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1、78th Integrated Annual Report 2022-23ContentsSustainability ReviewEnvironment 98-111Social:People 112-129Social:Community 130-139Social:Value chain 140-141For further information,log on to At a Glance 2-3About the Report 4-5About the CompanyCompany Profile 8-9Our Presence 10-11Value creation model 1
2、2-15Product Portfolio 16-21Auto Expo 2023 22-25Key Performance Highlights 26-27Chairmans Message 28-31Tata Motors EDs Message 32-33TMPV and TPEM MDs Message 34-35JLR CEOs message 36-37Statutory ReportsBoards Report 142-172Business Responsibility AND SUSTAINABILITY REPORT 173-205Management Discussion
3、&Analysis 206-239Risk Factor 240-273Report on Corporate Governance 274-304Financial StatementsStandalone 305-408Consolidated 409-551Notice 552-596Business SegmentsCommercial Vehicles 40-47Passenger Vehicles 48-53Electric Vehicles 54-59Jaguar Land Rover 60-71Tata Motors Finance 72-73Value CreationSta
4、keholder engagement 76-79Materiality assessment 80-81Risk management 82-89Governance 90-93Board of Directors 94-95Future of Mobility Safer.Smarter.Greener.Tata Motors is spearheading the transition to sustainable,connected and safer mobility.Combining its core strength of engineering with cutting-ed
5、ge technologies and its human centric design philosophy,the Company is re-imagining its entire product portfolio,value chain and operations to offer holistic solutions and augmented experiences to its customers,in line with their aspirations and lifestyle.The Company is also investing in world-class
6、,new age powertrains to deliver low emissions and superior performance,and is strategically well positioned to offer multiple green fuel options powered by CNG,electric and hydrogenacross segments.While Tata Motors has been the first in India to mainstream EVs for personal mobility,it is now working
7、 towards making EVs both aspirational and affordable;EVs are estimated to account for 50%of its portfolio by 2030.JLRs long-term strategy of going fully electric is accelerating in perfect synergy.Together,Tata Motors and JLR will offer a full suite of green mobility choices for people and cargo tra
8、nsportfrom Ace EV the warhorse of last-mile connectivity,to the ultra-premium,Range Rover.At Tata Motors,transition to sustainable mobility extends beyond green fuel options to developing charging infrastructure,fuel cell technology and material substitution.The Company continues to explore every ne
9、w technology that can decarbonise mobility and promotes circularity with the goal of achieving Net Zero emissions by 2045.4,22,637UNITS SOLDMatchless performanceThe Tata Motors Group is a leading global automobile manufacturer,offering an extensive portfolio of smart,integrated,and e-mobility soluti
10、ons encompassing cars,utility vehicles,trucks and buses.GROUP REVENUE13,35,819UNITS SOLD INCL.CJLRPrimary Business VerticalsSalesCV#1CV PLAYER IN INDIAC in crore24.2%INCREASE3,45,967Integrated Report/2022-232At a glance2,690 crorePROFIT AFTER TAX20,265 croreR&D SPENDS158PATENTS FILED(TML)25MANUFACTU
11、RING FACILITIES125 countriesPRESENCE81,811COLLECTIVE WORKFORCE STRENGTHPV#3PV PLAYER IN INDIA5,40,965UNITS SOLD(INCL.EVS)JLRIconic brandsJAGUAR AND LAND ROVER3,72,217UNITS SOLD INCL.CJLREV#1EV PLAYER IN INDIA50,043UNITS SOLDHighlights142-304Statutory Reports305-551Financial Statements1-141Integrated
12、 ReportIntegrated Report/2022-233Our approach to reportingTata Motors Limiteds 78th Integrated Annual Report 2022-23 highlights its financial and non-financial performance.It provides a concise overview of our overall performance to create value for all stakeholders in the short,medium and long term
13、,and highlights the future viability of the business.The Report narrates in detail how Tata Motors has progressed across all business verticals and how it is revving up to become more innovative and sustainable.Frameworks,guidelines and standards Apart from abiding by the guiding principles and cont
14、ent elements of the International Framework(the Framework),published by the International Financial Reporting Standards Foundation(IFRS),this Report has been prepared with reference to the GRI Standards and aligned with the United Nations Sustainable Development Goals(UN SDGs).It has also taken into
15、 account the applicable requirements and principles of the following for the financial and statutory information:Companies Act,2013(and the rules made thereunder)Indian Accounting Standards Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements)Regulations,2015 Secret
16、arial Standards issued by the Institute of Company Secretaries of India.We have also adopted the Business Responsibility and Sustainability Reporting(“BRSR”)introduced by the Securities and Exchange Board of India(“SEBI”)containing enhanced ESG disclosures and the same forms a part of this report.Re
17、porting scope and boundary This Report outlines our business model,strategy,significant risks,opportunities,and challenges,as well as our overall performance,achievements,and outlook for the period under review.In addition to our financial performance,this Report details our environmental,social and
18、 governance(ESG)performance.Unless otherwise specified,the integrated report covers financial information on a consolidated basis for Tata Motors Limited(TML).Details are provided on consolidated segment level.The operating segment comprise of automotive segment and others.In automotive segment,deta
19、ils have been presented for entities basis four reportable subsegments as below.Tata Commercial Vehicles(Tata CV)Includes Tata Motors&subsidiaries TDCV,TDSC,TMBSL(Tata motors body solutions limited)TMSA,PTTMI and Joint operation TCLTata Passenger Vehicles (Tata PV)Includes TMPV,TPEM,TMETC,Trilix and
20、 JointOperation FIAPLJaguar Land RoverVehicle Financing(Tata Motors Finance)Reporting cycleApril 01,2022March 31,2023Moreover,non-financial data reporting including KPIs pertaining to Sustainability Review(Environment and Social)are segregated for Tata Motors India operations and Jaguar Land Rover.T
21、ata Motors India operations includes our CV,PV and EV businesses.Integrated Report/2022-234About the ReportAssurance Assurance on financial statements has been provided by independent auditors BSR&Co.LLP.Assurance for non-financial data for India operations of Tata Motors has been provided by DNV Bu
22、siness Assurance India Private Limited,India.Non-financial data comprises the following sections of this report:Key Performance Highlights,Value Creation Model,Stakeholder Engagement,Materiality Assessment,Risk Management,Governance,and Sustainability Review(Environment and Social).The assurance has
23、 been given against the Reports adherence to the framework published by the International Financial Reporting Standards Foundation(IFRS).and the GRIs Sustainability Reporting Standards.The assurance statement issued by DNV,is available on our website statementsStatements in the Integrated Report des
24、cribing our objective,projections,estimates and expectations may be“forward-looking statements”within the meaning of applicable securities laws and regulations.Actual results could differ materially from those expressed or implied.Important factors that could make a difference to our operations incl
25、ude,among others,economic conditions affecting demand/supply and price conditions in the domestic and overseas markets,in which we operate,in addition to changes in government regulations,tax laws and other statutes and incidental factors.During the year ended March 31,2023,the Central Electricity A
26、uthority of India have published revised grid emission factors for FY 2020-21 and FY 2021-22.Further,in one of our Plants the ownership of green attributes was erroneously considered to be with our Company.Accordingly,the FY 2020-21 and FY 2021-22 figures have been restated.Other details (performanc
27、e measures)EBITDA includes the product development expenses charged to P&L,and realised FX and commodity hedges but excludes the revaluation of foreign currency debt,revaluation of foreign currency other assets and liabilities,MTM on FX and commodity hedges,other income(except government grant)as we
28、ll as,exceptional items.EBIT is defined as reported EBITDA plus profit from equity accounted investee less depreciation and amortisation.Auto Free cash flow is defined as net cash generated from operating activities less net cash used in automotive investing activities,excluding investments in conso
29、lidated entities,M&A linked asset purchases and movements in financial investments,and after net finance expenses and fees paid,less free cash flow of TMF Group,i.e.,financing business.Responsibility statement Our Board acknowledges the accountability for the integrity and completeness of this Repor
30、t and its contents.We have also ensured collective responsibility for the preparation and presentation of this Report in accordance with IFRS Framework.MaterialityWe apply the principle of materiality in assessing what information should be included in our Integrated Report.These issues are material
31、 to our stakeholders and our ability to create value.The material issues are reviewed by Tata Motors top management.Page 80 Our capitalsWe build and bring together advanced and market-leading capabilities as demonstrated through our financial,manufactured,intellectual,human,social and natural capita
32、ls,and direct their highly productive interplay through visionary leadership to create value for all our stakeholders.Page 12 142-304Statutory Reports305-551Financial Statements1-141Integrated ReportIntegrated Report/2022-235Welcome to the future of mobility Company Profile 8-9Our Presence 10-11Valu
33、e creation model 12-15Product Portfolio 16-21Auto Expo 2023 22-25Key Performance Highlights 26-27Chairmans Message 28-31Tata Motors EDs Message 32-33TMPV and TPEM MDs Message 34-35JLR CEOs message 36-37Integrated Report/2022-236ABOUT THE COMPANYTata Motors is on a journey to make the future of mobil
34、ity a reality.And the future is human centric,smart and green.Smart customers aspire to have access to vehicles that deliver climate change neutrality and offer bestinclass features and safety.No compromises.We are putting these progressive ideas into action.Across the product lifecycle,we are using
35、 leaner designs,cleaner materials and greener powertrains to make our vehicles more aspirational,and are putting the requisite infrastructure in place for their safe and purposeful recycling.This is a road that we must walk together.We are collaborating with the best to develop and introduce optimal
36、 future ready technologies.With hydrogenpowered internal combustion engines,efficient fuel delivery systems,battery electric powertrains and hydrogen fuel cell electric vehicles,we are accelerating the adoption of clean mobility.Our vision and capabilities across Tata Motors and JLR are bringing tha
37、t tomorrow closer.142-304Statutory Reports305-551Financial Statements1-141Integrated ReportIntegrated Report/-458Financial Statements108-231Statutory ReportsAgile,new-age and future-ready Tata Motors Group is a global automobile manufacturer offering a wide range of commercial,passenger,a
38、nd EVs.Technological prowess,and engineering par excellence that ensures safety and sustainability,are our ultimate priorities.We are at the forefront of Indias shift towards electric vehicles,while staying ahead of the curve in the fast-evolving Indian automotive market.Tata Motors LimitedTata Moto
39、rs Limited(TML)is one of Indias biggest automobile manufacturing companies with an extensive range of integrated,smart and e-mobility solutions in its portfolio.TMLs strong presence over years is heralded by its ability to offer quality products by connecting customer aspirations with innovative mob
40、ility solutions.MISSION We innovate mobility solutions with passion to enhance the quality oflife.Key strengthsStrong brand Tata Motors striking brand portfolio consists of Commercial Vehicles,Passenger Vehicles and Luxury Vehicles.It is home to iconic brands like Jaguar and Land Rover(JLR).These di
41、fferent brands cater to a wide range of customers and market segments,and offer a wide array of products under the canopy of Tata Motors.Delivering future ready vehicles Our transformation journeys mission,vision and values are crafted to deliver future-ready vehicles.We are exploring new avenues in
42、 the mobility space,while enriching our current offerings in line with customer demands.Strong focus on quality and safety Tata Motors has stayed ahead of the curve by mapping out quality and safety as key parameters in its strategic roadmap.We launched a range of safety-related technologies and con
43、tinues to invest in R&D facilities and technologies in adherence to our core commitment to deliver the safest vehicles across segments.In terms of quality,all our facilities utilise standardised systems to provide exceptional experiences.All manufacturing divisions have been certified with ISO TS 16
44、949(QMS standard for the automotive industry),ISO 9001 and ISO 14001(Environmental Management System),as well as for OHSAS 18001(Occupational Health and Safety).Reimagining sustainable solutions To keep sustainability at the core of our Company,Tata Motors has deployed a three-pronged approach spann
45、ing sustainability,encompassing sustainable mobility,sustainable manufacturing,and product stewardship as key aspects of business.Strategic partnerships Tata Motors Group believes in partnerships and collaborations to infuse newer technologies in to the ecosystem.TPEM did a fund raise through TPG Ri
46、se for C7,500 crore.Through Tata UniEVerse,we have synchronised efforts to develop a holistic e-mobility ecosystem to accelerate the adoption of EVs in India.Tata Group is actively exploring partnerships in cell and battery manufacturing in India and Europe to secure our supplies of batteries.Integr
47、ated Report/2022-238Company ProfileJaguar Land Rover(JLR)Jaguar Land Rover(JLR)continues to shape the future of modern luxury vehicles built around its iconic brands:Jaguar and Land Rover.JLR,which became part of Tata Motors Group in 2008,exemplifies quality and sustainability.JLRs Reimagine strateg
48、y lays the roadmap for the companys transformation into a sustainable,electric-first modern luxury business.Jaguar Land Rover aspires to become the creator of the worlds most desirable,luxury vehicles and services for the most discerning of customers.Tata Motors Finance Limited(TMFL)TMFL and Tata Mo
49、tors Finance Solutions Limited(TMFSL)are TMF Holdings Limited(TMFHL)s Non-Banking Financial Companies(NBFCs)subsidiaries.TMFHL is a Core Investment Company(CIC)and Tata Motors completely owned subsidiary.TMFL handles new vehicle financing,whereas TMFSL handles dealer/vendor financing and used car re
50、finance/repurchase.Tata Passenger Electric Mobility Limited(TPEM)In FY 2021-22,TPEM was incorporated as a wholly owned subsidiary of TML to undertake the Passenger Electric Mobility business.TPEM secured funding of C7,500 crore from TPG Rise at a valuation of upto$9.1 billion.TPEM shall leverage all
51、 existing investments and capabilities of Tata Motors Ltd.and will channelise the future investments into electric vehicles,dedicated BEV platforms,advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies.Tata Motors Passenger Vehicles Limited(TMP
52、V)TMPV is wholly owned subsidiary of TML.In FY 2021-22,TML,pursuant to a scheme of arrangement transferred its PV undertaking to TMPV.This move has been done to provide a differentiated focus for the PV business and to realise its full potential.Key subsidiaries142-304Statutory Reports305-551Financi
53、al Statements1-141Integrated ReportIntegrated Report/2022-239Going global ACROSS 125COUNTRIES9,200TOUCH POINTSNORTH AMERICANorth America81,629VEHICLES SOLDJ54,766 croreREVENUE1R&D SITESEurope74,349VEHICLES SOLDJ42,731 croreREVENUE2MANUFACTURING SITES1R&D SITESMap not to scaleIntegrated Report/2022-2
54、310Our PresenceUKINDIACHINAEUROPEUK62,142VEHICLES SOLDJ33,141 croreREVENUE5MANUFACTURING SITES3R&D SITESIndia9,32,695VEHICLES SOLDJ1,14,091 croreREVENUE15MANUFACTURING SITES3R&D SITESChina95,773VEHICLES SOLD(INCL.CJLR)J47,368 croreREVENUE1JOINT MANUFACTURING SITES142-304Statutory Reports305-551Finan
55、cial Statements1-141Integrated ReportIntegrated Report/2022-2311Creating value through our business model Financial capital Strong financial foundation supporting sustained business growth Planned prioritisation of capital allocation Manufactured capital Quality-focused,lean manufacturing expertise
56、Globally competitive,scalable and widely accredited manufacturing facilities Intellectual capital Brand trust and reputational advantages Innovation-driven R&D and design thinking approach Digital platform enabling strategy execution Strategic partnerships and collaborationsEQUITY CAPITAL INCL.RESER
57、VES K45,322 croreINVESTMENT SPENDING K28,473 croreNET AUTOMOTIVE DEBT K43,687 croreTML*MANUFACTURING FACILITIES 10R&D/ENGINEERING AND DESIGN CENTRES3JLRMANUFACTURING AND ENGINEERING FACILITIES WORLDWIDE 12TECHNOLOGY HUBS 8Product portfolio R&D SPEND K20,265 croreDesign applications TML 79 JLR 229Pat
58、ent applications TML 158 JLR 137VISION,VALUES AND VALUE CHAIN ACTIVITIESour resources Culture pillars VISIONBy FY24,we aim to become the most aspirational Indian automotive brand,consistently winning,by:Delivering superior financial returnsDriving sustainable mobility solutionsExceeding customer exp
59、ectationsCreating a highly engaged work forcEBe BoldOwn ItSolve TogetherBe EmpatheticAgilityEmpowermentAccountabilityEmbracing DiversityRisk takingOwners mindsetCollaborationPassion for Customers*includes data for TML,TMPVL and TPEMLIntegrated Report/2022-2312Value creation model Human capital Diver
60、se Board with strong leadership expertise Inclusive workplace policies and practices Industry specific specialist skills Social and relationship capital Strong stakeholder relationships and corporate reputation Sustainable supply chain management Empowering and supporting local communities Natural c
61、apital Delivering low emission mobility solutions Focus on water conservation&augmentation Sustainable and resource efficient operations Renewable energy adoptionTMLTRAINING AND DEVELOPMENT SPEND K24.1 croreSPECIALISED TRAINING AND DEVELOPMENT 3,42,368 hoursTOTAL EMPLOYEES 56,727Permanent employees
62、27,125Temporary employees 29,602TMLSupplier assessments and screening through sustainable supply chain initiative CSR SPEND K20.81 croreVOLUNTEERED BY EMPLOYEES FOR ACTIVITIES 35,756 hoursTMLSPECIFIC DIRECT ENERGY CONSUMED 1.07 GJ/vehicleSPECIFIC INDIRECT ENERGY CONSUMED 2.00 GJ/vehicleSPECIFIC TOTA
63、L ENERGY CONSUMED 3.07 GJ/vehicleWATER WITHDRAWAL 58,42,982 m3Innovation and TechnologyMobility ServiceCustomer Service NetworkGlobal Sales NetworkFinancial ServicesDesign and EngineeringStrategic SourcingManufacturing OperationsLogisticsVALUE CHAIN ACTIVITIES142-304Statutory Reports305-551Financial
64、 Statements1-141Integrated ReportIntegrated Report/2022-2313SDGs Impacted Financial capital Enhancing corporate value through sustainable growth in order to return profits to shareholders and investors Manufactured capitalDelivering best-in-class transportation solutions and progressing towards enab
65、ling zero-emission options,while maintaining the highest standards of quality and safety Intellectual capitalContributing to needs of electrification,automation and energy savings as well as safety and reliability through development of high-quality products and servicesREVENUE GENERATED K3,45,967 c
66、roreAUTO FREE CASH FLOW K7,840 crore EBITDA MARGIN 10.7%Dividend declared K2 per share for ordinary shareholders and K2.1 per share for DVR holders,outflow of K771 croreTMFL Collection efficiency:108%GNPA:4.3%,TOTAL UNITS OF VEHICLES SOLD 13,35,819 vehicles EV units(leading to significant CO2 reduct
67、ion)TMPVL 9%JLR(BEV+PHEV)12%EV CHARGING INFRASTRUCTURE SET UP ACROSS CITIES IN INDIA165Design applications granted/registered TML 22 JLR 338Patents granted TML 71 JLR 218 Transition fuels CNG,LNGBattery EVs in PV,SCV,LCV,Intra City BusesHydrogen fuel cell and hydrogen based IC engine technology conc
68、ept for M&HCV,Intra City BusesTwo fuel-agnostic architectures introduced Azura,Signa Unveiled AVINYA concept-pure EV based on GEN 3 architectureSDGs ImpactedSDGs ImpactedOUTCOMESOUTPUTCars and Sport Utility VehiclesTruck and BusesPassenger Vehicles(incl.EVs)UNITS SOLD5,40,965Integrated Report/2022-2
69、314SDGs ImpactedSDGs ImpactedSDGs Impacted Human capital Fostering employees work values and empowering them to unlock their full potential by cultivating safe and inclusive work environments for a diverse workforce Social and relationship capitalBuilding long-lasting and meaningful relationships wi
70、th our customers,suppliers,and local communities while promoting sustainable practices.We believe that through collaboration and partnership,we can create a more equitable,sustainable,and thriving communityOur focus areas include health,education,employability,and environmental protection Natural ca
71、pital Proactively working towards enhancing our positive impact on the natural environment.As a resource-intensive business,we focus on climate change,energy efficiency,water conservation,and waste managementFEMALE IN TOTAL WORKFORCE 8.8%EMPLOYEE TURNOVER 7.9%LTIFR 0.13SUPPLIER ASSESSMENTS CONDUCTED
72、 134LIVES EMPOWERED THROUGH CSR ACTIVITIES 8.01 lakhSHARE OF RENEWABLE ENERGY INTOTAL ENERGY CONSUMED 25.9%REDUCTION IN SPECIFIC SCOPE 1 EMISSIONS 10.9%REDUCTION IN SPECIFIC SCOPE 2 EMISSIONS 24.1%REDUCTION IN OPERATIONAL WASTEGENERATED 6.3%Emissions and waste(TML)Scope 1 emissions 63,728 tCO2e Scop
73、e 2 emissions 2,78,465 tCO2e Total waste generated 1,69,844 MTUNITS SOLDUNITS SOLD(INCL.CJLR)Commercial Vehicles4,22,637JLR3,72,217TMLTMLTML142-304Statutory Reports305-551Financial Statements1-141Integrated ReportIntegrated Report/2022-2315Integrated Report/2022-2316Product PortfolioThe luxury of ch
74、oice We strengthened our presence among customers with 40+new product and 150+variants launched in FY 2022-23.Some notable ones include the launch of Indias first CNG vehicle in the MHCV category,and rolling out the Yodha 2.0,Intra V20 bi-fuel,Intra V50 and ACE EV.We also introduced new-age ADAS tec
75、hnology in vehicles.MHCVCVExisting CV rangeSIGNABUSES AND VANS MAGIC AMBULANCE PRIMAWINGERSTARBUSTATA 407ILCVULTRA ULTRA EVNEW LAUNCH NEW LAUNCH NEW LAUNCH 142-304Statutory Reports305-551Financial Statements1-141Integrated ReportIntegrated Report/2022-2317YODHA 2.0PRIMA EURO 5 RANGENEW INTRAACEXENON
76、 X2 INTERNATIONALAce EVThe Ace EV is the first product featuring Tata Motors EVOGEN powertrain that offers an unparalleled certified range of 154 km.It delivers a safe,all-weather operation with an advanced battery cooling system and regenerative braking system to boost the driving range.The vehicle
77、 allows regular and fast charging capabilities for high uptimeSCV AND PICKUPACE EVSHOWSTOPPERPVTowards new foreverOur unwavering dedication to innovation and our promise to make every customer journey a delight drives us to constantly reimagine the experience we deliver.As we step up the game,we con
78、tinue to move India towards safer,smarter and greener mobility solutions.TIAGOALTROZTIGORSAFARIPUNCHHARRIERNEXON Existing PV range Integrated Report/2022-2318Product PortfolioXPRES-T EVEVExisting EV range NEW LAUNCH NEXON EV MAXTIGOR EVTIAGO EV NEW LAUNCH 142-304Statutory Reports305-551Financial Sta
79、tements1-141Integrated ReportIntegrated Report/2022-2319Tiago EVLaunched Tiago EV electric hatch with segment-first,premium features.The Tiago EV offers premium,safety and technology features,eco-friendly footprint,spirited performance,along with the added advantage of a low cost of ownership.It is
80、the first in its segment to offer best-in-class connected features as standard across all trims,that are usually offered in more premium cars.It comes with two options of IP 67 rated battery packs(water and dust resistant)giving range of 250 km and 315 km,and four different charging solutions,enabli
81、ng customers to choose the combination that best serves their mobility needs.NEXON EVSHOWSTOPPERIntegrated Report/2022-2320Product PortfolioLuxury today and tomorrow Jaguar and Land Rover are distinct British brands with a rich heritage timeless designs that emotionally resonate with customers.A tes
82、tament to their products,these brands enjoy a brand equity that has been built over decades.JLRExisting Jaguar rangeJAGUAR F-PACEJAGUAR F-TYPEJAGUAR I-PACEJAGUAR XFJAGUAR XEJAGUAR E-PACENEW LAUNCH 142-304Statutory Reports305-551Financial Statements1-141Integrated ReportIntegrated Report/2022-2321Exi
83、sting Land Rover range THE NEW RANGE ROVERRANGE ROVER VELARNEW RANGE ROVER SPORTRANGE ROVER EVOQUEDISCOVERY SPORTNEW DISCOVERYDEFENDERDEFENDER 130New Range RoverThe elegant New Range Rover defines modern luxury,providing more refinement,customer choice and scope for personalisation than ever before.
84、Range Rover is the original luxury SUV and has led by example for 50 years,combining serene comfort and composure with all-conquering capability.The New Range Rover is the most desirable yet,mixing breathtaking modernity and aesthetic grace with technological sophistication and seamless connectivity
85、.SHOWSTOPPERIntegrated Report/2022-2322Auto Expo 2023Upping the anteAt Auto Expo 2023,we showcased 14 vehicles and concepts that will define our journey towards a sustainable future,and enable our customers to make a seamless transition to clean and commercially viable mobility solutions.Unique hydr
86、ogen propulsion conceptsPRIMA H.55SAZURAPRIMA E.55SSIGNASTARBUS FUEL CELL EVIndias first Hydrogen ICE powered concept truck(7 to 19T range),underpinned by the new generation architecture for I&LCVs,with all new exteriors and interiorsIndias first Hydrogen fuel cell powered Tractor concept(28 to 55T
87、range),underpinned by the new generation,allenergy architecture and modern cabinIndias first Hydrogen fuel cell bus for commercial applicationTwo fuel agnostic architecture Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportUnveil:EV concepts and vehi
88、clesRevealsACE EVYODHA CNG&INTRA V20 BI-FUELMAGIC EVSTARBUS EVPRIMA G.35KPRIMA E.28KULTRA E.9WINGERZero emission last mile distribution small commercial vehicle(long range)new CNG powered pickupsElectrified version of Indias favourite lastmile passenger transportStateoftheart,Zero emission,Urban pub
89、lic transport solutionIndias first LNG Tipper for heavy duty applicationsZero emission versatile tipper concept for mining and closed loop applicationsZero emission,battery electric smart logistics city truck for intracity highcapacity urban cargo transportationPremium version of popular Winger with
90、 luxurious interiors that redefines the ride comfortValue added services exhibitsFLEET EDGE SAMPOORNA SEVA E-DUKAANThe next generation digital platformBouquet of value added services Online marketplace for spares and consumablesCOMPLETE FLEET MANAGEMENT APPLICATIONIntegrated Report/2022-2324Auto Exp
91、o 2023ICE portfolio NEW FOREVER HARRIER#DARKNEW FOREVER SAFARI#DARKALTROZ PUNCH ICNGCURVVALTROZ RACER1.2 AND 1.5L TGDI ENGINEWe presented 12 vehicles and concepts of Indias best designed and smartest range of personal mobility solutions.Our Indiacentric,newage personal mobility solutions come with s
92、marter and safer technologies and world class powertrains that deliver low emissions and superior performance.Altroz and Punch iCNG versions,with advance features and Indias first twincylinder CNG technology with no compromise on bootspaceTwin cylinder technologyAltroz Racer is the performance avata
93、r of the ALTROZ with race carinspired design combined with exhilarating performanceICE version of the Concept CURVV,merges robust appeal of SUV with the perfect balance between elegance,performance and practicalityTo cater to the needs of enhanced performance along with lower emissions,a new family
94、of Turbocharged Gasoline Direct Injection engines was unveiled.These light weight,power packed engines will deliver a superb balance between power,refinement and fuel economy offering customers an exhilarating driving experience.Unveiled new league of#DARK products with an adaptive User Interface bo
95、asting a new look and feel,a desirable larger Infotainment Screen of 26.03 cm and 10 new ADAS featuresIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportAVINYAHARRIER EVTIAGO EVEV portfolioWe are driving towards a greener future mandate that demands a
96、n urgent collaborative action to reduce carbon emission.With an aim to attain net zero emission by 2040,we are spearheading this mission with the support of our Gen 3 EV architecture strategy.With the Tiago EV,we have disrupted the market by making EVs more accessible.We unveiled products across the
97、 Gen 2 and Gen 3 architecture with the Harrier EV,Sierra EV,Avinya,which will make EVs more aspirational.AVINYA concept,an expression of a pure electric vehicle built on the GEN 3 architecture introduces a new typology of mobility that liberates enormous roominess and comfort.With this,TPEM is all s
98、et to unleash a new breed of EVs that will redefine the automobile space.This pathbreaking EV will be introduced to the market by 2025Launched in FY 202223,Tiago EV has accelerated the EV adoption by making it accessible to masses.Received strong response with around 10,000 bookings on the first day
99、HARRIER EV,a Bold,Powerful,Intelligent,Electric Allwheel drive SUV,born of legendary pedigree,offers an extraordinary exterior design and future ready connectivity.This 5 seater monocoque SUV is engineered on the OMEGA Architecture,derived from the legendary Land Rover D8 architecture and developed
100、in collaboration with Jaguar Land Rover.With HARRIER EV we are extending this pedigree to the Gen 2 EV architecture,delivering an uncompromised range and topnotch advanced featuresSIERRA EVThe Sierra EV is designed by placing Human Experience at the core of the vehicle concept showcasing the promise
101、 of freedoman outdoorsy lifestyle and a unique status complemented by versatile and plush interiors,emotionally connecting across generations.It showcases a timeless design with wellbalanced proportions ensuring an universal appeal.the EV contribution in our portfolio is likely to increase to 25%in
102、5 years and reach 50%by 2030.8.017.587.91Consolidated operational and financial metricsOn an upward growth trajectory In FY 202223,the business recorded strong financial performance as all three core auto businesses turned profitable in H2.Revenue24.2%y-o-y growthC crore3,45,9672,78,4542,49,795FY23F
103、Y22FY21EBITDA margin 110 bps%10.79.612.2FY23FY22FY21TATA MOTORSJLRConsolidated non-financial metrics32.1%y-o-y growth20,26515,33913,656FY23FY22FY21Free cash flow(automotive-post interest)C crore7,840(9,472)5,317FY23FY22FY21C croreNet auto debt(including leases)C5,000 crore reduction43,68748,67940,87
104、6FY23FY22FY21R&D spendC croreSales volume(incl.CJLR)22.9%y-o-y growthNOs.13,35,81910,86,7349,02,648FY23FY22FY21FY23FY21FY221.1%NOS.LAKHLives impacted through CSR initiativesCSR spend20.8123.923.7FY23FY21FY2212.2%C croreIntegrated Report/2022-2326Key Performance Highlights7,19,55311,33,5068,12,67610,
105、66,4555,50,89911,35,049Consolidated non-financial metrics22.4%25.7%Patents grantedNOS.455338587179648%Ratio of female employees35.4%8.85.56.5FY23FY21FY2243.5%50%Lost time injury frequency rate%Operational energy consumption 12.9%5.9%MWhScope 2 emissionstCO2etCO2e16.3%4.7%0.9%24.14%Scope 1 emissions5
106、4,7931,18,50363,7281,12,88841,8821,21,149FY23FY21FY222,81,0981,17,9392,78,46589,4652,11,6141,35,098FY23FY21FY220.230.20.130.10.260.16FY23FY21FY22FY23FY21FY22Jaguar Land Rover Includes purchased gas,electricity and steam*Restated1,38,8761,69,8441,89,96730,00832,91527,63822.3%9.69%Operational waste MT
107、31.9%23.9%m3Water withdrawal44,29,50416,58,92958,42,98212,61,50439,91,29013,36,479FY23FY21FY22FY23FY21FY22FY23FY21FY22Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportDear Shareholders,It is my privilege to write to you and present the Integrated An
108、nual Report of Tata Motors Ltd.for financial year 202223.As I mentioned in my letter last year,recent history has been relentless with the global pandemic,military conflict,growing inequality,supply chain shortages and more.In addition,the current year witnessed a surge in inflation requiring coordi
109、nated action by most central banks to increase interest rates to control inflationary expectations.While inflation is starting to moderate,the rise in interest rates has also revealed hidden stresses in parts of the banking sector that enjoyed a long run of low interest rates and hence not prepared
110、for the rate rise.This could impact global growth in the coming year.The challenges outlined above are resulting in structural shifts in economies and societies that I called out last year.These are continuing to play out,viz.i)Energy transitionirreversible move to green mobility,ii)Supply Chain Tra
111、nsition rebalancing of supply chains to become resilient,iii)Digital transitionArtificial Intelligence and Machine Learning becoming mainstream,and iv)Talent transition coming of age of the Talent cloud,a diverse,inclusive,global talent pool that can be accessed remotely.In this context,I am pleased
112、 to report that our Company had a good year with all automotive verticals delivering on their strategies leading to multiple achievements.Compared to FY 202122,vehicle sales increased by 23%to 13,35,819 units.Revenues rose to an alltime high I3.46 lakh crore(up 24%),EBITDA improved to I37.0K crore(u
113、p 110bps)and PBT(bei)turned positive at I1.5K crore(up I7.841 crore).All three core auto businesses turned profitable in the second half of the year.Free cash flow(automotive)for the year stood at I7.8K crore improving substantially from negative I9.5K crore recorded in FY 202122.ChairmanDelivering
114、on ambitions for a greater tomorrowTata Motors is emerging stronger after many challenging years and will remain focused on meeting its financial commitments while sowing the seeds for a greener future.N ChandrasekaranCHAIRMAN AND NON-EXECUTIVE DIRECTORCHAIRMANS MESSAGEIntegrated Report/2022-2328Cha
115、irmanTata Motors Limited standalone entity returned to profit navigating all the challenges with a PAT of I2,728 crore.The Board has recommended a dividend of I2 per share to ordinary shareholders and I2.1 per share to DVR holders subject to your approval today.Navigating successfully through the ch
116、allenges,your Company has emerged stronger,execution focused and customercentric.The distinct strategies employed by each of the three independent business units Commercial Vehicles(CV),Passenger Vehicles(PV)and Jaguar Land Rover(JLR),in unison,has led to an improved overall performance including me
117、trics around financials,brand health,customer experience,product innovation,quality and employee engagement.Passenger and Electric Vehicles(India):The business continued to be a robust performance for the third year in succession and recorded its highest ever annual sales around 5,41,000 vehicles,a
118、growth of 45%over FY 202122.It became only the third OEM in India to cross the 5,00,000 annual sales mark.EV sales crossed the 50,000 annual sales milestone and constituted 12%of the sales portfolio in Q4.Tata Motors retained the#1 SUV manufacturer rank for a second successive year and became the#2
119、brand in the Indian car market with NPS score touching 40.In FY 202223,the business recorded revenues of I47.9K crore,and delivered EBITDA and EBIT margins of 6.4%and 1%(improvement of 110 bps and 300 bps over FY 202122).With existing capacities nearing saturation,it acquired a stateoftheart vehicle
120、 manufacturing facility in Sanand,Gujarat,adjacent to its existing plant,with capacity scalable to 4,20,000 units per annum.Commercial Vehicles:In commercial vehicles,following a challenging first half,the business revised its operating model to target Profitable Growth.It moved away from supply cha
121、in push to retail pull model by focusing on VAHAN registration volumes and achieved doubledigit EBITDA margins in Q4 FY23.In FY 202223,the business recorded revenues of I70.8K crore,and delivered EBITDA and EBIT margins of 7.4%and 5.2%(improvement of 370 bps and 480 bps over FY 202122).The business
122、is being managed across eight verticals and we aim to make each of these verticals profitable and cash accretive.At the Auto Expo 2023,we unveiled 14 newage concepts that will shape the future of mobility in the years ahead and launched over 40 new products and 150+variants across segments,to cater
123、to the evolving needs of seamless cargo and people transport across sub segments and applications.3.46 lakh croreALL-TIME HIGH REVENUES24%INCREASEIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportJaguar Land Rover:JLR made good progress in its Reimag
124、ine journey to transform into a digitally savvy,modern luxury vehicle business with sustainability at its heart.We faced a severe shortage of semiconductors,especially in the first half and as the situation eased in the second half,we saw a consistent increase in production and sales volumes,particu
125、larly of the New Range Rover,New Range Rover Sport,and the Defender vehicles.Due to this,JLR delivered a resilient performance during FY 202223 with wholesales of 3,21,362 units(up 9%),recording revenues of 22.8 billion,up 24.5%from FY 202122.EBIT margin of 2.4%and PBT of 97 million were remarkably
126、better than the 455 million loss before tax recorded in the previous year.The business also delivered a free cash flow of 521 million.It ended this year in a stronger position with a portfolio of attractive products,a healthy bank of customer orders touching nearly 200,000 units,low break evens and
127、with a clear strategy to Reimagine its renowned British brands for global clients.The transformation of Jaguar into an allelectric luxury brand is on track with the first new vehicle to be revealed in 2024 and customer deliveries starting in 2025.It will also start taking 2,728 croreTATA MOTORS LIMI
128、TED STANDALONE PAT Integrated Report/2022-2330CHAIRMANS MESSAGEpreorders for the maiden pure electric Range Rover later this year.The Tata Group is committed to building sustainable businesses.The group initiative,Aalingana outlines the Tata Groups approach to planet resilience,the groups aspiration
129、 of net zero by 2045 and the vision of securing the future by innovating today.Aalingana commits to embedding sustainability into business strategy by focusing on three interconnected pillars:Driving the decarbonisation of our businesses and value chain;applying a systemic,circular economy approach
130、to reduce resource use and waste;and preserving and restoring the natural environment.As part of its responsibility towards“Aalingana”,Tata Motors has announced its commitment to sustainability targets which include achieving net zero status,promoting a circular economy,and preserving biodiversity.Y
131、our Company believes that these commitments will help achieve our longterm goals and create a more sustainable future for all.As we move forward,Tata Motors will remain focused on executing against its strategy to deliver growth,profitability and free cashflows consistently.Your Company is committed
132、 to strengthening its core businesses,accelerating innovation,and unlocking efficiencies while exploring new opportunities for the future.Tata Motors is starting to move to a position of strength after overcoming many challenging years.The upcoming year and beyond are crucial,as it capitalises on th
133、e efforts made during this period to achieve a performance that makes us proud.Moreover,these next few years mark a significant shift towards a greener and technologically advanced future,necessitating swift and agile action.I have complete confidence that our teams dedication and commitment will ma
134、ke this possible.I am also grateful for your unwavering support during this period and look forward to your continued encouragement for our exciting journey ahead.Warm regards,N CHANDRASEKARANIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportWell poi
135、sed for a sustainable futureWe revised our operating model to deliver Profitable Growth,shifting gears from supply chain push to retail pull.Our thrust on digitalisation and building organisational capabilities increased with greater investment in future ready technologies and strengthening of partn
136、erships.Girish WaghEXECUTIVE DIRECTOR,TATA MOTORS LIMITEDDear Shareholders,I hope this letter finds you in good health.FY 202223 was a year of progression for the Indian commercial vehicle(CV)industry as it fully emerged from the shadows of two successive years of low volumes in FY 201920 and FY 202
137、021.Led by the Governments thrust on infrastructure building and increased activity in ecommerce,construction,and mining,the industry witnessed a robust demand for heavy trucks and passenger carriers throughout the year to deliver a significant growth over FY 202122.Tata Motors domestic CV business
138、registered 30%growth in retails(VAHAN registration)over FY 202122.The business recorded its highestever quarterly and annual revenues in Q4 and FY 202223 respectively,growing by a substantial 35%over FY 202122.A sharp focus on profitable growth resulted in EBIT growing by a healthy+480 bps over last
139、 year.Being in the agile mode enabled us to swiftly counter the twin challenges of commodity inflation and high discounting that impacted the CV business in the first half.We revised our operating model to deliver Profitable Growth.Shifting gears from supply chain push to retail pull,we focused on V
140、AHAN registration volumes to track real growth.In FY 202223,we launched over 40 products and 150+variants for passenger and cargo transportation to fulfil the growing demand for safer,smarter,and greener mobility solutions.At the Auto Expo 2023,we unveiled our future ready aspirations by showcasing
141、14 newage concepts to shape the future of cargo and passenger mobility in the years ahead.We won several prestigious awards acknowledging the excellence of our products,services,initiatives,and people.Our investments in digital marketing with targeted campaigns communicating brand promise and the ov
142、erall superior value proposition of our vehicles,resulted in highestever brand power and net promoter scores.Overall dealer satisfaction levels also improved with higher vehicle registrations,better profitability,and cash flows.Executive DirectorTata Motors EDs MessageIntegrated Report/2022-2332We c
143、ontinued to expand our footprint of sales and service touchpoints and digitallyenabled feetonstreet,building an extensive network of Tata Gramin Mitra and Tata Guru Mechanics to sharpen our rural and urban reach.With a synergised backend and a fully equipped front end,each business line is independe
144、ntly charting its growth path with clear milestones set to track financial and market outcomes.Our foray into mobility as a service broke new ground with TSCMSL delivering a profitable revenue stream from the first year itself.The after sales business grew its revenues by 33%and the digital business
145、 revenues grew by 2.8X on a lower base.The International Business remained subdued,impacted by the prevailing macroeconomic conditions in several overseas markets.The time was utilised to craft a new strategy and we are seeing some green shoots emerging.Beginning April 1,2023,the auto industry is ma
146、ndatorily complying with the BS VI Phase 2 emission norms.We used this opportunity,to go beyond mere compliance,to further enrich the product portfolio with smarter technologies and enhanced features to deliver more value,comfort,convenience,and connectivity to our customers.Your Company introduced
147、multiple segmentfirst products such as TATA Ace EV,Indias first commercially launched 4wheeled electric mini truck and Intra Bifuel,Indias first BiFuel pickup truck.We also introduced advanced safety features on our range of trucks such as ADAS,Collision Mitigation System and Lane Departure Warning
148、System.We took significant steps towards hydrogen fuelbased products and have been leading the development of hydrogenpowered vehicles.We have made excellent progress in the execution of our Sustainability strategy,anchored on three pillars:1.Net Zero GHG Emissions by 2045:We have committed to a com
149、prehensive decarbonisation strategy based on Science Based Targets(SBTi).To accomplish this,a robust product strategy has been adopted for transitioning to a greener portfolio.Deliveries of ACE EVs,and ebuses intended for CESL tender have commenced.Additionally,we have developed a roadmap for transi
150、tioning to 100%renewable electricity,across our operations.by the end of the decade.2.Circularity:We are in advanced stages of creating a Tata Motors framework to cover all aspects of circularity across the company including materials,water and waste.By embracing circular principles we are exploring
151、 innovative business models to extract value.Our inaugural,Re.Wi.Re(Recycle with respect)Registered Vehicle Scrappage facility marks the beginning of our commitment to establish numerous such facilities nationwide.3.Biodiversity and Nature:We are currently conducting extensive biodiversity baseline
152、studies at our plant sites to enhance our efforts in biodiversity and nature conservation.Our commitment to the OECM framework(Other Effective Conservation Methods),driven by scientific principles is aligning our approach with Global biodiversity goals.Our thrust on digitalisation and building organ
153、isational capabilities increased with greater investment in future ready technologies,strengthening of partnerships,and focused training programmes for our talent at every level and in every function,across the organisation.Our culture journey gained pace with more people imbibing and consistently d
154、emonstrating the desired leadership behaviours linked to our four culture pillars:Be Bold,Own It,Solve Together and Be Empathetic.I expect FY 202324 to be another exciting year for the CV industry,supported the Governments continued thrust on infrastructure development.We are in an acceleration mode
155、 to fulfil our aspirations even as we keep a close watch on the possible headwinds from geopolitical developments,interest rates,and fuel price inflation.We remain optimistic about the overall demand and reiterate our commitment to delivering value to our customers,shareholders,and other ecosystem s
156、takeholders.I thank you for your continuing interest,commitment and support to Tata Motors.Best regards,GIRISH WAGHExecutive DirectorIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportManaging DirectorDear Shareholders,I hope this letter finds you saf
157、e and in good health.FY 202223 was a record year for the Indian passenger vehicle(PV)industry as it posts all time high sales of nearly 3.9 million units.Catalysed by post COVID pent up demand,easing of the semiconductor shortage,and launch of several new vehicles,the PV demand grew 27%over FY 20212
158、2.Customers rising preference for SUVs and EVs came to the fore as did their focus on vehicle safety,smarter technologies,and advanced features.For Tata Motors,FY 202223 was the third successive year of posting industry beating growth69%(FY 202021),67%(FY 202122)and 45%(FY 202223),resulting 4X growt
159、h in terms of volumes and 5X growth in terms of revenues over FY 201920.The business recorded its highestever annual revenue in FY 202223 growing by a substantial 52%vs FY 202122,and delivered its highest ever profit with EBIT improving by a substantial 300 bps over last year.With existing capacitie
160、s nearing saturation,we acquired a stateoftheart vehicle manufacturing facility with a capacity scalable to 420,000 units per annum.The PV and EV business achieved several key milestones in FY 202223:Posted domestic sale of 5,38,518 vehicles,only the 3rd OEM in India to cross 500K sales Crossed the
161、milestone of 50K EV sales,exited Q4 with EV penetration of 12%Crossed the landmark of 5 million vehicle sales since inception,a strong endorsement for the Tata brand#1 SUV manufacturer in India,Nexon ranked#1 and Punch ranked#3 in the Compact SUV segment Crossed the 2,00,000 sales milestone for Punc
162、h in just 19 months of launch#2 brand with NPS score 40 In Nepal,market share jumped to 50%from 12%in FY 201920 owing to strong shift towards EVsConsistency breeds sustained triumphFY 202223 was the milestone year for the business as the industrybeating growth witnessed over the last three years has
163、 resulted in the business attaining a lifetime high on multiple metrics.In addition,being the leader in the fastgrowing EV segment,we continued to accelerate both its adoption as well as the development of its enabling ecosystem.Shailesh ChandraMANAGING DIRECTOR TATA MOTORS PASSENGER VEHICLES LIMITE
164、D&TATA PASSENGER ELECTRIC MOBILITY LIMITEDIntegrated Report/2022-2334TMPV and TPEM MDs MessageManaging DirectorOur commitment to keep our portfolio New Forever with exciting intervention,democratising the EV revolution by expanding customer base with Nexon EV Max and Tiago EV,emphasis on delivering
165、superior customer experience at every touch point,and several other strategic initiatives taken across the entire value chain were instrumental in achieving these milestones.At the Auto Expo 2023,we unveiled our future ready aspirations with 12 showcases that will shape the future of passenger mobil
166、ity in the years ahead.Purposefully leading the EV charge,we presented our 3phase strategy with the unveiling of the concept Curvv,a 2nd Gen EV based on a Multi Energy Platform,and Avinya,3rd Gen EV developed on an optimised,dedicated EV platform.Our excellence was endorsed by the business winning s
167、everal prestigious awards.To support our EV growth journey,we strengthened our collaboration with Tata Power and scaledup public charging infra by 1.9X,to 3800 chargers in priority geographies across the country.In addition,over 900 common charging points were installed in residential complexes acro
168、ss 5 metro cities and home charging expanded to 170+cities to enhance customer convenience and experience.We ensured a seamless and successful migration of our entire product portfolio to BSVI Phase 2,well in advance of the stipulated timeline.We used this opportunity to introduce smarter technologi
169、es and enhanced features in our vehicles to deliver more value,comfort,and convenience to our customers.Our network has grown to support our aspirations.Our PV sales network is now the second largest in India and we supplemented it with an active expansion of the country wide service network.Overall
170、 dealer satisfaction levels too improved with rising sales,profit and strong return on sales.We have also made excellent progress in a journey towards our aspiration of attaining Net Zero emissions by 2040 by systematically working on the holistic sustainability programme,Aalingana,and its three pil
171、larsNet Zero,Circularity and preserving Biodiversity.Safety is an area of tremendous focus for us.We are changing our approach from“Compliance requirement”to“Attain Leadership”in making the workplace safer for all the stakeholders.Our thrust in building organisational capabilities continued with gre
172、ater investment in future technologies and focused training programmes for our talent across the organisation.Our commitment to create an inclusive work culture received a boost with the successful institution of an all women assembly line,the first ever of its kind in the industry.Going forward,I e
173、xpect overall demand to remain high in FY 202324,but with industry growth moderating.We intend to sustain our momentum with several new vehicle launches,enhancements and upgrades.We will continue to lead the EV charge and create a distinct identity and experience for better engaging with customers.I
174、n addition,we remain focused on accelerating digitalisation and expanding functional training for frontline staff to further enhance overall customer experience,while prudently managing costs at every level.We are ideally poised to capitalise on the opportunities ahead.I thank you for your continuin
175、g interest,commitment and support to Tata Motors.Warm regards,SHAILESH CHANDRAIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportInterim Chief Executive OfficerIntegrated Report/2022-2336JLR CEOs messageDear Shareholders,Throughout the FY 202223,we ha
176、ve continued to deliver Reimagine our strategy to realise our vision to be proud creators of the most desirable,modern luxury brands,for the most discerning of clients.We have maintained momentum under the extraordinary global pressures of semiconductor constraints,inflation,and geopolitical instabi
177、lity,alongside ongoing effects of Covid19.While we have not escaped the effects of these global factors on our operations,I am pleased we delivered a resilient performance during the year to deliver on our wholesale commitments in quarters three and four and return a profit in quarters three and fou
178、r.This performance has laid the foundations for our future success and growth,and the continued realisation of our strategy.As we reimagine how we engage with our clients to serve them with a true modern luxury experience,we have chosen a House of Brands organisation,to amplify the unique DNA of eac
179、h of JLRs brands Range Rover,Defender,Discovery,and Jaguar and accelerate the delivery of JLRs vision to be Proud Creators of Modern Luxury.By taking this approach we will grow each brands individuality,desirability and appeal in a way that meets the unique needs of its global client base.Range Rove
180、r,Discovery and Defender will continue to bear the trust mark of Land Rover.The Land Rover name will remain on our vehicles,reinforcing our allterrain credentials and technology capabilities.This year we expanded our Range Rover and Defender collections and introduced significant updates across our
181、portfolio.In the coming years we will launch pure electric versions of all of our Range Rover,Defender and Discovery collections.This starts with the pure electric Range Rover,for which we will start taking preorders later this year.Meanwhile,we have announced the first of three breathtaking new Jag
182、uar designs will be a 4door GT,built in Solihull with power output more than any previous Jaguar and a range up to 700 km(430 miles).More details of new Jaguar Opening the next chapter with resilienceAs we transform our business,at pace and amid intense external pressures,I am deeply proud of the re
183、silience,energy,and unity of our people.Adrian MardellINTERIM CHIEF EXECUTIVE OFFICERJAGUAR LAND ROVER AUTOMOTIVE PLCIntegrated Report/2022-2336Interim Chief Executive OfficerIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated Reportwill be released later th
184、is year,before going on sale in selected markets in 2024,for client deliveries in 2025.As we prepare for our electricfirst future,we are taking steps to ensure our people have the skills vital to electrification,digital and autonomous cars.To this end,we launched our Future Skills Programme in Septe
185、mber 2022 to train 29,000 of our workforce for our modern luxury,electric future.We also strengthened our engineering capability to deliver electrification with the arrival,in April,of Thomas Mller,who was appointed as our new Executive Director of Product Engineering.In July we appointed Barbara Be
186、rgmeier to the newly created position of Executive Director,Industrial Operations,uniting the areas of manufacturing,purchasing and supply chain.Under Barbaras leadership,we established a dedicated semiconductor taskforce.The taskforce has made significant progress in greatly increasing our visibili
187、ty of risk,securing chip supply,and stabilising production as weve emerged from the pandemic.Since she joined JLR in July,Barbara formed deeper relationships and partnerships with our priority chip suppliers,enabling us to ramp up production of our highest margin products,and return to profit in the
188、 third and fourth quarters.During the year we also entered the next phase of our Refocus transformation programme,evolving to a simplified business excellence operating model designed to drive sustainable value creation,results and growth.Following the launch of our clear,measurable,Science Based Ta
189、rgets initiative(SBTi)approved targets to enable us to achieve carbon net zero by 2039,we were awarded a Low Risk ESG Risk Rating from Sustainalytics with a score of 17.1,the fourth lowest rating out of over 75 companies in the Automotive SubIndustry.This is a significant improvement versus our 2021
190、 rating.We were also very proud to achieve a maximum fivestar Euro NCAP rating for our peerless new Range Rover and Range Rover Sport,underlining the incredible engineering in our MLA architecture that underpins them.Strategic partnerships are a cornerstone of Reimagine.We are partnering with global
191、 experts in their fields such as technology leaders NVIDIA.Tata Technologies and Tata Consultancy Services(TCS).These partnerships are bringing new technologies to support the transformation and growth of our business,and the delivery of a true modern luxury experience for our clients.For all our gl
192、obal activity,this year has also brought moments of great poignancy for many.JLR celebrated with joy the Platinum Jubilee of Her Majesty Queen Elizabeth II and mourned her passing.We are sincerely honoured to enjoy a longstanding connection to the Royal Family and The Queen,which is a source of grea
193、t pride for all of us at JLR.Together we have achieved much during the past year,in the face of formidable challenges.The coming year is set to be as challenging,but as we look to important milestones in our Reimagine journey,I feel confident with the support of the committed,passionate and skilled
194、people of JLR,we will realise them together.Best regards,ADRIAN MARDELLThe future of mobility is customer-focusedCommercial Vehicles 40-47Passenger Vehicles 48-53Electric Vehicles 54-59Jaguar Land Rover 60-71Tata Motors Finance 72-73Integrated Report/2022-2338Business SegmentsUrban mass mobility has
195、 witnessed great change,turning greener and versatile.We are an active catalyst in driving this change.From successfully running Indias largest fleet of modern,eco-friendly buses in several cities to providing thousands of all-electric sedans to leading taxi service providers,we are ensuring that th
196、e EV revolution is all inclusive.By offering a choice of operating models like Own,Operate and Maintain or Operate-Maintain via our Mobility-as-a-Service vertical,we are unlocking newer opportunities for greener and profitable mass mobility.Our intimate understanding of our customers needs inspire o
197、ur offerings.For instance,Fleet Edge,Indias next-generation digital solution for optimal fleet management,monitors over 390,000 connected trucks and provides rich data-based insights to both drivers and fleet owners by tracking vehicle movement,fuel efficiency and vehicle health,among others.Seeing
198、substantial benefits of lower maintenance cost,higher uptime and greater mileage,customers are embracing it wholeheartedly.Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated Report232-458Financial Statements108-231Statutory ReportsTargeting high-octane grow
199、thWe are Indias largest CV manufacturer with the widest product and service portfolio catering across cargo and passenger mobility segments.In FY 2022-23,we continue to strengthen our position with superior product and technologies,expanding sales and service network and by providing a range of valu
200、e-added services.The Indian Commercial Vehicles sector,showed promising growth in FY 2022-23 supported by a steady recovery in the economy,rising industrial activity and reopening of market which helped regenerate demand.Girish Wagh Executive Director TML40+NEW LAUNCHES20.5%PERCENTAGE SHARE OF CONSO
201、LIDATED REVENUES150+NEW VARIANTSIntegrated Report/2022-2340Commercial VehiclesThe new-age Ace EV The Tata Ace EV marks a significant step forward towards offering sustainable last-mile mobility solutions for intra-city cargo transport.The Ace EV is Indias most advanced,zero-emission,four-wheel,small
202、 commercial vehicle,with its first fleet in operation for leading e-commerce,FMCG and courier companies,and their logistics service providers.Best-in-class features154 kmUNMATCHED CERTIFIED RANGE208 ft3CARGO VOLUME22%GRADE-ABILITYTailored to provide efficient last-mile deliveries in an economical ma
203、nner,the ACE EV underwent in-market trials prior to initiating deliveries in January 2023 with reputed e-commerce clients.The company shifted to RETAIL Pull business model for the commercial vehicle segment with a strong focus on profitability.Emerging better,smarter and saferIn FY 2022-23,Tata Moto
204、rs further consolidated its position by launching a range of smart trucks that continue to provide best in class operating economic,safety,comfort,and connectivity features:5 CNG-powered trucks,including Indias first in the M&HCV space The safest trucks with an Advanced Driver Assistance System(ADAS
205、),providing a Collision Mitigation System,Lane Departure Warning System and Driver Monitoring System Enhanced features to over 140 models of Indias best-selling truck platforms Signa,Prima,and Ultra Clean and zero emission mobility solutions,powered by alternate and new energy powertrainsDeveloped a
206、nd innovatively engineered to cater to the evolving needs of cargo and construction transportation across segments and applications,our state-of-the-art trucks further enhance Tata Motors established Power of 6 benefit proposition aimed at delivering higher productivity and lower total cost of owner
207、ship(TCO)thus driving higher fleet profitability.To address the evolving needs of customers across segments and applications,our Company has revamped its product and service portfolio,to deliver superior value proposition,to improve the customer business case and deliver complete peace of mind.Produ
208、cts and offeringsTowards net-zeroWe aspire to achieve net-zero emissions by 2045 through electrification and green mobility.To this end,we recently unveiled Indias cleanest,smartest,and most advanced range of logistics and mass mobility solutions across all our CV segments at the Auto Expo 2023.We a
209、lso strengthened our standing in the EV buses segment through an own-maintain-and-operate model offered at a per-km rate by floating a wholly owned subsidiary,TML Smart City Mobility Solution Ltd.Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportProd
210、uct highlightsIn addition to introduction of the largest range of green fuel-powered vehicles in heavy trucks,we set new benchmarks in Indias rapidly growing pickup segment with the launch of the Yodha 2.0,Intra V20 bi-fuel and Intra V50.Yodha 2.0 offers 2000 kg-rated payload capacity,the highest in
211、 its segment.Adding to the Tata Intra Range of V30 and V10,the new Tata Intra V50 pickup offers a 1500 kg-rated payload capacity and deck length of 2960 mm.Tata Intra V20 is Indias first bi-fuel pickup(CNG+petrol)with 1000 kg-rated payload and a long range of up to 700 kms.Tata SIGNA,a highly truste
212、d brand of HCV trucks,underwent an upgrade this year,improving the comfort and safety that it offers.This upgrade will help to make the brand an even more holistic offering as it already offers unmatched performance and value for money.Our PRIMA truck range was launched with a new look in keeping wi
213、th its premium tough branding.This range comes with a host of newly introduced ADAS Level 2 safety features like Driver Monitoring System,Lane Departure Warning System and Collision Mitigation System,setting high standards for the trucking industry and for driver safety.K.14 Ultra,Indias first I&LCV
214、 tipper with an air-conditioned cabin was also introduced this fiscal.It is built on the Ultra platform,which provides both comfort and stability helping make K.14 Ultra a preferred choice amongst drivers due to its superior driveline and cabin features.Designed for rough terrain driving,the combina
215、tion is difficult to beat.Our FE Series launch comes with fuel efficiency enhancement features across the entire I&LCV range like gear shift advisor,fuel efficiency switch,low rolling resistance tyres,optimised driveline,lowering the TCO for owners and creating greater long-term profitability due to
216、 lower operational cost.International launchesThe Xenon X2,with double and single cabin,was launched in strategic overseas markets to cater to evolved consumers who are looking for pickups with improved suspension and a more comfortable ride.The upgraded Prima Euro 5 range was launched in the Middle
217、 East,with higher horsepower to compete against established Japanese and European players.Smart mobility solutionTML Smart City Mobility Solutions Limited(“TSCMSL”)is at the forefront of Tata Motors clean mobility strategy and intends to bring into specific focus the electric vehicles segment as a s
218、ervice offering across our portfolio of commercial vehicles.100 electric buses were deployed in FY 2022-23 and overall 730 e-buses are running on Indian roads with a cumulative run of more than 50 million kms.COMPLETE FLEET MANAGEMENT APPLICATIONFleet EdgeFleet Edge is a next-generation Connected Ve
219、hicle Solution that enables superior Vehicle Management,Fleet Management and also Logistics Business Management by using real-time insights from the vehicle.Fleet Edge,combined with physical world capabilities,offers unique convenience and peace of mind to customer,while providing an opportunity to
220、improve their business.Fleet Edge was enhanced with multiple upgrades including analytics-based insights,embarking on monetisation journey from FY 2023-24.It currently has more than 3,90,000 connected vehicles.3,90,000+CONNECTED TRUCKSIntegrated Report/2022-2342Commercial VehiclesAwards and recognit
221、ionWon highest number of awards by any OEM,winning 7 awards at the Apollo CV Awards 2023,including the Coveted CV maker of the Year for the 5th year in a row,and CV of the Year for the ACE EVRecognised at Level-5,Exemplary Category,in the CII TCM(Total Cost Maturity)assessment.Highest achieved score
222、 by any organisation Won the CII Customer Obsession Apex award for the 4th consecutive yearCV Service Training has won the“Golden Peacock National Training Award”in the automobile sector for the 2nd time Two Golden Peacock awards for Innovative Product 2818 CNG Truck and Service Training Our Lucknow
223、 plant became the first-ever Tata Motors plant to achieve Water Positive rating under the CII GreenCo guidelinesOur Pantnagar plant was certified Water Neutral under the CII-GreenCo guidelinesTata Motors won a total of 306 awards at the 23rd All India Creativity Summit 2022 organised by the Indian N
224、ational Suggestion Schemes Association(INSSAN)the highest ever won by any companyKey customer-facing metricsThrough improved performance,we continue to lead on key customer-facing metrics while maintaining higher level of dealer satisfaction.TOP-OF MIND-AWARENESSNET PROMOTER SCORECOMPOSITE SATISFACT
225、ION SCORE5755557821FY23FY23FY23FY22FY22FY22FY21FY21FY21CONSIDERATION TOP BOXBRAND POWERDEALER SATISFACTION INDEX(DSI)56535345.744.544.3809810806FY23FY23FY23FY22FY22FY22FY21FY21FY21REWIREOur first,franchise-based,state-of-the-art vehicle scrappage facility opened at Jaipur,this financial y
226、ear,and offers a safe,organised and sustainable dismantling option for end-of-life vehicles.With the launch of this facility,Tata Motors aims to offer better value,generate employment and support the minimising of the environmental pollution caused by aged vehicles.We are committed to expanding REWI
227、RE facilities across the country,to promote circularity and enhance its value chain play.Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated Report0.4FY22Financial and operational metricsVAHAN market share300 bps%EBIT480 bps%Revenue35.4%y-o-y growthC croreSa
228、les volume15.0%y-o-y growthunitwholesaleEBITDA margin370 bps%4,22,6373,67,4902,67,51370,81652,28733,1047.43.74.2FY23FY23FY23FY22FY22FY22FY215.2(0.9)FY23FY2141.744.7FY23*FY22FY21FY214,22,637UNITSSOLDUP BY 15%*FY 23 onwards,we have started tracking VAHAN registration market share.Integrated Report/202
229、2-2344Commercial VehiclesVehicle portfolioPowertrain mixTotalMHCVDieselPetrolCNG+EVThe commercial vehicles industry continued to recover in FY 2022-23 led by strong demand in MHCVs and recovery of CV passenger segment.On a full year basis,business reported revenue growth of 35%,EBITDA and EBIT margi
230、ns at 7.4%and 5.2%(370 bps and 480 bps improvement y-o-y)and strong PBT(bei)of C3.2K crore.The demand-pull strategy has started to yield results as profits and market shares improved sequentially.The business also delivered double digit EBITDA margins in Q4 FY23.81%9%10%Buses SCV&PickupICLV100%89%2%
231、9%65%20%15%82%18%Segment outlook Advance buying in Q4 FY23 in anticipation of price hikes post BS VI Phase II will have near term impact on demand.With the governments continuing thrust on infrastructure development,we remain optimistic about the overall CV demand in FY 2023-24 despite near term cha
232、llengers on interest rates,fuel prices and inflation.We will continue to drive our demand-pull strategy and meet customer preference through innovation,service quality and thematic brand activation.We will aim for higher realisations and cost savings to secure double-digit EBITDA margins for FY 2023
233、-24 and improve the performance across all business verticals.Performance overviewIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportExternal environmentChallengesCommodity inflationAfter consistently rising since Q3 FY21,prices across commodities sof
234、tened in Q3 and H2 FY 2022-23.The downward trend included flat steel and precious metals.However,with withdrawal of export duty on steel,and improved global market demand across commodities,the prices have again started moving up.The company is addressing this challenge through reinforced focus on o
235、ptimising material margins,logistics and manufacturing costs.Ensuring profitable growthAs India transitioned to tighter emission and safety regulations there has been a significant increase in input costs and thus rise in vehicle prices.Vehicle prices have been further compounded by commodity inflat
236、ion.Amidst above head winds,on the market side,increased competitive intensity led to increased discounting by OEMs,thereby reducing profitability.Tata Motors CV has taken the decisive step to reduce discounts and has revised its operating model to deliver Profitable Growth.Shifting gears from suppl
237、y chain push to retail pull with clear focus on VAHAN registration market share as against the practice of offtake market share.In doing so,company has worked on improving fundamentals such as product competitiveness,value communication,Go To Market processes,analytics based pricing and providing af
238、ter-sales comfort.OpportunitiesNarrowing differential for CNG pricesIn FY 2022-23,consistent rise in CNG prices and narrowing differential w.r.t.diesel price led to drop in CNG salience.The recent Cabinet decision on new pricing guidelines for CNG came into effect from April 2023,and has led to 7-9%
239、reduction in CNG prices.This is expected to improve market demand of CNG powered vehicles in FY 2023-24.Expectations of demand growthThe CV business transitioned its entire portfolio to BSVI Phase II this year,with improved competitiveness on TCO,comfort and convenience and connectivity.With the gov
240、ernments continuing thrust on infrastructure development,we remain optimistic about overall CV demand in FY 2023-24 while maintaining a close watch on geopolitical developments,interest rates,and fuel price inflation.Strategic reviewWe intend to further strengthen our position in the Indian automobi
241、le industry by investing in new sustainable technologies,products and mobility solutions that exceed customer expectations and offer superior value proposition.We are also committed to improve customer experiences across all touchpoints and throughout the customer life cycle.We are re-doubling our e
242、fforts towards achieving competitive cost structure to improve our margins and lower the breakeven.We continue to work towards future-proofing and optimising our manufacturing supply-chain and distribution footprint.Integrated Report/2022-2346Commercial VehiclesWe aim to achieve consistent,competiti
243、ve,cash accretive growth to position ourselves as a major international automotive company,offering the widest range of products and services across product segments and applications.We are actively pursuing opportunities of increasing our presence in the global automotive markets by enhancing our p
244、roduct range and capabilities through collaboration and partnership.Given the global challenge of climate change,as a responsible corporate and industry leader,Tata Motors CV has spearheaded its Sustainability journey and is committed to achieving net zero by 2045.We have adopted Science-based targe
245、ts initiative(SBTi)to reduce our GHG emissions and are making rapid progress towards sourcing 100%of our electricity from renewable sources.Key strategic focus areasProductsOur Company has taken the opportunity of the changeover to BS VI Phase 2 emission norms,to further enrich its product portfolio
246、 with smarter technologies that deliver more value,comfort,convenience,and connectivity.We introduced multiple segment-first products such as Tata Ace EV and Intra V20,Indias first bi-fuel pickup truck.Advanced safety features such as ADAS,Collision Mitigation System and Lane Departure Warning Syste
247、m were introduced on a range of our trucks.We took significant steps forward towards hydrogen fuel-based products and have been leading the development of hydrogen-powered vehicles.After sales and service opportunitiesCompany is accelerating after sales business by expanding after sales and allied s
248、ervice portfolio.The company has also achieved a consistent increase in spare and service penetration with strong revenue growth.TML-Smart City Mobility Solutions Ltd.,was incorporated in FY 2022-23 to drive a paradigm shift in public transportation,and has been leading transformation from a product
249、 to a service business.We signed definitive agreements with Delhi Transport Corporation and Bengaluru Metropolitan Transport Corporation for deployment of 1500 and 921 buses respectively.We have also started deployment of CESL tender buses.Ecosystem playWe added 105 new dealers and 266 sales touchpo
250、ints between FY 2022-23 and FY 2020-21,extending our reach deeper within the country.With the introduction of smaller format sales and service outlets(SCV micro dealers and container workshops)and digitally enabled feet-on-street(Tata Gramin Mitra and local mechanics)the company is increasing penetr
251、ation in ways that increase both product accessibility and service delivery.All our dealers improved their cash flows and profitability in FY 2022-23 driven by our focus on improving dealer profits.Continuing with our actions towards the welfare of drivers,we have supported 5 lakh drivers with Tata
252、Samarth(Suraksha Samarth)accidental insurance cover of I 10 lakh.This is a chassis-based insurance cover for our driver partners.Additionally,more than 2 lakh drivers are benefiting from Swasthya Samarth coverage which provides hospitalisation coverage of I 50,000 and two annual health check-ups.We
253、continued our association with key home-grown sports through our support for the Wrestling Federation of India,Pro-kabaddi League etc.Digital initiativesWe have been actively expanding our digital initiatives across frontend and backend operations.In addition digital solutions are becoming the backb
254、one of our product and service offerings that are poised to scale up in near future Fleet Edge:Indias largest connected vehicle ecosystem platform,with more than 3,90,000 connected vehicles and ever-increasing usage and adoption.With enhanced features like trip planning,fleet health analysis,driver
255、performance,document repository we are offering segment-first benefits to customers,enabling them to drastically improve their returns and scope of fleet management.E-Dukaan:This online marketplace for spare parts was launched by TML last year and has grown its revenue by 164%in FY 2022-23,expanding
256、 its offerings to include DEF and lubricants.E-Guru:This mobile app makes it easier for front-end sales staff to manage leads,share information and close deals,helping to increase revenue.Digital marketing:Providing valuable insight into our customers needs and behaviours,our digital endeavours have
257、 garnered millions of leads for us this financial year.Digital leads comprise over 15%of our overall CV sales,while being more cost effective.Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportProgressing at full throttleTata Motors is the third-large
258、st player in Indias PV space.Our PV offerings include various body styles,powertrain options of Petrol,Diesel and CNG,and are equipped with new features that deliver enhanced safety,drivability,comfort and convenience.10+NEW VARIANTS13.8%PERCENTAGE SHARE OF CONSOLIDATED REVENUESFY 2022-23 has set a
259、new record for passenger vehicle sales in India.Tata Motors scaled a new sales peak by posting its highest ever annual domestic sales and registering its third successive year of industry beating growth.Tata Motors crossed the significant landmark of 50,000 EV sales in FY 2022-23,its highest ever,to
260、 post asignificant growth of 154%over FY 2021-22.Shailesh ChandraMD-TMPV and TPEM Integrated Report/2022-2348Passenger Vehicles Integrated Report/2022-2348Spectacular sales validates product and segment innovation strategyThis year industry witnessed significant growth as tailwinds outweighed headwi
261、nds.We made most of the opportunity and posted industry beating growth for yet another year.FY 2022-23 was the milestone year for PV business as it achieved“Lifetime”high on multiple metrics.PV business grew significantly 45%(FY 2022-23),resulting 4X growth in terms of volumes and 5X growth in terms
262、 of revenues over FY 2019-20.The growth has come on the back of continued response for the product range,thoughtful New Forever interventions,multi-powertrain options,focused reimagining initiative towards demand generation and consistent increase in supplies.5mn PV since inception We also crossed t
263、he historic milestone of 5 million vehicle sales since inception,during the financial year,which reflects the resilience and strong acceptance of Tata brand in the Indian market.This journey,from each million to the next,has been an on-going journey of building capabilities,maturing our processes an
264、d getting future ready.This journey,in more ways than one,has been Indias own journey towards becoming Atmanirbhar.The last 1 million volumes were just delivered in 2.5 years.It has been a phase of a massive turnaround and enabling the business to transition from survival to revival and preparing it
265、 to thrive in future.In this period we faced several uncertainties,where we were challenged by Covid,semi-conductor shortage,rising commodity prices.However we systematically worked as a team to convert this very challenging environment into a big opportunity for ourselves through focused actions su
266、ch as re-imagining our relationship with channel partners,significantly investing in capacities to achieve the desired scale,taking innovative approach to overcome semiconductor challenge.Products and offerings6.4%EBITDA MARGIN,UP 110 BPS YEAR-OVER-YEARranked#1 SUV manufacturer inIndia#1 Tiago,Tigor
267、,Punch ranked by the JD Power IQS survey 202245%VOLUME GROWTH YEAR-OVER-YEARReceived Manufacturer of the year award at Auto Car 2023 awardsIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportFinancial and operational metricsRevenue51.9%y-o-y growthC cr
268、oreSales volumeNPSService workshops(PV EX.EV)45.4%y-o-y growth unitEBITDA margin110 bps%5,40,9653,72,1572,22,6386.45.32.047,86831,51516,606FY23FY23FY23FY22FY22FY22FY21Dealer network(PV EX.EV)1,4101,183906FY23FY22FY21403530FY23FY22FY21855705604FY23FY22FY211.0(2.0)(9.5)FY23FY22FY21FY21FY21EBIT margin3
269、00 bps%5,40,965UNITSSOLD13.511.48.0FY23FY22FY21VAHAN registration market share210 bps%Integrated Report/2022-2350Passenger Vehicles Powertrain mix FY 2022-23(%)DieselPetrolEVCNGSegment outlook Looking ahead,we expect the industry growth to moderate due to a strong base effect and other macro factors
270、 like rising interest rates,inflation,and the cost impact from progressive regulatory norms.The electrification trend is set to strengthen further.We will continue to stay agile and strengthen our portfolio and“Reimagining”the front end whilst proactively managing the demand and supply situation.In
271、FY 2023-24,we aim to continue to deliver market-beating growth,sustain the aggression in driving up EV penetration,consolidate market share gains,drive actions to reach double digit EBITDA in the coming years and sustain positive free cash flows.We will integrate the new Sanand factory into our indu
272、strial footprint and unlock capacity.Performance overviewTata PV business continued its strong momentum in FY 2022-23.Keeping portfolio“NEW FOREVER”,multiple powertrain options and debottlenecking actions drove volumes growth.In FY 2022-23 Tata PV domestic wholesales grew 45.4%y-o-y to 538.5k vehicl
273、es,whereas retails grew by 44.2%to 523.5K vehicles.In FY 2022-23,business consistently delivered strong performance and delivered revenues of I 47.9K crore(+52%y-o-y),EBITDA margins of 6.4%(+110 bps y-o-y),EBIT margins of 1.0%(+300 bps y-o-y)and PBT(bei)of C0.7K crore Margins improved on higher volu
274、mes,better realisations,and operating leverage.8%16%9%67%Vehicle portfolio3CARS4SUVSIntegrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportExternal environmentChallengesSemiconductor availabilityFY 2022-23 began with a positive outlook for semiconductor a
275、vailability.However,shortages in the availability of certain chips used in critical components like control units,ABS and infotainment systems,persisted.The dedicated team at Tata Motors worked tirelessly to address this challenge through various mitigation measures.These included swiftly implementi
276、ng engineering changes to minimise chip dependency,replacing outdated chips with newer ones,ramping up strategic partnerships with key distributors,developing alternative suppliers,and focusing on localisation.Thanks to these proactive steps,we could successfully ensure a consistent supply and avoid
277、ed production delays.Fluctuations in demandDuring the second half of FY 2022-23,we observed a gradual normalisation of market demand,reaching levels similar to the pre-COVID period.This was due to waning of pent up demand.In addition,the demand for Compressed Natural Gas(CNG)slowed down due to a ris
278、e in CNG prices.We implemented targeted demand-generation strategies to manage customer demand.These encompassed region-specific and product-specific marketing campaigns,restructuring of incentives,the introduction of tailored consumer schemes,and enhancement of the sales process.We prioritised the
279、training of our customer advocates and equipped them with relevant materials to improve the conversion rate from vehicle bookings to actual sales,ensuring a seamless and effective customer journey.OpportunitiesImproving margins and profitabilityOver last three years we have deployed a 9 Lever framew
280、ork for improving margin through focused actions around model mix,CRCI(Cost Reduction/Cost Increase),VAVE(Value Analysis and Value Engineering),commodity,pricing,fixed cost leverage and non-vehicular business enhancement.In FY 2022-23,we have started a focused initiative to cut down market buying of
281、 semiconductors to zero and a Capex Excellence program to optimise and sustain Capex,through benchmarking,engineering efficiency,sourcing efficiency and optimal design choices.These initiatives have helped the PV business turn profitable and self-sustaining.We will continue these structured initiati
282、ves to improve margins and overall profitability Multiple powertrain strategyTata Motors has a unique advantage of having strong SUV portfolio,all powertrains-Petrol,Diesel,CNGoptions and Leadership in the EV Space.SUVs will continue to garner larger share of the market owing to evolved consumer pre
283、ference towards SUV.Post the BSVI Phase 2,most manufacturers have exited the diesel market,however,large set of customers are still looking to purchase diesel vehicles owing to its performance.CNG market is set to increase due to governments push and benefit of lower operating cost.In addition,EVs w
284、ill gain traction with increasing acceptance and launch of new models.Thus,Tata Motors has an advantage to uniquely cater to the customer requirement to drive demand.The advantage is being further strengthened with launch of New Forever interventions with innovative technologies.Integrated Report/20
285、22-2352Passenger Vehicles Strategic reviewWin sustainably in PVReimagining front end 2.0The strategy to enhance sales through targeting micro-markets has worked well.The share in these 14 micro markets grew at 2.3%delta over F 2021-22,while national delta of 1.8%was achieved over FY 2021-22.Rural ma
286、rket share improved delta 2.1%from FY 2021-22.Tata Motors also accelerated implementation of mobile showroom van concept,Anubhav to reach out to deeper rural pockets,We added 227 sales outlets in FY 2022-23 to 1,410 sales outlets at the end the year,becoming the 2nd largest sales network by any OEM
287、in India.99%of our dealers are now profitable vis-vis 43%in FY 2019-20.We also expanded our service network,adding 150 workshops in FY 2022-23,taking total service touchpoints to 855.With continued thrust on customer service improvement,our NPS improved to 40 in FY 2022-23 from 35 in FY 2021-22 and
288、30 in FY 2020-21.The Reimagine PV strategy to rejuvenate front-end sales and the retailer network as well as customer engagement,has delivered excellent results.We will be continuing with focused Reimagining front end initiatives to further strengthen front-end activities.Sales enhancementWe will co
289、ntinue the thrust on sales enhancement and identified high TIV urban micro-markets and rural areas through nuanced actions.In addition,we will drive focused initiatives to drive EV and CNG salesNetworkWe will continue to expand sales and service network across India to improve reach and to ensure st
290、rong presence in high TIV markets.In addition,we will scale up innovative Anubhav and EZ Serve network and scale up inventory funding.Customer experienceWe will continue to strive for delivering elevated sales and service customer experience through soft and functional skills enhancement of manpower
291、,visual experience improvement at the showroom,contact centre re-imagination,adoption new technology and digitalisation.Brand and marketingAfter having established Tata Motors as a strong passenger vehicle brand,we will strive to take it notch above through brand campaigns with a strong focus on pre
292、miumisation.ManufacturingIn FY 2022-23,production increased by 46%y-o-y to reach 5,45,000 mark,highest ever production since inception.All manufacturing plants Pune,Sanand&Joint Venture plant at Ranjangaon achieved highest ever production and utilisation since inception.Average monthly production in
293、creased from 40,000 vehicles in Q4 FY22 to 50,000 vehicles in Q4 FY23.This year,our priority will be capacity augmentation by seamless operationalisation of Sanand 2 plants to unlock the next phase of growth.Product portfolio strategyOur future product portfolio is well aligned to market development
294、.Our focus will be to launch aspirational products with focus on design,Safety and Technology.In addition,we will extend the CNG offerings to some of our models starting with the Altroz,and continue to bring New Forever interventions to keep the momentum going.Financial healthOn the back of signific
295、ant volume scale up,positive product mix,tight control on fixed cost and VME(variable marketing expenses),and exponential growth in non-vehicular business,Passenger Vehicles business recorded positive EBIT margin in FY 2022-23 and strong 300 bps improvement in EBIT margins in FY 2022-23,well ahead o
296、f our targets.The business is self-sustainable now.We are proposing to further step-up the investments to cater to ever increasing demand and continue focus on new products and technologies.We will continue to maintain fiscal prudence and drive focused margin improvement and capex optimisation initi
297、atives to improve the financial performance in FY 2023-24.We will also ensure ecosystem viability by monitoring and taking necessary actions wherever necessary for ensuring dealer and supplier financial health.Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integra
298、ted ReportLeading the way in electrificationTata Motors is the largest player in Indias EV space.In a short period of 3 years,we have increased our volumes from 1.3K to 50K vehicles and established ourselves as strong market leader with around 84%VAHAN market share in this evolving space.We successf
299、ully grew our leadership position by accelerating both EV adoption and the development of its enabling ecosystem.Going forward,we will continue to deliver on new product launches,ENHANCING capacities and drive EV penetration further to deliver market-beating growth in coming years.Shailesh Chandra M
300、D-TMPV and TPEM 3800CHARGING STATIONS OPERATIONAL2NEW LAUNCHES Electric VehiclesIntegrated Report/2022-2354EV penetration on the riseWe continued to lead the charge in EVs and crossed 50,000 units sales for FY 202223,reflecting a 2.6x growth over FY 202122.EV sales increased from an average 3500 uni
301、ts/month in the first quarter to an average 5,000+vehicles in the fourth quarter,reflecting the extent of demand that exists.VAHAN registrations for our EVs touched 7,000 units in March and we exited the Q4 with a doubledigit EV penetration of 12%.Despite increase in competition in later part of the
302、 year,we have maintained strong lead with VAHAN market share of 84%.Performance reviewFleet demand The EV fleet demand seen a significant growth in FY 202223 as corporate started work-from-office and people re-started using ride hailing services with the fear of the pandemic subsiding.In addition,ow
303、ing to commitment towards sustainability,both Corporates and Ride hailing companies,are driving the agenda of converting respective fleets to electric.Given our compelling offering,the Tigor EV,for the fleet segment and our continuous engagement with fleet operators even during times of COVID,we gar
304、nered the largest share of the orders floated across industry.10,000 EVs BLUSMART MOBILITY 25,000 EVs UBER TECHNOLOGIES 5,000 EVs LITHIUM URBAN TECHNOLOGIES 5,000 EVsEVEREST FLEET MANAGEMENT WITH The acquisition of Ford Indias(FIPL)manufacturing plant at Sanand,TPEML will unlock an additional state-
305、of-the-art manufacturing capacity of 3,00,000 units per annum,which is scalable to 4,20,000units per annum.MoUs signed with multiple fleet operators for over 45,000 EVs.The notable ones being:Product highlightsIn FY 202223,Tata Motors introduced Nexon EV Max with a certified range of 453km and Tiago
306、 EV with two range options 250km and 315km.Tata Motors now has widest portfolio of EVs with 5 EVs Tiago EV,XpresT EV,Tigor EV,Nexon EV Prime and Nexon EV Max.Key brand building initiatives The Nexon EV Max scaled the worlds higher motorable road at Umling La pass,located in Ladakh,19,024 ft above se
307、a level.Season 2 of National Geographics documentary on Nexon EV that bring out the story of Nexon EV and what goes behind creating an entire EV universe.Tata Motors partnered with National Geographic with an objective to spread awareness and encourage viewers to contribute in own ways to the fastsp
308、reading EV revolution in India.Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated Report932FY22FY21FY23Operational performanceVAHAN registration market share260 Bps%Domestic sales volume150%y-o-y growthin unitsPublic charging90%y-o-y growthNos.47,79219,1054
309、,2183,8002,00045083.986.572.0FY23FY23FY23FY22FY22FY22FY211657551FY22FY21FY21FY21EV penetrationCities present600 bps120%y-o-y growth%Nos.25014397FY23FY22FY21No.of dealerships75%y-o-y growthNos.FY2350,043GLOBAL WHOLESALE154%INCREASEIntegrated Report/2022-2356Electric VehiclesIn FY 2022-23,Tiago EV was
310、 recognised as Electric Vehicle of the Year by 6 media houses,Motor Vikatan,Motorscribes,Autocar,Car India,Turbo charged and AckoDrive.Our efforts towards significantly enhancing EV capacities to 50,000 were recognised by Motorscribes and Car India and they awarded us with EV Manufacturer oftheYear.
311、Segment outlook Looking ahead,we expect the demand for electric vehicles to rapidly increase as more options are made available to customers and as support from a swiftly growing and improving ecosystem strengthen.With widest portfolio of aspirational yet accessible EVs,established reliability for o
312、ver 1 billion reallife kilometres driven by real customers and ecosystem support,we are all set to scale new highs in EV sales.In FY 202324,our focus will be on achieving significant volume growth,investing for future and keeping the underlying unit economics healthy while maintaining the market com
313、petitiveness.Nexon EV K2K drive Being a new technology,demonstrating the capabilities and possibilities of EVs in real world and in real time conditions is utmost important to alleviate all the myths about EVs and drive adoption.Tata Motors set out on an ambitious journey from Srinagar to Kanyakumar
314、i with the Nexon EV.We wanted to inspire existing and prospective EV owners by offering them a conclusive proof of the Nexon EVs long range,accompanied by the growing charging stations,installed by our ecosystem partner,Tata Power.The aim of the drive was to showcase that our customers can confident
315、ly plan long journeys with the Nexon EVs.During the drive of 4000+km,the EV faced harsh weather conditions and a multitude of difficult terrains on the route.The journey was completed in just 95 hours and 46 minutes,and with this,the Nexon EV successfully entered the India Book of Records by coverin
316、g the fastest Kashmir to Kanyakumari drive by an EV.Integrated Report/-304Statutory Reports305-551Financial Statements1-141Integrated ReportChallengesShortage of critical raw materialThe global supply chain was under severe stress with the world economy going through a rapid postpandemic
317、 recovery.This led to acute shortage of raw material and ocean freight containers.Tata Motors was seriously affected especially by the shortage of key raw material,Lithium Carbonate,used in LithiumIon battery.This shortage led to the market rate of Lithium Carbonate to rise by over 13X in just one q
318、uarter.In addition,nonavailability of material led to rationing of available stock.We took various actions to mitigate this risk.In the short term,we devised indexed price correction mechanism with cell suppliers and shared with them volume projection with firm quarterly order.This enabled our cell
319、suppliers to better plan and ensure suppliers were in line with demand.Further,we expanded the supply contract and introduce an additional cell and pack supplier,for our Gen 2 vehicles.OpportunitiesExpanding the addressable market Limited choices and high price points have hindered the penetration o
320、f EVs in the market.Despite a remarkable tenfold growth in the EV market over the last three years,their share in total vehicle sales stands at a mere 1.5%in FY 202223.The lack of choices at different price points and in body styles,has constrained the widespread adoption of EVs.We have the widest r
321、ange of EV offerings,spanning across three body styleshatchbacks,sedans,and SUVs which cater to both premium and mass market customer segments.As a result,we have achieved an impressive 9%penetration of EVs in our portfolio.Going forward,we plan to build on this strategic advantage by expanding our
322、EV sales and aftersales network,as well as charging infrastructure across India.With these initiatives,we are poised to capitalise on the untapped opportunity and expand our reach to a broader customer base.Maximise localisation to optimise cost and realise incentives Over the last few years,both ce
323、ntral and state governments have launched progressive EV policies such as Faster Adoption and Manufacturing of Electric Vehicles(FAME II)and Production Linked Incentive(PLI)to accelerate the adoption of electric vehicles in the country.However,in order to benefit from these incentives,OEMs are requi
324、red to meet the localisation guidelines outlined in the policies.We have successfully met all the localisation requirements outlined in the Phased Manufacturing Plan(PMP)and Domestic Value Add(DVA)as mandated by FAME and PLI policies.This positions us favourably to unlock incentives that will enhanc
325、e cost competitiveness.Moreover,we are actively pursuing deeper localisation of crucial EV systems to optimise cost structures and enhance the accessibility of EVs to a wider customer base.External environmentIntegrated Report/2022-2358Electric VehiclesOffering product and segment-versatility In thi
326、s financial year,we extended our range with the Nexon EV Max and Tiago EV to address a diversity of customer needs and accelerate penetration by making aspirational EVs accessible to consumers.We will continue to expand our portfolio,providing India specific offerings with different body styles,driv
327、ing rangesand price points,and leveraging our Gen 3 strategy in line with market readiness to strengthen the EV demand.We are on track to deliver 10 EVs by 2026.Sales and marketing We scaled up our market coverage to reach 165 cities and tied up with 250 dealerships in FY 202223.Increased presence a
328、cross the country will greatly increase the accessibility of our products and help in enhancing the customer base.Our micromarket strategy has worked well to drive penetration and created pan India demand.We will continue to focus on states with favorable EV policies,and leverage the network to expa
329、nd the customer base.Through innovative campaigns,digital tools,experience centres and service network,we will Strategic reviewcontinue ramping up brand building,driving aspirations and enhancing customer experience.Accelerating ecosystem development In FY 202223,Tata UniEVerse has significantly con
330、tributed towards promoting EV adoption in the country.Along with Tata AutoComp,we have completed localisation of key EV power train components.Further,we are driving deeper localisation for components such as battery pack,motor,and 3in1 combo box.Tata Power,Indias leading player in the EV charging s
331、pace,further expanded its public charging infra to reach 3800 units across India.New branding guidelines were launched to ensure uniform identity across charging locations.Further,home charging offerings were expanded with the introduction of 7.2kW.AC charger options for the Nexon EV Max and Tiago E
332、V and homecharging installation support was extended to 170 cities.In addition,Tata Power has started installing AC fast chargers in ResidentWelfare Associations(RWAs).In FY 202223,900+chargers were installed across 175+societies in 5 metros:Mumbai,Pune,Indore,Delhi and Bengaluru.Integrated Report/2
333、-304Statutory Reports305-551Financial Statements1-141Integrated ReportInnovative design.Sustainable power.JLR,known for its premium vehicles and exceptional driving experiences,is guided by innovation and sustainability.With significant investments in electric vehicles,JLR is at the forefront of creating an ecofriendly transportation future while continuing to deliver on luxury and perf