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INVESTOR RELATIONS

26th May, 2011

FY11 Results Review Press / Analyst Meet

INVESTOR

RELATIONS


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INVESTOR RELATIONS

Statements in this presentation describing the objectives, projections,estimates and expectations of the Company i.e. Tata Motors Ltd and

its direct and indirect subsidiaries and its associates may be forward

looking statements within the meaning of applicable securities laws

and regulations. Actual results could differ materially from thoseexpressed or implied. Important factors that could make a difference

to the Companys operations include, among others, economic

conditions affecting demand / supply and price conditions in the

domestic and overseas markets in which the Company operates,

changes in Government regulations, tax laws and other statutes and

incidental factors

FY 11 represents the period from 1st April 2010 to 31st March 2011

FY 10 represents the period from 1st April 2009 to 31st March 2010

Financials contained in the presentation are in Indian GAAP

INVESTOR

RELATIONS


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3INVESTOR RELATIONS

Standalone

FinancialHighlights

Subsidiaries

Consolidated financials

Standalone financials

WayForward


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4INVESTOR RELATIONS

Tata Motors Consolidated P&L (Audited)

Rs Crores FY11 FY10 % change

Net Revenue 123,133.3 92,519.3 33.1%

EBITDA 17,780.0 8,614.2 106.4%

EBITDA margin 14.4% 9.3% 510 bps

Other Income 89.6 1,793.1 -95.0%

PBT 10,437.2 3,522.6 196.3%

PAT # 9,273.6 2,571.1 260.7%

Cash Profit# *

13,470.5 6,440.2 109.2%

JLR business contributes to growth in EBITDA margin

# After Minority Interest and share of Profit/(loss) in respect of associate companies

* Cash Profit = EBITDA + Other Income Product Development Expenses Net Interest - Tax Paid

EBITDA excludes Other Income

Tata Motors Group Global sales volume crosses 1 million ;

Turnover crosses Rs 1 lakh crores and PBT crosses Rs 10,000 crores


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5INVESTOR RELATIONS

Tata Motors Consolidated Balance Sheet (Audited)

In Rs crores Mar-11 Mar-10

Sources of funds

Shareholder Funds 19,171.5 8,206.5

Minority Interest 246.6 213.5Foreign Currency Monetary Item

Translation Difference Account - 191.2

Deferred Tax Liability (Net) 2,096.1 1,579.6

Loan Funds 32,791.4 35,108.4

Total Funds Employed 54,305.6 45,299.1

Application of funds

Fixed Assets (Net) 43,493.1 38,506.3

Goodwill (on consolidation) 3,584.8 3,422.9

Investments 2,544.3 2,219.1

Deferred Tax Assets (Net) 632.3 426.0

Net Current Assets 4,051.1 724.8

Total Funds Utilised 54,305.6 45,299.1

Increase in networth of Rs 10,965 crs

during FY11.

EPS (basic) stood at Rs 155.25 for

FY11 as compared to Rs 48.64 for FY10

Net Automotive Debt / Equity stood at

0.68 as on March 31, 2011.

Overall capex spend of ~ Rs 8,521 crs

in FY11. (JLR ~ GBP 775 mio); (TML ~

Rs 2,391 crs)

Financing business continues growth

and profitability with book size of ~ Rs9,878 crs on March 31, 2011


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6INVESTOR RELATIONS

Tata Motors Standalone P&L (Audited)

Rs Crores FY11 FY10 % change

Net Revenue 48,040.5 35,593.1 35.0%

EBITDA 4,771.3 4,178.3 14.2%

EBITDA margin 9.9% 11.7% (180 bps)

Other Income 183.3 1,853.5 -90.1%

PBT 2,196.5 2,829.5 NM

PAT 1,811.8 2,240.1 NM

Cash Profit * 3,199.6 4,264.7 NM

Cost pressures including commodity prices impacted EBITDA margins.

* Cash Profit = EBITDA + Other Income - Product Development Expenses Net Interest - Tax Paid


Sales volume over 8 lakhs ;

Turnover ~ Rs 48,000 crores and PBT crosses Rs 2,000 crores


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7INVESTOR RELATIONS

Tata Motors Standalone Balance Sheet (Audited)

In Rs crores Mar-11 Mar-10

Sources of funds

Shareholder Funds 20,013.3 14,965.5

Loan Funds 15,898.7 16,594.5

Deferred Tax Liability (Net) 2,023.2 1,508.6

Total Funds Employed 37,935.2 33,068.6

Application of funds

Fixed Assets (Net) 17,475.6 16,436.0

Investments 22,624.2 22,336.9

Foreign Currency Monetary

Item Translation Difference

Account (Net) - 161.7

Net Current Assets (2,164.6) (5,866.0)

Total Assets (net) 37,935.2 33,068.6

EPS (basic) stood at Rs 30.28 for FY11 as

compared Rs 42.37 for FY10.

In Oct 2010, funds of USD 750 mio were raised

via QIP of Ordinary & A Ordinary shares as part

of de-leveraging initiative.

FCCBs of ~ USD 326 mio equivalent were

converted to equity during the year and

2,35,70,426 Shares were allotted against the

conversion.

Net Debt/Equity at 0.67 as on March 31, 2011

The Board of Directors recommended a

Dividend of Rs 20 per Ordinary Shares and Rs20.50 per A Ordinary Shares for FY 2010-11


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8INVESTOR RELATIONS

Standalone

FinancialHighlights

Subsidiaries

WayForward

Commercial Vehicles

Passenger Vehicles

Exports


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9INVESTOR RELATIONS

155,161196,651

218,681

262,177

FY 10 FY 11

MHCV LCV

Continued growth in Commercial Vehicles

Y-o-Y Growth in the CV markets continued through the year

supported by sustained economic growth leading to significant

revival in Exim trade, coupled with infrastructure development,

pick up in mining & construction activities, favorable financing

environment and healthy freight availability.

H1 of FY 11 was characterized with high growth rates due to a

low base effect. H2 FY 11 continued growth path.

Growth in MHCV segment has been accompanied by a

structural alignment and shift in favor of higher tonnage trucks

Tata Motors CV sales grew at ~ 23% in FY 11. Of this -

MHCV grew at ~ 27%; LCV segment grew at ~ 20%

Capacity expansion at Uttaranchal in place towards the end of

the year.

Various new products in FY 11 include new launches from the

Tata Prima Construck range, variants in the MHCV segment

including expansion of tractor trailer range, passenger

applications from the Tata Winger platform.

We took cumulative price increases of 5.3% in FY 11 along with

cost reduction initiatives to counter higher input costs

INVESTOR RELATIONS

Tata Motors FY 11 market share - 61.8%

Note: LCV includes sales of Magic and Winger

Source: SIAM and Company analysis

Domestic CV industry grew ~27% in FY 11

458,828

373,842

23%


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10INVESTOR RELATIONS

33,507 42,277

68,195

96,455

158,093

180,091

FY 10 FY 11

UV Midsize Small Car

Passenger vehicles also grew

Note: Figs includes JLR and Fiat sales

INVESTOR RELATIONS

Passenger vehicles industry continued to grow (~30%) Y-o-Y in FY

11 with better economic outlook, rise in disposable income, several

new offerings, higher discounts to mitigate intensifying competition,

availability of financing alternatives, increased rural penetration.

Tata Passenger vehicles sales volumes grew ~ 27% led by growth

in sales of Nano, Manza, Indigo CS and Safari. In FY 2011, the

company crossed 2 million passenger vehicle sales since inception.

The Mini segment growth was driven by Nano sales which clocked

~70000 units in FY11. The company continues to undertake focused

marketing initiatives specific to Nano. Cumulative sales of Tata Nano

crossed 100,000 mark during FY11.

The industry for the Midsize segment grew by ~ 30% Y-o-Y while

the sales of the Tata passenger cars in the segment grew

substantially by 55% driven by the sales of Manza.

Sales of Utility Vehicles showed a healthy growth of ~ 26% Y-o-Y

with improved sales of Sumo, Safari and the new launches in the

segment like Aria and Venture.

New products launched in FY 11 Indigo CS e-series, Aria, Venture,

Vista 90, Indica eV2, Manza Elan

We took price increases of ~ 4-6% on Tata Passenger cars

260,020

319,712

Source: SIAM and Company analysis

Market Share for Passenger vehicles in

FY11 stood at 13.0%

Growth driven by relatively young

product portfolio

23%


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6,231 7,845

27,878

50,244

FY 10 FY 11

Passenger Vehicles Commercial Vehicles

Exports Markets show substantial growth with

improved macro economic indicators

34,109

58,089

70%

Tata export volumes increased substantially

by 70.3% in 2010-11 over last year.

Exports to Bangladesh, Sri Lanka & Bhutan

continued to grow, both, over the previous

quarters as well as on a y-o-y basis.

Poland and MENA countries showed much

better volumes over prior year. However,

certain MENA countries showed subdued

sales in Q4FY11 due to the lingering political

crisis.


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Standalone

FinancialHighlights

Subsidiaries

WayForward

Jaguar Land Rover

Tata Motor Finance

Tata Technologies

Tata Daewoo

HVAL / HVTL


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Jaguar Land Rover Plc P&L (Audited)

GBP Million FY11 FY10 % change

Net Revenue 9,905.1 6,554.8 51.1%

EBITDA 1,618.6 392.7 312.2%

EBITDA margin 16.3% 6.0% 1030 bps

PBT 1,125.6 14.6 NM

PAT 1,042.5 (14.2) NM

Cash Profit * 1,386.4 238.3 481.9%

EBITDA margins for FY11 increase to 16.3% supported by better product mix, market

mix, favorable exchange rates & impact of margin improvement measures.

Cash Profit = EBITDA + Other Income - Product Development Expenses Net Interest - Tax Paid


Sales nos. over 2.4 lakhs ;

Turnover ~ GBP 10 billion and PBT crosses GBP 1 billion


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Improved macroeconomic conditions, strong demand for products across markets and

internal actions improved profitability over prior year.

Jaguar Land Rover reported a profit after tax of 1,043 mn for FY 11 as against (14) mnin FY 10

Other highlights for the year include:

Significant volume & mix growth over the previous year

Product highlights: Jaguar XJ , Jaguar XKR-75, Land Rover 11MY Freelander incl. 2.2l

turbo diesel engine , Range Rover Ultimate Edition & Discovery Landmark Limited

edition

Exchange rates continue to be a positive factor

Net Debt as on Mar 31, 2011 at GBP 233 mn vs GBP 603 mn as on March 31, 2010

Jaguar Land Rover Plc : Highlights


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Jaguar Land Rover Wholesale volumes & market mix

Russia 4.2%

China 9.7%

RoW 15.3%

UK 28.4%

Europe(excl.

Russia),

23.0%North

America

19.4%

47,418

52,993

146,564

190,628

FY 10 FY 11

Jaguar Land Rover

26%

193,982

243,621

NorthAmerica

21.6%

Europe(excl.Russia),

22.4%

UK 24.0%RoW 16.2%

China 11.0%

Russia 4.8%

Wholesale

Sales

FY10

Wholesale

Sales

FY11

Healthy volume growth

Sales in China +

Russia improved 43%

in FY 11


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Tata Motors Finance

Total vehicle financing disbursals (TMF) for FY11 were Rs. 7,908 Crs, an increase of 18%

from Rs 6,697 Crs in FY10.

The book size at the end of March 11 for TMFL and TML (Vehicle Financing) stood at Rs

9,878 Cr and Rs. 247 Cr respectively.

TMF market-share for FY11 stood at 21.4%. NIM of vehicle financing business (TMF ) for

FY11 was 10.1%.

TMF issued Unsecured Non-Convertible, Subordinated, Perpetual Debentures of Rs 150

crores towards Tier 1 capital

* Excludes Other Income ; # Excludes Other income and Net Interest

Rs. Crores FY11 FY10 % change

Disbursal (Nos) 164,262 148,015 11.0%

Net Revenue * 1,366.6 1,132.0 20.7%

Operating Income # 146.2 (4.5) NM

Operating Margin 10.7% NA NM

PAT 127.1 44.2 187.8%

% of Revenues 9.3% 3.9% 138.4%


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Europe,

30%

North

America,

37%

APAC

(Including

India) 33%

Tata Technologies

Increased operational efficiency and cost reduction measures

continue to improve EBITDA margins to 14.4%

Business traction and subsidiaries profitability led to best FY

performance of the Company from PAT perspective

Diversified customer base and key marquee clients in automotive &

aerospace businesses

Primary issue of shares of ~ USD 30 mio to Private equity in April

2011

Revenue break-up FY11Note: *Excludes Other Income


Net Revenue * 1249.3 1070.4 16.7%

EBITDA * 187.4 126.4 48.3%

% of Revenues 15.0% 11.8% 320 bps

Net Profit 139.0 91.0 52.8%

% of Revenues 11.1% 8.5% 260 bps


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INVESTOR RELATIONS

FY 11 Market share stood at 23.2 % vs 26.1 % over FY 10

Functioning of our sales company (100% subsidiary of TDCV) launched in July 2010 in the

domestic market has now stabilized.

Been able to improve our market share sequentially on a quarter on quarter basis in FY 10-11

EBITDA and PAT margins have declined marginally due to lower volumes

Tata Daewoo

Note: *excludes Other Income


Sales (Units) 8748 8769 -0.2%

Net Revenue * 2,881.1 2,728.7 5.6%

EBITDA * 187.5 191.7 -2.2%

% of Revenues 6.5% 7.0% (50) bps

Net Profit 73.0 81.6 -10.6%

% of Revenues 2.5% 3.0% (50) bps


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HV Axles & HV Transmissions

Sales Revenue continued to increase on the back of growth in domestic CV market

While overall cost pressures increased, EBITDA margins were supported by improved volumes and cost control

initiatives

Wef 1 April 2011, HV Axles & HV Transmissions to be amalgamated subject to regulatory approvals and

proposed to be renamed as TML Drivelines Limited

HV

Transmissions

Ltd

HV

Axles Ltd

Note: *Excludes Other Income

Rs. Crores FY11 FY10 % Change

Net Revenue * 312.1 238.7 30.7%

EBITDA * 184.5 137.3 34.3%

% of Revenues 59.1% 57.5% 160 bps

Net Profit 94.2 63.8 47.5%

% of Revenues 30.1% 26.7% 340 bps

Rs. Crores FY11 FY10 % Change

Net Revenue * 294.4 209.8 40.3%

EBITDA * 174.5 114.4 52.5%

% of Revenues 59.3% 54.5% 480 bps

Net Profit 90.8 52.6 72.4%

% of Revenues 30.8% 25.1% 570 bps


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Standalone

FinancialHighlights

Subsidiaries

WayForward

Tata Motors

Jaguar Land Rover


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Freight rates continue to appear healthy with demand in haulage segments being robust.

Increase in infrastructure spending could propel demand for MHCV trucks. Services and

agriculture sector along with rural connectivity, proliferation of hub & spoke model and

demand of passenger applications is expected to drive growth in LCV/SCV segment

Proposed ramp up of ACE family production via additional capacity in Dharwad

In May 2011 the ACE family was expanded to include Magic Iris & Ace Zip.

Future products in pipeline for FY 12 Variants from MHCV & Prima range, World LCV

range.

Extend export potential

Commodity prices & concerns on cost continues. Supply constraints been mostly

addressed.

Current macro economic factors like high inflation, rising interest rates, slower industrial

growth have the potential to adversely impact CV demand

Competitive intensity expected to increase, but Company well placed with a wide and

compelling product portfolio and customer support

Way Forward Tata Motors - Commercial vehicles


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Increased focus on rural markets expected to drive volume growth

Continue transformation and strengthening of the existing product portfolio through

improved value propositions and exploiting emerging trends

Leverage young product portfolio to strengthen market position

Further expand sales and service network in India and enhanced customer care

Sustain low cost base with continuous cost reduction efforts

Extend export potential, commence exports of the Tata Nano

Future products in pipeline for FY 12 Nano variants, Vista refresh, Manza Limited edition,

New Safari, Aria 2WD

Competitive intensity and increasing costs in the passenger vehicle segment could pose a

risk to operating margins

While disposable incomes and consumption has risen, higher inflation, interest costs, fuel

price increases have the potential to impact demand

Way Forward Tata Motors - Passenger vehicles

INVESTOR RELATIONS


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Way Forward - Jaguar Land Rover

Continue to work on profitable volume growth, managing costs and improving efficiencies to

sustain the growth momentum

Continuous sustainable technology and product investment plans

Range Rover Evoque for sales from Summer of 2011

New Jaguar and Land Rover 12MY products

Emphasis on growth markets : China, Russia, India and Brazil

Announcement that Jaguar C-X75 hybrid supercar is to be produced in association with

Williams F1

External geopolitical and economic factors including exchange rate, could impact volumes and

profitability

Jaguar Land Rover has completed a 1 billion equivalent 7 & 10 year bond offering in the

capital markets to refinance existing debt, including repayment of Tata Motors funding and for

general corporate purposes

Further steps to improve the capital structure through extension of debt profile under way.


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