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Company Profile
Tata Motors Group is a leading global automobile manufacturer. Part of the illustrious multi-
national conglomerate, the Tata group, they offer to the world a wide and diverse portfolio of
cars, sports utility vehicles, trucks, busses and defence vehicles.
They have operations in India, the UK, South Korea, South Africa, China, Brazil, Austria and
Slovakia through a strong global network of subsidiaries, associate companies and Joint
Ventures (JVs), including Jaguar Land Rover in the UK and Tata Daewoo in South Korea.

COUNTRIES OF CUSTOMER
OPERATIONS TOUCHPOINT
SSS
125 + 8,400 +

Company Foundation
Founded by Jamshedji Tata in 1868, the Tata group is a global enterprise, headquartered in
India. Tata Motors was founded in 1945, is a Large Cap company (having a market cap of Rs
106283.05 Crores) operating in Auto sector. Tata Group entered the commercial vehicle sector
in 1954 after forming a joint venture with Daimler-Benz of Germany. After years of dominating
the commercial vehicle market in India, Tata Motors entered the passenger vehicle market in
1991 by launching the Tata Sierra, a sport utility vehicle based on the Tata Mobile platform.
Tata subsequently launched the Tata Estate in 1992, the Tata Sumo in 1994 and the Tata Safari
in 1998.Tata launched the Indica in 1998, a fully indigenous Indian passenger car tailor-made to
suit Indian consumer needs though styled by I.D.E.A, Italy.
Although initially criticized by auto analysts, its excellent fuel economy, powerful engine, and
an aggressive marketing strategy made it one of the best-selling cars in the history of the Indian
automobile industries. A newer version of the car, named Indica V2, was a major improvement
over the previous version and quickly became a mass favourite. Tata Motors also successfully
exported large numbers of the car to South Africa. The success of the Indica played a key role in
the growth of Tata Motors. The current chairman is Natarajan Chandrashekaran and CEO is
Guenter Butschek.
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Recent Key Highlights

 Tata Motors registered domestic sales of 24,552 units in May 2021.
 Tata Motors Consolidated Q4 FY21 Results: Strong all-round performance Revenue
growth +41.8%, EBITDA at ₹12.7KCr, PBT(bei) ₹5.7KCr, FCF(Auto) ₹10.2KCr.
 Tata Motors Group global wholesales at 3,30,125 in Q4 FY21.
 Tata Motors registered domestic sales of 1,82,824 units in Q4 FY21 Grows by 21% over
Q3 FY21 and by 94% over Q4 FY20.
 Ranked 31st out of 2,000 and 5th among global automobile manufacturers in Forbes
World’s Best Regarded Companies 2019.

Shareholding Pattern

Shareholding as a % of total no. of

shares

Promoters
 Total no. of shareholders
o Promoters – 8
46% Public o Public – 20,38,749
54%
 The total number of shares held by both
promoters and public are
3,32,03,07,765.

Top 10 Shareholders (Other than Director, Promoters and holders of

GDRS and ADRS)

1. Life Insurance Corporation of India

2. Franklin India Equity Fund
3. ICICI Prudential Value Discovery Fund
4. Government Of Singapore
5. Reliance Capital Trustee Co Ltd
6. SBI-Etf Nifty 50
7. Franklin Templeton Investment Funds
8. Government Pension Fund Global
9. UTI - Nifty Exchange Traded Fun
10. HDFC Trustee Company Limited
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Financials
Summarised Statement of Assets and Liabilities (Consolidated)
(In crores)

Particulars As at As at As at
March 31, March 31, March 31,
2020 2019 2018
ASSETS
Property, plant and equipment and Other 1,55,677.03 1,42,370.44 1,21,297.41
intangible assets
Right of use assets 6,275.34 - -

Goodwill 777.06 747.87 116.45

Non-current Investments 5,446.94 6,240.89 899.90

Non-current Finance receivables 16,833.77 22,073.17 21,302.57

Deferred tax assets (net) 6,609.95 6,175.67 4,158.70

Other non-current assets 10,913.92 6,155.33 2,681.25

Current assets 1,19,587.25 1,23,431.16 1,35,972.84

TOTAL ASSETS 3,22,121.26 3,07,194.53 3,31,350.51

EQUITY AND LIABILITIES
Equity share capital 719.54 679.22 679.22

Other equity 62,358.99 59,500.34 94,748.69

Non-controlling interests 813.56 523.06 525.06

Non-current borrowings 83,315.62 70,817.50 61,199.50

Non-current provisions 14,736.69 11,854.85 10,948.44

Deferred tax liabilities (net) 1,941.87 1,491.04 6,125.19

Other non-current liabilities 17,780.94 16,871.09 11,165.19

Current liabilities 1,40,454.05 1,45,457.43 1,43,219.47

TOTAL LIABILITIES 3,22,121.26 3,07,194.53 3,31,350.51

Income Statement (in crores)

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2021 2020 2019 2018

Revenue 47,031.47 43,928.17 69,202.76 59,624.69

Other Income 842.96 1,383.05 2,554.66 1,557.60

Total Income 47,874.43 45,311.22 71,757.42 61,182.29

Expenditure -46,505.39 -49,063.27 -66,259.85 -59,027.32

Interest -2,358.54 -1,973.00 -1,793.57 -1,744.43

PBDT 1,369.04 -3,752.05 5,497.57 2,154.97

Depreciation -3,681.61 -3,375.29 -3,098.64 -3,101.89

PBT -2,312.57 -7,127.34 2,398.93 -946.92

Tax -82.87 -162.29 -378.33 -87.93

Net Profit -2,395.44 -7,289.63 2,020.60 -1,034.85

Key
Financial Ratio

Ratios MAR 21 MAR 20 MAR 19 MAR 18

Revenue from 652.37 725.65 889.07 867.52
Operations/Share
(Rs.)
Net Profit/Share (Rs. -33.99 -30.51 -85.20 20.06

Total Debt/Equity 2.08 1.58 1.51 0.82

(X)
Asset Turnover Ratio 72.79 81.04 98.28 88.91
(%)
Enterprise Value 185,136.46 92,326.40 118,036.02 155,110.79
(Cr.)
Price/Net Operating 0.46 0.10 0.20 0.38
Revenue
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Performance Review
Sales volume (Wholesale) (units) Revenue (₹ crore)

1,221,124 FY18 292,341

1,274,072 FY19 301,938

961,463 FY20 261,068

EBITDA margin (%) Free cash flow (Automotive) (₹ crore)

10.7 -7,287

8.9 -9,168

8.4 -9,205

Corporate Actions
Dividend Declared by the Company
EX Date Amount (₹)
18 Jul 2016 0.20
09 Jul 2014 2.00

 No Dividend has been declared by the company post 2016.

 The current Face value of the share is ₹2.00
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Risk and Opportunities

1. COVID-19 and global economic conditions
The ongoing COVID-19 pandemic has caused a significant global economic downturn.
They are exposed to changes in the global economic and geopolitical environment such as
trade tensions and Brexit.
2. Impairment of tangible and intangible assets
Designing, manufacturing and selling vehicles requires substantial investments in
tangible and intangible assets such as R&D, product design and engineering technology.
In addition, due to market challenges, our growth strategy may not materialise and product
development cycles can be lengthy.
3. Supply chain disruptions, distributional channels and retailer network
They rely on third parties for sourcing raw materials, parts and components used in the
manufacture of our products. Their ability to supply components to manufacturing
operations at the required time is key to achieving production schedules. Further, in order
to optimise market performance, our global sales and service channels must be aligned
with the consumer demand through the appropriate mix of advanced and traditional
methods.
4. Credit rating and liquidity risks
External challenges and the COVID-19 pandemic have impacted the credit ratings of
the Tata Motors Group. Credit rating agencies continually review the assigned ratings and
these ratings may be subject to revision, suspension or withdrawal by the agency at any
time. Maintaining adequate liquidity is critical to our business for running day-to-day
operations and servicing our short-term obligations.
5. Reliance on key markets
They rely on certain key markets, including the UK, China, North America, India and
continental Europe, from which we derive the substantial majority of their revenues.

CSR Project and Implementation agencies

1. Education
2. Employability
3. Health
4. Environment
5. Rural Development
The Total CSR spend amounts to ₹22.91Cr for the FY2019-20.
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Valuation
Stock Price for the last 3 years

 The Highest price recorded was on 07 June 2021 at ₹350.75

 The Lowest price recorded was on 30 March 2020 at ₹65.30
 The Current price of the share is at ₹337.40 as on 14 June 2021

Peer Comparison
TATAMOTORS ASHOKLEY TWL
Sales 47,031.47 17,467.47 1,025.79
Profit after Tax -2,395.44 239.52 50.28
Face Value 2.00 1.00 2.00
OPM % 2.91 5.91 7.82

NPM % -5.09 1.37 4.90

EPS -6.59 0.82 4.21
CEPS 3.36 3.10 5.53

Corporate Governance
Name of the Director Category
Mr. Natarajan Chandrasekaran Non-Executive - Non-Independent Director,
Chairperson
Mr. Om Prakash Bhatt Non-Executive - Independent Director
Ms. Hanne Birgitte Sorensen Non-Executive - Independent Director
Ms. Vedika Bhandarkar Non-Executive - Independent Director
Mr. Mitsuhiko Yamashita Non-Executive - Non-Independent Director
Mr. Kosaraju Veerayya Chowdary Non-Executive - Independent Director
Mr. Guenter Butschek Executive Director, CEO-MD