Tata Motors Q4FY24 and FY24 Results

BSE Limited National Stock Exchange of India Ltd.
First Floor, New Trading Ring Exchange Plaza, C-1, Block G,

Rotunda Building, P J Towers Bandra Kurla Complex,
Dalal Street, Fort, Mumbai 400 001 Bandra (East), Mumbai 400 051
May 10, 2024

Sc no. 18260
Dear Sir/Madam,
Ref: ISIN: INE155A01022 – Ordinary Shares

IN9155A01020 – ‘A’ Ordinary Shares
Debt Securities on NSE & BSE
Re: Intimation of outcome of Board Meeting under Regulations 33 and 52 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations 2015 (“SEBI Listing Regulations”)
Pursuant to Regulations 33 and 52 and other applicable Regulations of the SEBI Listing Regulations read with
Schedule III thereof and further to our letter bearing sc no. 18228 dated
April 15, 2024, we hereby inform you that the Board of Directors of Tata Motors Limited (‘the Company’) at its
Meeting held today, i.e., May 10, 2024 has, inter alia, approved the Audited Standalone and Consolidated
Financial Results under Ind AS for the financial year ended March 31, 2024. (“Financial Results”).
We would like to state that BSR & Co. LLP., Chartered Accountants, Statutory Auditors of the Company, have
issued Audit Reports with an unmodified opinion on the above-mentioned Financial Results.
The Board of Directors has fixed Monday, June 24, 2024 as the date of the 79th Annual General Meeting
(“AGM”) of the Company
We would like to inform that the Board of Directors at its Meeting held today has recommended declaration of
final dividend of ₹6.00 per Ordinary Share of ₹2 each (@ 300%) (₹3.00 normal dividend and ₹3.00 special
dividend) and ₹ 6.20 per ‘A’ Ordinary Share of ₹2 each (@ 310%) (₹3.10 normal dividend and ₹3.10 special
dividend) for the financial year ended March 31, 2024. The dividend, if declared at the AGM, shall be paid to
the eligible shareholders on or before June 28, 2024.
The aforesaid Financial Results and Audit Reports are enclosed herewith. Also, enclosed herewith is a copy
of the Press Release with regard to the aforesaid Financial Results.
The above information is being made available on the Company’s website at www.tatamotors.com.
The Board Meeting commenced at 11:20 a.m. (IST) and concluded at 3.35 p.m. (IST).
Thanking you.
Yours faithfully,
Tata Motors Limited
MALOY Digitally signed by
MALOY KUMAR
KUMAR GUPTA
Date: 2024.05.10
GUPTA 15:37:47 +05'30'
Maloy Kumar Gupta

Company Secretary
Encl: as above
Tata Motors Group Results Q4 FY24 May 10, 2024
Tata Motors Consolidated Q4 FY24 Results

Revenue ₹120.0K Cr (+13.3%), EBITDA at ₹17.9K Cr (+26.6%), PBT (bei) ₹9.5K
9.SK Cr (+4.4K Cr),
PAT ₹17.5K(+12K
17.SK(+12K Cr) Cr, Automotive Free Cash Flows ₹14.1K
14.lK Cr (+2.8K
(+2.SK Cr) vsvsPYl
PY)
• JLR Revenue £7.9b up 10.7%, EBITDA at 16.3% (+150 bps), EBIT at 9.2% (+270 bps)
• Tata CV Revenue ₹21.6K
21.GK Cr, up 1.6%, EBITDA at 12.0% (+190 bps), EBIT at 9.6% (+100 bps)
• Tata PV Revenue ₹14.4K
14.4K Cr, up 19.3%, EBITDA at 7.3% (flat yoy), EBIT at 2.9% (+150 bps)
Mumbai, May 10, 2024: Tata Motors Ltd. (TML) announced its results for quarter ended March 31, 2024.
Consolidated Jaguar Land Rover Tata Commercial Tata Passenger
(₹ Cr Ind AS) (£m, IFRS) Vehicles (₹Cr, Ind AS) Vehicles (₹Cr, Ind AS)
FY24 Vs. PY FY24 Vs. PY FY24 Vs. PY FY24 Vs. PY
Revenue 119,986 13.3 % 7,860 10.7 % 21,590 1.6 % 14,431 19.3 %

Q4 FY24
EBITDA (%) 14.9 160 bps 16.3 150 bps 12.0 190 bps 7.3 - bps
EBIT (%) 9.1 230 bps 9.2 270 bps 9.6 100 bps 2.9 150 bps
PBT (bei) 9,457 ₹4,367 Cr 661 £ 293 mn 1,984 ₹280 Cr 533 ₹299 Cr
PAT 17,529 ₹12,033 Cr 1,391 £ 1,132 mn 2,022 ₹326 Cr 394 ₹252 Cr
Revenue 437,928 26.6% 28,995 27.1 % 78,790 11.3 % 52,353 9.4 %
EBITDA (%) 14.3 360 bps 15.9 430 bps 10.8 340 bps 6.5 10 bps
FY24
EBIT (%) 8.3 470 bps 8.5 610 bps 8.2 300 bps 2.0 100 bps
PBT (bei) 28,932 ₹27,129 Cr 2,165 £2,229 mn 6,102 ₹2,867 Cr 1,423 ₹687 Cr
PAT 31,807 ₹29,117 Cr 2,578 £2,638 mn 5,279 ₹2,409 Cr 1,089 ₹330 Cr
Tata Motors Consolidated:

For FY24, TML reported record revenues of ₹ 437.9K Cr, an all-time high EBITDA at ₹ 62.8K Cr, highest ever PBT (bei) of
₹28.9K Cr (+₹27.1K Cr over the previous year) and net profit of ₹31.8K Cr (+₹29.1K Cr over the previous year). The strong
performance has also helped to recognize a Deferred Tax Asset of ₹8.3K Cr at JLR and TML.
In Q4 FY24, TML delivered a strong performance with revenue of ₹120.0K Cr (up 13.3%), EBITDA at ₹17.9K Cr (up 26.6%)
and EBIT of ₹11.0K Cr (+₹3.8K Cr) with all three auto businesses delivering a strong performance. PBT (bei) stood at ₹9.5K
Cr (+₹4.4K Cr) and net profit was ₹17.5K Cr (+₹12.0K Cr). Net automotive debt reduced further to ₹16.0K Cr.
Dividends:
The Board of Directors have recommended a final dividend of ₹ 3/- per Ordinary Share and ₹3.10 per A Ordinary Share
and a special dividend of ₹ 3/- per Ordinary Share and ₹3.10 per A Ordinary Share subject to approval by the shareholders.
Looking Ahead:
We remain cautiously optimistic on domestic demand over the full year and expect H1 to be relatively weaker. The
premium luxury segment demand is likely to remain resilient despite emerging concerns on overall demand. Despite this,
we are confident of delivering a strong performance in FY25.
PB Balaji, Group Chief Financial Officer, Tata Motors said:

“It is pleasing to report the FY24 results during which Tata Motors Group delivered its highest ever revenues, profits, and
free cash flows. The India business is now debt free, and we are on track to become net automotive debt free on a
consolidated basis in FY25. The businesses are executing well on their distinct strategies and therefore, we are confident
of sustaining this strong performance in the coming years.”
Page 1 ofS
[ JAGUAR LAND ROVER (JLR) )

Highlights
 Record Q4 and FY24 revenue of £7.9 billion and £29.0 billion respectively.
 PBT (bei) was £661 million in Q4; FY24 full year PBT (bei) was £2.2 billion, the highest since FY15.
 EBIT margin in Q4 of 9.2%, FY24 EBIT margin of 8.5%.
 Free cashflow was £892 million for Q4 and a record £2.3 billion for FY24. Net debt reduced to £0.7 billion.
 Order book around 133,000 vehicles at end of FY24, 76% of which were for RR, RR Sport and Defender.
Reimagine Transformation continues.

 Record Range Rover wholesale and retail sales for Q4 and FY24.
 Range Rover Electric generating strong interest with over 28,700 sign ups to the waiting list
 Range Rover SV demand more than doubles to 4,099 units in FY24, including sale of 20 Range Rover SV Bespoke
Sadaf editions which sold out at around £330,000 each.
 New Defender OCTA to be revealed on July 3, 2024 with prospective clients invited to one of seven exclusive
events to experience the product.
 Investment of £356m in Electric Propulsion Manufacturing Centre in Wolverhampton, UK, installing equipment
to manufacture battery packs and electric drive units.
 Launched three new JLR Insurance products to support UK clients, as part of JLR financial services offering.
 New Range Rover Electric and new Jaguar prototypes currently undergoing cold weather testing.
 Energy storage systems using second life Range Rover, Range Rover Sport PHEV and I-Pace batteries, developed.
Financials
JLR continued its strong financial performance trend in the financial year, with another record-breaking quarter in Q4
FY24. Revenue for the quarter was £7.9 billion, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for FY24
were £29.0 billion - JLR’s highest ever full year revenue and up 27% compared to the prior year.
PBT (bei) in Q4 was £661 million (+£293 million yoy) and EBIT margin was 9.2% in Q4, (+270bps yoy). The higher
profitability yoy reflects increased volumes and reduced material costs, offset partially by increased marketing spend
compared to a year ago. Profit after tax (“PAT”) in Q4 was £1.4 billion vs a profit of £259 million in the same quarter a year
ago. PBT for FY24 was £2.2 billion – the highest since FY15; and PAT for FY24 was £2.6 billion. PAT also factors in the
recognition of a deferred tax asset (DTA) of £1.0 billion due to a reassessment of future recoverability tax losses and
allowances.
Free cash flow for the quarter was £892 million and £2.3 billion for the full year, the highest ever full year cash flow. The
year ended with a cash balance was £4.2 billion and net debt £0.7 billion and a total liquidity was £5.7 billion, including
the £1.5 billion undrawn revolving credit facility maturing April 1, 2026.
Looking ahead
We will continue to focus on brand activation to maintain order book. We expect EBIT margins in FY25 to be around the
FY24 level. We anticipate a modest increase in investment spend to £3.5b but still expect to become net debt zero during
FY25.
Adrian Mardell, JLR Chief Executive Officer, said:
“This has been a year of great strategic progress at JLR and I would like to thank our clients, our people, our suppliers and
partners for their role in our success. We have delivered a record financial performance for the company, generating free
cashflow of £2.3 billion, enabling us to reduce net debt to £0.7 billion. The foundation of this performance was the sustained
global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent
focus on operational improvement. We are entering the next exciting phase of our Reimagine strategy which will see us
bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients,
ensuring we continue to vigorously address the challenges we have encountered in 2024.”
Page 2 ofS
( TATA COMMERCIAL VEHICLES (TATA CV) )

Highlights
 Q4 FY24 revenue at ₹ 21.6K Cr (+1.6%), EBITDA 12.0% (+190 bps), EBIT 9.6% (+100 bps), PBT (bei) ₹ 2.0K Cr.
 FY24 revenue at ₹ 78.8K Cr (+11.3%), EBITDA 10.8% (+340 bps), EBIT 8.2% (+300 bps), PBT (bei) ₹ 6.1K Cr.
 Domestic Vahan market share at 39.1% in FY24. HGV+HMV 48.8%, MGV 37.5%, LGV 34.3%, Passenger 35.0%. Truck
market share continues to remain strong; SCV market share starting to improve.
 Over 140 products and 700 variants introduced in FY24. BS VI Phase 2 vehicle portfolio equipped with smarter
technologies to deliver even better performance and value.
 Introduced technologically advanced, highly fuel efficient and reliable Turbotronn 2.0 engine, for 19-42 tonne range.
 Launched all-new Intra V70 pickup, Intra V20 Gold pickup and Ace HT. Introduced Tata Magic bi-fuel.
 Fleet edge, the connected vehicle platform has now more than 600K vehicles.
Green transformation continues

 Showcased India’s 10 most advanced, efficient and eco-friendly CV’s at Bharat Mobility Global Expo 2024, including
Prima 5530.S LNG, industry first H2ICE truck, E-mobility concept tipper, Magna EV, Ace and Intra bi-fuel.
 Delivered green-fuel powered CV’s to Tata Steel. The fleet includes Prima tractors, tippers and the Ultra EV bus,
powered by LNG and battery electric technologies.
 TCPL Green Energy Solutions inaugurated facility to produce Hydrogen based internal combustion engines.
 Unveiled 2 state-of-the-art facilities for development of Hydrogen propulsion technologies.
 Over 4300 ACE EV’s plying delivering 99% uptime resulting in repeat purchases. Higher payload variant launched.
 2600+ EV buses are operational. TML e-bus fleet cumulatively crossed 140 million Kms with >95% uptime.
Financials
In Q4 FY24, domestic wholesale CV volumes were 104.6K units, lower 7% yoy on account of increased pre-buy in Q4 FY23 due
to BS6 Phase II transition. Exports were at 4.5K units increasing 13% yoy. However, revenues improved by 1.6% yoy to ₹21.6K
Cr on account of improved pricing and lower VME’s. EBITDA and EBIT margins of 12.0% (up 190 bps yoy) and 9.6% (up 100 bps
yoy), respectively were delivered. For the full year, while overall volumes declined by 4%, HCV volumes increased by 5%.
Looking ahead
With promising GDP growth outlook, incentives from government to improve productivity in both manufacturing and agriculture
sectors, and continuing focus on infra, demand for CV’s is expected to improve from H2 FY25. We remain cautiously optimistic
about domestic demand while keeping a close watch on geopolitical developments, interest rates, fuel prices and inflation. We
will continue to deliver strong EBITDA performance and focus on net cash will continue.
Girish Wagh, Executive Director Tata Motors Ltd said:

“The Indian CV industry grew by a modest 2% in volumes during FY24, impacted by a high base effect of FY23, elections held
across 5 states and the announcement of general elections. At Tata Motors, we strengthened our portfolio with the introduction
of new passenger and cargo mobility solutions, stepped-up the thrust on digitalization, enriched customer engagement and
experience with stronger partnering and made holistic progress on our sustainability agenda. Our sharp focus on profitable
growth resulted in the CV business recording its highest-ever revenues of ₹78.8K Cr and profits of ₹6.1K Cr in FY24. Going forward,
we will intensify our efforts to grow market share, profitably and consistently, in every business segment by delivering more
value to customers with innovative products, smarter services and holistic mobility solutions.”
Page 3 of 5
(
Highlights
TATA PASSENGER VEHICLES (TATA PV) )
 Q4 FY24 revenue at ₹ 14.4K Cr (+19.3%), EBITDA 7.3% (flat yoy), EBIT 2.9% (+150 bps), PBT (bei) ₹ 0.5 K Cr.
 FY24 revenue at ₹ 52.4K Cr, (+9.4%), EBITDA 6.5% (+10 bps), EBIT 2.0% (+100 bps), PBT (bei) ₹ 1.4 K Cr.
 VAHAN registration market share increased to 13.9% in FY24. #2 player in H2 FY24 with 14.3% market share.
 Strong market leadership in EV at 73.1% despite increase in competition. EV penetration at 13%, CNG at 16% in FY24.
 Introduced twin cylinder iCNG technology in Tiago, Tigor, Punch, and Altroz enabling no compromise on boot space.
 Revolutionized the CNG segment in the country by introducing AMT in its CNG cars.
 Strong response to facelifted Nexon, Harrier and Safari - significant design changes and several futuristic technologies.
 New Nexon, Safari and Harrier receive GNCAP 5-star rating for both adult and child occupant protection. New Safari
and Harrier secured highest score by an Indian Car in GNCAP and also became first recipients of BNCAP's 5-star rating.
 Commenced production at its state-of-the-art new facility in Sanand, Gujarat.
Green transformation continues

 Range of Nexon.ev extended to 465 kms. Strong response to Nexon.ev facelift.
 TPEM introduced new brand identity “Tata.ev” for the EV business, embodying the core philosophy of "Move with
Meaning," unifying the values of sustainability, community, and technology.
 Announced platform-sharing partnership with JLR to accelerate development of ‘premium electric’ series ‘Avinya’.
 Introduced advanced Pure EV architecture – acti.ev which will underpin future products from the TPEM portfolio.
 Introduced first car “Punch.ev” on the acti.ev architecture.
 Inaugurated exclusive TATA.ev stores in Gurugram, offering an immersive experience for the EV community.
 Signed MOUs with charging point operators and OMC’s for setting up 22,000+ chargers in next 12-18 months.
Financials
In Q4, PV volumes were at 155.6K units (+14.8% yoy) supported by new SUV facelifts and multiple power trains. Nexon continued
to be the highest selling SUV in FY24 and along with the Punch was amongst top 5 models sold in India. Revenues in Q4 were
up 19% yoy at ₹ 14.4K Cr, while EBIT margins improved by 150 bps yoy to 2.9% owing to operating leverage on improved volumes
and savings in commodity costs. In Q4, PV (ICE) business delivered double digit EBITDA margins and EV business was EBITDA
positive (before R&D spends) at 1.1%. On full year basis, the PV business delivered ~9% revenue growth and highest ever PBT
(bei) at ₹ 1.4K Cr (+₹ 0.7K Cr yoy).
Looking ahead
We expect the demand for passenger cars to remain strong, although the high base effect, coupled with extraneous factors
elections, heat wave, etc. may keep the growth rate moderate. We will continue to focus on retails and deliver market beating
growth to sustain double digit EBITDA margins and positive free cash flows for PV business. We will continue to proactively drive
EV penetration through new product launches and ecosystem development and improve profitability.
Shailesh Chandra, Managing Director TMPV and TPEM said:

“Passenger vehicle sales in India set a record in FY24 with over 4.2 million units sold, driven by SUVs (50% of overall sales) and
emission-friendly powertrains. Tata Motors recorded its third consecutive year of highest sales volumes with 6% growth in
wholesales and 10% in retail sales over FY23. Our multi-powertrain approach and sharp focus on green technologies increased
the penetration of CNG and electric vehicles to 29% in the overall portfolio. We sold 73.8K EVs during the year (up 48% vs FY23)
and crossed milestone of 150,000 cumulative EV production. Overall, the business recorded its highest-ever turnover with annual
volumes of 573.5K units, growing by 6.0% over FY23, and recorded highest ever profits of ₹1.4K Cr.”
Page4 of 5
[ ADDITIONAL COMMENTARY ON FINANCIAL STATEMENTS ]

(CONSOLIDATED NUMBERS, IND AS)
FINANCE COSTS
Finance costs reduced by ₹239 Cr to ₹ 9,986 Cr in FY24, due to reduction in gross debt during the period.
JOINT VENTURES, ASSOCIATES AND OTHER INCOME

For the year, net profit from joint ventures and associates amounted to ₹700 Cr compared with a net profit of ₹336
Cr in FY23. Other income (excluding grants) was ₹ 2,979 Cr in FY24 versus ₹ 1,720 Cr in FY23.
FREE CASH FLOWS

Free cash flow (automotive) for the year, was highest ever at ₹26.9K Cr (as compared to ₹7.8K Cr in FY23) owing to
significant improvement in cash profits and favourable working capital.
For further information contact
Corporate Communications, Tata Motors Limited

Phone: 00 91 22 6665 7289; www.tatamotors.com
Page 5 of 5
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lndeoendent Auditors Reoort

To the Board of Directors of Tata Motors Limited
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial results of Tata Motors Limited
(hereinafter referred to as the "Company") for the year ended 31 March 2024, attached herewith, (in which
are included financial statements/financial results/financial information from one joint operation) being
submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52(4) read with
Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone annual financial results:
a. are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) read with
Regulation 63 of the Listing Regulations in this regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of the net profit and other comprehensive income and other financial information for the year
ended 31 March 2024.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section
143(10) of the Companies Act, 2013 ("the Act") . Our responsibilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our
report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our
opinion on the standalone annual financial results.
Management's and Board of Directors' Responsibilities for the Standalone Annual Financial
Results
These standalone annual financial results have been prepared on the basis of the standalone annual
financial statements.
The Company's Management and the Board of Directors are responsible for the preparation and
presentation of these standalone annual financial results that give a true and fair view of the net profit/
loss and other comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of
the Act and other accounting principles generally accepted in India and in compliance with Regulation 33
and Regulation 52(4) read with Regulation 63 of the Listing Regulations. The respective Management and
Board of Directors of the companies are responsible for maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of each company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
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BS R & Co. LLP
Independent Auditor's Report (Continued)

Tata Motors Limited
accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating effectively
for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone annual financial results that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the respective Management and the Board of
Directors are responsible for assessing each company's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern basis of accounting unless
the respective Board of Directors either intends to liquidate the company or to cease operations, or has
no realistic alternative but to do so.
The respective Board of Directors are responsible for overseeing the financial reporting process of each
company.
Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the standalone annual financial results made by the Management
and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors' use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the standalone annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone annual financial results,
including the disclosures, and whether the standalone annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Company and such other entity included in
standalone annual financial results of which we are the independent auditors regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
BS R & Co. LLP

Tata Motors Limited
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Other Matter
The standalone annual financial results include the results for the quarter ended 31 March 2024 being the
balancing figure between the audited figures in respect of the full financial year and the published audited
year to date figures up to the third quarter of the current financial year.
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Page 3 of 3
-- Ill D"&
TATA MOTORS LIMITED
Regd.Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001
CIN L28920MH1945PLC004520
('t In crores)
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024
Quarter ended Year ended
Particulars March 31, December 31, March 31, March 31, March 31,
2024 2023 2023 2024 2023
(Refer note 9) (Refer note 9)
Revenue from operations Audited
(a) Revenue 20,108.72 18,500.95 19,961.61 72,745.92 65,298.84
(b) Other operating revenue 151.52 167.61 180.52 557.16 458.49
I. Total revenue from operations (a)+(b) 20,260.24 18,668.56 20,142.13 73,303.08 65,757.33
11. Other income 124.16 146.82 241.93 1,149.88 820.94
Ill. Total Income (1+11) 20,384.40 18,815.38 20,384.06 74,452.96 66,578.27
IV. Expenses
(a) Cost of materials consumed 10,490.81 12,098.26 11,910.58 45,025.05 42,226.81
(b) Purchases of products for sale 2,182.12 1,851.81 1,809.36 7,764,19 6,561.32
(c) Changes in inventories of finished goods, work-in-progress and products for sale 1,665.66 (861.33) 1,119.34 (600.44) 484.69
(d) Employee benefits expense 1,047.27 1,110.48 1,022.07 4,308.15 4,021.63
(e) Finance costs 410.57 411.95 465.93 1,705.74 2,047.51
(f) Foreign exchange loss (net) 11.09 157.84 25.60 254.98 279.76
(g) Depreciation and amortisation expense 498.80 513.13 467.57 2,016.84 1,766.86
(h) Product development/engineering expenses 377.83 279.55 306.37 1,104.79 899.06
(i) Other expenses 2,373.29 2,355.53 2,207.74 8,960.98 7,819.74
U) Amount transferred to capital and other accounts (305.17) (299.06) (313.59) (1,129.73) (1,066.73)
Total expenses (IV) 18,752.27 17,618.16 19,020.97 69,410.55 65,040.65
V. Profit before exceptional items and tax (Ill-IV) 1,632.13 1,197.22 1,363.09 5,042.41 1,537.62
VI. Exceptional Items (refer note 4) 86.53 (3,668.90) 277.24 (2,808.41) 282.82
VII. Profit before tax (V-VI) 1,545.60 4,866.12 1,085.85 7,850.82 1,254.80
VIII. Tax expense/(credit) (net)
(a) Current tax 48.60 26.76 22.11 114.22 81.60
(b) Deferred tax (refer note 5) (629.40) 269.31 (1,631.82) (165.48) (1,554.93)
Total tax expense/(credit) (net) (580.80) 296.07 (1,609.71) (51.26) (1,473.33)
IX. Profit for the period/year (VII-VIII) 2,126.40 4,570.05 2,695.56 7,902.08 2,728.13
X. Other comprehensive lncome/(loss)
(A)(i) Items that will not be reclassified to profit or loss 103.74 41.29 (94.95) 309.62 (195.55)
(ii) Income tax (expense)/credit relating to items that will not be reclassified to profit
(37.83) 3.55 13.77 (29.47) 34.96
or loss
(B)(i) Items that will be reclassified to profit or loss - gains/(losses) in cash flow hedges 14.06 153.39 65.48 211.54 (99.69)
(ii) Income tax (expense)/credit relating to items that will be reclassified to profit 01
(3.53) (38.60) (16.48) (53,24) 9.93
loss
Total other comprehensive lncome/(loss), net of taxes 76.44 159.63 (32.18) 438.45 (250.35)
XI. Total comprehensive Income for the period/year (IX+X) 2,202.84 4,729.68 2,663.38 8,340.53 2,477.78
XII. Paid-up equity share capital (face value of'<2 each) 766.50 766.32 766.02 766.50 766.02
XIII. Reserves excluding revaluation reserve 29,376.55 21,703.83
XVI. Earnings per share (EPS)
(A) Ordinary shares (face value of '<2 each)
(i) Basic EPS '< 5.54 11.92 7.03 20.61 7.11
(ii) Diluted EP5 '< 5.53 11.90 7.02 20.60 7.11
(B) 'A' Ordinary shares (face value of '<2 each)
(i) Basic EPS '< 5.64 12.02 7.13 20.71 7.21
(ii) Diluted EPS '( 5.63 12.00 7.12 20.70 7.21
Not annualised
Statement of Standalone Assets and Liabilities
~JncroresJ
As at March 31, As at March 31,
2024 2023
Audited
I. ASSETS
(1) Non-current assets
(a) Property, plant and equipment 11,563.76 11,707.87
(b) Capital work-in-progress 645.03 575.65
(c) Right of use assets 426.50 421.27
(d) Other intangible assets 2,353.79 2,413.18
(el Intangible assets under development 588.92 509.30
(f) Financial assets
(i) Investments in subsidiaries, joint ventures and associates 28,729.45 27,976.80
(ii) Other investments 1,586.12 1,204.82
(iii) Loans 101.89 114.40
(iv) Other financial assets 1,830.34 2,405.23
(g) Deferred tax assets (net) 1,558.65 1,477.26
(h) Non-current tax assets (net) 1,008.32 868.22
(i) Other non-current assets 483.30 596.82
50,876.07 50,270.82
(2) Current assets
(a) Inventories 3,470.38 3,027.90
(b) Financial assets
(i) Investments 1,993.50 3,142.96
(ii) Trade receivables 2,765.16 2,307.72
(iii) Cash and cash equivalents 3,344.89 1,121.43
(iv) Bank balances other than (iii) above 1,806.07 293.22
(v) Loans 132.19 40.44
(vi) Other financial assets 547.50 347.10
(c) Current tax assets (net) 12.00 -
(d) Other current assets 1,099.37 1,219.18
15,171.06 11,499.95
(3) Assets classified as held-for-sale 36.61 -

TOTAL ASSETS 66,083.74 61,770.77
II. EQUllY AND LIABILmES
Equity
(a) Equity share capital 766.50 766.02
(b) Other equity 29,376.55 21,703.83
30,143.05 22,469.85
Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 5,235.67 10,445.70
(ii) Lease liabilities 296.28 305.26
(iii) Other financial liabilities 252.53 414.44
(b) Provisions 1,936.92 1,588.75
(c) Deferred tax liabilities (net) 49.78 51.16
(d) Other non-current liabilities 843.35 692.08
8,614.53 13,497.39
(2) Current liabilities
(a) Financial liabilities
(i) Borrowings 8,535.37 8,426.74
(ii) Lease liabilities 123.32 100.99
(iii) Trade payables
(a) Total outstanding dues of micro and small enterprises 189.85 114.67
(b) Total outstanding dues of creditors other than micro and small enterprises 8,636.61 7,047.93
(c) Acceptances 4,508.01 5,839.39
(iv) Other financial liabilities 1,146.25 1,300.18
(b) Provisions 1,133.92 408.89
(c) Current tax liabilities (net) 73.61 53.66
(d) Other current liabilities 2,979.22 2,511.08
27,326.16 25,803.53
TOTAL EQUllY AND LIABILmes 66,083.74 61,770.77
2
Statement of Standalone Cash Rows
(~ In crores)
Year ended
Man:h31, I Man:h31,
2024 2023
Audited
cash flows from operating activities:
Profit for the year 7,902.08 2,728.13
Adjustments for:
Depreciation and amortisation expense 2,016.84 1,766.86
Allowance for trade receivables, loans and other receivables 114.28 105.12
Discounting of warranty and other provisions (90.84) (128.53)
Inventory write down (net) 98.73 32.21
Profit on sale of investments in subsidiary (3,747.91)
Non Cash exceptional items 939.50 281.46
Accrual for share•based payments 28.19 20.46
lease charges (Amortisation considered as employee cost) 58.32
Profit on sale of assets (net) (including assets scrapped/ written off) (32.04) (88.47)
Profit on sale of investments at FVTPL (net} , (81.21) (71.82)
Marked~to•market gain on investments measured at FVTPL (3.53) (6.81)
Gain on fair value of below market interest loans (11.31)
Tax credit (net) (51.26) (1,473.33)
Finance costs 1,705.74 2,047.51
Interest income (201.24) (245.42)
Dividend income (655.33) {187.52)
Unrealized foreign exchange loss (net) 533.78 230.40
620.71 2,282.12
cash flows from operating activities before changes In following assets and llabllltles 8,522.79 5,010.25
Trade receivables (553.14) (306.46)
loans and other financial assets 123.78 126.28
Other current and non-current assets 212.54 (98.21)
Inventories (541.21) 658.37
Trade payables 315.79 (957.24)
Other current and non-current liabilities 598.51 620.22
Other financial liabilities (52.19) {88.17)
Provisions 281.22 (21.46)
cash generall!d from operations 8,908.09 4,943.58
Income tax paid {net) (246.381 (168.15)
Net cash f~m operating activities 8,661.71 4,775.43
cash flows from Investing actMtfes:
Payments for property, plant and equipments (1,005.42) (761.29)
Payments for other intangible assets (985.85) (936.07)
Proceeds from sale of property, plant and equipments 39.48 122.70
Investments in Mutual Fund sold (net) 1,267.34 2,078.75
Investments in Government securities (42.45)
Redemption of Investments in Government securities 9.69
Investments in subsidiary companies (678.06) (191.18)
Investments in an associate company (150,00)
Sale of investment in subsidiary company 3,812.31
Redemption of investment In a subsidiary company 13.54
Loan given ta subsidiary companies (16.00) (45.00)
Return of Investment by subsidiary company - 131.83
Increase in short term inter corporate deposit (95.12) (15.00)
Deposits/restricted deposits with financial institution - (500.00)
Realisation of deposits with financial institution -
(1,789.93)
800.00
(276.64)
Deposits/restricted deposits with banks
Realisation of deposits/restricted deposits with banks 273.28 141.78
Interest received 180.05 185.27
Dividend received 655.33 187.52
Net cash generated from Investing activities 1,488.19 922.67
cash flows used In flnanclng activities:

Proceeds from issue of shares and share application pending allotment (net of issue expepses) 81.87 19.60
Proceeds from long-term borrowings 25.71 8.99
Repayment of long-term borrowings (5,948.57) {4,808.33)
Payment of option settlement of long term borrowings (82.78) (106.51)
Proceeds from short-term borrowings - 52.35
Repayment of short-term borrowings - (937.10)
Net change in other short-term borrowings (with maturity up to three months) 756.92 825.77
Repayment of lease liabilities (including interest) (154.94) (68.33)
Dividend paid (769.04)
Interest paid {including discounting charges paid, ~405.03 crores (March 31, 2023 ~425,37 crores)] (1,839.62) (2,007.76)
Net cash used In financing activities (7,930.45) (7,021.32)

Net lncrease/(decraase) In cash and cash equivalents 2,219.45 (1,323.22)
Cash and cash equivalents as at April 1, (opening balance) 1,121.43 2,450.23
Effect of foreign exchange on cash and cash equivalents 4.01 {5.58)
cash and cash equivalents as at Man:h 31, (closing balance) 3,344.89 1,121.43
Non-cash transactions:
Liability towards property, plant and equipment and other intangible assets purchased on credit/deferred credit 300.28 317.14
3
Notes:
1) The above results were reviewed and recommended by the Audit Committee on May 09, 2024 and approved by the Board of Directors at its meeting held on May 10, 2024.
2) The above results include the Company's proportionate share of income and expenditure in its Joint Operation, namely Tata Cummins Private Limited and its subsidiary. Below are supplementary details of Tata
Motors Limited on standalone basis excluding Interest in the aforesaid Joint Operation:

Sr No Particulars Man:h31, December 31, Man:h31, Man:h31, March 31,
2024 2023 2023 2024 2023
1 Revenue from operations 20,015.95 18,476.10 19,938.14 72,428.94 65,009.35
2 Profit before tax 1,492.78 4,774.01 1,117.79 7,684.59 1,184.94
3 Profit after tax 2,105.16 4,519.41 2,736.58 7,842.02 2,747.62
3) Additional Information pursuant to requirement of Regulation 52(4) and Regulation 54(2) of the Securities and Exchange Board of India {Listing Obligations and Disclosure Requirements} Regulation 2015 as amended
and as at year ended March 31, 2024:
Quarter ended I Year ended

March 31, I December 31, I Man:h31, I Man:h31, I March 31,
Sr No Particulars
2024 I 2023 I 2023 I 2024 I 2023
Audited
a) Debt Equity Ratio (number of times} DAG 0.51 0.84 DAG 0.84
[Total Debtli)/ Equitylli)J
b) Debt Service Coverage Ratio (number of times} (not annualised) 2.25 0.32 0.58 0.98 0.48
{(Profit/(loss) before exceptional items and tax+ Interest on Borrowings)/(lnterest on Borrowings+
Repayment of Borrowingslii!))J
c) Interest Service Coverage Ratio (number of times} (not annualised) 6.28 5.02 4.95 5.02 1.98
[(Profit/(loss) before exceptfonal items and tax+lnterest on Borrowings}/lnterest on Borrowings]
d) Capital redemption reserve (at In crores) 2.28 2.28 2.28 2,28 2.28
e) Debenture redemption reserve(~ In crores) 127.D8 211.34 211.34 127,08 211.34
f) Net worth[~ In crores)liv) 30,143.05 27,902.59 22,469.85 30,143,05 22,469.85
g) Net profit for the period/year(-'< In crores) 2,126AO 4,570.05 2,695.56 7,902.08 2,728.13
h) Earnings per share (EPS)
(a) Ordrnary shares (face value of~ 2 each)
(i) Basic(~) 5.54 11.92 7.03 20.61 7.11
(ii) Diluted (~I 5.53 11.90 7.02 20.60 7.11
(b} 'A' Ordinary shares (face value of 't2 each)
(ii Basic(~) S.64 12.02 7.13 20,71 7.21
(ii) Diluted(~) 5.63 12.00 7.12 20,70 7.21
Not annualised
i) Current ratio (number of times) 0.56 0.53 0.45 0.56 0.45
[Current assets/ Current liabilities]
j) long term debt to working capital (number of times) (0,70) (0.68) (1.13) (0.70) (1.13)
[long Term BorrowingsM/working capitat(vl)]
k) Bad debts to Account receivable ratio{%) 1.56" 1.68%
{Bad Debts{v!I) / Average of Trade and Other Receivables{vifi)]
I) Current liability ratio (number of times) 0,70 0.70 0.59 0,70 0.59
{Current liabilities (excluding current maturities of long term debt, Interest accrued on borrowings)/
(Total liabilities)]
m) Total debts to total assets (number of times} 0.21 0.22 0.31 0.21 0.31
[(Non current borrowings+ Current borrowings)/ Total assets}
n) Debtors turnover (number of times) (not annualised) 6.34 5.52 8.45 28.90 29.76
[Revenue from operations/ Average Trade receivables]
o) Inventory turnover (number of times) (not annualised) 3.14 2.53 4.07 16.06 14.61
[Raw material consumed(ix) / Average lnventory(x)]
p) Operating margin(%) 12.14% 11.70% 10.85% 11.02% 7.79%
[(Profit/(loss) before tax +/H Exceptional Items+ Net Finance Charges+ Depreciation and
amortisation-Other Income {excluding incentives))/ Revenue from operations]
q) Net profit margin(%) 10.50% 24.48% 13.38% 10.78" 4.15%
[Net profit after tax/ Revenue from operations]
r) Security cover ratio (number of times) 1 - 4.76 - 4.76
[Secured Assets(xi) / Secured Borrowlngs!xiil]
1 8,80% non•convertible debentures of face value of U,000 crores, earlier secured by creating a pari passu charge on certain tangible fixed assets, right of use assets and capital work•in•progress, have been
repaid during year ended March 31, 2024. Hence, Security cover ratio is Nil as at March 31, 2024 and December 31, 2023.
Notes:
i Total debts includes non current and current borrowings

ii Equity= Equity share capital+ Other equity
rn Repayment of borrowings includes repayment of long•term borrowings, proceeds from shorMerm borrowings, repayment of short•term borrowings and net change in other short.term borrowings {with maturity
up to three months).
iv Net Worth has been computed on the basis as stated in Clause 2 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 i.e. Net worth as defined in
sub•section (57) of section 2 of the Companies Act, 2013.
v Long term borrowings (including current portion of long term borrowings),
vi Working capital:: Current assets (excluding Assets classified as held for sale)-Current liabilities (excluding current maturities of long term debt, interest accrued on borrowings).
vii Bad debts is write off of trade and other receivables.
viii Trade and other receivables includes Trade receivables, current and non•current financial assets, current and non•current loans and other current and non•current assets.
ix Raw material consumed includes Cost of materials consumed, Purchases of products for sale and Changes in inventories of finished goods, work·in·progress and products for sale.
x lnve'ntory includes raw materials and components, work•in•progress, finished goods, stores and spare parts, consumable tools and goods•in·transit • raw materials and components.
xi Secured assets include written down value of secured assets and fixed deposits under lien.
xii Secured borrowings include 8.80% non•convertible debentures and term loans from financial institutions.
4
4) Exceptional Items
(~ In crores)
Sr No Particulars March 31, December 31, March 31, Mart:h31, March 31,
2024 2023 2023 2024 2023
a) Profit on sale of investments in subsidiary {refer note (i) below} - (3,747.91) (3,747.91) -
b) Provision for employee pension scheme (refer note (ii) below) 71.29 762.36
c) Impairment of property, plant and equipment and provision for Intangible assets under development 20.43 276.91 101.75 276.91
d) Employee separation cost 15.24 61.10 77.91 1.36
e) (Reversal)/provision for investment in/cost of closure of subsidiary companies (2.52) 0.33 (2.521 4.55
86.53 (3,668.90) 277.24 (2,808.41) 282.82
Note:
(i) During the year ended March 31, 2024, the Company has partially sold its stake (21.3%) represented by 8,64,36,184 equity shares in Tata Technologies Limited (TTL) for total consideration of ~3 1812.31
crores, which resulted in profit of =t3,747.91 crores (net of expenses).
(ii) Tata Motors Limited (the "Company") had by way of an applicatfon, addressed to the Employee Provident Fund Organisation ("EPFO"), surrendered its exempted Pension fund w.e.f. October 1, 2019.
Subsequently, the Company incurred losses for three consecutive years (during FY 2019·20, 2020·21 & 2021·22), thereby calling for an automatic cancellation/ withdrawal of pension fund exemption.
On November 4, 2022, the Hon 1 ble Supreme Court also ruled that those who were members of a statutory pension fund as on September 1, 2014, can exercise a joint option with their employer to
contribute to their Pension fund beyond the statutory limit and be eligible to draw their pension calculated based on last 5 years average salary.
The Company accepted and approved the applications filed by its employees for joint option to contribute on higher salary on the EPFO's portal. As per the actuarial valuation, a provision of ~71.29 crores
and 1'762.36 crores has been made for pension on higher salary during the quarter and year ended March 31, 2024, respectively.
EPFO, however, redirected a few of such Joint Applications to the Company's Pension Trust. Considering this, along with the fact that there was no positive movement towards the conclusion of the
surrender process of the pension fund, the Company filed a Writ Petition with Hon'ble Delhi High Court for seeking directions to EPFO to immediately start administering TM L's Pension Fund, not to reject
the Joint applications and reconsider the applications it has redirected. The trade unions have also filed another Writ Petition for expediting the transfer of pension fund corpus and accepting the Joint
Applrcations of the employees. The matter shall be listed before the High Court on May 161 2024 for arguments.
S) During the quarter and year ended March 31, 2024, the Company recognised Deferred Tax Assets of ~793.07 crores and ~1,248.90 crores respectively on previously unrecognised business loss based on the
probability of sufficient taxable profit in future periods against which such business loss will be set off. Further, the Company utilised deferred tax: asset previously created on the unabsorbed depreciation and
capital loss during the year ended March 31, 2023 against the profit on sale of investments in a subsidiary company and other income during the quarter and year ended March 31, 2024 by ~120.40 crores and
"-1,029.20 crores respectively.
6) During the year ended March 31, 2024, the Company has acquired 26.79% stake in Freight Commerce Solutions Private Limited (Freight Tiger) for a consideration of ~150.00 crores. Freight Tiger is a digital
platform that provides end~to•end logistics value chain solutions for cargo movement in the country. The Securities Subscription Agreement {SSA) signed with Freight Tiger also includes a provision enabling the
Company to further Invest ,100.00 crores over the next two years, at the then prevailing market value.
7) During the year ended March 31, 2024, provision of ~113.96 crores has been reversed towards certain Indirect taxes matters under litigation for FY 2002 to FY 2006, which is netted off in other expenses.
8) The Board of Directors has recommended a final dividend of~.00 per fully paid up Ordinary share of~ 2.00 each and "-3.10 per fully paid up 1A' Ordinary share of'< 2.00 each and a special dividend of 11{3.00 per
fully paid up Ordinary share of~ 2.00 each and "3.10 per fully paid up 'A' Ordinary share of'( 2.00 each for the year ended March 31 1 2024, subject to approval by the Shareholders.
9) The figures for the quarter ended March 31, 2024 and 2023 represent the difference between the audited figures in respect of full financial years and the published figures for the nine months ended December
31, 2023 and December 31, 2022, respectively.
10) The Statutory Auditors have carried an audit of the above results for the year ended March 31, 2024 and have issued an unmodified opinion on the same,
Tata Motors Limited
Mumbai, May 10, 2024

~ GirishWagh
Executive Director
5
8th floor, Business Plaza
BS R & Co. LLP Westin Hotel Campus
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Pune - 411 001, India
Telephone: +91 (20) 6747 7300
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lndeoendent Auditors Reoort

To the Board of Directors of Tata Motors Limited
Report on the audit of the Consolidated Annual Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Tata Motors Limited
(hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its
subsidiaries together referred to as "the Group"), its associates and its joint ventures for the year ended
31 March 2024, attached herewith, (in which are included financial statements of two joint operations)
being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation
52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us and based
on the consideration of reports of the other auditors on separate/ consolidated audited financial statements
/financial results/financial information of the subsidiaries, associates, joint ventures and joint operations,
the aforesaid consolidated annual financial results:
a. include the annual financial results of the entities mentioned in Annexure I

b. are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) read with
Regulation 63 of the Listing Regulations in this regard ; and
c. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian Accounting Standards, and other accounting principles generally accepted in
India, of consolidated net profit and other comprehensive income and other fina ncial information of
the Group for the year ended 31 March 2024.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section
143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described
in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our
report. We are independent of the Group, its associates and its joint ventures in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements
that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules
thereunder, and we have fu lfilled our other ethical responsibilities in accordance with these requirements
and the Code of Ethics. We believe that the audit evidence obtained by us.along with the consideration of
reports other auditors referred to in sub paragraph no. (a) of the "Other Matters" paragraph below, is
sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results .
Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial
Results
These consolidated annual financial results have been prepared on the basis of the consolidated annual
financial statements.
The Holding Company's Management and the Board of Directors are responsible for the preparation and
presentation of these consolidated annual financial results that give a true and fair view of the consolidated
net profit/ loss and other comprehensive income and other financial information of the Group including its
associates and joint ventures in accordance with the recognition and measurement principles laid down
B s R & Co. (a partnership firm with Reg istration No. BA6 1223) converted into BS R & Co. LLP (a
Limited Liability Partnership with LLP Registration No. AAB-8181 ) with effect from October 14, 201 3
Registe red Office:
14th Floor, Central B Wing and North C Wi ng , Nesco IT Park 4, Nesco

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Center, Western Express Highway. Goregaon (East ~ ; :• ~f0~30
1
J
BS R & Co. LLP

Tata Motors Limited
in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles
generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with
Regulation 63 of the Listing Regulations. The respective Management and Board of Directors of the
companies included in the Group and of its associates and joint ventures are responsible for maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets
of each company and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
the design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the consolidated annual financial results that give a true and fair view and are free
from material misstatement, whether due to fraud or error, which have been used for the purpose of
preparation of the consolidated annual financial results by the Management and the Board of Directors of
the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the respective Management and the Board of
Directors of the companies included in the Group and of its associates and joint ventures are responsible
for assessing the ability of each company to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the respective
Board of Directors either intends to liquidate the company or to cease operations, or has no realistic
alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its associates and joint
ventures is responsible for overseeing the financial reporting process of each company.
Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible
for expressing our opinion through a separate report on the complete set of financial statements on
whether the company has adequate internal financial controls with reference to financial statements
in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures in the consolidated annual financial results made by the
Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors' use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the consolidated annual financial
results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor's report. However, future events or conditi
may cause the Group and its associates and joint ventures to cease to continue as a going con~
Page 2 o
BS R & Co. LLP

Tata Motors Limited
Evaluate the overall presentation, structure and content of the consolidated annual financial results,
including the disclosures, and whether the consolidated annual financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/ financial
statements/financial information of the entities within the Group and its associates and joint ventures
to express an opinion on the consolidated annual financial results. We are responsible for the
direction, supervision and performance of the audit of financial results/ financial statements/financial
information of such entities included in the consolidated annual financial results of which we are the
independent auditors. For the other entities included in the consolidated annual financial results,
which have been audited by other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely responsible for our
audit opinion. Our responsibilities in this regard are further described in sub paragraph no. (a) of the
"Other Matters" paragraph in this audit report.
We communicate with those charged with governance of the Holding Company and such other entities
included in the consolidated annual financial results of which we are the independent auditors regarding,
among other matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the
Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent
applicable.
Other Matters
a. The consolidated annual financial results include the audited financial results of one Joint Operation,
whose financial statements/financial results/financial informations reflects total assets (before
consolidation adjustments) of Rs. 9,033.87 crores as at 31 March 2024, total revenue (before
consolidation adjustments) of Rs. 19,920.31 crores, total net profit after tax (before consolidation
adjustments) of Rs. 500.43 crores and net cash outflows (before consolidation adjustments) of Rs
10.29 crores for the year ended on that date, as considered in the consolidated annual financial
results, which have been audited by other auditors. The other auditor's report on financial statements/
financial results/financial information of this joint operation have been furnished to us by the
management.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and
disclosures included in respect of this joint operation, is based solely on the reports of such auditor
and the procedures performed by us are as stated in paragraph above.
The consolidated annual financial results include the audited financial results of two subsidiaries and
58 step-down subsidaries, whose financial statements/financial results/ financial information reflect
total assets (before consolidation adjustments) of Rs. 3,09,950.18 crores as at 31 March 2024, total
revenue (before consolidation adjustments) of Rs . 3,09,436.72 crores and total net profit after tax
(before consolidation adjustments) of Rs. 26,896.03 and net cash inflows (before consolidation
adjustments) of Rs 7,425.61 crores for the year ended on that date, as considered in the consolidated
annual financial results, which have been audited by their respective independent auditors. The
consolidated annual financial results also include the Group's share of total net profit after tax of Rs.
247.01 crores for the year ended 31 March 2024, as considered in the consolidated annual financial
results, in respect of six associates and four joint ventures, whose financial statements/ financial
information / financial results have been audited by their respective independent auditors. The
independent auditor's report on financial statements/ financial results/financial information of these
entities have been furnished to us by the management.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts
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Tata Motors Limited
disclosures included in respect of these entities, is based solely on the reports of such auditor and
the procedures performed by us are as stated in paragraph above.
Two of these step-down subsidiaries are located outside India whose financial results/financial
statements/financial information have been prepared in accordance with accounting principles
generally accepted in their respective countries and which have been audited by other auditors under
generally accepted auditing standards applicable in their respective countries. The Holding
Company's management has converted the financial results/financial statements/financial information
of such step-down subsidiaries located outside India from accounting principles generally accepted
in their respective countries to accounting principles generally accepted in India. We have audited
these conversion adjustments made by the Holding Company's management. Our opinion in so far
as it relates to the balances and affairs of such step-down subsidiaries located outside India is based
on the reports of other auditors and the conversion adjustments prepared by the management of the
Holding Company and audited by us.
Our opinion on the consolidated annual financial results is not modified in respect of the above matters
with respect to our reliance on the work done and the reports of the other auditors.
b. The consolidated annual financial results include the unaudited financial results of three subsidiaries
and eleven step-down subsidiaries, whose financial statements/financial results/ financial information
reflect total assets (before consolidation adjustments) of Rs. 1,353.55 crores as at 31 March 2024,
total revenue (before consolidation adjustments) of Rs. 697.67 crores, total net profit after tax (before
consolidation adjustments) of Rs. 446.97 crore and net cash inflows (before consolidation
adjustments) of Rs 95.76 for the year ended on that date, as considered in the consolidated annual
financial results. These unaudited financial statements/financial results/ financial information have
been furnished to us by the Board of Directors. The consolidated annual financial results also include
the Group's share of total net profit after tax of Rs. 429.07 crores for the year ended 31 March 2024,
as considered in the consolidated annual financial results, in respect of five associates and one joint
ventures. These unaudited financial statements/ financial information / financial results have been
furnished to us by the Board of Directors.
Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries, step-down subsidiaries, associates and joint
ventures is based solely on such financial statements/ financial results/financial information. In our
opinion and according to the information and explanations given to us by the Board of Directors, these
financial statements/financial results / financial information are not material to the Group.
Our opinion on the consolidated annual financial results is not modified in respect of the above matter
with respect to the financial statements/financial results/financial information certified by the Board of
Directors.
c. The consolidated annual financial results include the results for the quarter ended 31 March 2024
being the balancing figure between the audited figures in respect of the full financial year and the
published unaudited year to date figures up to the third quarter of the current financial year which
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Tata Motors Limited
were subject to limited review by us.
For B S R & Co. LLP

Firm's Registration No.:101248W/W-100022
--
Shiraz Vastani
Partner
Mumbai Membership No. : 103334
10 May 2024 UDIN:24103334BKGEOO4039
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Tata Motors Limited
Annexure I
List of entities included in consolidated annual financial results.
Sr. No Name of component Relationship
1 TML Business Services Limited Subsidiary
2 Tata Technologies Limited Subsidiary
3 Tata Motors Body Solutions Limited (Name changed from Tata Subsidiary
Morcopolo Motors Limited with effect from 30 December 2022)
4 TMF Holding Limited Subsidiary
5 Tata Motors Insurance Broking and Advisory Services Limited Subsidiary
6 Jaguar Land Rover Technology and Business Services India Subsidiary

Private Limited (Name changed from JT Special Vehicles Pvt.
Limited with effect from April 12, 2022)
7 Tata Hispano Motors Carrocera S.A Subsidiary
8 TML Holdings Pte, Ltd ; Singapore Subsidiary
9 Tata Precision Industries Pte Ltd Subsidiary
10 Tata Hispano Motors Carrocerries Maghreb SA Subsidiary
11 Brabo Robotics and Automation Limited Subsidiary
12 Tata Motors Passenger Vehicles Limited Subsidiary
13 TML CV Mobility Solutions Limited Subsidiary
14 Tata Passenger Electric Mobility Ltd . Subsidiary
15 TML Smart City Mobility Solutions Limited Subsidiary
16 Trilix S.R.L Step down Subsidiary
17 Jaguar Land Rover India Limited Step down subsidiary
18 Tata Motors Finance Limited Step down subsidiary
19 Tata Daewoo Commercial Vehicle Co Ltd Step down subsidiary
20 Tata Daewoo Commercial Vehicle Sales and Distribution Company Step down subsidiary
Limited
21 Tata Motors (Thailand) Ltd Step down subsidiary
22 Tata Motors (SA) (Propreitary) Ltd Step down subsidiary
23 P.T. Tata Motors Indonesia Step down subsidiary
24 Jaguar Land Rover Automotive PLC Step down subsidiary
25 PT Tata Motors Distribusi Indonesia Step down subsidiary
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26 Jaguar Land Rover France SAS Step down subsidiary
27 Jaguar Land Rover Italia SPA Step down subsidiary
28 Jaguar Land Rover Portugal .Veiculos e Pecas Lda Step down subsidiary
29 Jaguar Land Rover Espana SL Step down subsidiary
30 Jaguar Land Rover Deustcheland GmbH Step down subsidiary
31 Jaguar Land Rover Austria GmbH Step down subsidiary
32 Jaguar Land Rover Australia Pty Limited Step down subsidiary
33 Jaguar Land Rover Japan Limited Step down subsidiary
34 Jaguar Land Rover Canada ULC Step down subsidiary
35 Jaguar Land Rover Belux NV Step down subsidiary
36 Jaguar Land Rover Nederland BV Step down subsidiary
37 Jaguar Land Rover (South Africa) (Pty) Ltd Step down subsidiary
38 JLR Nominee Company Limited Step down subsidiary
39 Jaguar Land Rover (South Africa) Holdings Limited Step down subsidiary
40 Jaguar Cars Limited Step down subsidiary
41 Jaguar Cars (South Africa) (Pty) Ltd Step down subsidiary
42 S S Cars Limited Step down subsidiary
43 Daimler Transport Vehicles Limited Step down subsidiary
44 Jaguar Land Rover North America LLC Step down subsidiary
45 Jaguar Land Rover Holdings Limited Step down subsidiary
46 Jaguar Land Rover Limited Step down subsidiary
47 Land Rover Exports Limited Step down subsidiary
48 The Lanchester Motor Company Limited Step down subsidiary
49 The Daimler Motor Company Limited Step down subsidiary
50 Jaguar Land Rover Korea Company Limited Step down subsidiary
51 Jaguar land rover (China) Investment Co. Limited Step down subsidiary
52 Jaguar e Land rover Brasil lndustria e Comercio de veiculos LTOA Step down subsidiary
53 Limited Liability Company "Jaguar land rover" (Russia) Step down subsidiary
54 Land Rover Ireland Limited Step down subsidiary
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55 Shanghai Jaguar Land Rover Automotive Services Company Step down subsidiary
Limited
56 Jaguar Land Rover Pension Trustees Limited Step down subsidiary
57 Jaguar Land Rover Slovakia S.R.O Step down subsidiary
58 Jaguar Land Rover Singapore Pte. Ltd. Step down subsidiary
59 Jaguar Racing Limited Step down subsidiary
60 lnmotion Ventures Limited Step down subsidiary
61 lnmotion Ventures 2 Limited Step down subsidiary
62 lnmotion Ventures 3 Limited Step down subsidiary
63 Jaguar Land Rover Columbia S.A.S Step down subsidiary
64 Tata Technologies Inc. Step down subsidiary
65 Tata Technologies De Mexico, S.A. de C.V. Step down subsidiary
66 Tata Technologies Pte Limited Step down subsidiary
67 Tata Technologies (Thailand) Limited Step down subsidiary
68 Tata Technologies Europe limited Step down subsidiary
69 !neat International PLC Step down subsidiary
70 Tata Technologies GmBH Step down subsidiary
71 Cambric Limited Step down subsidiary
72 Tata Technlogies SRL Romania Step down subsidiary
73 Tata Manufacturing Technologies (Shanghai) Limited Step down subsidiary
74 Tata Technologies Nordics AB Step down subsidiary
75 TMF Business Services Limited Step down subsidiary
76 Tata Motors Design Tech Center pie Step down subsidiary
77 Jaguar Land Rover Ireland (Services) Limited Step down subsidiary
78 Jaguar Land Rover Mexico, SAPi de CV - Mexico Step down subsidiary
79 Jaguar Land Rover Servicios Mexico, S.A. de C.V. - Mexico Step down subsidiary
80 Jaguar Land Rover Taiwan Company LTD Step down subsidiary
81 Jaguar Land Rover Hungary KFT Step down subsidiary
82 Jaguar Land Rover Classic USA LLC Step down subsidiary

BS R & Co. LLP

Tata Motors Limited
83 Jaguar Land Rover Classic Deutschland GmbH Step down subsidiary
84 Jaguar Land Rover Ventures Ltd Step down subsidiary
85 Jaguar Land Rover (Ningbo) Trading Co. Limited Step down subsidiary
86 Bowler Motors Limited Step down subsidiary
87 In-Car Ventures Limited Step down subsidiary
88 Tata Cumins Private Limited Joint Operation
89 Fiat India Automobiles Private Limited Joint Operation
90 Nita Company Ltd Associate
91 Jaguar Cars Finance Limited Associate
92 Automobile Corporation of Goa Limited Associate
93 Tata Hitachi Construction Machinery Company Private Limited Associate
94 Tata Precision Industries (India) Limited Associate
95 Tata Autocomp Systems Limited Associate
96 Inchcape JLR Europe Limited Joint Venture
97 Chery Jaguar Land Rover Automotive Company Ltd Joint Venture
98 Loginomic Tech Solutions Limited Joint Venture
99 Jaguar Land Rover Schweiz AG Joint Venture
100 Sertec Corporation Associate
101 TML Smart City Mobility Solutions (J&K) Private Limited Step down subsidiary
(Incorporated with effect from 13 October 2022)
102 Ineat International PLC 2000 Trust (UK ESOP Trust) Step down subsidiary
103 Tata Technologies Limited- Employee Stock Option Trust (TTL Step down subsidiary
ESOP Trust)
104 TCPL Green Energy Solutions Private Limited Step down subsdiary of
Joint Operation
105 Freight Commerce Solutions Private Limited Associate
106 Synaptiv Limited Associate
107 Driveclubservice Pte. Limited Associate
108 Driveclub Limited Associate
109 ARC V Limited Associate
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110 Billa JLR Import AB Joint Venture
Page 10 of 10
G
TATA
TATA MOTORS LIMITED
Regd.Office: Bombay House, 24, Homi Mody Street, Mumbai 400 001
CIN l28920MH194SPLC004520
('( In cn,n,s}
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND VEAR ENDED MARCH 31, 2024
Quarter ended Vear ended Year ended
March 31, December 31, March 31, March 31, March 31,
Particulars 2024 2023 2024 2023
Audited Audited
Unaucfrted Audited
[refer note 8) [refer note 8)
Revenue from operations
(a) Revenue 119,213.35 109,799.22 105,016.70 434,984.12 342,874.59
(b} Other operating revenues 772.96 777.92 915.65 2,943.65 3,092.38
I Total revenue from operations (a)+(b} 119,986.31 110,577.14 105,932.35 437,927.77 345,966.97
II Other income 1,459.84 1,498.80 1,576.93 5,949.92 4,633.18
Ill Total Income (I + II) 121,446.15 112,075.94 107,509.28 443,877.69 350,600.15
IV Expenses
(a) Cost of materials consumed 64,963.06 63,850.42 60,211.94 249,277.79 208,944.31
(b) Purchase of products for sale 7,413.71 6,094.11 6,247.69 25,043.44 22,306.95
(c) Changes in inventories offinished goods, work-in-progress and products for
1,408.11 (1,666.86) 1,734.75 (1,565.53} (4,781.62)
sale
(d) Employee benefits expense 11,433.69 11,102.24 9,377.52 42,486.64 33,654.70
(e) Finance costs 2,233.77 2,484.91 2,641.67 9,985.76 10,225.48
(f) Compulsorily convertible preference share measured at fair value (1.90) - 13.75 47.90 13.75
(g) Foreign exchange loss/(gain) (net) (140.13) (85.03) (318.32) 23.84 (103.88)
(h) Depreciation and amortisation expense 7,150.53 6,850.00 7,050.20 27,270.13 24,860.36
(i) Product development/engineering expenses 3,254.11 2,740.37 2,811.86 10,958.72 10,661.96
(j) Other expenses 21,873.66 19,895.27 18,430.55 78,874.98 61,785.96
(k) Amount transferred to capital and other account (7,353.31} (6,771.75) (5,691.79) (26,758.35} (18,434.84)
Total expenses (IV) 112,235.30 104,493.68 102,509.82 415,645.32 349,133.13
V Profit before share of profit in equity accounted investees, exceptional items and
9,210.85 7,582.26 4,999.46 28,232.37 1,467.02
tax (Ill-IV)
VI Share of profit in equity accounted investees (net) 246.55 193.26 91.25 699.80 336.38
VII Profit before exceptional items and tax (V+VI} 9,457.40 7,775.52 5,090.71 28,932.17 1,803.40
VIII Exceptional items (refer note 5) 88.09 88.30 215.32 977.06 (1,590.53)
IX Profit before tax (VII-VIII} 9,369.31 7,687.22 4,875.39 27,955.11 3,393.93
X Tax (credit)/expense (net)
(a) Current tax 1,318.96 1,145.25 1,116.77 4,937.13 3,258.35
(b) Deferred tax (refer note 6) (9,478.24) (603.46) (1,737.42) (8,788.77) (2,554.29)
Total tax (credit)/expense (net} (8,159.28) 541.79 (620.65) (3,851.64) 704.06
XI Profrt for the period/ year (IX-X) 17,528.59 7,145.43 5,496.04 31,806.75 2,689.87
Attributable to:
(a) Shareholders of the Company 17,407.18 7,025.11 5,407.79 31,399.09 2,414.29
(b) Non-controlling interests 121.41 120.32 88.25 407.66 275.58
XII Other comprehensive income/(loss}
(A) (i) Items that will not be reclassified to profit or loss 109.83 (2,812.98) (950.96) (3,858.79) (329.36)
(ii) Income tax credit/ (expense) relating to items that will not be reclassified
(28.64) 719.80 232.22 1,031.15 73.53
to profit or loss
(B) (i) Items that will be reclassified to profit or loss (363.09} 7,998.93 3,623.10 10,049.48 (478.44)
(ii) Income tax credit/ (expense) relating to items that will be reclassified to
(78.19} (1,304.29) (86.08) (897.92) (1,181.06)
profit or loss
Total other comprehensive lncome/(loss} for the period/ year (net of tax) (360.09) 4,601.46 2,818.28 6,323.92 (1,915.33)
XIII Total comprehensive income for the period/ year (net of tax) (Xl+Xli} 17,168.50 11,746.89 8,314.32 38,130.67 774.54
Attributable to:
(a) Shareholders of the Company 17,051.62 11,666.07 8,222.24 37,764.33 479.20
(b) Non-controlling interests 116.88 80.82 92.08 366.34 295.34
XIV Paid-up equity share capital (face value of U each) 766.50 766.32 766.02 766.50 766.02
xv Reserves excluding revaluation reserves 84,151.52 44,555.77
XVI Earnings per share (EPS}
(A) Ordinary shares (face value of <2 each)
(i) Basic EPS 45.42 18.32 14.11 81.95 6.29
(ii) Diluted EPS 45.36 18.30 14.10 81.88 6.29
(B) 'A' Ordinary shares (face value of U each)
(i) Basic EPS 45.52 18.42 14.21 82.05 6.39
(ii) Diluted EPS 45.46 18.40 14.20 81.98 6.39
Not Annualised
Statement of Consolidated Audited Assets and Liabilities
(~ In crores)
As at March 31, As at March 31,
2024 2023
Audited
I. ASSETS
(1) Non-current assets
(a) Property, plant and equipment 73,124.66 76,641.43
(b) Capital work-in-progress 10,937.33 5,219.87
(c) Right of use assets 8,059.49 7,801.04
(d) Goodwill 860.26 840.60
(e) Other intangible assets 39,241.05 46,796.69
(f) Intangible assets under development 24,761.10 9,054.63
(g) Financial assets:
(i) Investment in equity accounted investees 5,340.28 4,675.66
(ii) Other investments 3,3n.ss 2,865.19
(iii) Finance receivables 6,094.66 7,416.41
(iv) Loans 441.58 745.31
(v) Other financial assets 9,084.66 7,153.00
(h) Deferred tax assets (net) 13,099.02 5,184.67
(i) Non-current tax assets (net) 2,129.73 1,556.36
(j) Other non-current assets 5,720.44 8,602.05
202,271.81 184,552.91
(2) Current assets
(a) Inventories 47,788.29 40,755.39
(b) Financial assets:
(i) Investments 14,253.24 18,838.31
(ii) Trade receivables 16,951.81 15,737.97
(iii) Cash and cash equivalents 40,014.76 31,886.95
(iv) Bank balances other than (iii) above 5,791.93 5,128.61
(v) Finance receivables 24,069.50 23,417.31
(vi) Loans 196.70 123.53
(vii) Other financial assets 8,121.47 4,966.03
(c) Current tax assets (net) 101.15 259.26
(d) Other current assets 10,429.39 9,587.33
167,718.24 150,700.69
(3) Assets classified as held-for-sale 673.91 827.78
TOTAL ASSETS 370,663.96 336,081.38
II. EQUllY AND LIABILITIES
Equity
(a) Equity share capital 766.50 766.02
(b) Other equity 84,151.52 44,555.77
Equity attributable to owners ofTata Motors Limited 84,918.02 45,321.79
Non-controlling interests 8,175.91 7,277.72
93,093.93 52,599.51
Liabilities
(1) Non-current liablntles
(a) Financial liabilities:
(i) Borrowings 62,148.53 88,695.81
(ii) Lease liabilities 7,669.52 7,568.49
(iii) Compulsorily Convertible Preference shares - liability portion 2,547.90 2,500.00
(iii) Other financial liabilities 1,673.12 5,822.47
(b) Provisions 16,536.66 13,196.53
(c) Deferred tax liabilities (net) 1,143.35 1,406.95
(d) Other non-current liabilities 12,233.95 9,264.29
103,953.03 128,454.54
(2) Current liabilities
(a) Financial liabilities:
(i) Borrowings 36,351.56 36,964.66
(ii) Lease liabilities 1,092.89 884.48
(iii) Trade payables
(a) Total outstanding dues of micro and small enterprises 502.31 316.01
(b) Total outstanding dues of creditors other than micro and small enterprises 87,540.64 71,739.76
(c) Acceptances 5,935.57 7,195.99
(iv) Other financial liabilities 15,385.12 13,828.58
(b) Provisions 12,291.47 11,810.66
(c) Current tax liabilities (net) 1,527.14 1,254.19
(d) Other current liabilities 12,990.30 11,033.00
173,617.00 155,027.33
TOTAL EQUllY AND LIABILITIES 370,663.96 336,081.38
2
Statement of Consolidated Audited Cash Flows
(~ In crores)
For the year ended
!Particulars
March 31,
2024 2023
Cash flows from operating activities:
Profit for the year 31,806.75 2,689.87
Adjustments for:
Depreciation and amortisation expense 27,270.13 24,860.36
Allowances for finance receivables 1,153.39 2,039.15
Allowances for trade and other receivables 197.03 80.63
Inventory write-down (net) 1,334.47 723.21
Discounting of warranty and other provisions (107.48) (140.76)
Fair value adjustments in relation to asset held for sale 58.49
Non cash exceptional items 977.06 (1,602.53)
Accrual for share-based payments 42-73 30.03
Marked-to-market gain on investments measured at fair value through profit o; loss (25.20) (93.27)
Loss on sale of assets (including assets scrapped/written off) (net) 303.20 354.96
Profit on sale of investments (net) (261.87) (303.44)
Share of profit in equity accounted investees (net) (699.80) (336.38)
Tax (credit)/expense (net) (3,851.64) 704.06
Finance costs 9,985.76 10,225.48
Compulsorily convertible preference share measured at Fair value 47.90 13.75
Interest income (2,608.60) (1,251.18)
Dividend income (46.70) (46.42)
Other non cash item 68.39 .
Unrealised Foreign exchange loss/(gain) (net) (537.55) 3,746.61
Cash flows from operating activities before changes In following assets and llabllltles 65,106.46 41,694.13
Finance receivables (724.60) 617.45
Trade receivables (1,150.69) (2,830.10)
Loans and other financial assets (3,083.10) (736.04)
Other current and non-current assets 1,665.73 (3,182.09)
Inventories (7,265.23) (5,665.36)
Trade payables 13,705.83 6,944.85
Other current and non-current liabilities 4,699.26 537.16
Other financial liabilities 1,844.58 706.43
Provisions (2,366.61) 480.57
Cash generated from operations 72,431.63 38,567.00
Income tax paid (net) (4,516.27) (3,178.99)
Net cash from ooeratlng activities 67,915.36 35,388.01
Cash flows used In Investing activities:

Payments for property, plant and equipments (12,974.74) (8,492.63}
Payments for other intangible assets (18,438.89) (9,603.05)
Proceeds from sale of property, plant and equipments 231.09 285.03
Loan given to related party (206.76)
Settlement of loan given to a related party 206.76
Payment for acquisition of Ford assets - {836.29)
Investments in mutual fund sold (net) 5,142-37 3,963.25
Investment in an associate company (150.00)
107,65
-
Disposal of subsidiaries (net of cash disposed) 19.37
Investment in government securities (5,491.94) {2,839.87)
Proceeds from sale of investments in government securities 5,399.58 2,872.88
Investments-others (74.41) (50.00)
Proceeds from sale of investments in other companies 278.00 59.33
Interest received 2,492-74 973.44
Purchase of other assets with a view to resale - (298.20)
Dividend received 46.70 46.42
Dividend received from equity accounted investees 49.18 21.69
Inter corporate deposits (24.50)
Deposit/restricted deposits with financial institution - (4,542.90)
Realisation of deposit with financial institution - 1,469.59
Deposits/restricted deposits with banks (7,325.50) (15,350.01)
Realisation of deposits/restricted deposits with banks 7,904.58 15,497.79
Net cash used In Investing activities (22,828.09) (16,804.16)
Cash flows from financing activities:

Proceeds from issue of shares and share application pending allotment (net of issue expenses} 81.87 19.60
Proceeds from issuance of compulsorily convertible preference shares - 3,750.00
Buy back of stake from non-controlling interest - (295.92)
Payment for acquisition of non-controlling interest of subsidiary -
3,812-31
(99.50)
Proceeds from sale of stake to non-controlling interest
Proceeds from long-term borrowings 11,629.40 16,315.06
Repayment of long-term borrowings (31,675.20) (31,559.46)
Payments from option settlement of long term borrowings (82-78) (106.51)
Proceeds from short-term borrowings 10,194.10 28,125.45
Repayment of short-term borrowings (15,656.51) (30,997.82)
Net change in other short-term borrowings (with maturity up to three months) (2,993.77) (753.73)
Repayment of lease liability (including interest) (1,924.01) (1,516.61)
Distribution to non controlling interest (289.81) (140.88)
Dividend paid (769.27)
Proceeds from issuance of perpetual debt instrument classified as equity by a subsidiary (net) . 353.38
Interest paid [including discounting charges paid, ~962.37 crores (March 31, 2023 ~740.75 crores)] (9,332-32) (9,335.96)
Net cash used In financing activities (37,005.99) (26,242.90)
Net increase/(decrease) in cash and cash equivalents 8,081.28 (7,659.05)
Cash and cash equivalents as at April 1, (opening balance) 31,886.95 38,159.01
Effect of foreign exchange on cash and cash equivalents 46.53 1,386.99
cash and cash equivalents as at Man:h 31, (closing balance) 40,014.76 31,886.95
Non-cash transactions:
Liability towards property, plant and equipment and intangible assets purchased on credit/
4,870.08 3,941.33
deferred credit
3
segment wise Revenue, Results, Assets and LJabllltles
The Company primarily operates in the automotive business. The automotive business includes all activities relating to development, design, manufacture, assembly and sale of vehicles including financing thereof, as well
as sale of related parts, accessories and services. The Company provides financing for vehicles sold by dealers in India. The vehicle financing is intended to drive sale of vehicles by providing financing to the dealers' customers
and as such is an integral part of automotive business. The operating results for Vehicle Financing has been adjusted only for finance cost for the borrowings sourced by this segment.
Operating segments consist of:
a) Automotive: The Automotive segment consists of four reportable sub•segments: Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land Rover and Vehicle Financing.
b) Others: Others consist of IT services and Insurance Broking services.
Other operating segments do not meet the quantitative thresholds for disclosure and have been aggregated.
This segment information is provided to and reviewed by Chief Operating Decision Maker (CODM).
(~ In croresl
Quarter ended Year ended I Vear ended
Parti<ulars Mar<h31, December 31, I Mard,31, Mar<h31, I March 31,
2024 2023 2024 I 2023
Audited Audited
Unaudited Audited
[refer note SJ [reh!r note SJ
A. Segment Revenue:
Revenue from operations
I. Automotive and related activity
• Tata and other brands vehicles
{a) Commercial Vehicle 21,590.61 20,122.67 21,239.90 78,791,21 70,815.85
(b) Passenger Vehicle 14,430.SS 12,910.09 12,093.12 52,353.21 47,867.83
(c} Corporate/Unallocable 151.31 182.02 112.49 592.n 360.21
- Vehicle Financing 986.38 996.95 1,068.36 4,098.84 4,595.24
-Jaguar and Land Rover 82,987.69 76,655.29 71,463.07 302,825.08 222,859.73
Less: Intra segment eliminations (1,143.43) (1,318.86) (1,105.671 (4,636.62) (3,857.68)
-Total 119,003.11 109,548.16 104.871.27 434,024.44 342,641.18
II. Q!hm l,525.Sl 1,526.59 1,504.74 5,87454 4,808.62
Total Sqment Revenue 120,528.92 111,074.75 106,376.01 439,898.98 347,449.80
Less: Inter segment revenue 1542.61) (497.61) (443.66) (1,971.21) (1,482.83)
Revenue from 0 ............ 119,986.31 110,577.14 105,932.35 437,927.77 345,966.97
8. Segment results before other income (excluding: government Incentives), finance costs,
foreign exchange gain/Pas,) (net), oxceptlonal items and tax:
- Tata and other brands vehicles
(a} Commercial Vehicle 2,07351 1,751.30 1,840.10 6,483.46 3,693.28
(b) Passenger Vehicle 427.15 278.45 156.20 1,015.80 542.17
(c) Corporate/Unallocable (47.69) (53.30) (34.73) (280.25) (157.84)
- Vehicle Financing (net off finance costs pertaining to borrowings sourced by the segment) (209.63) (460.49) (591.05) (897.35) (1,385.09)
-Jaguar and Land Rover 7,434.79 6,880.77 4,396.26 25,381.90 3,481.69
Less: Intra segment eliminations (35.95) (62.94) 28.90 (104.92) (17.56)
-Total 9,642.18 8,333.79 5,795.68 31,598.64 6,156.65
II. Others 235.08 237.71 265.11 968.40 826.24
Total Sqment results 9,877.26 8,571.50 6,060.79 32,567.04 6,982.89
Less: Inter segment eliminations 18.31 (1.03) 17.94 25.68 15.13
Net--tresults 9,89557 8,570.47 6,078.73 32592.n 6,998.02
Add/(Less}: Otherlncome (excluding Government Incentives) 742.85 751.57 531.71 2,978.86 1,719.82
Add/(Less) : Rnance costs {excluding pertaining to borrowings sourced by the vehicle finance segment) (1,567.70) (1,824.81) (1,929.30) (7,315.37) (7,354.70)
Add/(Less): Foreign exchange gain/{loss) {net) 140.13 85.03 318.32 (23.84) 103.88
Add/(Less): Share of profit in equity accounted investees
Automotive and related activity
(a) Corporate/Unallocable 157.29 81.99 53.34 357.68 185.13
-Jaguar and Land Rover 69.66 61.04 35.48 254,87 144.34
Others 19.60 50.23 2.43 87.25 6.91
Add/{Less): Exceptional items - gain/(loss)
Automotive and related activity
(a) Commercial Vehicle (7656) (80.45) (276.92) (832.69) (278.28)
(b) Passenger Vehicle
{c) Corporate/Unallocable (11.53)
- (6.78)
(1.07)
0.77
(109.73)
313.37
(0.09)
- Vehicle Financing (38.49)
- Jaguar and Land Rover 61.60 3.08 1,555.53
Total Profit befo111 tax 9,369.31 7,687.22 4,875.39 27,955.11 3,393.93
As at December 31, As at Mar<h 31, As at Mar<h 31,

2023 2024 2023
C. Segment Assets (Including assets dasslfled as held-for-sale) Unaudited Audited Audited
-Tata and other brands vehicles
(a) Commercial Vehicle 34,942.09 32,514.28 30,250.90
(b} Passenger Vehicle 21,281.07 21,386.30 19,591.89
(c) Corporate/Unallocable 1,636.69 l,505.19 1,475.15
-Vehicle Financing 31,847.57 33,347,19 35,842.97
- Jaguar and Land Rover 193,690.48 196,066.34 181,843.78
Less: Intra segment eliminations 11,304.60) (l,53957) (2,390.94)
-Total 282,093.30 283,279.73 266,613.75
II. (a) Others 4,650.57 4,566.60 4,051.44
Total _Sqment Assets 286,743.87 287,846.33 270,665.19
Less: Inter segment eliminations (1,407.49) (1,38455) (1,226.76)
Net Segment Assets 285,336.38 286,461.78 269,438.43
Investment In equity accounted Investees
• Tata and other brands vehicles•Corporate/Unallocable 888.34 1,041.19 716.01
•Jaguar and Land Rover 3,442.74 3,451.81 3,349.41
•Others 824.79 847,28 610.24
Add: Unallocable assets 62,833.96 78,861,90 61.967,29
Total Assets 353,326.21 370,663.96 336,081.38
D. Segment llabllltles
(a} Commercial Vehicle 23,945.32 24,449.23 22,543.11
(b) Passenger Vehicle 14,607.52 14,458.27 12,618,89
{c) Corporate/Unallocable 1,201.23 1,143.80 1,252.27
• Vehicle Financing 1,304.64 1,542.68 1,241.37
- Jaguar and Land Rover 119,281.73 llB,511.05 106,380.14
Less: Intra segment eliminations (1,009.61) (1,231.59) (2,257.37)
•Total 159,330.83 168,873.44 141,778.41
II. (a) Others 2,458.87 2,436.22 2,252.12
Total Sqment llablntles 161,789.70 171,309.66 144,030.53
Less: Inter segment eliminations (503.54) (506.14) (312.46)
Net Seament llabllilles 161,286.16 170,80352 143,718.07
Add: Unallocable liabilities 116,116.96 106,766.51 139,763.80
Totalllabllltl .. 277,403.12 277,570,03 283,481.87
4
Notes:-
1) The above results were reviewed and recommended by the Audit Committee on May 9, 2024 and approved by the Board of Directors at its meeting held on May 10, 2024.
2) Additional Information pursuant to requirement of Regulation 52(4) and Regulation 54(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulation 2015 as amended and as at year ended March 31, 2024:

March 31, December 31, March 31, March 31, March 31,
Particulars 2024 2023 2024 2023
Audited Audited
Unaudited Audited
[refer note 8] [refer note 8]
Debt Equity Ratio (number of times) 1.16 1.58 2.77 1.16 2.77
[Total Debt(i)/Equity(iil]
Debt Service Coverage Ratio (number of times) (not annualised) 0.68 0.51 0.46 0.75 0.23
[(Profit before share of profit in equity accounted investees, exceptional
items and tax+ Interest on borrowings)/(lnterest on borrowings+
Repayment of borrowings)(iii)]
Interest Service Coverage Ratio (number of times) (not annualised) 6.26 4.85 3.29 4.52 1.17
items and tax +Interest on borrowings)/lnterest on borrowings]
Capital redemption reserve('( In crores) 2.28 2.28 2.28 2.28 2.28
Debenture redemption reserve ('( In crores) 127.08 211.34 211.34 127.08 211.34
Net worth(iv) ("' In crores) 84,918.02 67,826.77 45,321.79 84,918.02 45,321.79
(Equity share capital+ Other equity]
Profit for the period/ year(~ In crores) 17,528.59 7,145.43 5,496.04 31,806.75 2,689.87
Earnings per share (EPS)
A. Ordinary shares (face value of "'2 each)
(a) Basic ('<) 45.42 18.32 14.11 81.95 6.29
(b) Diluted("') 45.36 18.30 14.10 81.88 6.29
B. 'A' Ordinary shares (face value of '<2 each)

(a) Basic('<) 45.52 18.42 14.21 82.05 6.39
(b) Diluted ('<) 45.46 18.40 14.20 81.98 6.39
Not annualised
Current ratio (number of times) 0.97 0.98 0.98 0.97 0.98
[Current assets/ Current liabilities]
Long term debt to working capital (number of times) 3.56 3.94 5.30 3.56 5.30
[Long Term Borrowings(v) / Working capital(vi)]
Bad debts to Account receivable ratio(%) 0.37% 0.18% 0.01% 0.53% 0.40%
[Bad Debts(vii) / Average of trade and other receivables(viii)]
Current liability ratio (number of times) 0.51 a.so 0.46 0.51 0.46
[Current Liabilities (excluding current maturities of long term debt and
interest accrued on borrowings) / (Total liabilities)]
Total debts to total assets (number of times) 0.27 0.30 0.37 0.27 0.37
[(Non current borrowings+ Current borrowings)/ Total assets]
Debtors turnover (number of times) (not annualised) 7.66 7.02 6.85 26.56 24.25
[Revenue from operations (excluding finance revenue)/ Average trade
receivables]
Inventory turnover (number of times) (not annualised) 1.53 1.44 1.65 6.16 5.89
[Raw material consumed (ix)/ Average inventory{x)]
Operating margin (%) 14.21% 13.95% 8.32% 13.67% 9.21%
items and tax+ Finance costs (excluding finance costs pertaining to
borrowings sourced by vehicle financing segment)+ Foreign exchange
(gain)/loss (net)+ Depreciation and amortisation expense-Other Income
(excluding incentives))/ Revenue from operations]
Net profit margin (%) 14.61% 6.46% 5.19% 7.26% 0.78%
[Profit for the year/ Revenue from operations]
Notes:-
(i) Total debt includes non-current and current borrowings.
(ii) Equity= equity attributable to owners ofTata Motors Limited
(iii) Repayment of borrowing includes repayment of long-term borrowings, proceeds from short-term borrowings, repayment of short-term borrowings and net change in other short-term
borrowings (with maturity up to three months).
(iv) Net worth has been computed on the basis as stated in Clause 2 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 i.e.
Net worth as defined in sub-section (57) of section 2 of the Companies Act, 2013.
(v) Long term borrowings (including current portion of long term borrowings)
(vi) Working capital= current assets-current liabilities (excluding current maturities of long term debt and interest accrued on borrowings)
(vii) Bad debts is write off of trade and other receivables
(viii) Trade and other receivables includes trade receivables, non-current and current loans, non-current and current financial assets, non-current and current other assets.
(ix) Raw material consumed includes cost of materials consumed, purchase of products for sale and changes in inventories offinished goods, work-in-progress and products for sale.
(x) Inventory includes raw materials and components, work-in-progress, finished goods, stores and spare parts, consumable tools and goods-in-transit-raw materials and components.
5
3) During the year ended March 31, 2024, the Company has partially sold its stake (21.3%) represented by 8,64,36,184 equity shares in Tata Technologies Limited (TTL) for total
consideration of f3,812.31 crores. The gain on sale of f3,089.85 crores has been accounted in retained earnings as the Company has retained the control over TTL
4) During the year ended March 31, 2024, the Company has acquired 26.79% stake in Freight Commerce Solutions Private Limited (Freight Tiger) for a consideration of 0:150.00 crores
and has recorded this investment as an equity-accounted investee. Freight Tiger is a digital platform that provides end-to-end logistics value chain solutions for cargo movement in
the country. The Securities Subscription Agreement (SSA) signed with Freight Tiger also includes a provision enabling the Company to further invest 0:100.00 crores over the next
two years, at the then prevailing market value.
5) Exceptional Items
(O: in crores)
Particulars March 31, December 31, March 31, March 31, March 31,
2024 2023 2024 2023
(a) Provision for employee pension scheme (refer note (i) below) 71.29 762.36
(b) Defined benefit pension plan amendment past service credit (refer note (ii) below) (1,495.07)
(c) Employee separation cost 16.80 67.87 86.64 1.45

(d) Impairment of property, plant and equipment and provision for intangible assets
20.43 276.91 101.75 229.96
_under development ...
(e) Reversal for onerous contracts and related supplier claims (61.03)
(f) Reversal of Impairment in subsidiaries (refer note (iii) below) (214.39)
(g) (Reversal)/cost of provision for purchase of passenger vehicle undertaking (7.55) 9.00
(h) Cost of demerger between subsidiaries of vehicle financing business 38.49
(i) Others (61,59) (4.63) (60.45)

···-·,,,..,. __- - ~ - · - , · - · · · · · · · · · · · · · 1 - - - - - + - - - - - - l ~ - - - - 1 - - - - - - + - - - - ~
Total exceptional loss/ (gain) 88.09 88,30 215.32 977.06 (1,590.53)
i) Tata Motors Limited (the "Company") had by way of an application, addressed to the Employee Provident Fund Organisation ("EPFO"), surrendered its exempted Pension fund
w.e.f. October 1, 2019. Subsequently, the Company incurred losses for three consecutive years (during FY 2019-20, 2020-21 & 2021-22), thereby calling for an automatic
cancellation/ withdrawal of pension fund exemption.
On November 4, 2022, the Hon'ble Supreme Court also ruled that those who were members of a statutory pension fund as on September 1, 2014, can exercise a joint option
with their employer to contribute to their Pension fund beyond the statutory limit and be eligible to draw their pension calculated based on last 5 years average salary.
The Company accepted and approved the applications filed by its employees for joint option to contribute on higher salary on the EPFO's portal. As per the actuarial valuation,
a provision of0:71.29 crores and 0:762.36 crores has been made for pension on higher salary during the quarter and year ended March 31, 2024, respectively.
EPFO, however, redirected a few of such Joint Applications to the Company's Pension Trust. Considering this, along with the fact that there was no positive movement towards
the conclusion of the surrender process of the pension fund, the Company filed a Writ Petition with Hon'ble Delhi High Court for seeking directions to EPFO to immediately
start administering TM L's Pension Fund, not to reject the joint applications and reconsider the applications it has redirected. The trade unions have also filed another Writ
Petition for expediting the transfer of pension fund corpus and accepting the Joint Applications of the employees. The matter shall be listed before the High Court on May 16,
2024 for arguments,
ii) During the previous year ended March 31, 2023, Jaguar Land Rover (JLR) had recognised a pension past service credit of 'U,495.07 crores (£155 million) due to change in
inflation index from RPI to CPI.
iii) As part of slump sale (passenger vehicle undertaking), the investments in wholly owned subsidiaries of the Company engaged in designing services namely Tata Motors Design
Tech Centre pie (TMDTC) (Formerly known as Tata Motors European Technical Centre PLC) andTrilixS.r.l (Trilix) have been transferred to Tata Motors Passenger Vehicle Limited,
a wholly owned subsidiary of the Company, w.e.f. January 1, 2022, These subsidiaries were then transferred to Tata Passenger Electric Mobility Ltd., another wholly owned
subsidiary of the Company. During the previous year ended March 31, 2023 the Company reassessed the recoverable value of assets belonging to TMDTC and accordingly
provision for impairment towards the assets was reversed amounting to '<214.39 crores (£23.57 million) in the statement of consolidated profit and loss.
6) Tax Expense
i) During the quarter and year ended March 31, 2024, the Company recognised Deferred Tax Assets of "793.07 crores and 0:1,248.90 crores, respectively on previously
unrecognized business losses based on the probability of sufficient taxable profit in future periods against which such business losses will be set off. Further, the Company
utilised deferred tax asset previously created on the unabsorbed depreciation and ca pita! loss during the year ended March 31, 2023 against the profit on sale of investments
in a subsidiary company and other income during the quarter and year ended March 31, 2024 amounting to 0:120.40 crores and 0:1,029.20 crores, respectively.
ii) During the quarter and year ended March 31, 2024, JLR has recognised deferred tax assets of 0:7,093.n crores (£ 659 million) in relation to unused tax losses on the basis that
it is probable that future taxable profits will be available against which those deductible temporary differences can be utilised, The key assumptions to which the forecasts of
the probable level of future taxable profits are most sensitive are wholesale volumes, variable profit per unit and investment.
7) The Board of Directors has recommended a final dividend of o:3.00 per fully paid up Ordinary share of'< 2.00 each and 0:3.10 perfully paid up 'A' Ordinary share of'< 2.00 each and a
special dividend of o:3.00 perfully paid up Ordinary share of'< 2.00 each and o:3.10 per fully paid up 'A' Ordinary share of'< 2.00 each for the year ended March 31, 2024, subject to
approval by the Shareholders.
8) The figures for the quarter ended March 31, 2024 and 2023, represent the differences between the audited figures in respect of full financial years and the published figures for the
nine months ended December 31, 2023 and 2022, respectively which were subject to limited review.
9) The Statutory Auditors have carried out an audit of the consolidated financial results for the year ended March 31, 2024 and have issued an unmodified opinion on the same.
GJRISHWAGH
Mumbai, May 10, 2024 Executive Director

Tata Motors Q4FY24 and FY24 Results

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BSE Limited National Stock Exchange of India Ltd.

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

May 10, 2024

Ref: ISIN: INE155A01022 – Ordinary Shares

Maloy Kumar Gupta

Tata Motors Consolidated Q4 FY24 Results

Revenue 119,986 13.3 % 7,860 10.7 % 21,590 1.6 % 14,431 19.3 %

Tata Motors Consolidated:

PB Balaji, Group Chief Financial Officer, Tata Motors said:

[ JAGUAR LAND ROVER (JLR) )

Reimagine Transformation continues.

( TATA COMMERCIAL VEHICLES (TATA CV) )

Green transformation continues

Girish Wagh, Executive Director Tata Motors Ltd said:

Green transformation continues

Shailesh Chandra, Managing Director TMPV and TPEM said:

[ ADDITIONAL COMMENTARY ON FINANCIAL STATEMENTS ]

JOINT VENTURES, ASSOCIATES AND OTHER INCOME

FREE CASH FLOWS

For further information contact

Corporate Communications, Tata Motors Limited

lndeoendent Auditors Reoort

Basis for Opinion

Independent Auditor's Report (Continued)

Independent Auditor's Report (Continued)

For B S R & Co. LLP

(3) Assets classified as held-for-sale 36.61 -

cash flows used In flnanclng activities:

Net cash used In financing activities (7,930.45) (7,021.32)

Quarter ended Year ended

Quarter ended I Year ended

i Total debts includes non current and current borrowings

Tata Motors Limited

Mumbai, May 10, 2024

lndeoendent Auditors Reoort

a. include the annual financial results of the entities mentioned in Annexure I

Basis for Opinion

14th Floor, Central B Wing and North C Wi ng , Nesco IT Park 4, Nesco

Independent Auditor's Report (Continued)

Independent Auditor's Report (Continued)

Independent Auditor's Report (Continued)

Independent Auditor's Report (Continued)

For B S R & Co. LLP

Independent Auditor's Report (Continued)

List of entities included in consolidated annual financial results.

Sr. No Name of component Relationship

1 TML Business Services Limited Subsidiary

2 Tata Technologies Limited Subsidiary

4 TMF Holding Limited Subsidiary

5 Tata Motors Insurance Broking and Advisory Services Limited Subsidiary

6 Jaguar Land Rover Technology and Business Services India Subsidiary

7 Tata Hispano Motors Carrocera S.A Subsidiary

8 TML Holdings Pte, Ltd ; Singapore Subsidiary

9 Tata Precision Industries Pte Ltd Subsidiary

10 Tata Hispano Motors Carrocerries Maghreb SA Subsidiary

11 Brabo Robotics and Automation Limited Subsidiary

12 Tata Motors Passenger Vehicles Limited Subsidiary