BSE Limited National Stock Exchange of India Ltd.

First Floor, New Trading Ring Exchange Plaza, C-1, Block G,

Rotunda Building, P J Towers, Bandra Kurla Complex,
Dalal Street, Fort, Mumbai 400 001 Bandra(E), Mumbai 400 051

January 29, 2025

Sc no – 18577

Dear Sirs/Madam,

Sub: Submission of Investor presentation to be made to the Analysts/Investors

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 and with further reference to our letter bearing sc no. 18571 dated
January 15, 2025, we are enclosing herewith the presentation to be made to the
Analysts/Investors on the Audited Standalone Financial Results and Unaudited Consolidated
Financial Results for the third quarter and nine months ended December 31, 2024.

The same is also being made available on the Company’s website at www.tatamotors.com.

This is for information of the Exchange and the Members.

Yours faithfully,
Tata Motors Limited
MALOY Digitally signed
by MALOY
KUMAR KUMAR GUPTA
Date: 2025.01.29
GUPTA 16:38:56 +05'30'

Maloy Kumar Gupta

Company Secretary

Encl: as above
Tata Motors Group
Results for quarter ended December 31, 2024
 Safe harbour statement Other Details
• Presentation format : The results provided represent the details on consolidated
segment level. The operating segment comprise of Automotive segment and
Statements in this presentation describing the objectives, projections, estimates others.
and expectations of Tata Motors Limited (the “Group”), Jaguar Land Rover • In automotive segment, results have been presented for entities basis four
Automotive plc (“JLR ”) and its business segments may be “forward-looking reportable sub-segments as below
statements” within the meaning of applicable securities laws and regulations.
TML Group Automotive business
Actual results could differ materially from those expressed or implied. Important
factors that could make a difference to the Group’s operations include, amongst
others, economic conditions affecting demand / supply and price conditions in the
domestic and overseas markets in which the Group operates, changes in Tata Commercial Vehicles Tata Passenger Vehicle
(Tata CV) Vehicles (Tata PV) Jaguar Financing
Government regulations, tax laws and other statutes and incidental factors.
Includes TML & subs - TDCV, Includes TMPVL, Land (Tata
TMBSL, PTTMIL, TML CV Mobility TPEML,TMDTC and Rover Motors
Certain analysis undertaken and represented in this document may constitute an Joint operation FIAPL Finance)
Solutions, TML Smart City Mobility
estimate from the Group and may differ from the actual underlying results. Solutions and Joint operation TCL

• JLR volumes: Retail volume data includes sales from the Chinese joint venture
Narrations (“CJLR”) and Wholesale volumes exclude sales from CJLR.
Q3FY24 represents the 3 months period from 1 Oct 2023 to 31 Dec 2023 • Reported EBITDA is defined to include the product development expenses
Q2FY25 represents the 3 months period from 1 Jun 2024 to 30 Sep 2024 charged to P&L and realised FX and commodity hedges but excludes the gain/ loss
Q3FY25 represents the 3 months period from 1 Oct 2024 to 31 Dec 2024 on realised derivatives entered into for the purpose of hedging debt, revaluation
YTDFY24 represents the 9 months period from 1 Apr 2023 to 31 Dec 2023 of foreign currency debt, revaluation of foreign currency other assets and liabilities,
YTDFY25 represents the 9 months period from 1 Apr 2024 to 31 Dec 2024 MTM on FX and commodity hedges, other income (except government grant) as
well as exceptional items.
Accounting Standards • Reported EBIT is defined as reported EBITDA plus profits from equity accounted
• Financials (other than JLR) contained in the presentation are as per IndAS investees and deferral income less depreciation & amortisation.
• Results of Jaguar Land Rover Automotive plc are presented under IFRS as • Free cash flow is defined as net cash generated from operating activities less net
adopted for use in the UK. cash used in automotive investing activities, excluding investments in consolidated
entities, M&A linked asset purchases and movements in financial investments, and
after net finance expenses and fees paid.
• Reported ROCE is analytically derived by dividing the reported EBIT for the last 12
months upon the average of the capital employed (YoY).
2
Product and other highlights

Tata CV @ Auto expo 2025 : 11 Cargo Carriers | 3 Passenger Tata PV @ Auto expo 2025 : 18 new Cars & SUVs | 11
Carriers | 6 Intelligent Solutions | 4 Advanced Aggregates Intelligent Solutions & Advanced Aggregates | 8 Curated Zones

Jaguar Type 00 revealed at Miami Art Range Rover Electric testing nears Recycled seat foam proven in Range Rover wins Walpole ‘Made in
Week completion Circularity Lab UK’ award
 Q3: Revenue ₹113.6K Cr, EBITDA 13.7%, PBT(bei) ₹7.7K Cr
On track for a strong performance for the full year despite challenging conditions; YTD PBT(bei) ₹22.3K Cr
Q 3 F Y 2 5 | C o n s o l i d a t e d | IndAS,₹ K C r

Revenue EBIT PBT (bei) FCF(Auto)

% ₹K Cr YoY (0.1)K Cr ₹K Cr YoY (1.7) K Cr
₹K Cr YoY + 2.7 % YoY + 60 bps

110.6 113.6 8.9 7.8 7.7

101.5 8.3 6.4
Q3 FY25

5.6 4.7
5.8

-2.9
Q3 Q2 Q3 Q3 Q2 Q3 Q3 Q2 Q3 Q3 Q2 Q3
FY24 FY25 FY25 FY24 FY25 FY25 FY24 FY25 FY25 FY24 FY25 FY25

Wholesales ( K units) EBITDA % Net auto debt (₹ KCr)

338.4 303.8 341.9 14.3% 11.4% 13.7% 29.2 22.0 19.2

YoY + 1.6% YoY (20) bps YoY + 2.8K Cr YoY (9.8)K Cr

22.3
317.9 323.1 19.5 12.8
YTD FY25

7.9 7.7

3.0

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25

Wholesales ( K units) EBITDA % Net auto debt (₹ KCr)

1003.2 975.9 14.1% 13.2% 29.2 19.2
4
Net Auto Debt at ₹19.2K Cr
Deleveraging plan on track leading to sharp drop in net auto finance costs.
Q 3 F Y 2 5 | C o n s o l i d a t e d | IndAS

Revenue ₹K Cr PBT (bei) ₹ C r

3.4
1.8
2.1) (0.2)

113.5 7,776 7,700

110.6
1.7% (1.9)% 3.1% (0.2)%

2.7% increase
Q3 FY24 Volume & Mix Price Translation Others Q3 FY25 EBIT% 8.3% 0.4% 0.0% (0.1)% 0.3% 8.9%

Net Automotive Finance Cost

Net Auto Debt ₹K Cr Entities (₹K Cr) (Gross and Net) ₹K Cr
debt/(cash)
7.3 7.1
43.7 TML India(1) (0.7) 6.2
8.4 4.7 4.7
JLR 12.3
22.0
19.2 2.3
16.0 TML Holdings 7.5
35.3 9.2 8.9
8.7
7.3 12.8 10.3 Others(2) 0.1
FY23 FY24 Annualised FY25
FY23 FY24 H1 FY25 YTD FY25
Total 19.2
Ext. Debt Lease
(1)Includes CV+PV+EV+Joint operations (2) Others include Smart City mobility, TTL and inter company elims.5
Corporate Actions & Auto PLI Update
Demerger Production Linked Incentives (PLI)
• TML Group was awarded a sanction letter from MHI on December
• NOC from Stock Exchanges and SEBI: Anticipate receiving
31, 2024, for the entire claim of FY24 of ₹142 Cr and subsequently
the No Objection Certificate from the stock exchanges and
the entire amount has also been received.
SEBI shortly post which will be filing with NCLT.
• For FY25, the Group has assessed the eligibility criteria for
• Operational Separation: Key activities related to the products and accrued income of ₹209 Cr, as DVA criteria has been
operational separation are progressing as planned. met and Techno Commercial Audit (TCA) has been completed.
• Approvals from lenders and shareholders to follow in due
course. The impact of Auto PLI is summarized as below -

• Appointed Date: The appointed date for the demerger

under the scheme is July 1, 2025. Particulars Tata CV Tata PV Consolidated
• Effective Date: The effective date of the demerger is FY24 (Rs. Cr) – received 40 102 142
expected to be Oct-Dec 2025.
YTD FY25 (Rs. Cr) - accrued 129 80 209

Total Claim accounted (Rs. Cr) 169 182 351

Tata Motors Finance
Impact on EBITDA margins

• Creditors meeting completed Q3 FY25 90 bps 150 bps 30 bps

• Await final orders from NCLT YTD FY25 30 bps 50 bps 10 bps
• Expect closure by March 2025

6
JAGUAR LAND ROVER AUTOMOTIVE PLC R I C H A R D M O LY N E U X
Results for the quarter ended December 31, 2024 Chief Financial Officer

7
 Record Q3 Revenue and highest Q3 EBIT margin in a decade
Strong financial performance; £7.5b revenue; 9.0% EBIT; £523m PBT (bei)

Revenue EBIT PBT (bei)1 FCF

YoY 1.5 % YoY +20 bps YoY (0.1) b YoY (0.5) b
£m % ₹£m ₹£m
7,375 7,486
6,475 8.8 9.0 626
627
Q3 FY25

523
5.1 398 157

(256)
Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25
Wholesales (k units) EBITDA % PAT (£m) ROCE %
101.0 87.3 16.2 11.7 14.2 592 283 375 19.1 19.3 19.6
104.4

YoY - YoY (50) bps YoY + 0.1 b YoY (1.2) b

21,135 21,234 1,614

8.3 7.8 1,504 1,377
YTD FY25

131

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25

Wholesales (k units) EBITDA % PAT (£m) Net Debt (£b)
291.1 289.5 15.8 14.0 1,187 1,160 1.6 1.1
1PBT before exceptional items. Exceptional items: £8m for YTD FY25

8
Q3 Performance Summary
VOLUME & REVENUE

Q3 wholesales of 104k, up 3% YoY, up 20% QoQ

Q3 retails of 106k, down 3% YoY, up 3% QoQ
Revenue for the quarter of £7.5b, up 2% YoY and 16% QoQ

PROFITABILITY

EBIT margin was 9.0% for the quarter, up from 8.8% in the same quarter in the
prior year due to higher volume, improved mix and favourable changes in
structural costs, offset by increased VME, warranty and FX
Profit before tax and exceptional items was £523m in Q3, down 17%
compared to the same quarter in the prior year, due to the same reasons
noted above offset by adverse mark-to-market on FX revaluation
ROCE for the 12-month rolling period to December 31, 2024 was 19.6%
compared with 19.1% in the equivalent period ending December 31, 2023

CASH FLOW

£157m of free cash flow in the quarter

Strong liquidity of £5.1b including undrawn RCF of £1.6b
Net debt of £1.1b, an improvement of £0.5b YoY

9
 Q3 Wholesales 104K, up 20% QoQ
Mix of Range Rover, Range Rover Sport and Defender increased to 70% of total wholesales

59.2 104.4
52.9 101.0

44.8
87.3
Q3 FY25

28.8 30.6
27.1

12.1
8.9 7.8 9.1
6.0 5.6

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

161.3
291.1 289.5
142.8
YTD FY25

85.9 83.9

26.4 36.0
24.5
19.8

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25

1W h o l esale volumes exclude sales from unconsolidated China joint venture

2 Total wholesale volumes for Q2 FY25 and Q3 FY25 does not cast due to rounding differences
10
 Wholesales up in UK, North America & Europe QoQ
Strong wholesale volumes reflects improvement post supply chain disruptions

38.1

26.5 25.1
21% 20%
21.2 21.6 24%
Q3 FY25

20.4
17.6 17.1 18.0 18.8 17.9
13.7 15.0
12.7
9.3

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

64%

80% electrified
62%
64%
94.2

75.2
61.9 59.8
54.6 54.4
50.7 52.1
YTDFY25

39.6 38.0

12% 17% 16%

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Q3 FY24 Q2 FY25 Q3 FY25

BEV & PHEV MHEV ICE

1W h o l e sale volumes exclude sales from unconsolidated China joint venture

11
Q3 FY25 EBIT margin was 9%, up from 8.8% in Q3 FY24
Higher volumes, improved mix and reduced D&A, offset by increases in VME, warranty costs and unfavourable FX revaluation

49
(138) (146)
Volume & Mix 110

Emissions (30) 257

VME
Other (31) Operational
(1.7)% to (138) (126) (105)
FX
(4.2)%
Realised FX
123
Warranty (163) D&A derivatives

Industrial Engineering & FX revaluation (86)

627 Ops
37
Cap
Unrealised
Other commodity (78) 523
derivatives

Q3 FY24 Volume Net Contribution Structural FX & Q3 FY25

PBT (bei) & mix pricing costs costs commodities PBT (bei)

EBIT Margin 8.8% (1.3)% (1.7)% 2.9% 0.3% 9.0%

12
£157m of free cash flow in the quarter
After investment spend of £1,012m

(85)

723

(1,012)
Payables (270)
1,161
Receivables (16)
D&A 377
Inventory 168
Engineering
229 Other 126
costs expensed
523
Interest paid (101)
8
Other 218
157

PBT Non-cash Cash Cash profit Investment Working capital Free

and other tax after tax spending & accruals cash flow

YTD FY25 1,622 1,922 (243) 3,301 (2,910) (260) 131

YTD FY24 1,504 2,261 (238) 3,527 (2,334) 184 1,377

13
Q3 FY25 Investment of £1B; full year target £3.8B
Engineering capitalisation rate of 67%, consistent with recent quarters

324 1,012

229 688

459

Capitalised Expensed Total Capital Total

Engineering Engineering Engineering Investment Investment

YTD FY25 1,343 694 2,037 873 2,910

YTD FY24 1,064 632 1,696 638 2,334

14
BUSINESS UPDATE

15
Macro economic environment
Responding effectively to challenges and opportunities as they continue to present themselves
TARIFFS EMISSIONS REGULATIONS CHINA MARKET

Ongoing monitoring of the impact of potential Electrification plans continue to support global JLR import business outperformed the market in
tariff plans globally CO2 compliance the current financial year to date despite macro
headwinds locally
Engaging closely with the UK Government to Liaising with UK Government to support review of
ensure our priorities for a future trading current ZEV mandate Complementary growth expected through
relationship with the US are well understood by licensing of Freelander brand to China JV with
the UK Department for Business and Trade local manufacturing of the first model in 2026

16
Cash flow breakeven
Efficiently managing cash flow breakeven despite macroeconomic challenges
U n its in 0 0 0 ’s

Cash flow breakeven How is this being managed?

BRAND PROFITABILITY
Maximise offering & elevate through personalisation & bespoke focus

INVESTMENT OPTIMISATION
Streamline and prioritise based on value potential

COST REDUCTION
660
Innovate to reduce the cost of manufacturing and operations
540

400 AFTERSALES PROFITABILITY

330 325 Realise profit potential for post-vehicle sales services
300 300

BALANCE SHEET OPTIMISATION

Focus on freeing cash tied up in working capital
FY19 FY20 FY21 FY22 FY23 FY24 FY25

For analytical purposes only

17
China market update
JLR in China maintains resilient performance despite macro headwinds

CHINA AUTO MARKET

JLR CHINA PERFORMANCE
CHALLENGES

Premium Market (excl. Tesla) JLR Import JLR Local

-6%
-27%
-14%
42k
39k 39k
2,393k 29k
2,066k

RETAILER NETWORK FREELANDER

ICE Market
- JLR import business delivered better than - Growth expected through licensing of
-16% premium market average despite macro Freelander brand to China JV
headwinds - All products under Freelander brand will be
11,506k - Retailer situation remains challenging, with a New Energy Vehicles (NEVs) with promising
9,622k reduction of c.30% of JLR's retailer outlets in market potential
calendar year 2024 - Freelander brand set to deliver its first model
- Recovery plans ongoing, including stock and from mid-2026
model mix optimisation, to improve retailer
profitability; Q3 Range Rover retails up 33%
YoY

Source: expert interview; insurance data 18

 Jaguar enters new era as type 00 debuts at Miami Art Week
NEW JAGUAR TYPE 00 REVEAL BESPOKE BRAND PRODUCTION CAR
BRAND LAUNCH IN MIAMI LAUNCH EVENTS REVEAL & ORDERS

Nov 2024 Dec 2024 Jan–Oct 2025 Late 2025

New Jaguar repositioned for luxury market, where it was always more successful Increase in Jaguar website traffic during launch Higher Household Income Searches^
and reveal^
It will be luxurious and sell in low volumes at a higher price point, attracting a younger, +110% +24%
wealthier audience
56%
Brand launch and Type 00 design concept reveal surpassed all metrics, generating: 45%
5.1m
905m OTS (opportunity to see) across earned editorial media 2.43m
Over 15k press articles
Over 253 million impressions on Owned Social Channels
Over 28k expressions of interest / ‘keep me informed’
New Jaguar targeting right audiences^
Jaguar’s first reimagined production car will be an electric four-door GT, to be revealed in late 65+ 31% 6%
2025 and built in the UK 55-64 19% 10%
45-54 15% 15%
The new model will use dedicated Jaguar Electric Architecture and target a range of up to
35-44 14% 21%
770km WLTP and 692km EPA*, adding 321km of charge in as little as 15 minutes*
25-34 13% 30%
The share of investment for Jaguar over the product cycle will be proportionate to revenue 18-24 8% 18%
projected for the brand and its role within our House of Brands Jaguar Sunset New Jaguar

* All figures quoted including range and charging capability are manufacturer’s estimates and are subject to final testing. WLTP (Worldwide Harmonised Light Vehicle Test Procedure). EPA (Environmental Protection Agency)
^ Higher Household Income Source: Google: US data. Jaguar audience - Demographic of those that searched Jaguar and clicked on a Jaguar ad Source: Google SEM Campaign Data (Google): 7/10-18/11 vs 19/11-31/12 Jaguar website traffic
19
Looking ahead
Holding full year guidance for EBIT margin and net cash positive

Q3 FY25 YTD FY25 FY25

ACTUAL ACTUAL OUTLOOK

REVENUE £7.5b £21.2b c.£29b

EBIT MARGIN 9.0% 7.8% ≥8.5%

INVESTMENT £1.0b £2.9b £3.8b

FREE CASH FLOW £157m £131m c. £1.3b

Net cash
NET CASH POSITIVE £(1.1)b £(1.1)b
positive

ROCE 19.6% 19.6% c. 20%

20
Tata Commercial Vehicles Girish Wagh & GV Ramanan
(Includes Tata CV India, Tata Cummins JO results and Tata CV International)

21
Registration (Vahan) market share
Market shares improve in all segments barring SCV. Work to improve SCV competitiveness underway
Tata Commercial Vehicles | Domestic market share*

Commercial Vehicles
41.7%
39.2% 39.1%
37.7% 37.4%
36.5%

FY23 FY24 YTD FY25 Q1 FY25 Q2 FY25 Q3 FY25

HGV+HMV MGV LGV Passenger

44.2%
49.6% 48.8% 49.1% 49.3% 50.4% 39.2%
47.6% 37.5% 38.4% 38.0% 37.9%
41.7%
37.8% 38.0% 37.9% 38.9% 37.1%
36.5%
34.3% 33.1%
31.2% 31.6%
29.0%

FY23 FY24 YTD Q1 Q2 Q3 FY23 FY24 YTD Q1 Q2 Q3 FY23 FY24 YTD Q1 Q2 Q3 FY23 FY 24 YTD Q1 Q2 Q3
FY25 FY25 FY25 FY25 FY25 FY25 FY25 FY25 FY25 FY25 FY25 FY25 FY25 FY 25 FY25 FY25

*VAHAN registration market share basis Govt of India’s VAHAN portal, the data excludes registration for states of MP, Andhra and Telangana and based on 7 categories of VAHAN portal.
*The data is based on details updated as on Jan 16,2025. VAHAN portal data is subject to updates with retrospective effect, marginally impacting TML overall MS on an annualized basis.
* The non-competing volumes, which is currently booked under the Passenger category is adjusted, thereby correcting Passenger Carriers and Overall CV market share figures.
HGV: Heavy Goods Vehicles HMV: Heavy Motor Vehicles MGV: Medium Goods Vehicles LGV: Light Goods Vehicles 22
 Q3: Revenue ₹18.4K Cr, EBITDA 12.4%, PBT(bei) ₹1.7K Cr
EBITDA margins remains strong despite decline in revenues; YTD PBT(bei) at ₹4.6K Cr; ROCE at 38.1%
Q 3 F Y 2 5 | T a t a C o m m e r c i a l V e h i c l e s | IndAS, ₹ K C r

Revenue PBT (bei)

EBITDA EBIT
₹K Cr ₹K Cr
YoY (8.4) % % YoY + 130 bps % YoY + 100 bps YoY - K Cr

20.1 12.4 1.7 1.7

18.4 11.1 10.8 9.6
17.3 8.6
Q3 FY25

7.8 1.3

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25
ROCE%*
Wholesales ( K units)
36.8 37.4 38.1
98.8 86.0 97.4

Revenue EBITDA EBIT

%
PBT (bei)
₹K Cr %
YoY (6.4) % YoY + 120 bps YoY + 110 bps ₹K Cr YoY +0.5K Cr

57.2 11.6 4.6

53.6 10.4 4.1
YTD FY25

8.8
7.7

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25

ROCE %
Wholesales (K units)
294.1 277.1 36.8 38.1
*Reported ROCE is analytically derived by dividing the reported EBIT for the last 12 months upon the average of the capital employed (YoY). 23
EBIT at 9.6%(+100) bps; PBT (bei) ₹1.7K Cr
Margins improve on cost savings and PLI incentives, offsetting impact of adverse volumes and mix
Q 3 F Y 2 5 | T a t a C o m m e r c i a l V e h i c l e s | IndAS, ₹ Cr ₹ Cr. IndAS

PLI : ₹169 Cr (FY24 ₹40 Cr; YTD FY25 ₹129 Cr)

FX & others : ₹9 Cr

EBIT % 8.6% 0.1% 0.9% 9.6%

For analytical purposes only

24
Commercial Vehicles – Industry Insights

• Industry volume remained flat in Q3 FY25, improving from the

11% YoY decline recorded in Q2 FY25.

• In the quarter, Passenger Carrier grew by 11%, SCVPU grew by

PAN INDIA FREIGHT INDEX
3%, ILMCV was flat and HCV declined by 9%.
129.1 129.3
128.1 127.9 127.9 127.7 128.1
128.6
• Average utilization grew QoQ across the segments
127.2 127.2 127.2
126.6 126.9 126.6
126.1 • Freight rates improved QoQ in Q3, in line with seasonal trends

• Transporter profitability improved marginally with

improvement in utilization levels

• Customer Sentiment Index also improved with the good

monsoon.
Oct’20 Pan-India average index =100 Source: CRISIL
• Commodity prices remained range bound

HCV: Heavy Commercial vehicles ILMCV: Intermediate, Light and Medium Commercial vehicles SCV: Small commercial vehicles CVP: CV Passenger vehicles 25
Tata Commercial Vehicles – Highlights
Vehicle Business Electric Mobility TML Smart City Mobility Solutions Ltd
• In Q3 FY25, volumes declined 1% YoY • E Buses: • TML e-bus fleet cumulatively crossed
improving from the 19% decline in Q2 o 200+ EV buses registered in Q3 260+ million Kms with >95% uptime
FY25; total of 3500+ EV Buses
• HCV, ILMCV and Passenger Carriers
registered till date • Deployment under CESL tender
continue to perform better than the
continues. ~2400+ buses deployed in
industry
• Ace EV: Delhi, Bangalore, Jammu & Srinagar
• In Q3, Passenger carriers grew by 30%, o 7200+ vehicles plying clocking
ILMCV grew by 3% and MCV in double 71.8+ million KMs • Signed contract for additional 148 buses
digits with BMTC
o ACE EV volumes saw 26% YoY
• Digital Contribution to Retail at ~24% in growth with successful launches • Electric buses are consistently delivering
Q3 FY25, 1.2x higher than PY above contractual performance while
o 10 corporate customers added in operating in extreme environments
• 50+ products introduced this quarter
Q3 bringing the total to 70
• Cost reductions helped improve margins.

• PLI approvals secured • Sustainability targets on track,

Lucknow plant received ‘Zero Waste To
Landfill’ certification

HCV: Heavy Commercial vehicles ILMCV: Intermediate, Light and Medium Commercial vehicles SCV: Small commercial vehicles CVP: CV Passenger vehicles 26
Digital Business: Continuing to scale up

• Fleet Edge has 760K+ active vehicles on platform with healthy share of active and
engaged users. Now it has 81% monthly active users and 61% weekly active users on
platform.

• Fleet Edge subscription growing at a healthy rate.

• Fleet Edge - ML based Fuel Efficiency solution- Mileage Sarathi has led to a 5.9%
improvement (median) in fuel efficiency, reducing TCO of the vehicles.

• E-dukaan has 36K registered buyers on platform and is selling 30K SKUs. AI based
image search is live on E Dukaan, leading to convenience.

• Online commerce platform, Fleet Verse achieved 11K+ platform assisted retails in Q3

SKU- Stock Keeping Units 27

Bharat Mobility Global Expo (BMGE) 2025: Highlights
Future-ready range of products

 6 Battery Electric vehicles

New CV theme unveiled  1 Hydrogen ICE truck

Products
 5 alternate fuel options (Biofuels, Flex fuel, CNG and LNG)
 2 new generation architectures, and
 2 high end special applications

Solutions
Endeavour to deliver better in every FleetEdge  Smart City Mobility
moment to drive customer success  FleetCare  Re.Wi.Re
 E-Dukaan
28
Focus areas – Q4 FY25
Grow ahead of market in a seasonally strong quarter

• Q4 is a seasonally strong quarter, and we expect QoQ growth in wholesales,

with continued infrastructure investments by the government and growth in
most end-use sectors.

• TML’s focus will remain driving growth by:

o Driving value selling agenda, while improving customer value propositions

o Increasing penetration in Pickup segment through deployment of front-

end transformation initiatives and leveraging newly launched vehicles

o Continue growth in downstream with increase in service and spares

penetration

o Maintaining market shares, margins and channel health, in International

Business

o Continue execution of Net Zero and Circularity initiatives

29
Tata Passenger Vehicles Shailesh Chandra & Dhiman Gupta
(Includes Tata PV, EV India, FIAPL JO results and International business(PV+EV))

30
Vahan market share held at 13.3%; Alternative powertrains continue to grow
Penetration of CNGs & EVs at 35%; Portfolio emissions well below CAFE norms

Tata Passenger Vehicles |India business

VAHAN Domestic Market share(1) Powertrain Mix Tata Motors PV CAFE Compliance

Petrol Diesel EV CNG (CO2 in g/km)

TML PV Emissions CAFE Target
3%
5% 8% 140.6
16%
9% 24%
20%
16% 13%
11% 118.8 119.7 120.8*
13% 117.6
14%
13.5% 13.9% 13.7% 13.5% 13.3% 106.8
12.8%
72% 95.1 96.1*
67%
58% 51%

FY 23 FY24 Q1FY25 Q2FY25 Q3FY25 YTDFY25 FY22 FY23 FY24 YTDFY25 FY22 FY23 FY24 YTD FY25

*as per Tata Motors internal estimate

(1)VAHAN registration market share is based on VAHAN portal (powered by National Informatics Centre). For FY22 and FY23, the data excludes registrations done in MP, Andhra Pradesh and Telangana states. For
FY24 and FY25, the data excludes registrations done in Telangana state. For Q3 and YTD FY25, market share is inclusive of Jan 1, 2025, due to technical issues on Vahan portal on Dec 31, 2024
EV wholesales improve, backed by strong retails
EV industry and Charging infrastructure set to gain pace

Tata Passenger Electric Vehicles

EV Volumes VAHAN registration market share(1) Charging Network*

Wholesales (incl. exports )
(K units)
YoY 5.8 % 18,159

14,018
12,075
10,065

15.6 16.1 73.0%

15.2 65.0%
53.0%
3,898

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 FY23 FY24 Q1 FY25 Q2 FY25 Q3 FY25
*only CCS2 and AC Type-2 chargers

(1)VAHAN registration market share is based on VAHAN portal (powered by National Informatics Centre). The data excludes registrations done in Telangana state. For Q3 and YTD FY25, market share
is inclusive of Jan 1, 2025, due to technical issues on Vahan portal on Dec 31, 2024
32
 Q3: Revenue ₹12.4K Cr, EBITDA 7.8%, PBT(bei) positive
EBITDA reflects cost optimization efforts and PLI credit of ~ ₹180 Cr
Q 3 F Y 2 5 | T a t a P a s s e n g e r V e h i c l e s | IndAS, ₹ K C r

Revenue EBITDA EBIT

₹K Cr % PBT (bei)
YoY (4.3) % YoY +120 bps % YoY (40) bps YoY (0.1)K Cr
₹K Cr

12.9 7.8
11.7 12.4 6.6 0.4
Q3 FY25

6.2
2.1 0.3
1.7
0.2

0.1

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25
Wholesales ( K units)
138.6 130.5 140.0

YoY (5.3) % YoY + 50 bps YoY (90) bps YoY (0.2)K Cr

37.9 6.6 0.9

35.9 6.1
0.7
1.6
YTD

0.7

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25

Wholesales ( K units)
417.9 409.4
33
 Q3 EBIT at 1.7%; PBT (bei) ₹0.3K Cr
Lower volumes, adverse mix, realisations and higher D&A; offset by material cost savings and incentives
Q 3 F Y 2 5 | T a t a P a s s e n g e r V e h i c l e s | IndAS, ₹ Cr PV (ICE) and EV financials split
EV achieves its highest EBITDA margin
driven by volume, mix and incentives

FME : ₹15r PV
Employee cost : ₹(42) Cr
PLI : ₹182 Cr (FY24 ₹102 Cr; ₹K Cr Q3 FY24 Q2 FY25 Q3 FY25
D&A and PDE : ₹(104)Cr
Others : ₹(40)Cr YTD FY25 ₹80 Cr)
Revenue 10.9 9.7 10.2
FX & others : ₹(25) Cr
EBITDA % 9.4% 8.5% 7.3%
PBT (bei) 0.5 0.3 0.1

EV
₹K Cr Q3 FY24 Q2 FY25 Q3 FY25

Revenue 2.0 2.0 2.2

EBITDA % (Excl PDE) 0.2% 1.7% 13.4%
EBITDA % (8.2)% (5.0)% 10.0%
PBT (bei) (0.1) 0.0 0.2

EBIT% 2.1% (0.8)% (2.4)% 2.4% (1.4)% 1.8% 1.7%

For analytical purposes only

- bps
34
Business update – Q3 FY25
Recovery in customer demand in Q3 due to festivities and year-end demand

Industry Highlights Tata Motors Highlights

• In 2024, SUVs grew 16% YoY, increasing salience to 54%, at • Tata Motors recorded fourth consecutive year of
the cost of double digit de-growth for hatches and sedans highest-ever volumes with 562k units sold in CY24

• In Q3, the industry witnessed a recovery in demand with 8% • Punch was the #1 model in the industry in 2024 and
increase in registrations YoY – triggered by festivities in continues to remain strong as the #1 model in YTD FY25
Oct’24 and year-end demand in Dec’24
• In Q3 FY25, Tata Motors achieved highest-ever
• Industry channel inventory has reduced significantly ahead of registrations
the new year. However, this has come at higher levels of
discounts • With moderation in wholesales, we reduced our
channel inventory significantly to <25 days
• EV industry saw an increase in registrations by 23% YoY in
line with the PV industry – addition of new products • Market leadership maintained in EV segment, despite
supported growth growing competition, with highest-ever personal
segment registrations in Q3

35
Bharat Mobility Global Expo (BMGE) 2025: Highlights

‘Future of Mobility’ Portfolio

Avinya X Sierra

Theme: “Journey to a Boundless Future” Harrier.ev Punch Flex Fuel

Key Pillars for Tata Motors PV & EV:

Boundless Exploration
Boundless Protection
Future Facing Sustainability
Tiago & Tiago.ev MY25 Stealth Edition for SUVs

36
Focus Areas – Q4 FY25
New products, stronger foundations and structural actions to drive growth in Q4

• In Q4, we expect QoQ growth in wholesales, on the back of lower

channel inventories and festivities in March 2025

• TML’s focus will remain driving growth by:

o Capitalizing on low channel inventories and healthier dealer
network

o Leveraging new refreshes for Tiago and re-varianted Nexon to

further strengthen demand for these products

o Focused actions at key micromarkets to drive demand

o Continued structural actions for driving EV penetration –

including Tata.ev charging network

37
Tata Motors (CV+PV)
*TML, TMPVL, TPEML and Joint operations TCL and FIAPL.
38
Q3 FY25 Free Cash Flows at ₹2.5K Cr
Adverse working capital partially reversed in Q3; Investments well funded from cash profits after tax
Q 3 F Y 2 5 | T a t a M o t o r s D o m e s t i c B u s i n e s s | I n d A S , ₹ C r (1)

Payables, acceptances ₹ 609 Cr

Trade receivables ₹ 22 Cr
Inventories ₹ 553 Cr
Others ₹ 63 Cr

(2) (1)

Q3 FY25

YTD FY25 6,529 1,920 (362) 8,087 (4,536) (1,746) (355) 1,450

(1)Includes free cash flows of TML, TMPVL, TPEML and Joint operations FIAPL and TCL.
(2)PBT (bei) includes corporate and interest costs not allocated to Tata CV and Tata PV segments, and excludes the PBT(bei) of international subsidiaries of Tata CV and Tata PV segments For analytical purposes only

39
 Investment Spending in Q3 FY25 ₹2.0K Cr
Steady investment spends to continue towards new technologies, powertrains
Y T D F Y 2 5 | T a t a M o t o r s D o m e s t i c B u s i n e s s (1) | I n d A S , ₹ C r

PV+EV CV

813 2,026
164
653
478 1,213 649

735 268 489

210
221 1,373
514 724

Capitalised Expensed Total Capital & Other Total Investment

Q3 FY25
R&D R&D R&D Investment Spending

YTD
2,083 1,527 3,610 2,454 6,064
FY25

(1)Includes details for TML, TMPVL, TPEML and Joint operations FIAPL and TCL
For analytical purposes only

40
Looking ahead
We remain committed to consistent, competitive, cash accretive growth and generating strong returns

Outlook
• Underlying domestic demand to improve gradually on account of infrastructure spends, slew of exciting product launches and stable
interest rates.
• JLR wholesales to improve further in Q4 backed by retail growth; remain watchful on the overall demand situation, particularly China.

Key priorities
JLR CV PV EV
• Proactively drive demand creation • Improve market share and • Improve market shares further by • Drive up penetration and market
realisations through shares with product interventions,
• product interventions and
• Become net debt free • innovation, including new product launches.
multi-powertrain strategy.
• service quality and
• Transform and enhance luxury • thematic brand activation • Strengthening dealer and • Continued efforts towards
experience by bringing House of service network. mainstreaming of EVs with focused
Brands to life. Focus on Halo • Continue to redefine the future of market development and
• Intensified cost reduction actions
products mobility with sustainable, ecosystem actions
to enhance profitability.
intelligent, and cutting-edge
• Successful launch of BEV products solutions

• Continue to smoothen volatility

and deliver strong ROCE

41
Investor day details

TML India Investor day: tentatively Monday, June 9, 2025, Mumbai, India

JLR investor day: tentatively Monday, June 16, 2025, Gaydon UK

Details to follow soon !!

42
Q&A session Thank you
Please submit your questions in the Q&A textbox

Please mention your name and name of the organization you represent along with the questions
43
Tata Motors Group : Additional details
Results for the quarter ended December 31, 2024

44
Q3 FY25: Tata Motors Group Financials
Consolidated Quarter ended December 31, 2024 ₹ Cr. IndAS
Tata Tata
JLR Commercial Passenger Others* Consolidated
Vehicles Vehicles
Revenue from operations 81,264 18,431 12,354 1,526 1,13,575
Grant income / incentives 565 226 262 1 1,054
Expenses :
Cost of materials consumed (46,729) (12,662) (9,964) (67) (69,422)
Employee benefit expenses (9,239) (1,170) (577) (1,028) (12,014)
Other expenses (12,436) (2,275) (981) 245 (15,447)
Product development and engineering expenses (2,481) (270) (135) 114 (2,772)
Exchange gain / loss (realized) 556 (1) 3 (11) 547
EBITDA 11,500 2,279 962 780 15,521
Depreciation and amortization (4,089) (510) (755) (54) (5,408)
Profit / loss from equity accounted investees (104) - - 74 (30)
EBIT 7,307 1,769 207 800 10,083
Other income ( excl. grant income) 366 107 171 84 727
Finance cost (677) (119) (40) (889) (1,725)
Unrealized FX, Unrealized commodities (1,294) (31) (46) (13) (1,384)
PBT (bei) (Incl share of JV and Associates) 5,702 1,726 292 (18) 7,700

EBITDA Margin 14.2% 12.4% 7.8% NA 13.7%

EBIT Margin 9.0% 9.6% 1.7% NA 8.9%
* Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments
45
Q3 FY24: Tata Motors Group Financials
Consolidated Quarter ended December 31, 2023 Rs Cr. IndAS
Tata Tata
JLR Commercial Passenger Others* Consolidated
Vehicles Vehicles
Revenue from operations 76,655 20,123 12,910 889 1,10,577
Grant income / incentives 582 61 92 12 747
Expenses :
Cost of materials consumed (43,903) (14,529) (10,474) 627 (68,278)
Employee benefit expenses (8,428) (1,168) (522) (984) (11,102)
Other expenses (10,102) (1,967) (872) (243) (13,185)
Product development and engineering expenses (2,275) (280) (289) 104 (2,740)
Exchange gain / loss (realized) (204) (2) 8 1 (197)
EBITDA 12,326 2,237 854 406 15,822
Depreciation and amortization (5,670) (512) (586) (82) (6,850)
Profit / loss from equity accounted investees 61 - - 132 193
EBIT 6,717 1,727 268 454 9,165
Other income ( excl. grant income) 466 69 179 37 752
Finance cost (1,137) (160) (60) (1,128) (2,485)
Unrealized FX, Unrealized commodities 462 21 20 (159) 344
PBT (bei) (Incl share of JV and Associates) 6,508 1,656 408 (797) 7,776

EBITDA Margin 16.1% 11.1% 6.6% NA 14.3%

EBIT Margin 8.8% 8.6% 2.1% NA 8.3%
* Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments
46
Tata Motors Group Financials
Jaguar Land Rover
Q 3 F Y 2 5 | I F RS , £ m

FY24 FY25 Q3vQ3 Q3vQ2 YTDvYTD

Q3 FY24 Q2 FY25 Q3 FY25
YTD YTD YoY QoQ YoY

R evenues 7, 375 6, 475 7, 486 21, 135 21, 234 111 1, 011 99
M at er ial a nd ot her cos t of s a les ( 4, 237) ( 3, 784) ( 4, 329) (12,429) (12,341) ( 92) ( 545) 88
E m ployee costs ( 809) ( 811) ( 846) (2,238) (2,505) ( 37) ( 35) ( 267)
O t her ( ex pens e) /incom e ( 1, 513) ( 1, 556) ( 1, 710) (4,196) (4,763) ( 197) ( 154) ( 567)
P r oduct developm ent cos t s ca pit a lis ed 376 435 459 1,064 1,343 83 24 279
D epr eciat ion a nd a m or t is a t ion ( 547) ( 434) ( 377) (1,610) (1,321) 170 57 289
S har e of pr of it f r om J oint Vent ur es 3 3 ( 9) 18 - ( 12) ( 12) ( 18)
Adjusted EBIT 648 328 674 1,744 1,647 26 346 (97)
F X R evalua t ion & ot her 43 115 ( 118) 6 88 ( 161) ( 233) 82
N et f inance ( ex pens e) /incom e ( 64) ( 45) ( 33) (246) (121) 31 12 125
Profit before tax and exceptional items 627 398 523 1,504 1,614 (104) 125 110
E x cept iona l it em s - - - - 8 - - 8
Profit before tax 627 398 523 1,504 1,622 (104) 125 118
Incom e t a x ( 35) ( 115) ( 148) (317) (462) ( 113) ( 33) ( 145)
Profit after tax 592 283 375 1,187 1,160 (217) 92 (27)

47
China JV
Q 3 F Y 2 5 | I F RS , £ m

Q3 Q2 Q3 FY24 FY25 Q3vQ3 Q3vQ3 YTDvYTD

FY24 FY25 FY25 YTD YTD YoY QoQ YoY

Retail vo lumes (‘000 units) 13.4 10.5 8.0 39.4 29.0 (5.4) (2.5) (10.4)

Who lesale vo lumes (‘000 units) 12.9 9.9 6.8 38.3 28.5 (6.1) (3.1) (9.8)

Revenue 398 310 253 1,202 924 (145) (57) (278)

Pro fit befo re tax 9 7 (26) 37 (9) (35) (33) (46)

Pro fit after tax 7 5 (19) 29 (4) (26) (24) (33)

EBIT DA Margin 14% 16% 24% 1 14% 19% 10% 8% 5%

E BIT Margin 2% 2% (10)% 1 3% (1)% (12)% (12)% (4)%

48
Q3 YoY operational FX unfavourable, offset partially by hedging
Total Q3 FX and commodity impact £(146)m unfavourable YoY, primarily reflecting lower favourable FX revaluation YoY
Q3 FY25 YoY | IFRS, £m

Operational Realised FX hedges FX impact on EBIT FX revaluation of net Other FX revaluation FX impact on PBT Unrealised FX & Commodity
exchange 1 debt & debt hedges commodity hedges impact on PBT

£m Q3 FY24 Q2 FY25 Q3 FY25 Rates Q3 FY25 QoQ YoY

Hedge reserve2 200 867 95 GBP:USD 1.255 (6.2)% (1.6)%

Change (YoY / QoQ) (105) (772) GBP:EUR 1.206 0.6% 4.7%

Total hedges3 25,330 26,248 25,364 GBP:CNY 9.195 (1.8)% 1.6%

1 The year-on-year operational exchange is an analytical estimate, which may differ from the actual impact
2 Hedge reserve is the hedge reserve pre -tax
3T o t a l
hedges is now defined as the total mark to market across all FX derivatives including FX forwards, FX options, FX swaps , cross currency swaps and any unsettled spot trades
4 Minor differences in cross -waterfall casting are due to rounding

49
Q3 Retails of 106K, down 3% YoY, up 3% QoQ
Range Rover, Defender and Discovery up QoQ

TOTAL
56.3
51.5 52.2
109.1
106.3
103.1
28.8 26.7 28.3
Q3

17.1
11.7 14.2
10.0 10.1 11.6

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

165.5 317.7 320.6

147.9

86.7 82.4
YTD

48.8 41.2
34.3 31.6

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25

1 Total retail volumes for YTD FY25 do not cast due to rounding differences

50
YTD Retails up in North America & UK
Powertrain mix 80% electrified

35.7

27.8
25.0 25.4 22.8 20%
21.0 20.8 24% 21%
19.1 19.2
16.1 17.2 18.0 17.9
16.0 16.4

Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25 Q3 FY24 Q2 FY25 Q3 FY25

62% 64%
64%
89.3
81.1
68.0 68.1
56.5 59.4 56.8
52.4 53.7 52.9

12% 17% 16%

FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Q3 FY24 Q2 FY25 Q3 FY25

BEV & PHEV MHEV ICE

51
Debt profile
Strong liquidity; debt maturities well spread out
Jaguar Land Rover Tata Domestic Business*
IFRS, £m Debt maturity profile IndAS
Total
Debt maturity profile
Total liquidity ₹ Cr Total
5,056 4,599 9,451

726 989
1,600
1,211 2,794
Undrawn
Undrawn RCF 10,154 2,794
3456 324 RCF 1,000
600 2,662 5,668
1,087 124
549 851 3,092 1,999 250 327
557 381
Liquidity CY25 CY 26 CY 27 CY 28 CY 29 Total Liquidity CY25 CY26 CY27 Thereafter Total
Borrowings Long Term Debt Short Term Finance Lease Borrowings
Bonds Bank facilities Finance Lease & others

Gross debt and net debt trend Gross debt and net debt trend
7,897 8,216
7,686
6,789 6,486 6,542
5,828 18,626 18,610 17,794
4,500 4,886 4,818 4,628 4,599 13,387
15,392 16,210 16,083
4,206 13,031 12,381
3,825
2,997 10,507 9,827 11,044
2,477 8,195 7,561 9,254 9,451
2,249 6,159
1,574 3,547
1,001 1,214 1,143
732 967 732
-987 -703

Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25

Gross debt Net debt Gross debt Net debt

*Includes data for Domestic CV, PV, EV business and Joint operation – Tata Cummins and FIAPL 52