Financial Performance:

• Revenue: ₹1,19,000 crores (highest ever)
• Operating Income (EBITDA): ₹16,700 crores
• Net Income (PBT before exceptional items): ₹34,000 crores (full year)
• Earnings Per Share (EPS): ₹6 per share (final ordinary dividend)
• Cash Flow from Operations: ₹19,400 crores (Q4), ₹50,000 crores (full year)
• Capital Expenditures: ₹8,400 crores (on track for planned investments)
• Debt and Liquidity Position: Net cash position of ₹1,000 crores (down from ₹60,000 crores peak debt)
• Other Key Financial Metrics:
  • Free Cash Flow (FCF): ₹19,400 crores (Q4); ₹50,000 crores (last two years)
  • Return on Capital Employed (ROCE): 17.6%

Business Updates & Strategic Developments:

• Product Launches:
  • 11 new commercial vehicles launched
  • Unveiling of the 'Sierra' and 'Avinya' at the Auto Expo
  • Hydrogen trucks started shipping
• Market Expansions: Punch becomes India's number one SUV in FY25.
• Partnerships & Collaborations:
  • Freelander licensing agreement announced for CJLR.
• Regulatory Approvals:
  • Demerger update with overwhelming shareholder votes, effective from July 1, 2025.
• PLI Benefits: Secured ₹500 crores in PLI benefits for FY25.

Industry Outlook:

• Sector-Wide Trends:
  • Recovery in domestic vehicle sales with improved freight rates and utilization.
  • Stable customer sentiment index for tippers indicating positive infrastructure activity.
• Macroeconomic Factors:
  • Impact of steel safeguarding duty assessed, and commodity prices remained range-bound.
• Competitive Landscape:
  • Focus on maintaining market share amidst increasing competition in EV segment.

Export Business & International Operations:

• Export Revenue & Growth: Performance remains stable with a focus on enhancing overseas sales.
• Regulatory or Trade Policy Impacts:
  • 300% increase in US tariffs on vehicles imported from the UK, impacting pricing strategies.

Domestic & International Business Risks:

• Domestic Market Risks:
  • Regulatory impacts from AC regulations and competition from new entrants.
• International Market Risks:
  • Ongoing challenges in the Chinese market and currency volatility.
• Operational Risks:
  • Supply chain issues and cost inflation, particularly in commodities.

Forward Guidance & Future Targets:

• Revenue & EPS Projections:
  • No specific EPS forecast provided, but management expresses confidence in sustaining growth.
• Other Key Metrics Forecasts:
  • Continued focus on cash flow and margin improvements, targeting double-digit EBITDA margins.

Promises & Commitments Tracking:

New Commitments Made in this Call:

• Final Ordinary Dividend: ₹6 per share, with approval in the upcoming shareholders meeting.
• Demerger Execution: Targeted for July 1, 2025.
• Cost-Saving Initiatives: Continued focus on reducing finance and operational costs.

Status of Previous Promises:

• Fulfilled Commitments:
  • Achieved highest-ever revenue and cash flow targets.
  • Completed merger of Tata Motors Finance with Tata Capital.
• Ongoing Commitments:
  • Continued efforts towards EV market expansion and product refreshes.
• Delayed or Missed Commitments:
  • None explicitly mentioned; management remains optimistic about future commitments.

Capital Expenditure & Investment Plans:

• Planned vs. Actual Execution:
  • CapEx of ₹8,400 crores on track, funded by operating cash flows.
• Major Investment Areas:
  • Focus on electric mobility and technology enhancements.

Profitability & Margin Analysis:

• Margin Expansion:
  • EBITDA margins improved to 12.2% in Q4.
• Cost Management Measures:
  • Significant interest savings and improved CV profitability highlighted.

Shareholder Returns & Capital Allocation:

• Dividend Announcements:
  • Final ordinary dividend of ₹6 per share announced.
• Debt Repayment:
  • Reduction in net debt to net cash position of ₹1,000 crores.

Q&A Session Insights:

• Key Questions Asked by Analysts:
  • Impact of UK-India free trade agreement on volumes.
  • Future EV mix and market share targets.
  • International market challenges and strategies for JLR.
• Management's Responses & Clarifications:
  • Management highlighted the successful localization of several models in India.
  • Emphasized ongoing efforts to navigate tariff impacts and maintain profitability.
• Unanswered or Avoided Questions:
  • Specifics on tariff impacts on future pricing strategies remain open-ended pending further details.