Management Discussion and Analysis

Integrated Report & Annual Accounts 2018-19 I 74th Year
Management Discussion and Analysis

ECONOMY OVERVIEW to 2.2% last year, it is still above potential and in line with previous
forecasts. U.S. growth in 2018 has picked up to 2.9%, up 0.2%
INDIA
point from previous projections, mostly reflecting stronger-than-
The Indian economy started the FY 2018-19 with a healthy 8.2% expected domestic demand.
growth in the first quarter on the back of domestic resilience.
During 2018, commodities continued to remain volatile and have
Growth eased to 7.3% in the subsequent quarter due to rising global
rebounded in the first quarter of 2019 due to rising trade tensions
volatility, largely from financial volatility, normalized monetary
and geo-political risks. Having fallen or having remained subdued
policy in advanced economies, externalities from trade disputes,
in the last quarter of 2018, most non-energy prices had recovered
and investment rerouting. Further, the Indian rupee suffered
their losses by first quarter of 2019, with particularly strong
because of the crude price shock, and conditions exacerbated as
rebounds in metal and minerals. This recovery in metal prices
recovery in some advanced economies caused faster investment
reflected improving growth prospects for China, which accounts
outflows.
for half of the global consumption, as well as a series of supply
Real GDP growth of India is 7.2% in FY 2018-19 compared to bottlenecks and concerns: the Vale dam accident in Brasil (iron
6.7% in FY 2017-18. However, Q3 of FY 2018-19 saw a growth of ore, nickel); heavy floods in Chile (copper); smelter restrictions
6.6%, slowest in five quarters. With the Indian economy projected in response to environmental concerns in China (lead zinc); and
to slow further in the fourth quarter, the Reserve Bank of India export restrictions in Indonesia (tin)
focus shifted from inflationary concerns to sustaining the growth
The Euro Area growth slowed notably in 2018 to an estimated 1.9%.
momentum. Data released by the Society of Indian Automobile
In particular, exports have softened, reflecting the appreciation of
manufacturers signaled a slowdown in urban demand as car
the Euro and slowing external demand. While unemployment has
sales grew 2.7% in FY 2018-19, signaling near term softness due
declined, inflation remains stubbornly low. Core inflation remained
to some liquidity stress and slowing rural growth. Despite these
at around 1%, while long-term inflation expectations continue to
challenges, the Indian economy remains one of the fastest growing
hover around 1.6%, as in the past three years.
and possibly the least affected by global turmoil supported in
part by India’s strong macroeconomic fundamentals and policy China registered a growth of 6.5% in 2018. A rebound in private
changes (including amendments to the policy/code related to fixed investment helped offset a decline in public infrastructure
insolvency and bankruptcy, bank recapitalization, and foreign and other state spending. However, industrial production
direct investment). and export growth have decelerated, reflecting easing global
manufacturing activity. Import growth continued to outpace export
Currently, India is the fastest-growing trillion-dollar economy in the
growth, contributing to a shrinking current account surplus. Net
world and is expected to reach US$ 6 trillion by Fiscal 2027 and
capital outflows have resumed, and international reserves have
achieve upper-middle income status on the back of digitization,
been edging down. Stock prices and the RMB have experienced
globalization, favourable demographics, and reforms. India is
continued downward pressures, and sovereign bond spreads have
expected to be third largest consumer economy as its consumption is
risen amid ongoing trade tensions and concerns about the growth
expected to triple to US$4 trillion by 2025. The World Bank expects,
outlook. New regulations on commercial bank exposures to
India’s GDP growth to accelerate moderately to 7.5% in Fiscal 2020,
shadow financing, together with stricter provisions for off-budget
driven by continued investment, improved export performance, and
borrowing by local governments, have slowed credit growth to the
resilient consumption. India is likely to become the world’s second-
non-financial sector. However, in mid and late 2018, the authorities
largest economy by 2030, next only to China.
reiterated their intention to pursue looser macroeconomic policies
WORLD to counter the potential economic impact of trade disputes with the
United States. Prices of newly constructed residential buildings
Global growth is moderating as the recovery in trade and
have rebounded, including in Tier 1 cities, following several years
manufacturing activity is losing its steam. Despite ongoing
of correction. Consumer price inflation has generally moved up
negotiations, trade tensions among major economies remain
since mid-2018, partly reflecting currency depreciation and higher
elevated. A strengthening U.S dollar, heightened financial market
energy and food prices in most of last year, but it remains below
volatility, and rising risk premiums have intensified capital
target.
outflow and currency pressures in some large Emerging Market
and Developing Economies (EMDEs), with some vulnerable Japan’s economy also saw annualized growth of 0.8% due to
countries experiencing substantial financial stress. Growth in the bad weather and natural disasters. The labour market has been
United States has remained solid, bolstered by fiscal stimulus. In robust, with the unemployment rate at 2.4%, rising earnings, and
contrast, activity in the Euro Area has been somewhat weaker than the participation rate standing above 79%—up 1.5%, since the
previously expected, owing to slowing net exports. While growth beginning of last year. Rising labour force inputs, however, have
in advanced economies is estimated to have slightly decelerated been offset by weak productivity. The Bank of Japan continues to
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provide stimulus by keeping long-term rates near zero and adding FY 2018-19 FY 2017-18
INTEGRATED REPORT (01-77)

to its balance sheet. It now holds about 40% of government debt. Units % Units %
The GDP rate of Russia slowed down to 0.8% in 2018. At a growth Passenger cars 2,86,730 22.5% 2,91,299 23.9%
rate of 1.2%, South Africa’s economic expansion would still be Utility vehicles 4,60,056 36.1% 4,73,273 38.7%
above the 0.8% level at which the economy expanded in 2018. The Light Commercial 3,34,005 26.2% 2,85,857 23.4%
Middle East economy growth looks uncertain with the cut in oil Vehicles
production in compliance with OPEC+ deal and geopolitical risks Medium and 1,93,281 15.2% 1,70,695 14.0%
will continue to cap the growth. Heavy Commercial
Vehicles
The global automobile industry is on the brink of major
transformation. Technology is driving this shift, shaped by Total 12,74,072 100.0% 12,21,124 100.0%
demographic, regulatory and environmental pressures. By 2025, The Company sold 12,74,072 units and 12,21,124 units in FY 2018-
the vehicle will grow smarter and more efficient, with high efficiency 19 and FY 2017-18, respectively (excluding wholesales from the
engines, lighter materials and autonomous driving systems. The China joint venture), consisting of 7,61,786 units of Tata and other
STATUTORY REPORTS (78-195)

industry will evolve, with new competition from tech companies, brand vehicles and 5,12,286 units of Jaguar Land Rover vehicles for
and suppliers capable of producing high-tech parts at low prices. FY 2018-19. In terms of units sold, the Company’s largest market is
The recent studies show that a dramatic shift of production and India, where the Company sold 6,93,756 units and 6,16,801 units
sales to the Asian markets will take place, and as a result, three during FY 2018-19 and FY 2017-18, respectively (constituting
lac jobs in Europe is expected to be at risk. Mobility ecosystems in 54.5% and 50.5% of total sales in FY 2018-19 and FY 2017-18,
major urban areas will lead to demotorization. Electric vehicles is respectively), followed by North America, where the Company sold
expected to account for about 10% of new vehicle sales by 2025. 1,33,237 units and 1,36,447 units in FY 2018-19 and FY 2017-
Hybrids will reach a 40% share. 18, respectively (constituting 10.5% and 11.2% of total sales in FY
Global Commercial vehicle market is expected to reach $2.27 2018-19 and FY 2017-18, respectively). The automotive operations
trillion by 2025. The market is projected to expand at a CAGR segment is further divided into
of 7.1% during the forecast period. Increased urbanization, (i) Tata and other brand vehicles - commercial vehicles;
coupled with rising spending on infrastructure development
(ii) Tata and other brand vehicles – passenger vehicles;
in emerging economies such as China, India, and Turkey,
FINANCIAL STATEMENTS (196-395)

are expected to drive the market over the forecast period. In (iii) Jaguar Land Rover; and
addition, increasing penetration of electric commercial vehicles (iv) Vehicle Financing
is also anticipated to contribute toward market expansion
over the coming years. Adoption of electric vehicles (EVs) is Tata and other brand vehicles
primarily driven by need to meet emission reduction standards India is the primary market for Tata and other brand vehicles
and regulations enforced by government bodies worldwide. (including vehicle financing). During FY 2018-19, there was a robust
Commercial vehicle telematics is another trend that is gaining and steady pace of economic growth in the geographic markets in
traction and is anticipated to have a positive impact on the which the Tata and other brand vehicles segment has operations.
market over the forecast period.
The following table sets forth the Company consolidated total
Global Car and Sports Utility Vehicles sales in 2019 is expected sales of Tata and other brand vehicles:
to fall slightly as the world economy stumbles. (Source : Global
Economic Prospects, World Bank) FY 2018-19 FY 2017-18
Units % Units %
Automotive Operations Passenger cars 1,30,887 17.2% 1,40,815 20.8%
Utility vehicles 1,03,613 13.6% 78,459 11.6%
Automotive operations is the Company’s most significant segment,
Light Commercial 3,34,005 43.8% 2,85,857 42.3%
which include:
Vehicles
o activities relating to the development, design, manufacture, Medium and Heavy 1,93,281 25.4% 1,70,695 25.3%
assembly and sale of vehicles as well as related spare parts Commercial Vehicles
and accessories; Total 7,61,786 100.0% 6,75,826 100.0%
o distribution and service of vehicles; and The Company’s overall sales of Tata and other brand vehicles
increased by 12.7% to 7,61,786 units in FY 2018-19 from
o financing of the Company’s vehicles in certain markets.
6,75,826 units in FY 2017-18. Of the 7,61,786 units sold overall
The Company’s consolidated total sales (including international in FY 2018-19, the Company sold 6,93,756 units of Tata and other
business sales and Jaguar Land Rover sales, excluding China brand vehicles in India, while 68,030 units were sold outside of
joint venture) for FY 2018-19 and FY 2017-18 are set forth in the India, compared to 6,16,801 units and 59,025 units, respectively
table below: in FY 2017-18.
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The above volumes includes Fiat branded vehicles of 23,237 in FY 2018-19, as compared to 29,807 in FY 2017-18.
Vehicle Sales in India
Automobile sales in India rose by 5.9% in FY 2018-19. The following table sets forth the Company‘s (on standalone basis) sales, industry
sales and relative market share in vehicle sales in India. Passenger vehicles includes passenger cars and utility vehicles. Commercial
vehicles include Medium & Heavy Commercial Vehicles and Light Commercial Vehicles.
Industry Sales Company Sales Market Share

FY 2018-19 FY 2017-18 Growth FY 2018-19 FY 2017-18 Growth FY 2018-19 FY 2017-18
Units % Units % %
Commercial Vehicles1 10,38,834 8,87,316 17.1% 4,68,788 3,99,821 17.2% 45.1% 45.1%
Passenger Vehicles2 33,46,374 32,55,010 2.8% 2,10,500 1,84,743 13.9% 6.3% 5.7%
Total 43,85,208 41,42,326 5.9% 6,79,288 5,84,564 16.2% 15.5% 14.1%
Source:
Society of Indian Automobile Manufacturers report and Company Analysis
1
Commercial vehicles include V2 van sales.
2
Passenger vehicles does not include Jaguar Land Rover-branded cars.
The Company's share of the Indian automotive vehicle market for commercial and passenger vehicles together increased from 14.1%
in FY2017-18 to 15.5% in FY2018-19. Company maintained its leadership position in the commercial vehicle category in the industry,
which was characterized by increased competition during the year. The passenger vehicle market also continued to be subject to intense
competition. The commercial vehicle industry started on a very strong note which continues in the first half of FY2018-19. The increased
axle load norms, liquidity crunch and other factors dampened the demand in the second half. The passenger vehicle industry performance
was also affected by availability of retail finance, higher interest rates and insurance costs.
Passenger Vehicles in India
Industry-wide sales of passenger vehicles in India increased by 2.8% in FY 2018-19, compared to a 7.3% growth in FY 2017-18,
Whilst market situation remained challenging throughout the year, the Company outperformed the industry with a growth of 13.9%
for FY2018-19. The Company’s passenger vehicles category consists of: (i) passenger cars and (ii) utility vehicles.
The following table sets forth the Company’s passenger vehicle sales, industry sales and relative market share in passenger vehicle
sales in India.
Units % Units % % %
Passenger Cars 22,18,197 21,73,380 2.1% 1,31,035 1,34,860 (2.8%) 5.9% 6.2%
UV & Vans1 11,28,177 10,81,630 4.3% 79,465 49,883 59.3% 7.0% 4.6%
Total2 33,46,374 32,55,010 2.8% 2,10,500 1,84,743 13.9% 6.3% 5.7%
Source: Society of Indian Automobile Manufacturers report and Company Analysis
Excludes V2 van sales. 2Total industry numbers includes sale in other segments.
1
The Company sold 1,31,035 units in the passenger car category in FY 2018-19, representing a decrease of 2.8% compared to 1,34,860
units in FY 2017-18.
In the utility vehicles category, the Company sold 79,465 units in FY 2018-19, representing an increase of 59.3% from 49,883 units in
FY 2017-18. Tata Nexon, which was launched in FY 2017-18 has helped the Company increasing its market share in UV segment to
7.0% in FY2018-19 as compared to 4.6% in FY2017-18. In January 2019, the Company launched, Harrier – SUV, the first model from
Omega architecture and sold 4,363 units.
Commercial Vehicles in India
Industry sales of commercial vehicles increased by 17.1% to 10,38,834 units in FY 2018-19 from 8,87,316 units in FY 2017-18. Industry
sales in the medium and heavy commercial vehicle segment has grown by 10.9% at 2,74,750 units in FY 2018-19, as compared to
2,47,659 in FY 2017-18. The M&HCV industry has shown signs of recovery since July 2017. The implementation of GST, restrictions
on overloading and infrastructure growth supported by the Government has boosted the demand. Industry sales of ILCV reported an
increase of 21.7% to 1,25,471 units in FY 2018-19, from 1,03,131 units in FY 2017-18. Industry sales of SCV & Pickups reported an
increase of 22.4% to 5,15,491 units in FY 2018-19, from 4,21,084 units in FY 2017-18. The ILCV & SCV industry growth is mainly due
to high investments in e-commerce segments which is driving demand for last mile transportation requirements, growth in replacement
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demand, improved financing and recovery in rural demand. Industry sales of CV Passenger reported an increase of 6.7% to 1,23,122

units in FY 2018-19, from 1,15,442 units in FY 2017-18.
The following table sets forth the Company’s commercial vehicle sales, industry sales and relative market share in commercial vehicle
sales in India.

Units % Units % % %
M&HCV 2,74,750 2,47,659 10.9% 1,51,004 1,34,455 12.3% 55.0% 54.3%
ILCV1 1,25,471 1,03,131 21.7% 57,015 46,343 23.0% 45.4% 44.9%
SCV & Pickups 5,15,491 4,21,084 22.4% 2,06,655 1,66,746 23.9% 40.1% 39.6%
CV Passenger 1,23,122 1,15,442 6.7% 54,114 52,277 3.5% 44.0% 45.3%
Total 10,38,834 8,87,316 17.1% 4,68,788 3,99,821 17.2% 45.1% 45.1%
Source:

Society of Indian Automobile Manufacturers report and Company Analysis
1
LCVs include V2 van sales
2
Total industry numbers includes sale in other segments.
The sales of the Company’s commercial vehicles in India grew by 18, a drop of 24.8%.The domestic sales at 4,371 units in FY 2018-
17.2% to 4,68,788 units in FY 2018-19 from 3,99,821 units in FY 19, reduced by 36.3% as compared to 6,859 units in FY 2017-18,
2017-18. The Company’s sales in the M&HCV category increased primarily due to lower industry volumes and aggressive discounting
by 12.3% to 1,51,004 units in FY 2018-19, as compared to sales and marketing strategies of importers. The combined market share
of 134,455 units in FY 2017-18. The Company’s sales in the ILCV was 21.1% in FY 2018-19 as compared to 26.5% in FY 2017-18.
segment increased by 23.0% to 57,015 units in FY 2018-19, from The export market scenario continued to remain challenging in FY
46,343 units in FY 2017-18. The sales in SCV & Pickups segment 2018-19, with factors like local currency depreciation against the
increased by 23.9% to 2,06,655 units in FY 2018-19 from 1,66,746 US Dollar, continuing statutory regulations to reduce imports, the
units in FY 2017-18.The CV Passenger segment grew by 3.5% to slowdown in Chinese economy impacting commodity exporting

54,114 units in FY 2018-19 from 52,277 units in FY 2017-18. countries and increased dealer inventory and impact of US sanction
on Iran. However, TDCV could increase its export sales to 2,301
Tata and other brand vehicles — Exports
units, 14.4% higher compared to 2,011 units in FY 2017-18. TDCV is
International business has consistently expanded since its working on an aggressive turnaround plan to get back to sustainable
inception in 1961. The Company have a global presence in more profitable growth in the coming years.
than 46 countries, including all South Asian Association for
Regional Cooperation countries, South Africa, Africa, Middle East, Tata and other brand vehicles — Sales and Distribution
Southeast Asia and Ukraine. The Company markets a range of
The Company’s sales and distribution network in India as at March
products including M&HCV trucks, LCV trucks, buses, pickups and
2019 comprised approximately over 6,600 touch points for sales
small commercial vehicles.
and service for its passenger and commercial vehicle business.
The Company’s exports (on standalone basis) grew marginally The Company’s subsidiary, TML Distribution Company Limited, or
by 1.4% to 53,140 units in FY 2018-19 as compared to 52,404 TDCL, acts as a dedicated distribution and logistics management
units in FY 2017-18. Commercial vehicles exports were 51,119 Company to support the sales and distribution operations of its
units in FY 2018-19, as compared to 50,106 units in FY 2017-18. vehicles in India. The Company believes this has improved the
The new regulations and political uncertainty in Sri Lanka and efficiency of its selling and distribution operations and processes.
slump in Middle East, resulted in significant drop in the market, The Company uses a network of service centers on highways and
affecting the Company’s sales. However, the Company’s market a toll-free customer assistance center to provide 24-hour roadside
share in both these markets improved for the commercial vehicles. assistance, including replacement of parts, to vehicle owners.
The Company bagged several prestigious orders in FY 2018-19.
TDCL provides distribution and logistics support for vehicles
Passenger vehicles exports stood at 2,021 units in FY 2018-19,
manufactured at the Company’s facilities and has set up stocking
compared to 2,298 units in FY 2017-18. Two large markets remain
points at some of Company’s plants and at different places
non-operational - Sri Lanka due to high import duties, tight retail
throughout India. TDCL helps us improve planning, inventory
financing and South Africa due to the closure of the distribution
management, transport management and timing of delivery. The
channel. Tata Motors made the first ever supply to Bangladesh
Company has customer relations management system, or CRM,
Army with 18 Units of Hexa.
at all of its dealerships and offices across the country, which
In FY 2018-19, Tata Daewoo Commercial Vehicle Co. Ltd or TDCV’s supports users both at its Company and among its distributors in
vehicles sales were 6,672 units compared to 8,870 units in FY 2017- India and abroad.
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The Company markets its commercial and passenger vehicles in • f urnishing, in favor of the investors, 14.39% of the future
several countries in Africa, the Middle East, South East Asia, South principal in the receivables as collateral, for securitizations
Asia, Australia, Latin America, Russia and the Commonwealth of done through FY 2018-19, either by way of a fixed deposit
Independent States countries. The Company has a network of or bank guarantee or subordinate tranche to secure the
distributors in all such countries, where it exports its vehicles. Such obligations of the purchasers and our obligations as the
distributors have created a network of dealers and branch offices and collection agent, based on the quality of receivables and rating
facilities for sales and after-sales servicing of the Company’s products assigned to the individual pool of receivables by the rating
in their respective markets. The Company has also stationed overseas agency(ies); and
resident sales and service representatives in various countries to
• y way of over-collateralization or by investing in subordinate
b
oversee its operations in the respective territories.
pass-through certificates to secure the obligations of the
Tata and other brand vehicles – Vehicle Financing purchasers.
Through the Company’s wholly owned subsidiary TMF Holdings Ltd Tata and other brand vehicles — Competition
and its step down subsidiaries Tata Motors Finance Ltd (TMFL) and
The Company faces competition from various domestic and foreign
Tata Motors Finance Solutions Ltd (TMFSL), the Company provides
automotive manufacturers in the Indian automotive market.
financing services to purchasers of its vehicles through independent
Improving infrastructure and robust growth prospects compared
dealers, who act as the Company’s agents for financing transactions,
to other mature markets has attracted a number of international
and through the Company’s branch network. TMF group disbursed
companies to India that either have formed joint ventures with local
`21,993 crores and `15,406 crores in vehicle financing during FY
partners or have established independently owned operations in
2018-19 and FY 2017-18, respectively. During FY 2018-19 and
India. Global competitors bring with them decades of international
FY 2017-18, approximately 26% and 25%, respectively, of the
experience, global scale, advanced technology and significant
Company’s vehicle unit sales in India were made by the dealers
financial resources, and, as a result, competition is likely to further
through financing arrangements with Company’s captive financing
intensify in the future. The Company has designed its products
subsidiary. As at March 31, 2019 and 2018, the Company’s
to suit the requirements of the Indian market based on specific
customer finance receivable portfolio comprised 5,77,399 and
customer needs such as safety, driving comfort, fuel-efficiency
488,456 contracts, respectively. The Company follow specified
and durability. The Company believes that its vehicles are suited
internal procedures, including quantitative guidelines, for selection
to the general conditions of Indian roads and the local climate.
of its finance customers and assist in managing default and
Its vehicles have also been designed to comply with applicable
repayment risk in the Company’s portfolio. The Company originate
environmental regulations currently in effect. The Company also
all of the contracts through its authorized dealers and direct
offers a wide range of optional configurations to meet the specific
marketing agents with whom the Company have agreements. All the
needs of its customers and intends to develop and is developing
Company’s marketing, sales and collection activities are undertaken
products to strengthen its product portfolio in order to meet the
through dealers or by TMF group.
increasing customer expectations of owning world-class products.
TMFL securitize or sell its finance receivables on the basis of the
Tata and other brand vehicles — Seasonality
evaluation of market conditions and funding requirements. The
constitution of these pools is based on criteria that are decided by Demand for the Company’s vehicles in the Indian market is subject
credit rating agencies and/or based on the advice that we receive to seasonal variations. Demand for the Company’s vehicles
regarding the marketability of a pool. TMFL undertake these generally peaks between January and March, although there is a
securitizations of its receivables due from purchasers by means of decrease in demand in February just before release of the Indian
private placement. fiscal budget. Demand is usually lean from April to July and picks
up again in the festival season from September onwards, with a
TMFL act as collection agents on behalf of the investors,
decline in December due to year-end.
representatives, special purpose vehicles or banks, in whose
favor the receivables have been assigned, for the purpose of Jaguar Land Rover
collecting receivables from the purchasers on the terms and
Total wholesales of Jaguar Land Rover vehicles (excluding Chery
conditions contained in the applicable deeds of securitization, in
Jaguar Land Rover and JLR CKD operations) with a breakdown
respect of which pass-through certificates are issued to investors
between Jaguar and Land Rover brand vehicles, in FY 2018-19
in case of special purpose vehicles, or SPVs. TMFL also secure the
and FY 2017-18 are set forth in the table below:
payments to be made by the purchasers of amounts constituting
the receivables under the loan agreements to the extent specified FY 2018-19 FY 2017-18
by rating agencies by any one or all of the following methods: Units % Units %
• f urnishing collateral to the investors, in respect of the Jaguar 1,53,757 30.3% 1,50,484 27.6%
obligations of the purchasers and the undertakings to be Land Rover 3,54,138 69.7% 3,94,814 72.4%
provided by TMFL; Total 5,07,895 100.0% 5,45,298 100.0%
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In FY 2018-19, Jaguar Land Rover wholesale volumes (excluding By brand, Jaguar retails were 38,515 vehicles in FY 2018-19,

sales from Chery Jaguar Land Rover) were 5,07,895 units, down up 20.1% compared to 32,078 vehicles in FY 2017-18, and Land
6.9%, compared to FY 2017-18, primarily reflecting weak market Rover retails were 79,400, up 3.5% compared to 76,681 last year.
conditions in China as well as production downtime to reduce
North America
inventory, partially offset by growth in UK sales volumes. The
introduction of new and refreshed models led by the Jaguar Economic performance in North America remained generally
E-PACE, award winning I-PACE, Range Rover Velar and the favourable in FY 2018-19 with solid GDP but industry vehicle sales
refreshed Range Rover and Range Rover Sport were offset by were slightly lower (0.5%) year on year. Jaguar Land Rover retails
lower sales of more established models, mainly in China, and increased significantly, up 8.1% year on year, to 1,39,778 units in FY
the run-out of the first generation Range Rover Evoque in the 2018-19 compared to 1,29,319 units in FY 2017-18. By brand, Jaguar
third quarter ahead of with the launch of the new Evoque now retails were 36,768 vehicles in FY 2018-19, down 10.0% compared to
available. Wholesale volumes (excluding sales from Chery Jaguar 40,855 vehicles in FY 2017-18, offset by Land Rover retails, which
Land Rover) were up in the UK (4.1%), but down in other regions were 1,03,010, up 16.4% compared to 88,464 last year.
including North America (2.4%), Overseas markets (5.5%), Europe
Europe

(6.1%) and China (38.8%).
GDP growth in Europe was mixed in FY 2018-19 and slowed by
Jaguar wholesale volumes were 1,53,757 units, up 2.2% compared
the end of the year as economic growth in Germany slowed, and
to FY 2017-18, as the introduction of the E-Pace and award
Italy entered recession. Industry volumes in Europe were down
winning all electric I-PACE, were partially offset by lower sales
0.9% and Jaguar Land Rover retail sales fell 4.5% year on year to
volume other more established models, primarily F-PACE and XE.
1,27,566 vehicles in FY 2018-19 from 1,33,592 in FY 2017-18,
Land Rover wholesale volumes were 3,54,138 units, down 10.3% primarily as a result of continuing diesel uncertainty, Brexit and the
compared to the previous year, as sales of the refreshed Range change to more stringent World Harmonized Light Vehicle Testing
Rover and Range Rover Sport (including hybrid models) as well Procedure (WLTP) emissions testing regime. By brand, Jaguar
as a full year of Range Rover Velar sales were offset by lower retails were 49,474 vehicles in FY 2018-19, up 36.5% compared
volumes of more established models, mainly in China, and the run to 36,248 vehicles in FY 2017-18, and Land Rover retails were
out of the first generation Range Rover Evoque in the 3rd quarter 78,092, down 19.8% compared to 97,344 last year.
ahead with the launch of the new Evoque now available.
China

The wholesale volumes of Chery Jaguar Land Rover (China
Economic growth continued to slow in China during FY 2018-19 as
joint venture) were 57,428 units in FY 2018-19, down 34.9%
weaker market conditions and trade tension with the US continued.
compared to the 88,212 units in FY 2017-18, primarily reflecting
As a result, and compounded by uncertainty driven by import duties
the challenging market conditions in China. By model, the
in July, industry vehicle sales declined by 8.3% year on year and
introduction of the Jaguar E-Pace and a full year of long wheel-
Jaguar Land Rover retail volumes (including sales from the China
base XEL sales were offset by lower sales of the more established
Joint Venture) decreased by 34.1% to 98,922 units in FY 2018-19
Land Rover Discover Sport, Range Rover Evoque and long wheel-
from 1,50,116 units in FY 2017-18. By brand, Jaguar retails were
base Jaguar XFL.
32,797 vehicles in FY 2018-19, down 26.6% compared to 44,705
Jaguar Land Rover’s performance in key geographical markets on vehicles in FY 2017-18, and Land Rover retails were 66,125, down
a retail basis 37.3% compared to 1,05,411 last year.
Retail volumes (including retail sales from the China Joint Venture) Other Overseas markets
in FY 2018-19 declined by 5.8% to 5,78,915 units from 6,14,309
Jaguar Land Rover’s retail volumes in other overseas markets
units in FY 2017-18 as the introduction of new and refreshed
increased by 2.4% to 94,734 vehicles in FY 2018-19 compared
models led by the Jaguar E-PACE, award winning I-PACE, Range
to 92,523 units in the prior year. By brand, Jaguar retails were
Rover Velar and the refreshed Range Rover and Range Rover
22,644 vehicles in FY 2018-19, up 9.5% compared to 20,674
Sport were offset by lower sales of more established models,
vehicles in FY 2017-18, and Land Rover retails were 72,090, up
mainly in China, and the run-out of the first generation Range
0.3% compared to 71,849 last year.
Rover Evoque in the third quarter ahead of with the launch of the
new Evoque now available. Jaguar Land Rover’s Sales & Distribution
United Kingdom
As at March 31, 2019, Jaguar Land Rover distribute its vehicles
Industry vehicle sales fell 3.7% in FY 2018-19 in the United in 120 markets for Jaguar and 128 markets for Land Rover
Kingdom as diesel (sales down 25.9% year on year) and Brexit globally. Sales locations for vehicles are operated as independent
uncertainty continued, with the Brexit deadline extended to the franchises. Jaguar Land Rover are represented in its key markets
end of October but uncertainty remaining over any potential deal. through its National Sales Company’s (“NSC’s”) as well as
Jaguar Land Rover retail volumes increased by 8.4% to 1,17,915 thirdparty importers. Jaguar and Land Rover have regional offices
units in FY 2018-19 compared to 1,08,759 units in FY 2017-18. in certain select countries that manage customer relationships and
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vehicle supplies and provide marketing and sales support to their Highways, Centre upgraded fiscal spending on rural roads at `19k
regional importer markets. The remaining importer markets are crore under Pradhan Mantri Gram Sadak Yojana (PMGSY). Focus on
managed from the United Kingdom. road building under National Highway Authority of India and PMGSY
will spur demand for commercial vehicles and tractors, respectively.
Jaguar Land Rover products are sold through a variety of sales
channels: through its dealerships for retail sales; for sale to fleet The Automotive Mission Plan 2016-26 aims at 12% share
customers, including daily rental car companies; commercial of automotive industry in GDP, along with implementation of
fleet customers; leasing companies; and governments. Jaguar BS6 vehicles by 2023 for four wheelers. Budget 2019 saw for
Land Rover do not depend on a single customer or small group of the first time, government’s intent to have electric mobility
customers to the extent that the loss of such a customer or group by 2030. The Faster Adoption And Manufacturing of (Hybrid)
of customers would have a material adverse effect on its business. & Electric (FAME) Vehicles in India lays down the roadmap to
support the development of electric and hybrid vehicles market
As at March 31, 2019, Jaguar Land Rover global sales and
and its manufacturing eco-system with a view to achieve self-
distribution network comprised 23 NSCs, 77 importers, 2 export
sustenance as early as 2020. Technology development, demand
partners and 2,684 franchise sales dealers, of which 1,299 are
creation, pilot projects and charging infrastructure are the focus
joint Jaguar and Land Rover dealers.
areas of the scheme.
Jaguar Land Rover — Competition Jaguar Land Rover has a strong product range that compete in
Jaguar Land Rover operates in a globally competitive environment various segments, including the increased electrification of the
and faces competition from established premium and other vehicle product portfolio. New and refreshed products, including the
manufacturers who aspire to move into the premium performance Range Rover Velar (on sale since July 2017), the Jaguar E-PACE
car and premium SUV markets, some of which are much larger (on sale since November 2017) and the all-electric Jaguar I-PACE
than they are. Jaguar vehicles compete primarily against other (on sale since June 2018) as well as the refreshed Range Rover
European brands such as Audi, Porsche, BMW and Mercedes Benz and Range Rover Sport (including hybrid models), the recently
as well as Tesla. Land Rover and Range Rover vehicles compete announced new Defender and other new and refreshed products,
largely against SUVs from companies such as Audi, BMW, Infiniti, ensures that Jaguar Land Rover can compete in the premium
Lexus, Mercedes Benz, Porsche, Volvo and Volkswagen. segments with class-leading products.
Jaguar Land Rover — Seasonality FINANCIAL PERFORMANCE ON A CONSOLIDATED BASIS
Jaguar Land Rover volumes are impacted by the biannual change The financial information discussed in this section is derived from
in agerelated registration plates of vehicles in the United Kingdom, the Company’s Audited Consolidated Financial Statements.
where new agerelated plate registrations take effect in March and The Company has adopted Ind AS 115 with a modified retrospective
September. This has an impact on the resale value of the vehicles approach. The Company makes transport arrangements for
because sales are clustered around the time of the year when the delivering its vehicles to the dealers. The gross consideration
vehicle registration number change occurs. Seasonality in most received in respect of these arrangements was recognized and
other markets is driven by the introduction of new model year presented with revenue in the statement of profit and loss. The costs
vehicles and derivatives. Furthermore, Western European markets associated with these arrangements were presented within freight
tend to be impacted by summer and winter holidays, and the cost in the statement of profit and loss. In accordance with Ind AS
Chinese market tends to be affected by the Lunar New Year holiday 115, the Company has determined that it is an agent in providing
in either January or February, the PRC National Day holiday and these services, and therefore the gross consideration received,
the Golden Week holiday in October. The resulting sales profile net off cost associated with respect to these arrangements is
influences operating results on a quarter-to-quarter basis. presented within revenue effective April 1, 2018. Certain payouts
Other Operations Overview made to dealers such as infrastructure support payments are
to be treated as variable components of consideration and are
The Company’s other operations business segment mainly includes therefore in accordance with Ind AS 115, recognized as revenue
information technology services, machine tools and factory deductions in future. These changes in presentation in the income
automation services. The Company’s revenue from other operations statement has resulted in decrease in both revenues and expenses
before inter-segment eliminations was `3,626.07 crores in FY by `3,809.03 crores for the year ended March 31, 2019.
2018-19, an increase of 11.5% from `3,252.36 crores in FY 2017-
18. Revenues from other operations represented 1.2% and 1.1% of Overview
total revenues, before inter-segment eliminations, in FY 2018-19 The Company income from operations including finance revenues
and FY 2017-18. increased by 3.3% to `3,01,938.40 crores in FY 2018-19 from
`2,92,340.64 crores in FY 2017-18. The increase is mainly
OPPORTUNITIES:
attributable to better sales volumes of the Company’s India
In the Budget 2019, the Government of India has allocated `83k crore business and favourable currency translation from GB£ to INR of
to highways among various infra-based sectors. Apart from National `14,516.58 crores, offset by lower sales of Jaguar Land Rover.
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The Company has pursued a strategy of increasing exports of I. Automotive: The Automotive segment consist of four

Tata and other brand vehicles to new and existing markets. Tata reportable sub-segments: Tata Commercial Vehicles,
Technologies Ltd (TTL), subsidiary of the Company, witnessed Tata Passenger Vehicles, Jaguar Land Rover and Vehicle
increase in revenue due to favourable currency movement, which Financing.
helped in growth of revenue in the UK, Europe and North America.
II. Others: Others consist of IT services and machine tools and
The growth in Asia Pacific revenue of TTL was primarily driven
factory automation solutions.
by strong revenue growth in India and China in key accounts and
growth in educational product sales. However, due to lower sales Tata Commercial vehicles include commercial vehicles
of JLR and increased growth in revenue in India in FY 2018-19, manufactured under Tata and Daewoo brands. Tata passenger
the proportion of the Company’s net sales earned from markets vehicles include passenger vehicles manufactured under Tata and
outside of India decreased to 77.4% in FY 2018-19 from 79.9% in Fiat brands and excludes vehicles manufactured under Jaguar
FY 2017-18. Further, in FY 2018-19, the revenue of the Company’s Land Rover brands. Vehicle Financing which is Tata Motors Finance
subsidiary in South Korea, TDCV, has been lower due to lower include financing of Tata and Jaguar Land Rover new vehicles,
industry volumes and aggressive discounting and marketing pre-owned vehicles including other OEMs brands and corporate

strategy of importers. The following table sets forth the Company’s lending to the Company’s channel partners.
revenues from its key geographical markets and the percentage of
The Company believe that this reorganization will improve
total revenues that each key geographical market contributes for
speed, agility and simplicity within our business units, and
the periods indicated:
enable strong functional leadership, improved decision-making,
Revenue FY 2018-19 FY 2017-18 quicker responses to changing market conditions and clear
(` in crores) % (` in crores) % accountability.
India 68,087.44 22.6% 58,659.18 20.1% The table below sets forth the breakdown in revenues between
China 30,414.75 10.1% 42,635.26 14.6% the Company automotive operations and other operations in FY
UK 49,113.81 16.3% 50,456.60 17.3% 2018-19 and FY 2017-18 and the percentage change from period
United States 52,472.91 17.4% 44,991.88 15.4% to period.
Rest of Europe* 49,814.17 16.4% 46,393.27 15.9%
FY 2018-19 FY 2017-18 Change
Rest of World* 52,035.32 17.2% 49,204.45 16.7%

(` in crores) %
Total 3,01,938.40 2,92,340.64
Automotive operations 2,99,655.61 2,90,384.64 3.2
Earnings before other income, interest and tax, were `3,774.03 Others 3,626.07 3,252.36 11.5
crores in FY 2018-19 compared to `11,787.51 crores in FY Inter-segment elimination (1,343.28) (1,296.36) 3.6
2017-18. The decrease was primarily driven by the performance Total 3,01,938.40 2,92,340.64 3.3
of Jaguar Land Rover business, including higher depreciation
and amortization, fixed marketing expenses/selling costs. The Automotive operations
Company’s net loss (attributable to shareholders of the Company)
Automotive operations are the Company most significant segment,
was `28,826.23 crores in FY 2018-19 as compared to a profit of
accounting for 99.2% and 99.3% of the Company’s total revenues in
`8,988.91 crores in FY 2017-18. In FY 2018-19, the Company has
FY 2018-19 and FY 2017-18 respectively. In FY 2018-19, revenue
taken an impairment charge of £3,105 million (`27,837.91 crores).
from automotive operations before inter-segment eliminations
The Company assessed the recoverable amount of the Jaguar
was `2,99,655.61 crores as compared to `2,90,384.64 crores in
Land Rover business, which represent a single cash-generating
FY 2017-18, an increase of 3.2%.
unit (CGU), as the higher of Fair Value Less Cost of Disposal
(‘FVLCD’) and Value in Use (‘VIU’) of the relevant assets of the CGU, The following table sets forth selected data regarding the
due to weaker sales and profitability, change in market conditions Company’s automotive operations for the periods indicated, and
especially in China, technology disruptions. the percentage change from period to period (before inter-segment
eliminations).
The Company’s operations is divided into automotive operations
and other operations as described further below. FY 2018-19 FY 2017-18 Change %
A core initiative of the Company was the implementation of the Total revenue (` in crores) 2,99,655.61 2,90,384.64 3.2
Organization Effectiveness (OE) program, a strategic program Earning before other income, 3,388.77 11,512.38 (70.6)
designed to overhaul and transform the Company. interest and tax (` in crores)
Earning before other income, 1.1% 4.0%
Pursuant to the changes implemented as a result of the OE interest and tax
program, the Company has drawn separate strategies for (% to total revenue)
commercial vehicles, passenger vehicles and financing business
from FY 2018-19. Consequent to these changes, commencing FY The Company’s automotive operations segment is further divided
2018-19, the reportable segments is as follows: into Tata and other brand vehicles, Vehicle financing and Jaguar
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Land Rover. In FY 2018-19, Jaguar Land Rover contributed 75% Results of Operations
of the Company’s total automotive revenue compared to 77% in
The following table sets forth selected items from the Company’s
FY 2017-18 and the remaining 25% was contributed by Tata and
consolidated statements of income for the periods indicated and
other brand vehicles and Financing in FY 2018-19 compared to
shows these items as a percentage of total revenues:
23% in FY 2017-18.
The Company’s revenue from Tata and other brand vehicles FY 2018-19 FY 2017-18
(including vehicle financing) and Jaguar Land Rover in FY 2018- (%) (%)
19 and FY 2017-18 and the percentage change from period to Revenue from operations 100.0 100.0
period (before intra-segment eliminations) is set forth in the (net of excise duty)
table below. Expenditure:
Cost of material consumed 65 63.6
FY 2018-19 FY 2017-18 Change
(including change in stock)
(` in crores) %
Excise Duty (refer below explanation) - 0.3
Tata and other brand 76,417.68 65,685.50 16.3 Employee Cost 11 10.4
vehicles including vehicle
Product development/Engineering 1.4 1.2
financing
Other expenses (net) 20.6 20.6
Jaguar Land Rover 2,23,513.58 2,24,831.05 (0.6)
Amount transferred to capital and other (6.5) (6.4)
Intra-segment elimination (275.65) (131.91) (109.0) accounts
Total 2,99,655.61 2,90,384.64 3.2 Total Expenditure 91.5 89.7
Profit before other income, Depreciation 8.5 10.3
The Tata and other brand vehicles including vehicle financing and amortization, Finance costs, Foreign
consists of following categories: exchange (gain)/loss, exceptional item and
tax
FY 2018-19 FY 2017-18 Change
Other Income 1.0 1.4
(` in crores) %
Profit before Depreciation and 9.5 11.7
Commercial Vehicle 58,137.10 49,373.55 17.7 Amortization, Finance costs, Foreign
Passenger Vehicle 14,469.80 13,342.04 8.5 exchange (gain)/loss, exceptional item and
Unallocable 110.60 169.69 (34.8) tax
Vehicle Finance 3,700.18 2,800.22 32.1 Depreciation and Amortization 7.9 7.4
Total 76,417.68 65,685.50 16.3 Finance costs 1.9 1.6
Foreign exchange loss (net) 0.3 (0.4)
Other operations Exceptional Item (gain)/loss (net) 9.8 (0.7)
Profit/(loss) before tax (10.4) 3.8
The following table sets forth selected data regarding the Company’s
Tax expense / (credit) (0.8) 1.5
other operations for the periods indicated and the percentage
change from period to period (before inter-segment eliminations). Profit/(loss) after tax (9.6) 2.3
Share of profits/(loss) of equity accounted 0.1 0.8
FY 2018-19 FY 2017-18 Change (%) investees (net)
Total revenue (` in crores) 3,626.07 3,252.36 11.5% Minority Interest - -
Earning before other income, 505.44 422.32 19.7% Profit/(loss) for the year (9.5) 3.1
interest and tax (` in crores)
Cost of materials consumed (including change in stock)
Earning before other income, 13.9% 13.0%
interest and tax (% to total FY 2018-19 FY 2017-18
revenue)
(` in crores)
Consumption of raw materials and 1,82,254.45 1,73,371.19
The other operations business segment includes information
components
technology, machine tools and factory automation solutions. In
FY 2018-19, revenue from other operations before inter-segment Basis adjustment on hedge accounted (1,245.37) (1,378.60)
eliminations was `3,626.07 crores compared to `3,252.36 crores derivatives
in FY 2017-18. Results for the other operations business segment Purchase of product for sale 13,258.83 15,903.99
before other income, finance cost, tax and exceptional items (before Change in inventories of finished goods, 2,053.28 (2,046.58)
inter-segment eliminations) were `505.44 crores in FY 2018-19 as Work-in-progress and products for sale
compared to `422.32 crores for FY 2017-18. Total 1,96,321.19 1,85,850.00
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Cost of material consumed increased from 63.6% of total revenue The changes are mainly driven by volumes and the size of

(excluding income from vehicle financing) in FY 2017-18 to operations.
65.0% in FY 2018-19. For Tata Motors Standalone (including
i. Processing charges were mainly incurred by Tata and other brand
Joint Operations), costs of materials consumed was 73.1% of net
vehicles, which, due to higher volumes, led to higher expenditures.
revenue in FY 2018-19 of total revenue as compared to 72.7%
in FY 2017-18, representing an increase of 40 bps, which was ii. Freight, transportation, port charges etc. have decreased, for
mainly attributable to a change in product mix. For Jaguar Land Jaguar Land Rover, predominantly due to decreased sales in
Rover, costs of materials consumed was 63.8% of total revenue in certain geographies. As a percentage to total revenue, Freight,
FY 2018-19 compared to 61.9% in FY 2017-18, representing an transportation and port charges etc. were at 2.6% in FY 2018-
increase of 190 bps, mainly driven by product mix. 19, as compared to 3.7% in FY 2017-18. The decrease is also
due to presentation change on adoption of Ind AS 115.
Employee Costs were `33,243.87 crores in FY 2018-19 as
iii. Publicity expenses decreased by 2.7% mainly due to decrease
compared to `30,300.09 crores in FY 2017-18, an increase of
in JLR and represented 2.9% of total revenues in FY 2018-19
9.7%. There was unfavourable translation impact of GB£ to INR of
and 3.1% in FY 2017-18. In addition to routine product and
Jaguar Land Rover operation of `1,691.23 crores. At Jaguar Land

brand campaigns, the Company incurred expenses relating to
Rover the increase in employee cost is by 3.5% to GB£2,822 million
new product introduction campaigns for the I-Pace, E-Pace,
(`25,903.78 crores) in FY 2018-19 as compared to GB£2,726 million
Velar and the all new Jaguar XF, the Harrier, Tiago/Tigor JTP
(`23,392.69 crores) in FY 2017-18, primarily reflects the average
range at Tata Motors.
increase in the employee head count all across functions. For Tata
Motors Standalone (including joint operations), the employee cost iv. W
arranty and product liability expenses represented 3.9% and
increased by 7.7% to `4,273.10 crores as compared to `3,966.73 2.6% of the Company’s revenues in FY 2018-19 and FY 2017-
crores in FY 2017-18, mainly due to annual increments, higher bonus 18, respectively. The warranty expenses at Jaguar Land Rover
and performance payment accruals and wage revisions. To manage, represented 4.2% of the revenue as compared to 2.7% last
employee costs, in FY 2018-19, Jaguar Land Rover announced the year, primarily due to new campaigns, whereas Tata Motors
voluntary redundancy program, resulting in a charge of `1,367.22 India operations these represent 1.5% and 1.3% of revenue for
crores (considered in exceptional items). FY 2018-19 and FY 2017-18, respectively.
v. W
orks operation and other expenses have decreased to 6.7% of
Other Expenses includes all works operations, indirect
net revenue in FY 2018-19 from 6.9% in FY 2017-18.

manufacturing expenses, freight cost, fixed marketing costs and
other administrative costs. These expenses have increased to vi. Engineering expenses at Jaguar Land Rover have been flat,
`62,238.12 crores in FY 2018-19 from `60,184.21 crores in FY reflecting the continued investment in the development of new
2017-18. The breakdown is provided below: vehicles. A significant portion of these costs are capitalized and
shown under the line item “Amount transferred to capital and
FY 2018-19 FY 2017-18 Change other accounts”.
(` in crores) vii. The provision and write off of various debtors, vehicle loans and
Processing charges 1,634.36 1,339.08 295.28 advances (net), has increased to `534.43 crores in FY 2018-
Consumption of stores and 2,444.15 2,210.56 233.59 19 as compared to `57.87 crores in FY 2017-18. Allowances
spare parts for trade and other receivables for FY 2018-19 increased to
`211.81 crores, as compared to `14.57 crores. In FY 2017-18,
Freight, transportation, port 7,804.47 10,742.12 (2,937.65)
there was reversal of certain provisions for trade receivables
charges, etc.
due to favourable litigation award. Allowances for finance
Power and fuel 1,585.93 1,308.08 277.85
receivables has increased to `320.24 crores in FY 2018-19, as
Warranty and product 11,890.70 7,700.07 4,190.63 compared to `43.30 crores in FY 2017-18. The increase is due
liability expenses to higher finance receivables, due to increased volumes, lower
Publicity 8,729.63 8,968.59 (238.96) calculations on percentage terms of finance receivables and
Information technology/ 2,340.45 2,143.18 197.27 there was a reversal of provision in FY 2017-18.
computer expenses Amount transferred to capital and other accounts represents
Allowance for finance, trade 534.43 57.87 476.56 expenditure transferred to capital and other accounts allocated
and other receivables out of employee cost and other expenses, incurred in connection
Engineering expenses 5,275.58 5,278.84 (3.26) with product development projects and other capital items.
The expenditure transferred to capital and other accounts has
MTM (gain)/loss on (84.75) 214.63 (299.38)
increased by 5.8% to `19,659.59 crores in FY 2018-19 from
commodity derivatives
`18,588.09 crores in FY 2017-18, mainly due to various product
Works operation and other 20,083.17 20,221.19 (138.02)
development projects undertaken by the Company for the
expenses
introduction of new products and the development of engine and
Other Expenses 62,238.12 60,184.21 2,053.91 products variants.
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Other Income decreased by 25.1% to `2,965.31 crores in FY 2018- a) In FY 2018-19, Jaguar Land Rover announced the voluntary
19 from `3,957.59 crores in FY 2017-18. Interest income increased redundancy program, resulting in a charge of `1,367.22 crores.
to `786.46 crores in FY 2018-19, compared to `711.81 crores
b) The debit of GB£16.5 million (`147.93 crores) in FY 2018-19
in FY 2017-18, whereas profit on sale of investment marginally
as compared to credit of GB£437 million (`3,609.01 crores) in
decreased to `128.61 crores in FY 2018-19, compared to `129.26
FY 2017-18, related to the amendment of the Defined Benefit
crores in FY 2017-18. Fair value gain in investments has increased
scheme of Jaguar Land Rover as past service costs.
to `238.54 crores in FY 2018-19, as compared to `32.05 crores in
FY 2017-18. During FY 2018-19, the fair value of the investment in c) In FY 2018-19, the Company has taken an impairment charge
Lyft has increased by GB£24.35 million (`223.45 crores), due to IPO of £3,105 million (`27,837.91 crores). The Company assessed
lisiting on the NASDAQ stock exchange. the recoverable amount of the Jaguar Land Rover business,
which represent a single cash-generating unit (CGU), as the
Profit before Depreciation and Amortization, Finance costs,
higher of Fair Value Less Cost of Disposal (‘FVLCD’) and Value
Foreign exchange (gain)/loss, exceptional item and tax is
in Use (‘VIU’) of the relevant assets of the CGU, due to change in
`28,535.55 crores in FY 2018-19, representing 9.5% of revenue in
market conditions especially in China, technology disruptions
FY 2018-19 compared to `34,229.99 crores in FY 2017-18.
and rising cost of debt.
Depreciation and Amortization: During FY 2018-19, depreciation
d) On July 31, 2018, the Company decided to cease the current
and amortization expenditures increased by 9.5% to `23,590.63
manufacturing operations of Tata Motors Thailand Ltd. The
crores from `21,553.59 crores in FY 2017-18. The depreciation
Company will address the Thailand market with a revamped
increase of 12.2% to `12,200.42 crores as compared to `10,874.34
product portfolio, suitable to the local market needs, delivered
crores in FY 2017-18 is mainly at Jaguar Land Rover due to new
through a CBU distribution model. Accordingly, the relevant
product launches and opening of new facilities (Slovakia). The
restructuring costs have been accounted in FY 2018-19.
amortization expenses have also increased by 6.7% to `11,390.21
crores in FY 2018-19 from `10,679.25 crores in FY 2017-18, e)
In FY 2018-19, the Company has sold investment in TAL
and are attributable to new products introduced during the year, Manufacturing Solutions Limited to Tata Advanced Systems
mainly at Jaguar Land Rover business. Ltd.
Product development/engineering expenses The Company Earnings Before Interest Tax (EBIT) decreased to `3,643 crores
introduced the factor of “affordability” of investments w.e.f. April 1, in FY 2018-19, compared to `11,846 crores in FY 2017-18.
2018 for capitalization of product development costs. Accordingly, EBIT is defined to include the revaluation of current assets and
charge off increased by 19.6% to `4,224.57 crores in FY 2018-19 liabilities and realized foreign exchange and commodity hedges
from `3,531.87 crores in FY 2017-18. as well as profits from equity accounted investees but excludes
the revaluation of foreign currency debt, mark to market (MTM)
Finance Cost Increased by 23% to `5,758.60 crores in FY 2018-
on foreign exchange and commodity hedges, other income and
19 from `4,681.79 crores in FY 2017-18. The Increase was mainly
exceptional items.
attributable to higher interest rates and borrowings. The finance
cost at JLR is higher from `724.65 crores to `1010.68 crores due Consolidated loss before tax `31,371.15 crores in FY 2018-19,
to $1bn syndicated loan facility drawn down in October 2018. compared to profit of `11,155.03 crores in FY 2017-18. The loss
Foreign exchange loss of `905.91 crores in FY 2018-19 as before tax is primarily driven by -
compared to gain of `1,185.28 crores in FY 2017-18. The loss was • he profitability at Jaguar Land Rover operations were lower
T
mainly due to depreciation of GBP and INR as compared to USD. due to product mix, higher manufacturing expenses and other
Exceptional items (gain)/loss operating costs including higher marketing expenses, higher
depreciation and amortization expenses related to significant
FY 2018-19 FY 2017-18 Change
capital expenditure incurred in prior periods.
(` in crores)
Employee separation cost 1,371.45 3.68 1,367.77 • Impairment charge of `27,837.91 crores for Jaguar Land
Defined benefit pension plan 147.93 (3,609.01) 3,756.94 Rover.
amendment Offset by
Write off of Property, plant 180.97 1,641.38 (1,460.41) • Improvement in the Tata Motors Ltd Standalone business in
and equipment and capital India, mainly favourable model mix and better management of
work in progress
other operating costs.
Provision for costs of closure 381.01 - 381.01
of operation of a subsidiary • The increase in profits in FY 2017-18 was also due to
Provision for impairment in 27,837.91 - 27,837.91 exceptional gain of `3,609.01 crores of pension cost.
Jaguar Land Rover
Tax Expense represents a net credit of `2,437.45 crores in FY
Profit on sale of investment in (376.98) - (376.98)
a subsidiary Co. 2018-19, as compared to net charge of `4,341.93 crores (effective
Others 109.27 (11.19) 120.46 tax rate of 32.3%) in FY 2017-18. Due to impairment charge at
Total 29,651.56 (1,975.14) 31,626.70 Jaguar Land Rover, there is a write down of previously recognized
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deferred tax asset of `2,698.15 crores. Further, for Tata Motors Ltdand certain subsidiaries, the Company has not recognized deferred

tax assets due to uncertainty of future taxable profits.
Consolidated loss after tax of `28,826.23 crores in FY 2018-19 from profit of `8,988.91 crores in FY 2017-18, after considering the
profits from associate companies and shares of minority investees. The losses was mainly attributable to Jaguar Land Rover business
performance, including impairment charge.
Consolidated Balance Sheet
` in crores
As at March 31, Change Translation of JLR Net Change
2019 2018
ASSETS
(a) Property, plant and equipment and 1,42,370 1,61,331 (18,961) (2,215) (16.746)
intangible assets

(b) Goodwill 748 116 632 - 632
(c) Investment in equity accounted investees 5,335 5,385 (50) (84) 34
(d) Financial assets 1,03,404 1,04,184 (780) (1,010) 230
(e) Deferred tax assets (net) 5,151 4,159 992 (91) 1,083
(f) Current tax assets (net) 1,209 1,109 100 (2) 102
(g) Other assets 9,801 10,344 (543) (116) (427)
(h) Inventories 39,014 42,138 (3,124) (640) (2,484)
(i) Assets classified as held-for-sale 162 2,585 (2,423) - (2,423)
TOTAL ASSETS 3,07,195 3,31,351 (24,156) (4.158) (19,998)
LIABILITIES
(a) Financial liabilities: 1,98,463 1,88,941 9,522 (2,292) 11,814
(b) Provisions 22,052 18,902 3,150 (377) 3,527
(c) Deferred tax liabilities (net) 1,491 6,126 (4,635) (18) (4,617)

(d) Other liabilities 23,469 18,800 4,669 (394) 5,063
(d) Current tax liabilities (net) 1,018 1,559 (541) (17) (524)
(e) Liabilities directly associated with Assets - 1,070 (1,070) - (1,070)
held-for-sale
TOTAL LIABILITIES 2,46,492 2,35,398 11,094 (3,098) 14,192
Property, plant and equipment and other intangible assets
As at March 31,
Change
2019 2018
(` in crores)
Property, plant and equipment (including capital work-in- 81,158.03 90,010.78 (8,852.75)
progress)
Other intangible assets (including assets under 61,212.41 71,320.13 (10,107.72)
development)
Total 1,42,370.44 1,61,330.91 (18,960.47)
There is decrease (net of depreciation and amortization) in the intangible and tangible assets in FY 2018-19. The decrease was due to
impairment charge of `27,837.91 crores at Jaguar Land Rover. Further, the decrease was due to unfavourable currency translation
impact from GB£ to INR of `2,215 crores. This was offset mainly at Jaguar Land Rover Slovakia plant, tooling and facilities for new
products like E-Pace, Evoque, I-Pace etc. At Tata Motors Ltd, the additions were mainly in dies, tooling’s, and product development cost
for new products.
Investments in equity accounted investees were `5,334.88 crores as at March 31, 2019, as compared to `5,385.24 crores as at March
31, 2018.
Financial Assets (Current + Non-current)
Investments (Current + Non-current) were ` 10,435.84 crores as at March 31, 2019, as compared to `15,427.51 crores as at March 31,
2018. The details are as follows:
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As at March 31, As at March 31,

Change Change
2019 2018
2019 2018
(` in crores)
(` in crores) Deferred tax assets 5,151.11 4,158.70 992.41
Mutual Funds 8,966.25 14,360.47 (5,394.22) Deferred tax liability 1,491.04 6,125.80 (4,634.76)
Quoted Equity shares 727.45 339.92 387.53 A deferred tax credit (net) of `4,662.68 crores was recorded in the
Unquoted Equity shares 562.18 609.08 (46.90) income statement, mainly at JLR due to impairment charge during
Others 179.96 118.04 61.92 FY 2018-19 and `700.99 crores in other comprehensive income,
Total 10,435.84 15,427.51 (4,991.67) which mainly includes post-retirement benefits and cash flow
hedges in FY 2018-19.
The decrease in mutual fund investments was at Jaguar Land
Rover and Tata Motors Limited. Increase in quoted equity shares Inventories as at March 31, 2019, were `39,013.73 crores as
is due to fair value gain. compared to `42,137.63 crores as at March 31, 2018, a decrease
of 7.4%. Inventory at Tata and other brand vehicles (including
Finance receivables (current + non-current) were `33,624.69 vehicle financing) was ` 6,399.94 crores as at March 31, 2019 as
crores as at March 31, 2019, as compared to `23,881.18 crores as compared to `7,318.87 crores as at March 31, 2018. Inventory at
at March 31, 2018, an increase of 40.8%, primarily due to increased Jaguar Land Rover was `32,613.86 crores as at March 31, 2019,
vehicle financing business. The Gross finance receivables a decrease of 6.3%, as compared to `34,805.01 crores as at March
were `34,457.74 crores as at March 31, 2019, as compared to 31, 2018. In terms of number of days of sales, finished goods
`25,070.75 crores as at March 31, 2018. represented inventory of 39 days in FY 2018-19 as compared to
Loans and Advances 40 days in FY 2017-18.
Trade Receivables (net of allowance for doubtful debts) were
As at March 31,
Change `18,996.17 crores as at March 31, 2019, representing a decrease
2019 2018
of 4.5% compared to `19,893.30 crores as at March 31, 2018.
(` in crores)
Trade Receivables have increased at Tata and other brand vehicles
Long term loans and advances 407.42 495.41 (87.99) (including vehicle financing) to ` 6,473.72 crores as at March 31,
Short term loans and advances 1,268.70 1,451.14 (182.44) 2019 as compared to `5,492.78 crores as at March 31, 2018.
Total 1,676.12 1,946.55 (270.43) The increase was mainly due to higher sales in FY 2018-19.
Trade receivables at Jaguar Land Rover was `12,063.57 crores
Loans and advances include advances to suppliers and contractors as at March 31, 2019, as compared to `14,374.03 crores as at
etc. which has decreased to `1,177.45 crores as at March 31, 2019 March 31, 2018, due to lower receivables in UK. The allowances
from `1,431.98 crores as at March 31, 2018. for doubtful debts were `970.10 crores as at March 31, 2019
Other Financial Assets compared to `1,261.67 crores as at March 31, 2018. In terms of
number of day’s sales, trade receivable represented 24 days in FY
As at March 31, 2018-19 as compared to 21 days of 2018.
Change
2019 2018
Cash and cash equivalents were `21,559.80 crores, as at March
(` in crores)
Other financial assets - non 2,809.18 4,563.87 (1,754.69) 31, 2019, compared to `14,716.75 crores as at March 31, 2018.
current The Company holds cash and bank balances in Indian rupees, GB£,
Other financial assets – current 3,213.56 3,857.64 (644.08) Chinese Renminbi, etc.
Total 6,022.74 8,421.51 (2,398.77)
Other bank balances were `11,089.02 crores, as at March 31,
These included `2,146.68 crores of derivative financial 2019, compared to `19,897.16 crores as at March 31, 2018. These
instruments, mainly attributable to Jaguar Land Rover as at March include bank deposits maturing within one year of `10,574.21
31, 2019 compared to `5,323.02 crores as at March 31, 2018, crores as at March 31, 2019, compared to `19,361.58 crores as
reflecting notional asset due to the valuation of derivative contracts. at March 31, 2018.
Recovery from suppliers has decreased to `1,927.28 crores as at
Current tax assets (net) (current + non-current) were `1,208.93
March 31, 2019, as compared to `2,038.42 crores as at March 31,
crores, as at March 31, 2019, compared to `1,108.81 crores as at
2018. Further, there is deposit with financial institution of `500.00
March 31, 2018.
crores as at March 31, 2019.
Other assets
Deferred tax assets / liability: Deferred tax assets represent timing
As at March 31,
differences for which there will be future current tax benefits due Change
2019 2018
to unabsorbed tax losses and expenses allowable on a payment (` in crores)
basis in future years. Deferred tax liabilities represent timing Other assets - non current 2,938.73 2,681.25 257.48
differences where current benefit in tax will be offset by a debit in Other assets – current 6,862.22 7,662.37 (800.15)
the statement of profit and loss. Total 9,800.95 10,343.62 (542.67)
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These mainly includes prepaid expenses, including rentals on Other financial liabilities

operating lease of `2,341.67 crores as at March 31, 2019, as
As at March 31,
compared to `2,584.66 crores as at March 31, 2018. Taxes 2019 2018
Change
recoverable, statutory deposits and dues from government were Other financial liabilities - non 2,792.71 2,739.14 53.57
`6,153.85 crores as at March 31, 2019, as compared to `6,724.43 current
crores as at March 31, 2018. Other financial liabilities – 32,855.65 31,267.49 1,588.16
current
Shareholders’ fund was `60,179.56 crores and `95,427.91 crores
Total 35,648.36 34,006.63 1,641.73
as at March 31, 2019 and 2018, respectively, a decrease of 36.9%
mainly due to losses in FY 2018-19 of `28,826.23 crores, due to These included `7,404.97 crores of derivative financial instruments,
performance and impairment charge for Jaguar Land Rover business. mainly attributable to Jaguar Land Rover as at March 31, 2019
compared to `8,657.86 crores as at March 31, 2018, reflecting
Reserves decreased by 37.2% from `94,748.69 crores as at March favorable foreign exchange movement between US$ and GB£.
31, 2018 to `59,500.34 crores as at March 31, 2019. Though, the Further, liability for capital expenditure decreased to `7,046.74
loss for FY 2018-19 was `28,826.23 crores, decrease in Reserves of crores as at March 31, 2019, as compared to `8,219.45 crores

`35,248.35 crores was primarily attributable to following reasons: as at March 31, 2018. These decreases were offset by increase in
•
Debits for remeasurement of employee benefit plans was current maturities of long-term borrowings to `15,051.41 crores
`2,174.01 crores in FY 2018-19. as at March 31, 2019, as compared to `10,956.12 crores as at
March 31, 2018.
• Translation loss of `2,068.84 crores recognized in translation
reserve on consolidation of subsidiaries further contributed to Trade payables were `68,513.53 crores as at March 31, 2019, as
a decrease in reserves and surplus. compared to `72,038.41 crores as at March 31, 2018. The number
• Further decrease in hedging reserves by `2,191.36 crores, of day’s payable outstanding is 110 days in FY 2018-19 compared
primarily due to mark-to-market gains on forwards and to 121 days in FY 2017-18. The Consolidated cash conversion
options in Jaguar Land Rover, primarily due to Strengthening cycle indicates the time, the Company takes to collect cash from
in the US$-GB£ forward rates. sale of inventory. It is calculated as trade receivables (in days) plus
inventory (in days) less trade payable (in days). The status as at
Borrowings
March 31, 2019 and 2018, is as follows:

As at March 31,
Change As at March 31,
2019 2018
2019 2018
(` in crores)
(Number of days)
Long term borrowings 70,973.67 61,199.50 9,774.17
Tata Motors Ltd Consolidated (39) (47)
Short term borrowings 20,150.26 16,794.85 3,355.41
Jaguar Land Rover Automotive Plc. (55) (51)
Current maturities of long term 15,051.41 10,956.12 4,095.29
borrowings Acceptances were `3,177.14 crores as at March 31, 2019, as
Total 106,175.34 88,950.47 17,224.87 compared to `4,901.42 crores as at March 31, 2018.
• urrent maturities of long-term borrowings represent the

C Provisions (current and non-current) were made towards warranty
amount of loan repayable within one year. and employee benefit schemes. Short-term provisions are those,
which are expected to be settled during next financial year. The
• he closing net automotive debt increased to `28,394 crores
T
details are as follows:
at March 31, 2019 from `13,889 crores as at March 31, 2018
mainly due to cumulative negative free cash flow primary at As at March 31,
Change
JLR. 2019 2018
(` in crores)
• During FY 2018-19,
Long term provisions - non- 11,854.85 10,948.44 906.41
o the Company raised `1,500 crores through Buyer’s line of
current
credit from banks with a tenor ranging from 4 years to 5 years. Short term provisions – current 10,196.75 7,953.50 2,243.25
o Jaguar land rover Automotive plc, arranged and draw down on a Total 22,051.60 18,901.94 3,149.66
USD1 billion (`6,834 crores) syndicated loan of USD 200 million
(`1,367.63 crores) and USD 800 million (`5,466.74 crores) i. Provision for warranty increased to `17,501.26 crores as at
maturing in October 2022 and January 2025 respectively. March 31, 2019, as compared to `15,935.10 crores as at March
31, 2018, an increase of `1,566.16 crores primarily at JLR.
o
Jaguar land rover Automotive plc, issued a €500 million
(`3,898.95 crores) bond in September 2018 maturing in ii.
The provision for employee benefits obligations increased
January 2026 with a coupon of 4.5%. to `1,934.22 crores as at March 31, 2019, as compared to
o Tata Motors Finance group had raised `2,066 crores by issuing `844.64 crores as at March 31, 2018. The increase is due to
NCD and through secured term loan amounting to `6,306 provisions for employee separation cost at JLR of `954.40
crores. crores.
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iii. Provision for legal and product liability increased to `1,786.43 FY 2018-19 FY 2017-18 Change
crores as at March 31, 2019, as compared to `1,319.87 crores (` in crores)
as at March 31, 2018. Effect of exchange fluctuation (1,410.92) 1,306.41
Other liabilities on cash flows
Classified as held for sale - (243.94)
As at March 31,
Change Reversal of opening held for 243.94 -
2019 2018 sale adjustment
(` in crores) Cash and cash equivalent, 21,559.80 14,716.75
Other liabilities - non current 13,922.21 11,165.19 2,757.02 end of the year
Other liabilities – current 9,546.46 7,634.55 1,911.91
a)
Cash generated from operations before working capital
Total 23,468.67 18,799.74 4,668.93
changes was `28,762.43 crores in FY 2018-19, as compared
These mainly includes liabilities towards employee benefits to `33,312.28 crores in the previous year, representing a
obligations of `6,110.12 crores as at March 31, 2019, as compared decrease in cash from generated from consolidated operations.
to `4,100.76 crores as at March 31, 2018, increase mainly at After considering the impact of working capital changes
Jaguar Land Rover. Contract liabilities were `9,250.47 crores as including the net movement of vehicle financing portfolio, the
at March 31, 2019, as compared to `7,867.89 crores as at March net cash generated from operations was `18,890.75 crores in
31, 2018. Statutory dues (VAT, Excise, Service Tax, Octroi etc.) were FY 2018-19, as compared to `23,857.42 crores in the previous
`3,913.94 crores as at March 31, 2019, as compared to `3,176.86 year. The increase in finance receivables offset by decrease in
crores as at March 31, 2018. Government Grants increased to trade receivables, inventories and other assets, amounting to
`3,278.37 crores as at March 31, 2019 as compared to `2,976.65 `6,515.44 crores mainly due to increase in sales was coupled
crores as at March 31, 2018. with decrease in trade and other payables and provisions
amounting to `696.81 crores.
Consolidated Cash Flow
b) The net cash outflow from investing activity decreased to
The following table sets forth selected items from consolidated `19,711.09 crores in FY 2018-19 from `26,201.61 crores in
cash flow statement: FY 2017-18..
FY 2018-19 FY 2017-18 Change
• Capital expenditure (net) was at `35,236.29 crores in FY
(` in crores)
2018-19, compared to `35,048.62 crores, related mainly
Cash from operating activity 18,890.75 23,857.42 (4,966.67)
to capacity/ expansion of facilities, quality and reliability
Profit for the year (28,724.20) 9,091.36 projects and product development projects.
Adjustments for cash flow 57,486.63 24,220.92
from operations • Net investments, short-term deposits, margin money and
Changes in working capital (7,212.25) (6,433.70) loans given was an inflow of `14,532.42 crores in FY
Direct taxes paid (2,659.43) (3,021.16) 2018-19 as compared to inflow of `6,359.13 crores in FY
2017-18, mainly at Jaguar Land Rover.
Cash from investing activity (19,711.09) (26,201.61) 6,490.52
Payment for property, plant (35,236.29) (35,048.62) c) The net change in financing activity was an inflow of `8,830.37
and equipment and other crores in FY 2018-19 as compared to `2,011.71 crores in FY
intangible assets (net) 2017-18.
Net investments, short term 14,532.42 6,359.13
• In FY 2018-19, `12,755.97 crores were raised from long-
deposit, margin money and
term borrowings (net) as compared to `4,557.96 crores
loans given
(net) in FY 2017-18 as described in further detail below
Dividend and interest received 992.78 2,487.88
Net Cash from / (used in) 8,830.37 2,011.71 6,818.66 • Net increase in short-term borrowings of `3,174.23
Financing Activities crores in FY 2018-19 as compared to `2,960.35 crores
Dividend Paid (including paid (94.74) (95.96) in FY 2017-18, mainly at Tata and other brand vehicles
to minority shareholders) (including vehicle financing).
Interest paid (7,005.09) (5,410.64) d)
There has been a net outflow in the Free cash flows of
Net Borrowings (net of issue 15,930.20 7,518.31 `16,345.54 crores due to lower growth and higher investments
expenses) in Jaguar Land Rover.
Net increase / (decrease) in 8,010.03 (332.48) 8,342.51
As at March 31, 2019, the Company’s borrowings (including short-
cash and cash equivalent
term debt) were `1,06,175.34 crores, compared to `88,950.47
Cash and cash equivalent, 14,716.75 13,986.76
crores as at March 31, 2018..
beginning of the year
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KEY FINANCIAL RATIOS The Company expects to meet most of its investments out of

operating cash flows and cash liquidity available. In order to
The details of significant changes (25% or more) in the key financial
meet the remaining funding requirements, the Company may be
ratios in FY 2019 compared to 2018 is as follows:
required to raise funds through additional loans and by accessing
FY 2018-19 FY 2017-18 Formula used Reason for change capital markets from time to time, as deemed necessary.
Debt 1.76 0.93 Total Debt / The Consolidated With the ongoing need for investments in products and
Equity Shareholders debt has
technologies, the Company on a consolidated basis has free cash
ratio (in Equity increased by 19%
times) in FY 2018-19 flow (a non-GAAP measure, measured at cash flow from operating
compared to FY activities, less payment for property, plant and equipment and
2017-18. The intangible assets) negative in FY 2018-19, of `16,346 crores.
Shareholders
The cash flow from financing arm is negative `7,177 crores. Net
equity has been
reduced due Automotive cash flow is negative `9,169 crores. The Company
to impairment expects that with the improvement in macro-economic conditions
charge of and business performance, through other steps like raising funds,

GB£3,105 million
review of non-core investments, and through appropriate actions
taken in FY 2018-
19 for Jaguar for raising additional long-term resources, the funding gap can be
Land Rover. appropriately addressed.
Interest 0.66 2.52 EBIT as per Due to higher
coverage segment Interest cost The following table provides information for the credit rating of Tata
ratio (in / Interest and lower sales Motors Limited for short-term borrowing and long-term borrowing
times) expense at Jaguar Land from the following rating agencies as at March 31, 2019: Credit
Rover, the interest Analysis and Research Ltd Ratings, or CARE, Information and
coverage ratio
is low.
Credit Rating Agency of India Ltd, or ICRA, Credit Rating Information
Net profit (10) 3 Net Profit / Due to subdued Services of India Limited, or CRISIL Ltd, Standard & Poor’s Ratings
margin (%) Revenue from business Group, or S&P, and Moody’s Investor Services, or Moody’s. A credit
operation performance rating is not a recommendation to buy, sell or hold securities. A
at Jaguar Land credit rating may be subject to withdrawal or revision at any time.
Rover and

impairment
Each rating should be evaluated separately of any other rating:
charge of
CARE ICRA CRISIL S&P Moody’s
GB£3,105
million in FY Long-term borrowings AA AA AA B+ Ba2
2018-19, there Short-term borrowings A1+ A1+ A1+ — —
has been a loss
resulting in The Company believes that it has sufficient liquidity available to
negative Net meet its planned capital requirements. However, the Company’s
profit margin.
sources of funding could be materially and adversely affected by
an economic slowdown, as was witnessed in Fiscal 2009, or other
Principal Sources of Funding Liquidity
macroeconomic factors in India and abroad, such as in the United
The Company finances its capital expenditures and research Kingdom, the United States, Europe, Russia and China, all of which
and development investments through cash generated from are beyond the Company’s control. A decrease in the demand for
operations, cash and cash equivalents, debt and equity funding. the Company’s vehicles could affect its ability to obtain funds from
The Company also raises funds through sale of investments, external sources on acceptable terms or in a timely manner.
including divestment in stakes of subsidiaries on a selective basis.
The Company’s cash is located at various subsidiaries within the
The Company’s cash and bank balances on a consolidated basis were Tata Motors Group. There may be legal, contractual or economic
`32,648.82 crores as at March 31, 2019, as compared to `34,613.91 restrictions on the ability of subsidiaries to transfer funds to the
crores as at March 31, 2018. These enable the Company to cater to Company in the form of cash dividends, loans, or advances. Brazil,
business needs in the event of changes in market conditions. Russia, South Africa and other jurisdictions have regulatory
restrictions, disincentives or costs on pooling or transferring
The Company’s capital expenditures were `36,635.67 crores and
of cash. However, such restrictions have not had and are not
`42,672.29 crores for FY 2018-19 and FY 2017-18, respectively,
estimated to have a significant impact on the Company’s ability to
and it currently plans to invest approximately `450 billion in
meet its cash obligations.
FY 2018-19 in new products and technologies. The Company
intends to continue to invest in new products and technologies to In order to refinance the Company’s borrowings and for supporting
meet consumer and regulatory requirements. These investments long-term fund needs, the Company continued to raise funds in FY
are intended to enable the Company to pursue further growth 2017-18 and 2019, through issue of various debt securities and
opportunities and improve the Company’s competitive positioning. loans as described below.
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The Company successfully completed liability management these jurisdictions is subject to certain restrictions on cash pooling,
exercise by part refinancing of US$500 million notes due for intercompany loan arrangements or interim dividends. However,
repayment on April 30, 2020. The Company raised ECB of annual dividends are generally permitted and JLR do not believe
US$237.468 million maturing in June 2025 which was used to that these restrictions have, or are expected to have, any impact on
repay the investors, who had surrendered their bonds through the Jaguar Land Rover’s ability to meet its cash obligations.
tendering process.
Certain debt issued by Jaguar Land Rover is subject to customary
During FY 2018-19, Tata Motors Limited raised unsecured term covenants and events of default, which include, among other
loans of `1500 crores from banks for ongoing capital spending things, restrictions or limitations on the amount of cash, which may
requirements. be transferred outside the Jaguar Land Rover group of companies
in the form of dividends, loans or investments to the Company and
During FY 2018-19, JLR issued EUR500 million senior notes due in
its subsidiaries. These are referred to as restricted payments in the
2026 at a coupon of 4.50% per annum. JLR also raised US$1,000
relevant Jaguar Land Rover financing documentation. In general,
million through syndicated loan. The proceeds were for general
the amount of cash which may be transferred as restricted
corporate purposes, including support for JLR’s ongoing growth
payments from the Jaguar Land Rover group to the Company and
and capital spending requirements.
its subsidiaries is limited to 50% of its cumulative consolidated net
During FY 2018-19, TMFHL and its subsidiaries, Tata Motors income (as defined in the relevant financing documentation) from
Finance Limited and TMFSL, raised `2,066 crores (Face Value) January 2011. As at March 31, 2019, the estimated amount that is
by issuing NCDs. Bank borrowings through secured term loans available for dividend payments, other distributions and restricted
continued to be a major source of funds for long-term borrowing payments was approximately GB£4,315 million.
and raised `6,306 crores during FY 2018-19. TMFL has also done
FINANCIAL PERFORMANCE ON A STANDALONE BASIS
securitization of `3,862 crores in FY 2018-19.
The financial information discussed in this section is derived
The Tata Motors Group funds its short-term working capital
from the Company’s Audited Standalone Financial Statements.
requirements with cash generated from operations, overdraft
These include the Company’s proportionate share of income and
facilities with banks, short-and medium-term borrowings from
expenditure in its two Joint Operations, namely Tata Cummins Pvt
lending institutions, banks and commercial paper. The maturities
Ltd and Fiat India Automobiles Pvt Ltd.
of these short-and medium-term borrowings and debentures
are generally matched to particular cash flow requirements. The FY 2018-19 FY 2017-18
working capital limits are `10,000 crores from various banks in (%) (%)
India as at March 31, 2019. The working capital limits are secured Income from operations (net of excise 100 100
by hypothecation of certain existing current assets of the Company. duty)
The working capital limits are renewed annually. Expenditure:
Jaguar Land Rover Automotive plc currently has a GB£1,935 Cost of material consumed (including 73.1 72.7
million revolving credit facility with a syndicate of 30 banks, change in stock)
maturing in 2022. The revolving credit facility remained undrawn Excise Duty -- 1.4
as at March 31, 2019. Employee cost 6.2 6.8
Product development/Engineering 0.8 0.8
Some of the Company’s financing agreements and debt
expenses
arrangements set limits on and/or require prior lender consent
Other expenses (net) 14.0 15.7
for, among other things, undertaking new projects, issuing new
securities, changes in management, mergers, sales of undertakings Amount capitalised (1.6) (1.5)
and investment in subsidiaries. In addition, certain negative Profit before other income, depreciation 7.5 4.1
covenants may limit the Company’s ability to borrow additional and amortisation, finance costs, foreign
funds or to incur additional liens, and/or provide for increased costs exchange loss, exceptional items and tax
in case of breach. Certain of the Company’s financing arrangements Other income 3.7 4.2
also include financial covenants to maintain certain debt- to-equity Profit before depreciation and 11.2 8.3
ratios, debt-to-earnings ratios, liquidity ratios, capital expenditure amortisation, finance costs, foreign
ratios and debt coverage ratios. exchange loss, exceptional items and tax
Depreciation and amortisation 4.5 5.3
The Company monitors compliance with its financial covenants
Finance costs 2.6 3.0
on an ongoing basis. The Company also reviews its refinancing
Foreign exchange (gain)/loss 0.3 0.0
strategy and continues to plan for deployment of long-term funds
Exceptional items – loss 0.3 1.6
to address any potential non-compliance.
Profit/(loss) before tax 3.5 (1.6)
As at March 31, 2019, GB£262 million of cash was held by Jaguar Tax expenses 0.6 0.2
Land Rover subsidiaries outside of the UK. The cash in some of Profit/(loss) after tax 2.9 (1.8)
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FY 2018-19 has been a good year for the Company, followed a 7.7%, mainly due to higher volumes, annual increments, higher

period of high demand in the automotive sector in India. bonus and performance payment provisions for FY 2018-19 and
wage revisions at some plant locations. The number of employees
Income from operations of the Company for FY 2018-19, stood at
in TML Standalone only were 27,572 as at March 31, 2019, as
`69,202.76 crores as compared to `58,689.81 crores, an increase
compared to 24,922 as at March 31, 2018. The Company has given
of 17.9%. Sale of vehicles stood at `61,357.95 crores as compared
share based payments to certain employees, resulting in a charge
to `52,636.85 crores, an increase of 16.6%. Total number of
of `8.44 crores in FY 2018-19.
vehicles sold were 732,428 units in FY 2018-19, as compared to
636,968 units in FY 2017-18, a growth of 15%. Sale of spare parts Other Expenses includes all works operations, indirect
& miscellaneous products stood at `6,965.74 crores as compared manufacturing expenses, freight cost, fixed marketing costs and
to `5,231.19 crores, an increase of 33.2%. other administrative costs. These expenses have increased by
4.8% to `9,680.46 crores in FY 2018-19 from `9,234.27 crores in
FY 2018-19, was the first full year of benefits of the strategic
FY 2017-18. The breakdown is provided below:
Organization Effectiveness (OE) program, designed to overhaul and
transform the organizational structure of the company. As a result FY 2018-19 FY 2017-18 Change

of the OE program, the company has drawn separate strategies for (` in crores)
commercial vehicles and passenger vehicles from FY 2018-19.
Processing charges 1,567.89 1,240.88 327.01
Consequent to these changes, from April 1, 2018, the operating Consumption of stores & 617.67 639.35 (21.68)
segments of the Company are as follows as at March 31, 2019 spare parts
and 2018: Freight, transportation, port 1,865.62 1,703.15 162.47
(` in crores)
charges, etc.
Power and fuel 598.62 545.12 53.50
FY 2018-19 FY 2017-18
Warranty expenses 999.47 766.18 233.29
Earnings
Earnings Information technology/ 714.17 711.95 2.22
before
Revenue before Interest Revenue
and Tax (EBIT)
Interest and computer expenses
Tax (EBIT)
Publicity 736.13 720.18 15.95
Commercial 54,036.54 4,423.50 44,875.54 3,474.29 Allowances made/(reversed) 170.90 (109.19) 280.09

vehicles for trade and other receivables
Passenger 15,052.30 (1,396.08) 13,644.58 (2,985.13) Assets scrapped/written off 230.28 995.47 (765.19)
vehicles
Works operation and other 2179.71 2,021.18 158.53
Corporate/ 113.92 (349.92) 169.69 (265.45) expenses
Unallocable Other Expenses 9,680.46 9,234.27 446.19
Cost of materials consumed (including change in stock) The changes are mainly driven by volumes and the size of
operations.
FY 2018-19 FY 2017-18
(` in crores) i. Freight, transportation, port charges etc., as a percentage to
Consumption of raw materials and 43,748.77 37,080.45 total revenue, were 2.7% in FY 2018-19, as compared to 2.9%
components in FY 2017-18. The increase in absolute amount is due to
higher vehicle sales in FY 2018-19.
Purchase of product for sale 6,722.32 4,762.41
Change in inventories of finished 144.69 842.05 ii.
Publicity expenses represented 1.1% of total revenues in
goods, Work-in-progress and products FY 2018-19 and 1.2% in FY 2017-18. In addition to routine
for sale product and brand campaigns, the Company incurred expenses
Total 50,615.78 42,684.91 relating to new product introduction campaigns for the Harrier
etc.
Cost of material consumed increased from 72.7% of total revenue
iii.
Warranty expenses represented 1.4% and 1.3%, of the
to 73.1% in FY 2018-19, representing an increase of 40 bps, mainly
Company’s revenues in FY 2018-19 and 2018, respectively.
due to product mix.
The increase was due to increased volumes of M&HCV.
Excise duty Consequent to the introduction of Goods and Service Further, the Company has increased product warranty period
Tax (GST) with effect from July 1, 2017, Central Excise, Value for certain vehicles from four years to six years effective from
Added Tax (VAT) etc. have been replaced by GST. Excise duty for FY January 1, 2018.
2017-18 was `793.28 crores.
iv. Information technology/computer expenses represented 1%
Employee Costs were `4,273.10 crores in FY 2018-19 as and 1.2% of the Company’s revenues in FY 2018-19 and 2018,
compared to `3,966.73 crores in FY 2017-18, an increase by respectively.
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v. Allowances made for trade and other receivables of `170.90 Foreign exchange loss of `215.22 crores in FY 2018-19 as
crores in FY 2018-19, In FY 2018, there was a reversal due to compared to loss of `17.14 crores in FY 2017-18. The loss was
favorable litigation orders. due to depreciation on INR as compared to US$.
vi. Assets written off were `230.28 crores in FY 2018-19, as Exceptional items
compared to `995.47 crores in FY 2017-18.
FY 2019 FY 2018 Change
vi. Works operation and other expenses have decreased to 3.1% (` in crores)
of net revenue in FY 2018-19 from 3.4% in FY 2017-18. The Employee separation cost 4.23 3.68 0.55
Company has run certain impact projects thereby reducing Provision for impairment of investment 241.86 - 241.86
its fixed costs. In absolute terms the expenses increased by in subsidiary companies
`158.53 crores in FY 2018-19. The Company has subscribed Impairment of capitalized fixed assets 180.66 962.98 (782.32)
to the Tata Brand Equity & Brand Promotion Agreement, for Profit on sale of investment in (332.95) - (332.95)
which the Company has to pay an annual subscription of subsidiary co.
0.25% of the annual net income, subject to a ceiling of 5% of Others 109.27 - 109.27
the annual profit before tax. In view of profits in FY 2018-19, Total 203.07 966.66 (763.59)
there is an accrual for such fees.. i.
Employee separation cost: The Company has given early
retirement to certain employees resulting in expenses in FY
Product development/engineering expenses The Company 2018-19 and FY 2017-18.
introduced the factor of “affordability” of investments w.e.f. April 1,
2018 for capitalization of product development costs. Accordingly, ii. The Company has made provision of `241.86 crores during FY
the amount written off increased by 20.4% to `571.76 crores in FY 2018-19 for certain of its investments in subsidiary companies,
2018-19 from `474.98 crores in FY 2017-18. due to continued losses.
Amount transferred to capital and other account represents iii. In order to make the Company fit for future certain product
expenditure transferred to capital and other accounts allocated development programs were reviewed and accordingly an
out of employee cost and other expenses, incurred in connection impairment charge of `180.66 crores were taken during FY
with product development projects and other capital items. 2018-19, as compared to `962.98 crores in FY 2017-18.
The expenditure transferred to capital and other accounts has iv. In FY 2018-19, the Company has sold investment in TAL
increased by 27.8% to `1,093.11 crores in FY 2018-19 from Manufacturing Solutions Limited to Tata Advanced Systems
`855.08 crores in FY 2017-18, mainly due to various product Ltd.
development projects undertaken by the Company for the
introduction of new products, BS6 and the development of engine iv. The Company has entered into an agreement for transfer
and products variants. of its Defence undertaking, which had a value of `209.27
crores as at December 31, 2017 to Tata Advanced Systems
Other Income increased by 2.5% to ` 2,554.66 crores in FY 2018- Ltd (transferee company), for an upfront consideration of
19 from `2,492.48 crores in FY 2017-18. This includes interest `100 crores and a future consideration of 3% of the revenue
income of `335.87 crores in FY 2018-19, compared to `397.71 generated from identified Specialized Defence Projects for
crores in FY 2017-18. Dividend income increased to `1,526.25 upto 15 years from FY 2019-20 subject to a maximum of
crores in FY 2018-19 from `1,054.69 crores in FY 2017-18, `1,750 crores. The future consideration of 3% of revenue
whereas profit on sale of investment decreased to `69.27 crores in depends on future revenue to be generated from the said
FY 2018-19, compared to `103.17 crores in FY 2017-18. projects by the transferee company. On account of the same,
Profit before depreciation and amortization, finance costs, foreign the Company has recognized a provision of `109.27 crores,
exchange loss, exceptional items and tax is `7,709.43 crores in FY which may get reversed in future once projects start getting
2018-19, representing 11.1% of revenue, compared to `4,883.20 executed from FY 2019-20 onwards.
crores (8.3% of revenue) in FY 2017-18. Profit before tax was `2,398.93 crores in FY 2018-19, compared
Depreciation and amortization: During FY 2018-19, expenditures to a loss of `946.92 crores in FY 2017-18. In FY 2017-18, though
decreased marginally to `3,098.64 crores from `3,101.89 the Company performed well in terms of sales and revenue
crores in FY 2017-18. The depreciation has increased by 2.2% to and reducing the costs, the losses were due to certain one-time
`2,017.45 crores as compared to `1,973.94 in FY 2017-18. The charges to make the Company “fit for future”.
amortization expenses have decreased by 4.1% to `1,081.19 Tax Expense represents a net charge of `378.33 crores in FY 2018-
crores in FY 2018-19 from `1,127.95 crores in FY 2017-18, and 19, as compared to `87.93 crores in FY 2017-18. The increase was
are mainly attributable to product development costs. mainly due to better performance of the Company including its
Finance Cost has increased by 2.8% to `1,793.57 crores in FY Joint operations.
2018-19 from `1,744.43 crores in FY 2017-18. The increase is Profit after tax was `2,020.60 crores in FY 2018-19 as compared
attributable to higher interest rates. loss of `1,034.85 crores in FY 2017-18.
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Standalone Balance Sheet Other Financial Assets

Property, plant and equipment and Other Intangible assets. (` in crores)
As at March 31, Change
(` in crores) 2019 2018
As at March 31, Change Other financial assets - non 994.39 793.40 200.99
current
2019 2018
Other financial assets – 1,279.68 646.31 633.37
Property, plant and equipment 20,463.57 19,563.97 899.60 current
(including capital work-in-progress) Total 2,274.07 1,439.71 834.36
Other intangible assets 8,010.76 7,137.29 873.47 The above includes `997.03 crores as at March 31, 2019 on
(including assets under account of accrual of Government grants receivable as compared
development) to `878.54 of FY 2017-18. Further, it also consists of `392.00
Total 28,474.33 26,701.26 1,773.07 crores of derivative financial instruments, as at March 31, 2019
compared to `242.34 crores as at March 31, 2018, reflecting
There is increase (net of depreciation and amortization) in the

notional asset due to the valuation of derivative contracts. The
intangible and tangible assets in FY 2018-19, mainly due to new increase is also due to deposits placed with financial institutions of
product introduction. `500.00 crores as at March 31, 2019.
Investments in subsidiaries, joint ventures and associates Inventories as at March 31, 2019, were `4,662 crores as
were `15,028.62 crores as at March 31, 2019, as compared to compared to `5,670.13 crores as at March 31, 2018, a decrease
`14,632.51 crores as at March 31, 2018. During FY 2018-19, of 17.8%. In terms of number of days of sales, finished goods
the Company made additional investments of `600 crores in Tata represented 11 inventory days in FY 2018-19 as compared to 15
Motors Finance Holdings Ltd. days in FY 2017-18.
Investments (Current + Non-current) were `1,838.75 crores as at Trade Receivables (net of allowance for doubtful debts)
March 31, 2019, as compared to `2,131.06 crores as at March 31, were `3,250.64 crores as at March 31, 2019, representing a
2018. The details are as follows: decrease of 6.6% compared to `3,479.81 crores as at March
(` in crores) 31, 2018. The allowances for doubtful debts were `600.86

crores as at March 31, 2019 compared to `543.50 crores as
at March 31, 2018. In terms of days of sales, trade receivables
2019 2018
represent 18 days in FY 2018-19 as compared to 17 days in
Mutual Funds 1,174.46 1,517.03 (342.57) FY 2017-18.
Quoted Equity shares 271.08 303.84 (32.77)
Cash and cash equivalents were `487.40 crores, as at March 31,
Unquoted Equity shares 393.21 310.19 83.03
2019, compared to `546.82 crores as at March 31, 2018.
Total 1,838.75 2,131.06 (292.31)
Other bank balances were `819.21 crores, as at March 31,
There was decrease in mutual fund investments in FY 2018-19. 2019, compared to `248.60 crores as at March 31, 2018. These
Decrease in quoted equity shares were due to decrease in market include earmarked balances with banks of `169.21 crores as at
value as at March 31, 2019. Increase in unquoted equity shares is March 31, 2019, compared to `248.53 crores as at March 31,
due to unrealized fair value gains as at March 31, 2019. 2018 & also includes Bank deposits of `650 crores, as at March
31, 2019.
Loans and Advances
Current tax assets (net) (current + non-current) were `715.30
(` in crores)
crores, as at March 31, 2019, compared to `769.63 crores as at
As at March 31, March 31, 2018.
Change
2019 2018
Other assets
Long term loans and 143.13 143.96 (0.83)
(` in crores)
advances
Short term loans and 200.08 140.27 59.81
2019 2018
advances
Other assets - non current 1,819.90 1,546.39 273.51
Total 343.21 284.23 58.98
Other assets – current 934.87 1,439.73 (504.86)
Loans and advances include advance to suppliers, contractors Total 2,754.77 2,986.12 (231.35)
etc. Advance and other receivables increased to `129.55 crores
as at March 31, 2019, as compared to `68.03 crores as at March a)
Taxes recoverable, statutory deposits and dues from
31, 2018. government decreased to `1,561.81 crores as at March 31,
2019, as compared to `1,978.74 crores as at March 31, 2018.
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The above was offset by: Provisions (current and non-current) were made towards warranty
and employee benefit schemes. Short-term provisions are those,
b) Capital advances which increased to `374.95 crores as at March
which are expected to be settled during next financial year. The
31, 2019, as compared to `285.54 crores as at March 31, 2018.
details are as follows:
c) Recoverable form insurance companies increased to `354.56 (` in crores)
crores as at March 31, 2019 as compared to `212.96 crores as As at March 31, Change
at March 31, 2018.. 2019 2018
Shareholders’ fund was `22,162.52 crores and `20,170.98 crores Long term provisions 1,281.59 1,009.48 272.11
as at March 31, 2019 and 2018, respectively, an increase of 9.9%. (Non-current)
Short term provisions 1,148.69 862.92 285.77
Reserves increased by 10.2% from `19,491.76 crores as at March (Current)
31, 2018 to `21,483.30 crores as at March 31, 2019, mainly due Total 2,430.28 1,872.40 557.88
to profits for FY 2018-19.
i. Provision for warranty increased to `1,612.37 crores as at
Borrowings March 31, 2019, as compared to `1,103.47 crores as at March
(` in crores) 31, 2018, an increase of `508.90 crores, mainly due to increase
As at March 31, Change in volumes, higher warranty cost for BS IV models and also
2019 2018 increase of warranty period for certain vehicle models, w.e.f.
Long term borrowings 13,919.81 13,155.91 763.90 January 1, 2018.
Short term borrowings 3,617.72 3,099.87 517.85
ii.
The provision for employee benefits obligations were at
Current maturities of long 1,102.10 2,208.06 (1,105.96)
term borrowings
`739.53 crores as at March 31, 2019, as compared to `655.05
crores as at March 31, 2018.
Total 18,639.63 18,463.84 175.79
Other liabilities
Current maturities of long-term borrowings represent the amount
(` in crores)
of loan repayable within one year.
As at March 31,
Other financial liabilities 2019 2018 Change
(` in crores) Other liabilities - non current 218.24 291.09 (72.85)
As at March 31, Change Other liabilities – current 2,356.01 1,917.60 438.41
2019 2018 Total 2,574.25 2,208.69 365.56
Other financial liabilities - non 180.80 211.28 (30.48) These mainly includes
current
Other financial liabilities – 2,237.98 4,091.16 (1,853.18) a) Contact liabilities were `1,063.36 crores as at March 31, 2019,
current as compared to `1,063.01 crores as at March 31, 2018.
Total 2,418.78 4,302.44 (1,883.66) b)
Government incentives increased to `324.22 crores as at
Financial guarantee contracts is `NIL as at March 31, 2019, March 31, 2019 as compared to `274.66 crores as at March
as compared to `977.26 crores as at March 31, 2018. Further, 31, 2018.
current maturities of long-term borrowings were `1,102.10 c)
Statutory dues (GST, VAT, Excise, Service Tax, Octroi etc.)
crores as at March 31, 2019 as compared to `2,208.06 crores were `1,091.92 crores as at March 31, 2019, as compared to
as at March 31, 2018. Furthermore, interest accrued but not `781.12 crores as at March 31, 2018.
due on borrowings were `373.04 crores as at March 31, 2019
as compared to `500.06 crores as at March 31, 2018. These Deferred tax liability represent timing differences where current
decreases were offset by increase in deposits and retention benefit in tax will be offset by a debit in the statement of profit
money to `397.06 crores as at March 31, 2019, as compared to and loss. The amount increased to `205.86 crores as at March 31,
`186.44 crores as at March 31, 2018. 2019, as compared to `154.61 crores as at March 31, 2018.
Trade payables were `10,408.83 crores as at March 31, 2019, as Standalone Cash Flow
compared to `9,411.05 crores as at March 31, 2018, mainly due to FY 2019 FY 2018 Change
creditors for goods supplied and services received, liabilities for variable (` in crores )
marketing expenses etc. The number of day’s payable outstanding is Net cash from operating 6,292.63 4,133.94 2,158.69
63 days in FY 2018-19 compared to 68 days in FY 2017-18. The cash activities
conversion cycle as at March 31, 2019 is negative 21 days in FY 2018- Profit/(Loss) for the year 2,020.60 (1,034.85)
19 as compared to negative 16 days in FY 2017-18. Adjustments for cash flow 4,146.39 5,125.70
from operations
Acceptances were `3,093.28 crores as at March 31, 2019, as
Changes in working capital 307.86 51.50
compared to `4,814.58 crores as at March 31, 2018.
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FY 2019 FY 2018 Change c)
The net change in financing activity was an outflow of

(` in crores ) `2,529.70 in FY 2018-19 against inflow of `3,105.63 crores in
Direct taxes paid (182.22) (8.41) FY 2017-18. The outflow is attributable to:
Net cash used in investing (3,820.55) (710.27) (3,110.28) • Long-term borrowings (net) – outflow of `703.98 crores in
activities
FY 2018-19 as compared to inflow of `1,034.70 crores.
Payment for Assets (4,753.23) (2,794.80)
Net investments, short term (963.09) 630.50 • Short-term borrowings (net) – inflow of `531.61 crores in
deposit, margin money and FY 2018-19 as compared to outflow of `2,039.14 crores.
loans given
• In FY 2018-19, interest payment was `2,354.70 crores as
Dividend and interest received 1,895.77 1,454.03
compared to `2,098.44 crores in FY 2017-18.
Net Cash used in financing (2,529.70) (3,105.63) 575.93
activities d) There has been positive Free cash flows of `1,539.40 crores
Dividend Paid (including paid (2.63) (2.75) in FY 2018-19 due to improved performance mainly at Tata
to minority shareholders Motors Ltd.

Interest paid (2,354.70) (2,098.44)
KEY FINANCIAL RATIOS
Net Borrowings (net of issue (172.37) (1,004.44)
expenses) The details of significant changes (25% or more) in the key financial
Net increase / (decrease) in (57.62) 318.04 ratios in FY 2018-19 compared to 2018 is as follows:
cash and cash equivalent
Cash and cash equivalent, 546.82 228.94 Formula
FY 2018-19 FY 2017-18 Reason for change
beginning of the year used
Inventory 11.64 8.97 Cost of The inventory turnover
Effect of exchange fluctuation (1.80) (0.16)
Turnover goods sold ratio has improved in
on cash flows
ratio (in / Average FY 2018-19 compared
Cash and cash equivalent, end 487.40 546.82 times) Inventory to FY 2017-18 as there
of the year has been reduction in
Inventory and increase
a)
Increase in cash from operations reflects better business in Revenue from
performance in FY 2018-19. The cash from operations before operations by 18%

working capital changes was `6,167 crores in FY 2018-19 Interest 1.49 0.13 EBIT as per The interest coverage
coverage segment ratio has turned
compared to `4,090.85 crores in FY 2017-18. There was a
ratio (in / Interest positive in FY 2018-19
net inflow of `307.86 crores in FY 2018-19, as compared to times) expense compared to negative
`51.50 crores in FY 2017-18 towards working capital changes. 0.42 in FY 2017-18.
This is mainly due
b) The net cash used in investing activities was `3,820.55 crores to better operational
in FY 2018-19 compared to `710.27 crores in FY 2017-18, performance.
mainly attributable to: Net profit 3 (2) Net Profit The net profit margin
margin / Revenue has improved
• The cash used for payments for fixed assets was `4,753.23 (%) from substantially in FY
crores (net) in FY 2018-19 compared to `2,794.80 crores operation 2018-19 compared
to FY 2017-18 due
in FY 2017-18 due to higher BS6 investments. to better operational
• Outflow by way of investments in subsidiary companies performance.
resulting in cash outflows of `837.98 crores in FY 2018- FINANCIAL PERFORMANCE OF JAGUAR LAND ROVER (AS PER
19 as compared to `300 crores in FY 2017-18. IFRS)
• Outflow by way of deposits with financial institution The financial statements of Jaguar Land Rover are prepared in
resulting in cash outflow of `500 crores in FY 2018-19 as accordance with International Financial Reporting Standards (IFRS)
compared to `Nil in FY 2017-18. applicable in the United Kingdom. This information is given to enable
• There was an outflow (net) of `570.64 crores in FY 2018- the readers to understand the performance of Jaguar Land Rover
19 compared to `110.96 crores for FY 2017-18 towards [on a consolidated basis for the Jaguar Land Rover group.
Fixed / restricted deposits. Revenues for Jaguar Land Rover for FY 2018-19 were GB£24,214
• Increase in Investments in mutual funds in FY 2018-19 million, a decrease of 6.1% compared to the GB£25,786 million in
was `413.74 crores as compared to increase of `1,025.59 FY 2017-18, driven primarily by decreased wholesale volumes,
crores in FY 2017-18. primarily in China.
• Inflow due to dividends and interest in FY 2018-19 was Material and other cost of sales in FY 2018-19 were of GB£15,670
`1,895.77 crores as compared to `1,454.03 crores in FY million, down 4.0% compared to the GB£16,328 million in FY 2017-
2017-18. 18 (and increased as a proportion of revenue to 64.7% in FY 2018-
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19 compared to 63.3% in FY 2017-18) primarily driven by the GB£178 million of net interest (including the payment of lease
decrease in sales volumes. obligations) expense and GB£47 million of other inflows and
adjustments, free cash flow was negative GB£1,267 million. The
Employee costs increased by 3.6% to GB£2,820 million in FY
net increases in debt of GB£613 million reflects the issuance of
2018-19 compared to GB£2,722 million in FY 2017-18, primarily
a EUR500 million bond in September 2018, the completion and
reflecting the higher average number of employees in FY 2018-19
draw down of the US$1 billion loan in October 2018, partially
compared to FY 2017-18.
offset by the maturity of the US$700 million bond in December
Other expenses (net of income) decreased by 4.1% to GB£5,567 2018 and a GB£54 million reduction in drawings under an
million in FY 2018-19 compared to GB£5,846 million in FY 2017-18. uncommitted invoice discounting facility wound down ahead of
its expiry in April and replaced with a newly established US$700
Product development costs capitalized decreased by 2.1% to
million committed invoice discounting facility. A dividend of
GB£1,576 million in FY 2018-19 compared to GB£1,610 million in
GB£225 million was paid to Tata Motors in June 2018 and GB£3
FY 2017-18 primarily related to the development of future models,
million of other distributions were paid during the year. As a result
technologies and production facilities.
Jaguar Land Rover had a total cash balance of GB£3,775 million
EBITDA was GB£1,981 million (8.2% margin) in FY 2018-19, (comprising GB£2,747 million of cash and cash equivalents and
compared to the EBITDA of GB£2,794 million (10.8% margin) in FY GB£1,028 million of financial deposits) as at March 31, 2019
2017-18, primarily reflecting the lower wholesales, particularly compared to GB£4,657 million of total cash as at March 31,
in China, higher incentive and warranty costs, partially offset by 2018 (comprising GB£2,626 million of cash and cash equivalents
Project Charge cost efficiencies and favourable realized foreign and GB£2,031 million of financial deposits). With total cash of
exchange movements. GB£3,775 million and an undrawn revolving credit facility of
GB£1,935 million (maturing in July 2022), total liquidity available
The loss before interest tax and exceptional charges (EBIT) was
to Jaguar Land Rover was GB£5,710 million as at March 31,
negative GB£180 million (0.7% margin) in FY 2018-19, compared
2019, compared to GB£6,592 million as at March 31, 2018.
to the EBIT of GB£971 million (3.8% margin) in FY 2017-18 due
to the lower EBITDA as well as an increase in depreciation and FINANCIAL PERFORMANCE OF TMF HOLDINGS LTD AT
amortization and lower profits from the China joint venture. CONSOLIDATED BASIS (AS PER IND AS)
The loss before tax (“PBT”) before exceptional item of GB£358 Consolidated revenue for TMF Holdings during FY 2018-19
million in FY 2018-19 compared to profit of GB£1,074 million in increased 36.7% to `3,974.57 crores, compared to `2,908.47 crores
FY 2017-18, as the lower EBIT, explained by higher interest costs in FY 2017-18. The Profit before tax was `122.64 crores in FY 2018-
and unfavourable revaluation of foreign currency debt and hedges 19 compared to `30.69 crores in FY 2017-18. The Profit after tax
in FY 2018-19 compared to favourable revaluation in the previous was `163.97 crores in FY 2018-19, as compared to `76.34 crores
year. In Q3 of FY 2018-19, JLR concluded that the carrying value in previous year. The GNPA reduced by 139 bps to 2.57% (measured
of assets should be written down, resulting in a GB£3,105 million on 90 days basis). NNPA at 1.37%.
pre-tax exceptional charge. In Q4 FY 2018-19, JLR implemented
a redundancy programme to deliver ongoing cost savings and to FINANCIAL PERFORMANCE OF TATA DAEWOO COMMERCIAL
capture the one-time separation costs an exceptional charge of VEHICLES (AS PER KOREAN GAAP)
GB£149 million was recognized. After these exceptional items the
During FY 2018-19, TDCV, registered revenues of KRW 651.36
loss before tax was GB£3,629 million in FY 2018-19 compared to
billion (`4,090 crores), a drop of 25.0% over the previous year
PBT of GB£1,512 million (including GB£437 million exceptional
revenues of KRW 868.26 billion (`5,035 crores), mainly due to
pension credit) in FY 2017-18.
lower domestic sales and market slowdown. The loss after tax was
The loss after tax was GB£3,321 million in FY 2018-19 compared KRW 28.02 billion (`179 crores) compared to profit after tax of
to PAT of GB£1,114 million in FY 2017-18. The losses incurred in KRW 33.66 billion (`203 crores) of FY 2017-18. Lower absorption
FY 2018-19 resulted in a GB£308 million tax credit compared to of fixed cost due to lower production and lower sales has resulted
GB£398 million tax charge in FY 2017-18 (26.3% effective tax rate). into lower profitability during the year as compared to previous
year which was partially offset the impact of lower sales which
Net cash generated from operating activities was GB£2,253 million in
was partially set off by material cost reduction
FY 2018-19 compared to GB£2,958 million in FY 2017-18, primarily
reflecting the loss in FY 2018-19, partially offset by GB£405 million FIANNCIAL PERFORMANCE OF TATA TECHNOLOGIES LTD
of working capital inflows (GB£81 million working capital inflow in FY
The consolidated revenue of TTL in FY 2018-19 increased by 9.3%
2017-18), and GB£22 million of dividends received from the China
to `2,942.21 crores, compared to `2,691.48 crores in FY 2017-
joint venture compared to GB£206 million of dividends received in FY
18. The profit before tax increased by 39.9% to `470.94 crores
2017-18. In addition GB£227 million was paid in tax in FY 2018-19
in FY 2018-19, compared to `336.53 crores in FY 2017-18. The
compared to GB£312 million in FY 2017-18.
profit after tax increased by 43.3% to `352.60 crores in FY 2018-
After GB£3,389 million of investment spending (excluding 19, as compared to `245.81 crores in FY 2017-18. The Company
GB£421 million of expensed Research and Development), witnessed increase in revenue due to favourable currency
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movement which helped in growth of revenue in UK & Europe and whistle blower mechanisms are operative across the

North America, the growth in APAC Revenue was primarily driven Company.
by strong revenue growth in India & China in key accounts and
The Board takes responsibility for the overall process of risk
growth in educational product sales. There has been increase in
management throughout the organization. Through an Enterprise
purchase of traded products, employee costs and other expenses
Risk Management programme, the Company’s business units and
partially offset by outsourcing and consultancy charges, leading
corporate functions address risks through an institutionalized
to an increase in profits.
approach aligned to the Company’s objectives. The Business risk is
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY managed through cross-functional involvement and communication
across businesses. The results of the risk assessment are presented
The Company has an adequate system of internal controls in place.
to the senior management. The Risk Management Committee
It has documented policies and procedures covering all financial
reviews business risk areas covering operational, financial, strategic
and operating functions. These controls have been designed to
and regulatory risks.
provide a reasonable assurance with regard to maintaining of proper
accounting controls for ensuring reliability of financial reporting, During FY 2018-19, the Company conducted an assessment of the

monitoring of operations, and protecting assets from unauthorized effectiveness of the Internal Control over Financial Reporting and
use or losses, compliances with regulations. The Company has has determined that the Company’s Internal Control over Financial
continued its efforts to align all its processes and controls with Reporting for Tata Motors Limited, its subsidiary companies, its joint
global best practices. operation companies, its associates and joint ventures which are
companies incorporated in India as at March 31, 2019 is effective.
Some significant features of the internal control of systems are:
The Company identified certain control weaknesses in its subsidiary
• he Audit Committee of the Board of Directors, comprising of
T
Jaguar Land Rover during FY 2018-19. The management has
independent directors and functional since August 1988, regularly
performed additional procedures and confirmed that there are no
reviews the audit plans, significant audit findings, adequacy of
material misstatements in the financial statement. However, the
internal controls, compliance with accounting standards as well
Company’s annual report in Form 20-F to be submitted to Securities
as reasons for changes in accounting policies and practices, if any;
Exchange Commission, USA is being finalized and hence the final
• ocumentation of major business processes and testing thereof
D assessment and reporting of internal control over financial reporting,
including financial closing, computer controls and entity level for Jaguar Land Rover is pending.

controls, as part of compliance programme towards Sarbanes-
HUMAN RESOURCES / INDUSTRIAL RELATIONS
Oxley Act, as required by the listing requirements at New York
Stock Exchange; The Company considers its human capital a critical factor to its
success. Under the aegis of Tata Sons and the Tata Sons promoted
• n ongoing programme, for the reinforcement of the Tata Code
A
entities, the Company has drawn up a comprehensive human
of Conduct is prevalent across the organization. The Code covers
resource strategy, which addresses key aspects of human resource
integrity of financial reporting, ethical conduct, regulatory
development such as:
compliance, conflicts of interest’s review and reporting of
concerns. • The code of conduct and fair business practices;
• fair and objective performance management system linked
A
• tate-of-the-art Enterprise Resource Planning, supplier
S
to the performance of the businesses which identifies and
relations management and customer relations management
differentiates employees by performance level;
connect the Company’s different locations, dealers and vendors
• Creation of a common pool of talented managers across
for efficient and seamless information exchange. The Company
Tata Sons and the Tata Sons promoted entities with a view to
also maintains a comprehensive information security policy and
increasing their mobility through job rotation among the entities;
undertakes continuous upgrades to its IT systems;
• Evolution of performance based compensation packages to
• etailed business plans for each segment, investment strategies,
D attract and retain talent within Tata Sons and the Tata Sons
year-on-year reviews, annual financial and operating plans and promoted entities; and
monthly monitoring are part of the established practices for all • Development and delivery of comprehensive training programs
operating and service functions; to impact and improve industry- and/or function-specific skills
as well as managerial competence.
• well-established, independent, multi-disciplinary Internal
A
Audit team operates in line with governance best practices. It In line with the Company human resource strategy, it has
reviews and reports to management and the Audit Committee implemented various initiatives in order to build better organizational
about compliance with internal controls and the efficiency capabilities that the Company believe will enable it to sustain
and effectiveness of operations as well as the key process competitiveness in the global marketplace. The Company’s focus is
risks. The scope and authority of the Internal Audit division to attract talent, retain the better and advance the best. Some of the
is derived from the Internal Audit Charter, duly approved by initiatives to meet this objective include:
the Audit Committee; and Anti-fraud programmes including
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• evelopment of an agile organization through process

D gaps and preparing its employees to adopt to fast changing
modification, delayering and structure alignment and increase external environment in order to meet its strategic objectives.
in customer facing roles;
To achieve this, the Company has established the Tata Motors
• Changed organization structure has empowered teams, across
Academy, which addresses development needs of various segments
each product lines, which will manage the product lifecycle and
of its workforce through a structured approach. The Tata Motors
be accountable for the Profit and Loss;
Academy focuses on three functional pillars – customer excellence,
• Extensive process mapping exercises to benchmark and align
product leadership, and operational excellence – and one pillar on
the human resource processes with global best practices;
management education, all of which are aligned with the Company-
• Outsource transactional activities to an in house back office
level strategic objectives. The emphasis of functional academies is to
(Global Delivery Center), thereby reducing cost and time of
strengthen knowledge, skills and expertise with an in depth approach,
transaction;
within respective function, and the emphasis of management
• Talent management process redesigned with a stronger
education is developing general management and leadership skills.
emphasis on identifying future leaders;
Tata Motors Academy also provides executive education opportunities
• Build strategic partnerships with educational institutions of
in the areas of B.Tech, M.Tech, and Executive MBA.
repute to foster academia based research and provide avenues
for employees to further their educational studies; As an integral part of the Tata Motors Academy, the Company’s
• Enhance company’s image and desirability amongst the target Learning Advisory Council, which includes senior leaders from
engineering and management schools, to enable it to attract the different parts of organization, aims to align its learning and
best; development efforts, more closely with its business needs
• Foster diverse workforce to leverage the multiplicity of skillsets and priorities. The Learning Advisory Council is responsible for
in all its operations; providing guidance and strategic direction to the Academies to
• Functional academies setup for functional skills development; design, implement and review the learning agenda.
• Skill development of all Blue collared workforce to enable them
The Company is now migrating from a trade-based training
to effectively meet the productivity and quality deliverables;
approach to a process-based training approach, which emphasizes
and
team members’ knowledge as related to their actual work, in
• raining youth under Government of India’s National
T addition to the general trade-based skills, which are learned at
Employment Enhancement Mission in our skill development training institutes. These skills are very specific and not currently
centers in all the plants. These trainees are given Automotive taught at the training institutes. To accomplish this, the Company
Skill Development Council certification, helping them get gainful is implementing a fundamental skills training initiative throughout
employment in the industry. Engaging trainees benefit the organization. Its objective is to address key employee performance
company to meet the cyclicity of demand as well. issues, such as inconsistent quality, poor craftsmanship, high
The Company employed approximately 82,797 and 81,090 frequencies of repair reworking and low productivity levels
permanent employees as at March 31, 2019 and 2018, respectively. through training of front-line team members.
The average number of flexible (temporary, trainee and contractual)
Union Wage Settlements The Company has labour unions for
employees for FY 2018-19, was approximately 31,647 (including
operative grade employees at all its plant across India, except
joint operations) compared to 38,017 in FY 2017-18.
Dharwad plant. The Company has generally enjoyed cordial relations
The following table set forth a breakdown of persons employed by with its employees at its factories and offices and have received union
the Company’s business segments and by geographic location as at support in the implementation of reforms that impact safety, quality,
March 31, 2019 and 2018. cost erosion and productivity improvements across all locations.
As at March 31, Employee wages are paid in accordance with wage agreements
2019 2018 that have varying terms (typically three to five years) at different
Segment No. of Employees locations. The expiration dates of the wage agreements with
Automotive 73,394 72,151 respect to various locations/subsidiaries are as follows:
Other 9,403 8,939
Location/subsidiaries Wage Agreement valid until
Total 82,797 81,090
Pune commercial vehicles August 31, 2021
Location No. of Employees
Pune passenger vehicles March 31, 2022
India 41,655 41,295
Jamshedpur March 31, 2019
Abroad 41,142 39,795 Mumbai December 31, 2018
Total 82,797 81,090 Lucknow March 31, 2020
Pantnagar March 31, 2019
Training and Development The Company has committed to the Jaguar Land Rover – UK Plants Negotiations ongoing
development of its employees to strengthen their functional,
managerial and leadership capabilities. The Company has a The Company’s wage agreements link an employee’s compensation
focused approach with the objective of addressing all capability to certain performance criteria that are based on various factors
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such as quality, productivity, operating profit and an individual’s to live in India’s cities. Therefore, automakers are slated to be one

performance and attendance. The Company has generally received of the greatest contributors to this futuristic plan of 100 smart
union support in its implementation of reforms that impact quality, cities by 2020. The Company has recently supplied Hybrid electric
cost erosion and productivity improvements across all locations in buses, which runs both on diesel and electric, and is economically
addition to this this time we have signed settlement with a variable viable, safe and environment-friendly.
as part of wage cost and stagger payment instead of one time pay
The Company is looking to be the major beneficiary for the
to be bring more cost effectiveness on account of fixed pay.
increased infrastructure spending on roads, airports and expected
JAGUAR LAND ROVER high GDP. The lower interest regime also bodes well for the
sector as more than 80% of the vehicles in India are financed. In
Automotive apprenticeships
Passenger vehicle, there has been a shift in the trend of buying
Jaguar Land Rover has always focused on the safety, security, from small passenger vehicles towards Utility Vehicles (UV). This
wellbeing and development of the people. The Company nurture shift will lead to more profitable growth for the Automobile sector.
and retain talent through the Jaguar Land Rover Academy, an The Company is preparing for the shift to BS6 standards and
environment offering accredited learning for the employees at every National Electric Mobility Mission 2017.

stage of their career. Actively shaping education and contributing
The demand for Heavy Commercial Vehicle (HCV) is expected to
to the skills development available to our communities is part of
grow by 7% to 8% over the long term. The privatization of select State
our long-term recruitment strategy. So too is continuing JLR’s
Transport undertakings bodes well for the bus segment. Auto industry
successful apprentice and graduate programme, working closely
has witnessed multiple tailwinds in last two to three years like multi-
with academic partners such as Warwick Manufacturing Group.
year low interest rates, subdued metal prices, and low oil prices,
Closing the gender gap and a digital call for the worlds brightest however, many of these factors are showing early signs of reversal.
and best This can result in an adverse impact to volumes and profitability.
Jaguar Land Rover has focus on attracting women into engineering There is an increasing buzz for e-mobility by 2030. The Company
and advanced manufacturing through programmes such as JLR’s acknowledges the importance to environment risk and is prepared
Young Women in the Know initiative for female students aged 15 for the electric vehicles which is visible from the recent orders
to 18. With fewer women than men in senior roles and a majority of received from EESL and Government of Maharashtra. The
men in production operations in factories, the gender gap was hard Company has already started delivery of the vehicles to EESL. In

to close. Traditionally, lower numbers of women coming into the addition to Electric vehicles, the Company is preparing itself to be
industry and flourishing within it has made this even harder. However, efficient in not only BS6, but also plans to take a holistic approach
the Company is committed both to equality and encouraging a diverse towards environment regulations and stay ahead in Industry.
workforce, and things are changing for the better. The proportion of
Jaguar Land Rover have invested intensively to prepare for
female managers at Jaguar Land Rover has trebled to 17% since 2011
the move from the internal combustion engine to autonomous,
and our female workforce has increased by 18.5% since 2017. 15% of
connected, electrified and shared mobility or "ICE" to "ACES". From
Jaguar Land Rover’s engineering apprentices are female, compared to
2020, all of the new vehicle models of Jaguar and Land Rover
the national average of just 4%. In 2017, 36% of total apprenticeship
brands, will offer a choice of varying degrees of electrification, from
recruits were female and, for the first time, JLR recruited more women
mild and plug-in-hybrid to battery electric, as well as advanced
(55%) than men to JLR’s advanced apprenticeship programme. In
electronic architectures and ACES product features. Jaguar Land
addition, more early career females have been recruited, however
Rover have a defined vision to shape future mobility - "Destination
there has been a 1.3% increase to the gender pay gap and a 0.6%
Zero" - zero emission, zero accidents and zero congestion.
increase to the gender bonus gap in 2018.
Continued investment, by Jaguar Land Rover, in new products
Human Rights
and technologies as well as expanding its production capacity in
The Human Rights Policy sets out the commitment to respect and appropriate strategic locations, while balancing production with
comply will all relevant laws, rules and regulations in the territories sales, is key for the success of the Company.
in which Jaguar Land Rover operates. These include provisions
CAUTIONARY STATEMENT
addressing slavery, human trafficking, forced labour, child labour
and upholding each employee’s right to freedom of association. Statements in the Management Discussion and Analysis describing
The Company has refreshed the assessment of slavery and human the Company’s objective, projections, estimates and expectations
trafficking risk risks and continue to deem the risk to be low. may be “forward-looking statements” within the meaning of
applicable securities laws and regulations. Actual results could
OUTLOOK
differ materially from those expressed or implied. Important factors
The Indian automotive sector has the potential to generate upto that could make a difference to the Company operations include,
US$300 billion in annual revenue by 2026, create 65 million among others, economic conditions affecting demand/supply and
additional jobs and contribute over 12% to India’s GDP. Increased price conditions in the domestic and overseas markets in which the
urbanization is firmly placed in the center of this progress. As per Company operates, changes in government regulations, tax laws
World Bank study, by 2031, some 600 million people are expected and other statutes and incidental factors.
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Integrated Report & Annual Accounts 2018-19 I 74th Year

Management Discussion and Analysis

03_MDA_AR-2019.indd 116 7/5/2019 6:34:15 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 117 7/5/2019 6:34:16 PM

Industry Sales Company Sales Market Share

03_MDA_AR-2019.indd 118 7/5/2019 6:34:16 PM

INTEGRATED REPORT (01-77)

Industry Sales Company Sales Market Share

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 119 7/5/2019 6:34:17 PM

03_MDA_AR-2019.indd 120 7/5/2019 6:34:17 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 121 7/5/2019 6:34:18 PM

Jaguar Land Rover — Seasonality FINANCIAL PERFORMANCE ON A CONSOLIDATED BASIS

03_MDA_AR-2019.indd 122 7/5/2019 6:34:19 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 123 7/5/2019 6:34:19 PM

03_MDA_AR-2019.indd 124 7/5/2019 6:34:19 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 125 7/5/2019 6:34:20 PM

03_MDA_AR-2019.indd 126 7/5/2019 6:34:21 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

Property, plant and equipment and other intangible assets

03_MDA_AR-2019.indd 127 7/5/2019 6:34:21 PM

As at March 31, As at March 31,

03_MDA_AR-2019.indd 128 7/5/2019 6:34:22 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

•  urrent maturities of long-term borrowings represent the

03_MDA_AR-2019.indd 129 7/5/2019 6:34:23 PM

03_MDA_AR-2019.indd 130 7/5/2019 6:34:23 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 131 7/5/2019 6:34:24 PM

03_MDA_AR-2019.indd 132 7/5/2019 6:34:24 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 133 7/5/2019 6:34:25 PM

03_MDA_AR-2019.indd 134 7/5/2019 6:34:26 PM

INTEGRATED REPORT (01-77)

STATUTORY REPORTS (78-195)

FINANCIAL STATEMENTS (196-395)

03_MDA_AR-2019.indd 135 7/5/2019 6:34:26 PM

03_MDA_AR-2019.indd 136 7/5/2019 6:34:27 PM

INTEGRATED REPORT (01-77)

• urrent maturities of long-term borrowings represent the

• evelopment of an agile organization through process