Obviously, now we've got that capacity close to where we want it to be, so we'll get a full year of production of Range Rover and Range Rover Sport, and that, we're anticipating, will offset any effects that we've got in terms of extra spend on demand generation. So that's at a very top level what we're expecting to happen during the course of this financial year. Moving then up to 10% in FY26. FY26 is the year when our new product starts.

Steven: That we are anticipating will offset any effects that we got in terms of extra spend on demand generation.

Steven: So thats.

Steven: That's a very top level, what were expecting to happen. During the course of this financial year, moving then up to 10% in FY 'twenty six FY 'twenty six as the year went on new product starts to hit.

Richard Molyneux: So we will have Ranger of Abeb in the market by then, and other products as well. So at that point in time, we start to replace some of the vehicles on which we make less money with brand new vehicles. We will also continue to focus on the next 18 months in terms of making sure our cost base is appropriate both in terms of material costs and structural costs. So we're going to focus operationally, and we have new vehicles to deliver, and that should enable us to get up towards the 10% number that we committed beforehand and are still committing to now. Thanks, Richard.

Steven: So we will have a range rover <unk> in the market by that and and other products as well so at that point in time, we start to replace some of the vehicles on which we make less money with brand new vehicles, which not only helps our EBIT levels. We will also continue to focus on the next 18 months.

Steven: In terms of making sure our cost base is appropriate both in terms of material costs and structural costs. So we're going to focus operationally.

Steven: And we have new vehicles to deliver that should enable us to get up towards the 10% number that we committed beforehand and are still committing to now.

Shailesh Chandra: Then I'll probably move back to PV because there is another burning question that is there. Amit Birani, JB Morgan, Does your India business planning include launches of strong hybrids? Given there is a lot of noise about regulatory change favoring hybrids, how would you prepare for such an opportunity? Yeah, so thanks for the question.

Speaker Change: Thanks Richard.

Speaker Change: And then probably more back to being able to sell another burning question that are there.

Speaker Change: I mean is there any JP Morgan does your India business, David planning gold launches a strong hybrid given there's a lot of lines off recognition change favoring hybrid already prepared for such an outcome.

Shailesh Chandra: I think we have been very clear that this is speculation that the hybrids are going to get any benefit from a GST perspective because we have seen that the government has been firmly behind EVs, given, you know, the issues that the country is facing in terms of acute pollution or import dependence on fossil fuels, and also given that. There is a net carbon zero plus that the country has taken, and therefore, it's an imperative to accelerate EV adoption, and that is how we have been seeing the government considering the GST rates for EVs being lower, and that has only been for EVs, and also the recent discussions that we have had with the government bodies when we talk about CAFE 3 and CAFE 4. Right now, we are in the CAFE 2 regime.

Speaker Change: Yeah. So thanks for the question I think.

Speaker Change: We have been very clear one that this is a speculation that the hybrid.

Speaker Change: I'm going to get any.

David: Benefit from a D. As people expected because we have seen the government has been formally behind Tvs.

David: Given that.

David: The issues that those countries spacing in terms of <unk>.

David: <unk> pollution oil import dependence on fossil fuels.

David: And also given that.

David: There is a net carbon zero place that the country has taken and therefore it is imperative to execute either option and that is all we have been single mentor.

Considering.

David: The GST rates for Evs being lower and that has only been for <unk> and also the recent discussions that we're having with the government bodies.

David: When we talk about the cafe trillion cafe for right now we havent Katherine can redeem.

Shailesh Chandra: It becomes imperative to have a certain percentage of, you know, vehicles that you need to have as EVs. So, therefore, the direction seems to be very clear that EVs will have to be accessible. For us, as Balaji had already shown in one of the charts, there is a significant headroom that we have right now in the cafe puraji segment. And we are going to study and keep a very close watch whether there is a need for additional emission-friendly or fuel efficiency improvement tech to meet the stringent future CAFE norms based on what our growth plans are.

David: It becomes imperative to have a certain percentage of.

David: Vehicles that you need to have as each so therefore, the direction seems to be very clear that you need.

David: Yes.

David: For us as <unk> had already shown in the Little chart that there is a significant headroom that we have right now in the Patriot unity and.

David: And we are going to go.

David: Study and keep a very close watch whether there is a need for additional emissions when blue movement.

David: No.

David: To meet the stringent future Kathryn knows these don't work out what lands us.

Shailesh Chandra: So far, we don't even see the need for that in the CAFE 3 regime, or we will also lose the competitiveness of our products in each of the segments in which we operate. But I think there should be no confusion; we have the ability to develop any technology which will be needed in the future. But as of now, we are very sharply focused on electric vehicles because we believe that that's the breakthrough technology in the auto industry. Thanks, Farish. This came from Gunjan in terms of EV volumes seem to have taken a hit in India, particularly in April. Is it a slowdown?

So part of it you can see the need of 90 minute Katherine <unk>.

David: Our audience really wants the competiveness of our products so.

David: And each of the segments in which we operate.

Speaker Change: But I think there should be no confusion, we have the ability to download.

Any technology, which will be needed in future, but as of now we are very sharply focused on electric vehicles because.

Speaker Change: Extra distribution declines.

Speaker Change: Thanks Paresh.

Speaker Change: This stakeholder this game from Voyager in terms of eating volumes seem to have taken a hit in India, particularly as of April.

Paresh: Is it a slowdown what should we be opportunistic that's evolving.

Shailesh Chandra: How do we see this evolving? Yeah, I think, you know, I know where this question is coming from all the negative commentary on gloom and doom around EVs globally, as well as then being picked up in India, Indian media also, but let's talk based on the charts that I presented, that while the EV industry just grew by 8.5%, the EV industry grew by a whopping 70%.

Speaker Change: I think I know, where this question is coming from all the negative commentary on gloom and Doom around Evs globally as well as then being picked in India Indian Media also but let's talk based on the facts.

Speaker Change: We just saw the charge that I presented.

Speaker Change: While the E&P industry just grew by 8.5%.

Speaker Change: Industry grew by a whopping $70.

Shailesh Chandra: One can say that it was for the full year, maybe it was in the first half of the year, but even if you look at quarter four, the growth rate was 40% for electric vehicles. So this is significantly higher than the PV industry. You know, but it's all around this negative commentary, which is being driven by certain sections, which, unfortunately, is confusing the customers and all the stakeholders and readers who are reading those newsletters. We must know that, you know, the barriers to adoption actually have been reduced.

Speaker Change: One can see that it was for the full year, maybe it was in the first hour deal, but even if you see quarter four on.

Speaker Change: The growth rate was for people for electric vehicles. So this is significantly higher than where the industries.

Speaker Change: Albert.

Speaker Change: It's all around this negative commentary, which has been largely driven by certain section, which.

Speaker Change: Unfortunately, as an <unk>.

Speaker Change: Using the customers and all the stakeholders and readers what are you seeing those news articles.

Speaker Change: We must note that the barriers to adoption actually has been reducing.

Shailesh Chandra: You know, earlier there was a lack of choices in electric vehicles. Today, you have 14 models, as Balaji had shown in one of the charts. The charging infrastructure, from nothing, has gone up to more than 12,000 now in these three, four years. And earlier, car prices were very high; if you had to buy an electric car, it used to be at 20 lakh rupees or so. Now you get cars, you know, starting at 8 lakhs, 12 lakhs, 15 lakhs, and so on. So you have multiple cars available.

Speaker Change: Earlier, there was a lack of choices in electric vehicles. Today, you have 14 modern set by the <unk> involved the charts.

Speaker Change: The charging infra from nothing has gone up to more than we're closing now.

Speaker Change: In these three four years.

Speaker Change: And the only other cars car prices were very high if you had to buy an electric car. It seems to be a <unk> co. Please also know youll get cause you know starting at the Eplex <unk> 15, lack and so on so we have multiple cars available.

Shailesh Chandra: So, therefore, if the commentary had been on how the barriers to adoption have been, you know, being reduced, the perception would have been different, and therefore, I would say it has more to do with the negative commentary rather than the facts saying whether it is slowing down or not. So I clearly see strong growth and if I were to talk about the future also, we are going to see a slew of launches coming in the current financial year also and beyond that by not only Tata Motors but other players also.

Speaker Change: So therefore.

Speaker Change: If the commentary rather was one hotel barriers to adoption.

Speaker Change: It.

Is being reduced.

Speaker Change: Although prescription would have been different and therefore I would say it has more to do with the negative commentary rather than.

Speaker Change: The fact seeing whether it is slowing down on Archs I clearly see a strong growth in.

Speaker Change: <unk> will talk about the future also.

Speaker Change: We're going to see SKU of lunches.

In the in the current financial year also and beyond that by not only Tata motors, but other players watts.

Shailesh Chandra: So there will be an intensity of pitch in favor of electric vehicles. The charging infrastructure has significantly stepped up after the open collaboration that we have started. And as I said, these products which are going to get launched are going to come with a significantly higher range also, crossing, you know, 400 kilometers of real range and also 500 kilometers of real range.

Speaker Change: So there will be the intensity of pitch in favor of electric vehicles, the charging and throughout the world has significantly stepped up hospital open collaboration that we have started.

Speaker Change: And as I said, these products, which I won't get launched avoid cockpit significantly higher range also crossing.

Speaker Change: 400 kilometers of yield range and also 500 kilometers we arranged so therefore the value store option.

Shailesh Chandra: So therefore, the barriers to adoption will even further go down. So I believe that the story of electric vehicles will really accelerate. We should definitely not compare with what is happening in the US or anywhere else because those are for other factors which are not applicable to India. So that would be my.

Speaker Change: Even further go down so I believe that all the <unk>.

Speaker Change: Story of electric vehicles.

Speaker Change: EMEA absolutely exhaust.

Speaker Change: You should definitely not compare with what is happening in the U S. R inhibitors, because those are for other factors, which is not applicable to India. So that would be my response. Thank you.

Shailesh Chandra: Thank you. I think the next set of the Richards is probably coming your way, in terms of the demand situation in the US, Europe, China, there's a clutch of questions around that. And therefore, linking that to the order book of 133,000, how do you expect to see that run down? And in this, the implications on BME, and FME, could you just cover this in the entire arc of this? I'll do some of it in reverse, so we did end the year with an order book of 133,000 units, that includes orders for S&E vehicles, but that does not include the 33,000 people I mentioned who have signed up to the waiting list for Range Rover. Pre-COVID, I'll rule the bank.

Speaker Change: I think the next set of Richard partly coming your way.

Speaker Change: In terms of the demand.

Richard: The duration in U S Europe, China.

Speaker Change: Two questions around that.

Richard: And therefore linking that to the articles of calendar 2000 Oh.

Do you expect to see that run down and in this the implication on Dnb SME, but he is cover this and it's staying that arc of these questions.

Richard: I'm sure I'll do some of it in reverse so we did NDA with an order book of 133000 units.

Richard: That includes orders for SB vehicles that does not include the 33000 people I mentioned to have signed up to the waiting list on Ranger of event.

Richard: Pre COVID-19 our order bank also.

Richard: So averaged a normalized level around 110000 units.

Richard: So we're still operating 25000 or so higher than what we would consider to be our natural level, which allows us to to still build that down over the coming months.

Richard Molyneux: We've sort of averaged a normalized level of around 110,000 units, so we're still operating 25,000 or so higher than what we would consider to be our natural level, which allows us to still build that down over the coming months. In terms of the demand situation, We are very much a pull organization in terms of demand. We are not going to oversupply the market at the moment, but we do see that some of the markets are... Very strongly, a little bit, probably Europe, and we have some issues in the UK that we are very much on top of resolving.

Richard: In terms of demand situation.

Richard: We are very much a.

Richard: Pull organization in terms of demand, we are not going to oversupply in the market, but at the moment.

Richard: But we do see that some of the markets are.

Richard: Struggling a little bit probably Europe.

Richard: And so we have some issues in the UK that we are very much on top of resolving.

Richard Molyneux: Other markets overseas, North America, are still remaining strong. And China, in the sections in which we operate as an import business, is also strong. I mentioned we're up 17% year-over-year and 27% up versus FY22, so still fairly stable in China. One of the advantages that we have is we do have a situation where our sales are fairly flat across our five regions. We are not overly dependent on any one of them, and there is always going to be a situation where some are stronger than others, and we have the ability to flex. I think that's probably the most important point.

Richard: Other markets overseas North America are still remaining strong and China in the sections in which we operate from an import business is also strong I mentioned.

Richard: Were up 17% year over year, and 27% up versus FY 'twenty, two so still fairly stable in China. So one of the advantages that we've got is.

Richard: As we do have.

Richard: A situation, where our sales are fairly flat across our five regions, where not only we believe dependent on any one of them.

Richard: And there is always going to be a situation, where some are stronger than others and we have the ability to flex.

Richard: Between that so I think that's probably the important point every year, you're going to have winners and losers in terms of demand.

Richard Molyneux: Every year you're going to have winners and losers in terms of demand, but we've got the structural set-up to be able to cope with that. Okay, thanks Richard. Moving on to CVs. MNXCV Trucking Demand, can you talk about that? Okay, so...

But we've got the structural sets up to be able to cope with that.

Speaker Change: Okay. Thanks, Ron Thanks, Richard moving onto Cds.

Speaker Change: And then Cindy trucking demand any talk about that.

Speaker Change: Okay. So.

Unknown Executive: I think, as we said in the last analyst, all we expect.. You want to be. A bit slow, and then demand picked up very well in the second half of Q2. And I think, as we see right now, actually, the first month of Q1 has panned out well. So we expect, I think, the same way to continue, but I think overall, for the whole year. As we had said earlier, we remain cautiously optimistic.

Speaker Change: I think as we've said in the.

Speaker Change: And the last analyst all.

Speaker Change: We expect Q1 to be a.

Speaker Change: A bit slow.

Speaker Change: And then the demand to pick up very well from second half of Q2.

Speaker Change: And I think as we see right now actually the first month of Q1 has panned out well.

Speaker Change: So we expect I think the same way to continue but I think overall for the whole year.

Speaker Change: As we have said earlier, we remain cautiously optimistic I think we will see a flat maybe.

Unknown Executive: I think we will see a flat to maybe a slight decline in overall volumes for the year. That's where we are, but otherwise, I think most of the parameters do remain healthy in terms of the sentiment index. The Freight Index and the usage per month, while it has gone down seasonally, but I think it remains at a good level. Just a double click on that.

A slight decline in the overall volumes for the year.

Speaker Change: So do we see but otherwise I think.

Speaker Change: Also the parameters do remain in the in terms of the sentiment index.

Speaker Change: So freight index.

Speaker Change: And the usage of <unk>.

Speaker Change: Well it has gone down seasonally but I think it remains at a group level.

Unknown Executive: I think over the next three years, if you look at it, there's a strong, we just see the up elevators, down elevators, coming from Nishit. There's a strong economic cycle, and the pickup and gap cycles are positive. But then, of course, there's DSC and others that are also there. In the pluses and minuses, they expect the cycle to be less prominent this time compared to the earlier cycle. So Nishit, I think this is a very good question, and I think we should look at some of the factors which can impact demand. First of all, I think for the next three years, there is no major regulation or regulatory change on the horizon. Even if BS7 comes, I think it will probably be closer to the end of this decade.

Speaker Change: Mister well double click on that.

Speaker Change: I think over the next three years, if you look at it the wrong. We just see the operator has done either it is coming from Nishu.

Speaker Change: Strong economic cycle and the pickup in Capex cycles are positive, but then of course, the DSD and others that are also there.

Speaker Change: The pluses and minuses there do you expect the cycle to be less.

And at this time compared to the earlier cycles.

Speaker Change: And the shift I think this is a very good question.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Look at some of the factors, which can impact the demand first of all I think.

Speaker Change: For next three of that is no major regulation or regulatory change on the horizon.

Speaker Change: Even if <unk> seven comes I think probably PB.

Speaker Change: To the end of this decade, so I think it appears there is no uncertainty there.

Unknown Executive: So I think it appears there is no uncertainty there, and you know, I think that has also led to ups and downs in the past 5-6 years because we have gone through two big changes. Second, macro, I think, as you rightly put, there is good infrastructural growth which is happening due to the government's intervention and investment. Consumption continues to do well, and another engine which seems to be ticking now is manufacturing.

And you know I think that has also led to ups and downs in the past five six years, because we went to two big changes.

Speaker Change: Second macro anything as you write your book.

Speaker Change: Morning.

Speaker Change: <unk> total growth which is happening.

Speaker Change: I can take that range and then in this bank.

Speaker Change: I'm showing continues to go well.

Speaker Change: And another engine, which seems to be sticky.

Speaker Change: Taking now is the manufacturing, adding ingredient manufacturing is leading to.

Unknown Executive: I think an increase in manufacturing is leading to, Thank you. I think beyond this, what we need to keep an eye on is not just the overall GDP growth, but I would also say, generally, fuel prices, which have a significant impact; 50% of the cost is from fuel. The freight rates, which I think have been continuing to do well over 18 months, and the utilization, which are also doing well over 18 months. So, finally, it appears that I think all these parameters are doing well, and therefore, with this kind of a macro picture, I think, yes, the cycle should be a less fluctuating one.

Speaker Change: Good demand and therefore that should help.

Speaker Change: I think beyond this what we need to keep a watch on is not just the overall GDP growth, but I would also say.

Speaker Change: Generally the fuel prices, which has a significant impact with 50% of the cost is from the fuel.

Speaker Change: The freight rates, which I think have been continuing to do well over 18 months I would say.

And we are glad additions, which are also doing well or 18 months.

Speaker Change: So finally it appears that I think these all of these parameters are doing well and therefore.

Speaker Change: But this kind of a macro picture I think yes.

Speaker Change: The cycle should be less fluctuating win.

Unknown Executive: As far as the Dedicated Freight Corridor is concerned, I think the way we have been saying... The Northeast Corridor is not likely to have such a large impact because the Northeast Corridor has a large amount of transportation IIT Roorkee, Prof. R.K. Shevgaonkar, Prof. V.M. Gadre, Material will move to dedicated freight corridors, and on the northwest corridor, it is likely to impact because we have a lot of container traffic on this, especially for trade supporting trade that is export-import.

Speaker Change: As far as the dedicated freight corridor is concerned I think the way we have been saying.

Speaker Change: The northeast quite at all.

Speaker Change: It's not like you to have such as ours impact because.

Speaker Change: The northeast recorded auto has a larger amount of transportation of.

Speaker Change: Mineral enzyme called which anyway was on training. So I think the regular book materially.

Speaker Change: Integrated corridor.

Speaker Change: And on the northwest corridor, it is likely to impact that we have a lot of container traffic on this especially for training supporting translated export import.

Unknown Executive: But it appears that, with the export import anyway going up and growing much faster. While the dedicated freight corridor may take some demand from the road, we will still see growth happening on the road freight. So I think overall, it should do well and, needless to add, railways are all said and done, hub to hub. I think for first smile, last smile.

Speaker Change: But it appears that.

Speaker Change: With the export import anyway going up and growing much faster.

Speaker Change: While the dedicated freight corridor may take some <unk>.

Speaker Change: Demand.

Speaker Change: Longer haul still we will see growth happening on the road trip. So I think overall, it should do well and needless to add.

Speaker Change: Railways that all set and done.

Speaker Change: I think for first mile last mile.

Richard Molyneux: We do need ILCGs and SCGs, so growth in the Dedicated Freight Corridor will actually lead to higher growth in ILCGs and SCGs. I think that's how I will sum up, Balaji. Thanks Birish. Richard, a different topic coming your way, one is what will be the dividend paid by JLR to TML this year, and one and two, the tax rate, what should we assume for the next stable ETR that you will have, and are there any further tax credits that you are expecting?

Speaker Change: We do need.

Speaker Change: <unk> saw growth in dedicated freight corridor.

Speaker Change: Actually lead to higher growth in our LCD and then as I think thats always some ability thankfully.

Speaker Change: Thanks Krish.

Speaker Change: A different topic coming your way one is what would be the dividend paid by <unk> to <unk> the tier one and two the tax rate what we should be assume for next.

Stable ETR that you will have and is there any further tactical reps that you are expecting.

Richard Molyneux: Okay, so yes, there will be a dividend paid by JLR in the region of £400 million, and that all is being transacted pretty much as we speak. Second question in terms of guidance on reported tax. So the advantage of putting the DTA back on the books is that our tax profile becomes a bit more predictable. We would normally expect it to be in the range of 25-29%. Actually, if you adjust out for the DTA in FY24, it was 28.5%, and we will be working over time, particularly with the UK patent box strategy, to see if there is anything that we can do to get that towards the lower end of the range. We paid cash tax of £333 million in the UK.

Speaker Change: Okay. So yes, there will be a dividend paid by <unk>.

Speaker Change: In the region of 400 million pounds.

Speaker Change: And that will are being transacted pretty much as we speak.

Speaker Change: Second question in terms of guidance for reported tax so the advantage of putting the DTA back on the books is.

Speaker Change: Tax provoked Paul profile becomes a bit more predictable.

Speaker Change: We would expect normally to be in the range of 25% to 29% actually if you adjust out for the DTA in FY 'twenty four it was 28, 5%.

Speaker Change: And we will we will be working overtime.

Speaker Change: Through particularly the UK patent box strategy to see if there's anything that we can see to turn.

Speaker Change: To get that towards the lower end of the range.

Speaker Change: We paid cash tax 333 million credit in the year.

Richard Molyneux: Super. Just mixing it up a bit again, Shailesh coming your way, and then Richard back to you. Product launch timings. What should we assume for Curve and Sierra in India?

Speaker Change: Okay.

Mixing it up a bit again now service coming your way and then Richard back to you product launch timings, what should be a zero carbon Sierra in India.

Speaker Change: Richard you are and I think a little bit more color on the range Rover electric.

Shailesh Chandra: And Richard at your end, I think a little bit more color on the Range Rover Electric. What does that wait list mean? How much of a deposit are you taking?

Speaker Change: What does that wait list I mean, how much of that was I know you are taking.

Richard Molyneux: When should we expect the launch to happen? Is it going to be mixed accretives? So, Shailesh, you want to go first, and Richard?

Speaker Change: When should we expect the launch to happen in the quarter. It makes it accretive.

Shailesh Chandra: Yes. Co-op is going to be launched in the second half of this calendar year, and Sierra will be launched in the second half of 2025. Richard?

Speaker Change: So if you want to go first and Richard Yes.

Richard: <unk> is going to be launched in the second half of this calendar year and Sierra will be launched in the second half of integrated sites.

Richard: Okay.

Richard Molyneux: Yes. Great. Okay, so yeah, we have a large number of product launches coming our way, so let me focus on Range Rover BEV first. Those vehicles are up for Arctic Circle testing as we speak, so we're in sort of prototype build. We will expect to take those people who have signed up to the waiting list to orders early next year, and then start delivering the vehicles during the course of next year. We will start, also in the Arctic Circle, the first of our vehicles with our EMA electrical-only architecture. They will also start towards the very end of next year. And then, finally, Jaguar.

Speaker Change: Okay. So yes, we have a large number of product launches coming our way.

Speaker Change: So let me focus on range Rover best first so those vehicles are up in the Arctic circle testing as we speak so we're in and so.

Speaker Change: So with prototype build.

We would expect should we take those people who have signed up to the waiting list into orders.

Speaker Change: Early next year, and then to deliver start delivering the vehicles during the course of next year.

Speaker Change: We will start also were also up in the Arctic circle. The first of our vehicles of our Eni electrical only architecture.

Speaker Change: They will also start towards the very end of next year and then finally Jackie one.

Richard Molyneux: So we're going to probably put a little bit more prominence as to what we're doing in terms of Jaguar now. We're actually going to launch the completely reimagined brand this summer. Towards the end of the year, we'll reveal the design vision. Possibly in the States, not decided yet, but we'll reveal that vision, and then you'll be able to see what we've been up to in terms of reimagining that brand as exuberant, progressive, fearless, and a copy of no other. So yes, a lot is coming our way. Yep. Thanks, Richard. In terms of a quick clarification on what a waitlist means, do you take a deposit?

Speaker Change: So we will probably.

Speaker Change: Probably put a little bit more prominence as to what we're doing in terms of check even now.

Speaker Change: We can actually going to launch the completely re imagined brand this summer.

Speaker Change: And towards the end of the year, we'll will reveal the design vision.

Speaker Change: Possibly in the states not started yet, but we will reveal that vision.

Speaker Change: And then you'll be able to see what we've been up to in terms of re imagining that brand ads exuberant progressive Peerless and a copy of the no other.

Speaker Change: So, yes, a lot coming our way.

Speaker Change: Yep.

Speaker Change: Thanks Richard.

Speaker Change: In terms of equity clarification on what are the waitlist mean do take a deposit.

Speaker Change: Okay.

Richard Molyneux: Well, we haven't decided whether we're going to take a deposit yet or not. We have 33,000 people signed up on the waitlist. We will turn those waitlists into orders very early next year. Thank you. Thank you. Thank you.

Speaker Change: Well, we haven't decided whether we're going to take a deposit yet or not.

Speaker Change: We will we have 33000 people signed up to the wait list, we will turn those waitlist into orders very early next year.

Speaker Change: Got it.

Unknown Executive: Dheerish, coming your way on small commercial vehicles, especially in each B2B play versus B2C model, how does this influence your product offering and the business proposition? Will you be expanding to E3 dealers as well considering the B2B aspect coming from there? So I think this question is from Pramod, right?

Speaker Change: Girish coming your way on small commercial vehicles.

Speaker Change: Especially he needs of each of these play wasn't a b to C model. How does this influence your product offering and the business proposition.

Expanding to <unk> as well considering the <unk> aspect coming from there.

Girish: So I think this question is from promoted it yet so.

Unknown Executive: So thanks from us, I think it's a very good question, and first of all, I must say I think SCV Electric Vehicles is, indeed, a higher B2B percentage from whatever we have sold. 80% of the sale has been B2B. But I will, you know, qualify it as actually more of B2B2C in the sense that we have to convince the corporate kind of customer, like almost half of their, purchase is actually given to retail customers only.

Speaker Change: So thanks for all that I think it's a very good question.

Girish: And.

First of all I must say I think.

Girish: If see electric vehicles is indeed.

Girish: <unk> percentages.

Girish: From whatever it be a sword.

Girish: 80% of the ceiling has been we can be.

Speaker Change: But I will.

Speaker Change: Although it is actually more of <unk> see in defense.

Speaker Change: Do you have to convince so corporate.

Speaker Change: Kind of estimate.

Speaker Change: But almost half of them.

Speaker Change: But she is actually didn't give into retail customers.

Unknown Executive: But the benefit is that once this customer is convinced, then I think the follow-on purchase is quite fast. And we are working with more than 45 such brands who have already purchased our vehicles. You know, 45 corporations or brands that have purchased the vehicles, and all of them are quite keen to progress towards their net zero goals, and you know, decarbonizing their logistics helps them to reduce their smokeless emissions. So I would say that the discussions are at a higher level in our organization as well as in the customer organization. It becomes probably tough during negotiations.

Speaker Change: But the benefit is that once this customer is convinced.

Speaker Change: The 19th.

Speaker Change: Although on purchase.

Speaker Change: This is quite fast and we have a career working with more than 45, such brands who are already <unk>.

Speaker Change: Corporates are brands, who have participated.

Speaker Change: And all of them are quite keen to sabra.

Speaker Change: Risk towards their net zero goals.

Speaker Change: And <unk> their logistics helps them to reduce their scope three emissions.

Speaker Change: So I would say that.

Speaker Change: <unk>.

Speaker Change: Our tier level in our organization as well as a smaller organization.

Speaker Change: It becomes probably tough during negotiations.

Unknown Executive: But once convinced, I think the order pipeline is quite good. But I must also add, promote that there is a good pull which is happening even among retail customers, and whether it is, for example, carrying milk. One of the examples, I mean, these segments are also doing well, and customers are actually enjoying the benefit of lower operating costs once they get confidence in the range.

Speaker Change: But once convinced I think the order pipeline is quite good.

Speaker Change: But I must also add promote that there is a.

Speaker Change: Full which is happening even in the retail customers.

Speaker Change: And whether it is for example, carrying Luke.

Speaker Change: One of the examples I mean these segments are also doing well.

Speaker Change: And customers are actually enjoying the benefit of lower operating cost.

Speaker Change: And once they get confidence in that range.

Speaker Change: The Lord it can carry and that can be charged every night all night.

Speaker Change: I think a lot of customers are coming there also so that's how we're looking at the <unk>.

Unknown Executive: Thank you. So that's how we are looking at the ASEV market. Your question about electric three-wheelers. I would say that since the BS-VI transition, I think electric three-wheelers have become more relevant. Until the BS6 transition happened, I think electric three-wheeler, rather than three-wheeler market cargo was going down. But an electric three-wheeler has started bringing it back.

Speaker Change: EV market.

Speaker Change: Your question about electric Cleveland.

Speaker Change: I would say that.

Speaker Change: Since the BS six transition.

Speaker Change: I think the electric team alerts.

Speaker Change: More relevant.

Speaker Change: It'll be a six transition happened I think electric.

Speaker Change: Rather cumulative market cargo was going down.

Speaker Change: Good.

Scott and bringing it back.

Unknown Executive: So we are working on two parts, one is how we make it a much better business proposition as compared to the previous one. But beyond that, yes, we continue to track every segment even if it is adjacent to our current Commercial Vehicle Portfolio, and we'll keep on analyzing as we go ahead. Thank you. I'm finished.

Speaker Change: So we are working on to Brian's point is how do we make.

Speaker Change: Is a much better business proposition.

Compared to Sweden.

Speaker Change: But beyond that yes, we continue to track every segment whenever it is a different one correct.

Speaker Change: I'm not sure we can portfolio.

Speaker Change: And we keep on analyzing as we go ahead.

Speaker Change: And British.

Unknown Executive: Thank you. Richard, there is one question that is available, but they have answered the remaining ones. This is on CGLR.

Speaker Change: Richard There's one question that is there is that the amount of the remaining <unk>.

Richard Molyneux: CGLR has seen a sharp improvement in margins despite considerably lower volumes. What is driving this improvement, and how do you see the volumes shaping up for CGLR? So CGLR sold around 45,000 units in the year. It did achieve profitability on both the EBITDA and EBIT level.

Speaker Change: <unk> seen a sharp improvement in margin despite considerably lower volumes, what are the driving that improvement and we've seen though obviously the volume shaping up for <unk>.

Richard: So <unk>, we sold around 45000 units in the year.

Speaker Change: Did achieve profitability on both the EBITDA and EBIT level.

Richard Molyneux: But it does operate in some segments in China which are more price competitive than the vehicles which we import from outside of China. So we have done a lot over the last three or four years. But three or four years ago, the JV was losing money.

Speaker Change: But it does operate in some segments in China, which are more price competitive, but the vehicles, which we import from outside of China. So we have done a lot over the last three or four years, three or four years ago. The JV was losing money. So we have focused a lot on apo.

Richard Molyneux: So we have focused a lot on operational efficiency and the distribution systems through China to be able to get that back to profitability, even at 45,000 unit volume. So at the moment, we're expecting it to stay there. But as I've said before, particularly in some of those lower segments, Thanks Shailesh, Richard. Shailesh, this one is coming in.

Speaker Change: Operational efficiency and distribution systems.

Speaker Change: Through China to be able to get that back to profitability even at 45000.

Speaker Change: Unit volume so at the moment, we're expecting it to stay that but as I've said before particularly in some of those lower segments.

Speaker Change: China is an extraordinary.

Speaker Change: Market at the moment.

Shailesh Chandra: Upgraded Harrier and Safari haven't yet been reflected in any material uptake involved. Is there any capacity constraint leading to the order book? That's one.

Speaker Change: Thanks, Charlie.

Speaker Change: Richard.

Speaker Change: <unk> this one coming in upgraded Harrier and society Hasnt, yet reflected in any material uptick in volumes is there any capacity constraint leading to an order book Thats one.

Shailesh Chandra: And linked to that is a, I'm not linked to that, another question on PV is also any update on the incentives under PLI and when are we starting to work on them? Balaji, Harrier, and Safari. So thanks for the question; there's no name, so I can't thank the person by his name.

Speaker Change: And linked to that and not linked to that another question on fees also any update on lanes and builds on the BLA.

Speaker Change: And then are you starting to swell in them, but let me have your agents. So thanks for the question.

Speaker Change: New names, so weakland icon and the <unk> mines NIM, so see how even Sephardi if you have seen we launched a thought in October the <unk>.

Shailesh Chandra: See, Harrier and Safari, if you would have seen, we launched the car in October, the facelift version of Harrier and Safari. When I see the average volume per month of Harrier Safari in the first half of the year, which was before the facelift, it used to be about $35,000, and in H2, the average has been 45 minutes, so roughly 30% more so. We are still present only in the regional segment here. We have not unleashed the multi-power train strategy as yet externally, that we are going to come up with a petrol version that comes in 2025. And additionally, the EV version also comes.

Speaker Change: Facelift version of hydrogen society.

Speaker Change: When I see the average volume boardman towards carrier so far in the first half of the Europe, which was before the phase II produced to be about 3500.

Speaker Change: And in its tools average has been 45 minutes, so roughly 40% more so it's really doing with I would say and remember that we have.

Speaker Change: Still present within the recency of material, we have not unleashed the multi powertrain strategy here as yet, but as we had to also.

Speaker Change: Sure.

Speaker Change: Externally that we are going to come with a petrol version that Samsung <unk>.

Speaker Change: Additionally, the EV version of symptoms score.

Shailesh Chandra: So, the growth of Harrier Safari is going to come in the upcoming quarters and years, and from a capacity perspective, we are fully geared up to meet the requirement of growth that will come with the current phase 3 diesel version as well as the future versions of petrol and diesel. Thanks. PLI, do you want to quickly cover?

Speaker Change: The growth of <unk> has been awesome.

Speaker Change: In the coming quarters and years.

Speaker Change: And we are from a capacity perspective.

Speaker Change: We are fully geared up to meet the requirement of group that will come up with.

Speaker Change: The interesting piece of erosion as well as the future erosions of petrol and Ctrip.

Speaker Change: Thanks.

Speaker Change: BLA rather quickly cover various parties.

Speaker Change: I am happy to date.

Shailesh Chandra: So, PLI, so far, we have got the certificate for Tiago EV, and right now, the SOP for disbursement is being finalized. And we are hoping that in the second half of this financial year, we may start getting the results. We are also going to apply for additional two products in Q1. Another question on the TPG money that has come in, how much of it has been deployed so far? About 35% to 40% has been deployed so far.

Speaker Change: So P&I us worldwide.

Speaker Change: The certificate for Yahoo.

Speaker Change: And right now the ESOP for this growth is being finalized.

Speaker Change: And we are hoping that in the second half of disconnection.

Speaker Change: Mr Aggregating the disbursement.

Speaker Change: We are also going to apply for the addition of new products in quarter, one and.

Speaker Change: For additional one quarter two quarter two months got it and then another question on the CPG money that have come and how much of it has been deployed so far about 35% have been deferred for better credit quality percent have been deployed so far.

Pathamadai Balachandran Balaji: So a question on commodities coming your way, how do you see them, and how do you intend to plan for any commodity inflation that's coming? Okay, so I think if we look at Q1 and maybe the entire year. We do see some commodity increases happening this year, and Q1 itself, we are seeing some increases in Casting, Forging, and Aluminum.

Speaker Change: So a question on commodities coming British coming your way, how do you see them and how do you intend to plan for any <unk>.

Speaker Change: Already inflation, that's coming through.

Speaker Change: Okay. So.

Speaker Change: If we if we look at the two ones and maybe the entire year.

Speaker Change: We do see some commodity because it is happening.

Speaker Change: In Q1, we are seeing some increase in.

Crafting forgings aluminum.

Speaker Change: <unk>.

Speaker Change: <unk> will also have some impact, but I think we will have some impact due to commodities.

Unknown Executive: [inaudible] Thanks for watching, and we will pass through appropriate price increases at the right time. Shailesh, speaking of the pace here in terms of the network, how big is the Tata Motors network versus Market Leader and what are the network expansion plans? Yeah, I think, you know, first, I would like to thank Kapil for congratulating us on Punch.

Speaker Change: But we will pass through appropriate price increases.

Shailesh Chandra: And I think the question is, in that context, yes, we are one third of the network that the market leader has. So we do take pride, you know, of the multi-power train strategy on punch really playing out well and creating that kind of impact. So our network size is today about 1450 objects on the same site, and this compares to 4,000 that the market needed. See, we are very cautiously increasing the network because we want to see the combination of profitability of our dealers, but we plan to increase it by a couple of hundreds in this financial year because we are also going to introduce new products.

Speaker Change: Okay got it.

Shannon ish with picking up the pace here in terms of network.

Shannon: Hum, how big as a network parameters versus market leader and what are the network expansion plans.

Shannon: Yes, I think first I would like to turn coupled for congratulating us one punch.

Shannon: And I think the question is in that context, yes, we are.

Speaker Change: One third of the nickel, they're the market leader has.

Speaker Change: So we do take rate.

Speaker Change: After multi powertrain strategy on really creating liquidity and creating that kind of impact so honest.

Speaker Change: Network sizes to be above 14 enriched with fee opex on the sales side.

Speaker Change: And this compares to hotels into the market leader.

Speaker Change: CBR very cautiously increasing the network because we want to see the combination of profitability of our dealers, but we plan to increase by a couple of hundreds and this financial deal because you're also going to come with new products.

Shailesh Chandra: So it's a balance of profitability of our leaders versus network, but we do do rigorous mapping of The Competition Network as well as the NEET, you know, from a market share perspective in different territories. So that is a very well-managed network expansion. Thank you.

Speaker Change: So it's a balance of profitability of our leaders Wilson, the Snick book, but we do we will do rigorous.

Speaker Change: Rigorous mapping of.

Speaker Change: Accomplishing that book as well as the need.

Speaker Change: From a market share perspective in different divisions.

Speaker Change: So that is a really well managed.

Speaker Change: Notebook expansion plans there.

Richard Molyneux: Richard, Oliver, I'm coming in with a bunch of questions around the debt maturities and whether there are any plans you have for any fundraising? Thank you for the question. At the moment, there are no plans to access the bond markets, but in due course, we will of course do funding again, but no direct, no immediate plans. Our next maturity is in November.

Speaker Change: Thank you.

Speaker Change: Richard I'll go one coming up in a bunch of questions around the debt maturities and is there any plans you have for any fundraise.

Okay.

Richard: Thank you for the question at the moment there are no plans to access the bond markets, but in G of course, we will of course to funding again, no direct no immediate plans.

Richard: Our next maturity is in November.

Richard Molyneux: Yeah, okay. I think I'm now running out of questions. Let me quickly run through that. Give me a minute, guys.

Richard: Yes.

Speaker Change: K I think and now running all of our questions. Let me quickly run through that.

Okay.

Speaker Change: And we have been at guess.

Pathamadai Balachandran Balaji: Battery costs. I think this is one coming your way, Shailesh. Are you seeing a trend of battery costs coming down, and how do you see it going forward? So far, you know, we have seen battery prices still coming down; we have secured the best possible battery costs from our supplier. Going forward, I think this is going to still go down to some extent, but I think this will be more or less reaching the level of what we can think as the best possible, you know, reduction of self-price.

Speaker Change: Battery costs I think the one.

Speaker Change: Coming your way.

Speaker Change: <unk>.

Speaker Change: Are you seeing a trend of battery costs coming off.

Speaker Change: Do you see it going forward.

Speaker Change: So far as you know we have been seeding the market places still coming down.

Speaker Change: Have secured.

Speaker Change: And the best possible battery.

Speaker Change: Costs from our suppliers.

Speaker Change: Going forward.

Speaker Change: I think this is going to still go down to some extent, but I think.

Speaker Change: This would be more or less reaching the level of what we can tell.

Speaker Change: I think thats the best possible.

Speaker Change: Production of steel prices.

Pathamadai Balachandran Balaji: But this quarter onwards, I think we should be getting, you know, better realization of the reduction. I think there are a bunch of questions around the breakup of gross debt between CD and PV. We had about 6000 crores of debt in the CD company offset by about 7000 crores of cash between PV and EV and, therefore, a net number of about 1000 crores. So that's a big number there.

Speaker Change: But this quarter the onwards, I think we should be getting.

Speaker Change: Better.

Speaker Change: The utilization of the reduction.

Speaker Change: But I think there is a bunch of questions around breakup of cross that bridge Fenian Penny we had about 6000 of our closest debt in the CD company offset by about 7000 Global Ashford, Inc. BV anemia, and therefore, a net number or pumps on articles, so thats brought up with it.

Speaker Change: Oh.

Pathamadai Balachandran Balaji: [inaudible] Then, in terms of metrics as we talked about, what else do we have? I did not see 3-4 years. I was just saying that for this cycle of where we are seeing the sale prices, for 3-4 years, the trend is definitely going to be secure enough. I just saw the people here. Okay. We have so much repetition, and they're just trying to cull out the repetition that is there.

Then in terms of.

Speaker Change: Plus I talked about our quarters that we have.

Speaker Change: I just want to I do not see three four years.

Speaker Change: Just seeing for this cycle of where we are seeing the sale prices for three four years definitely the trend is going to be secured reduction.

Speaker Change: Cost growth.

Speaker Change: And just for the people here.

Speaker Change: Okay.

Speaker Change: Okay.

Speaker Change: The assortment of repetition is trying to call out the repetition that are there.

Richard Molyneux: Q1 Cash Richard, we had generated about 300M FCF every quarter last year. Why do you expect to see only a break-even cash flow in Q1 this year? Is it lower volumes, working capital, or higher capex? It's largely working capital.

Speaker Change: <unk> talked about I think Q1 cash Richard.

Speaker Change: <unk> added about 300 million Mcf every quarter last year, why do you expect to see only a breakeven cash flow in Q1 of this year is at lower volumes looking capital, Okay and capex.

Speaker Change: It's largely working capital as I've said in Q4, we had a large pickup in working capital and archived by some 5 billion pounds, a chunk of that will reverse out in Q1, just naturally as a result of all timing of our wholesales and our production systems.

Richard Molyneux: As I said in Q4, we had a large pick-up in working capital in our current post, some nearly half a billion pounds. A chunk of that will reverse out in Q1, just naturally as a result of our timing of our wholesales and our production. Yeah, and the next one, Shailesh, again coming your way, where are we on the ramp up of the new Sanan facility and its margin impact? And I think we didn't talk about the EV customer. Anything has changed from your previous. So, you know, Sanand facility. We started in Jan, we did about less than 1,000 production in Jan, but we have progressively ramped up, and last month we crossed 6000, to be So that's progress as far as Sunil is concerned.

Speaker Change: Yes, and this next one challenged again coming your way or the other wrap up of the new <unk> facility in this margin impact.

Speaker Change: And I think we Didnt talk about the customer anything has changed from your previous yes.

Speaker Change: So <unk> we started in the Gen.

We ended about less than thousand production and John but we have progressively ramped up in Boston Big Cros fixed filter.

Speaker Change: To be specific 6500.

Speaker Change: And the sooner the production ramp up is going to level off or 10 constant and going forward then further improvement up.

Speaker Change: 215 to 16 towards encompass so that's the progress estimate of Sunderland then soon as far as margin is concerned a lot of cost was already factored in last year itself.

Shailesh Chandra: As far as margin is concerned, a lot of cost was already factored in last year. But this is because the utilization of the factory is going to happen this year, so it should be better from a margin. What was the next question, Balaji, on the profile of EVs? Yeah, Prageeta, go ahead.

Speaker Change: But this because the utilization of the factories loosen happened this U S, which would be better from a margin perspective, what was the next question, but as you on the profile of customer.

Shailesh Chandra: So, you know, we are seeing more first-time buyers coming in, more professionals after the launch of a bunch, I would say, because we had seen earlier, you know, more richer people with luxury cars buying Nexon. And then we had, on the other extreme, Tiago EV, which was being bought as a second, third car in the family. But Punch, because of, you know, delivering a 400-kilometer range below 13 lakh, it has really opened up the segment of, you know, professionals and, you know, small families, which now see the freedom of not only using EVs as their intra-city use car but also as their inter-city use car.

Speaker Change: Festival.

Speaker Change: We are seeing mode.

First time buyers coming in more proficient homes after the launch of punch I would see it because.

Speaker Change: We had seen.

Speaker Change: Olivia.

Speaker Change: More richer people with luxury cars buying next one and then we had on the other extreme Thiago EV, which was being bought by.

Speaker Change: I was thinking toward caught in the family, but bunch because of.

Speaker Change: Delivering 400 kilometer range galore protein Mac, because really opened up for the segment of professionals and small family, which now seem to freedom also not only using E visa as they're interested to use cloud, but also in endoscopy.

Shailesh Chandra: So we are seeing a change in profile, but otherwise, the profiles have been a lot of doctors, businessmen, sales professionals, and homemakers of the car being used for drop-in school kids also likely have one. Also, these are the mix of Thanks Shailesh.

Speaker Change: So we are seeking change in profile for majority of though is the profiles have been a lot of doctors businessmen.

Speaker Change: Sales professional.

Speaker Change: We'll make those.

Speaker Change: As you know.

Speaker Change: Well kind of being used for dropping Schoolkids also lately I couldnt answer these or the mix of customers that we have.

Unknown Executive: Girish, there are a set of questions, even on the other ones there which we have covered. One is on the whole e-buses portfolio, how are you seeing it, what is the situation, tenders, what are your open orders, one space. The other is on non-vehicular business, the growth that you are likely to see; maybe you may want to combine the two in terms of your plan for volatility. Okay, so let me take the electric bus one first.

Speaker Change: Thanks, Shirley good set of questions even on the other ones that are material color. One is on the bone E buses portfolio or what are you seeing it what are the situations tend us what are your open orders one space. The other is on non vehicular business the growth that they are likely to see maybe you might want to combine the two dozen or so youre <unk>.

Speaker Change: On volatility.

Speaker Change: So let me take the.

Speaker Change: Electric plus one plus.

Unknown Executive: As I said earlier in the presentation, we now have more than 2600 buses deployed, and we have more than 140 million kilometers of experience. As far as the tender orders in hand, we have around 1200 more buses to be supplied this year. In the last year, we have not participated in any new tender. We have clarified our position, and we have been looking for two things. One is the payment security mechanism, and second is the...

Speaker Change: As I said earlier in the presentation, we have now more than 4600 buses deployed.

Speaker Change: Or the 114 million kilometers experience.

Speaker Change: As far as the tender orders in hand, we have around <unk> hundred more basis could be supplied this year.

Speaker Change: In the last year, we have not participated in any new tender.

Speaker Change: We have clarified our position we've been looking for two things.

Speaker Change: One is the payment security mechanism and second is there.

Unknown Executive: Unknown Speaker 07.01.01 So, we are in the last step of resolving the requirement for the asset-light business model. And with this, I think you can see us participating in some of the future tenders. I think I must say that while this has been happening, there is a completely new set of capabilities that the organization has developed, and a good amount of operational excellence is being developed in this smart city business. A digital infrastructure backbone is being rolled out, which will give us significant capability.

Speaker Change: Possibility of an asset light business Margaret payment.

Speaker Change: Payment security mechanism has been addressed I think we are now in the last lap office to dissolving.

Speaker Change: Climate of asset like business model and with this I think you can see us participating in some other future tenders.

Speaker Change: I think I must say that.

This has been happening there is completely new set of capabilities that the organization is going to look.

Speaker Change: And Ah.

Speaker Change: A good amount of operational excellence is being developed in this smart city business.

Speaker Change: Digital infrastructure backbone is being rolled out which will give us significant capabilities.

Unknown Executive: So I think we are well placed to participate in future orders in addition to that. We are focusing on customer acquisition in the retail space, and when I say retail, it is more of Corporate Employee Travel. So there is a lot of interest which is being seen there. Again, I think these corporates want to accelerate their journey of... Scope 3 Greenhouse Gas Emission Reduction, and therefore, they are looking at employee travel being moved to electric buses. So we have been engaging with quite a few corporates. There is one order which we have already packed, the pedofilm, the pipeline, so we are looking at...

Speaker Change: So I think we are well placed to participate in future orders in addition to back.

Speaker Change: We are focusing on customer acquisition in the retail space and when I say any time because more of the.

Speaker Change: The corporate and Blake level.

Speaker Change: So there is a lot of interest which has been seen there again I think these corporates want to accelerate their journey of scope three.

Speaker Change: Greenhouse gas emission reduction.

Speaker Change: For they are looking at their employee travel being moved to electric buses. So we have been engaging with quite a few corporates.

Speaker Change: That is one order, which means art already banked the peripheral.

The pipeline. So we are looking at.

Speaker Change: On this side of the business, so thats a voter electric buses.

Unknown Executive: Thank you. The second part of the question, Balaji, you asked about... Non-Vehicle Business. I think, let me qualify this as...

Speaker Change: Second part of the question, but let me you asked about.

Speaker Change: The non records business.

Speaker Change: Let me qualify to surge.

Unknown Executive: The vehicle business in India being cyclical, I think we have been intentionally and consistently trying to increase the share of business beyond the domestic vehicle business. I think last year we reached a good, healthy level of around 20% for all the non-domestic vehicle businesses. We will continue to grow this with higher rates of growth in these non-vehicle businesses, and in fact, when we see some kind of a downturn. In terms of MNSCD, how, is there any other, do you hold on to the carnage growth to be similar or lower than unit growth?

Speaker Change: The vehicle business in India being cyclical.

Speaker Change: We have been intentionally consistently trying to increase.

Speaker Change: Share of business beyond.

Speaker Change: The domestic vehicle businesses.

Speaker Change: I think last year, we reached.

Speaker Change: <unk>.

Speaker Change: Overall, 20% so that's all good long domestic retail businesses.

Speaker Change: We will continue to grow this.

Speaker Change: Bye.

Speaker Change: With higher rate of growth.

Speaker Change: In these <unk>.

Speaker Change: Non local businesses.

Speaker Change: And in fact, when you see some kind of downturn in.

Speaker Change: In the vehicle business if at all whenever it happens I think it will be even better placed because this business being linked to mod.

Speaker Change: Part sales were not the volume for that year.

Speaker Change: And the percentage will actually increase so I think we seem to be on the right track in terms of going on within wireless maybe one final question to you in terms of eminent Sidney.

Speaker Change: Is there any other new horizontal well the tonnage growth to be similar or lower than unit growth up and starting to shift on the <unk> on the notable appeal.

Unknown Executive: Are things starting to shift on the way the nodes and the loadability of... So I think the movement towards higher tonnage vehicles continues to be there. I think last we spoke, I mentioned that more 48 tonne multi-axle vehicles are growing at a faster rate with a lot of movement happening there. In addition to that, we are also now seeing the movement is moving towards 55 tonne tractors. So, I think this movement does continue towards higher tonnage vehicles and I believe this is how it will continue going ahead.

So I play it back to them.

Speaker Change: The movement towards higher tonnage vehicle.

Speaker Change: <unk> continues to be there.

Speaker Change: I think last we spoke I had mentioned about 140, a ton, but the accelerate because growing at a faster rate with lot of momentum happening there.

Speaker Change: Sure to that we're also now seeing movement.

Speaker Change: Bluebird is looking towards 55 tractors.

Speaker Change: So I think this momentum does continue.

Speaker Change: Where does the higher tonnage rate alone I believe.

Oliver: This is Oliver continue.

Unknown Executive: Needless to say, I think there will be many applications which will need specific vehicles, either 2XL, 3XL, 4XL, and multi-XL vehicles, so that will also continue to grow, but we will have higher growth in higher tonnage vehicles. I think there is one question about the interest cost at a consolidated level. I have not seen a significant reduction despite gross debt coming off.

Oliver: Continue bringing her needless to say I think there will be many applications, which will need specific vehicles, either two X simply XL board windows.

Oliver: So that will also continue to grow, but we will have higher growth and higher tonnage.

Speaker Change: Got it and then one question about the interest costs are at a consolidated level have not seen a significant reduction despite gross debt coming off.

Speaker Change: On a year on year business also a fair amount of translation coming through the P&L and Thats why youre seeing that once that stabilizes it you've seen the reduction in growth translating into an interest cost I.

Pathamadai Balachandran Balaji: There is also, on a year-on-year basis, a fair amount of translation coming through the PNN, and that is what you are seeing. But once that is stabilized, you should see the reduction in gross debt translating into interest cost. I think with this, we have covered more or less all the key questions that are coming up there. And, of course, there are some specific questions that are there.

Speaker Change: I think that does he have covered more or less all the key questions that are coming up there and of course. There are some specific questions that are there feel free to reach out with NASA relations team will be able to address them as debt.

If you feel free to reach out to the India Investor Relations team, we'll be able to address them as well. Once again, thank you all for your patient listening and your probing questions as always. We do have the investor day coming up at Tata Motors and JLR. Look forward to seeing you there on June 11th at Tata Motors in India and JLR on the 19th at Cadence. So, I look forward to seeing you there. In the meantime, thanks once again and, of course, thanks to the team here in Mumbai as well as the JLR team out there. Have a nice weekend, guys. Take care. Bye-bye. Thank you.

Speaker Change: Once again, thanks, all of you for your patience lifting and probing questions as always we do have the investor day coming up in the automotive and Gela look forward to seeing are there on June 11th and <unk> in India and <unk> is on the 19th that cadence. So look forward to seeing you there.

Thanks, once again and of course, thanks to the team.

Speaker Change: Nobody as well as the daylight team on there.

Speaker Change: Have a nice weekend guys take care bye bye.

Speaker Change: Thank you.

Speaker Change: Yeah.