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INVESTOR RELATIONS 1
12th August, 2011
INVESTOR
RELATIONS
AGM Presentation
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INVESTOR RELATIONS 2
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 differmaterially from those expressed 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 theCompany 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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INVESTOR RELATIONS 3
Ta ta Mo to r s t oday ho lds a st ron g dom est i c pos it i on and h as
est ab l i shed i t s p resence in t he Globa l au to m ark e t
TATA MOTORS
STRONG DOMESTICPOSITION
ROBUST FINANCIALPERFORMNACE
Indias Larges t Au t om ob i le Com pany
3 r d Largest Bus Manu factu re r in the World (>8t)
4 t h Largest Truck Manu factu re r in the World (>8t)
Largest Por t fo l i o O f Produc ts (Light, Medium And Heavy Trucks, Buses& Coaches, Passenger Cars & Uvs)
Acquired Commercial Vehicle Business Of Daewoo In 2004 (TDCV)
Acquired Jaguar Land Rover In 2008
Mark e t Leader In Com m erc ia l Veh ic les (Market Share ~ 60-65% inmajor segments)
3 r d Largest Player In Passenger Cars
Has Over 1400 Cus tom er Touch Po in ts
SALES : FY 09-10 872,951 units FY 10-11 1,080,994 units
Revenue : Rs 92,519 crs Rs 123,133 crs
Profit : Rs 2,571 crs Rs 9,274 crs
INVESTOR
RELATIONS
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INVESTOR RELATIONS 4
Rs Cr o r es FY11 FY10 % changeNet 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%
EPS ( bas ic ) s t ood a t Rs 155 .25 fo r FY 11 as com pared t o Rs 48 .64 fo r FY 10
Tat a Mot ors Conso l ida t ed Globa l sa les vo lum e c rosses 1 m i l l i onTur no ver c rosses Rs 1 lak h c r or es and PBT crosses Rs 10 ,000 c ror es
# 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
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INVESTOR RELATIONS 5
Su p p o r t e d b y r o b u st g r o w t h i n t h e I n d i a Bu si n ess
Rs Cr or es 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 NMCash Profit * 3,199.6 4,264.7 NM
EPS (basic) stood at Rs 30.28 for FY 11 as compared to Rs 42.37 for FY 10
The Board of Directors recommended Dividend ofRs 20 per Ordinary Shares and Rs
20.50 per A Ordinary Shares for FY 2010-11 and also approved the sub-division of theCompany's Ordinary and 'A' Ordinary shares both ofRs.10/- each to Rs.2/- each subject
shareholder approval (if approved is expected to be completed in September 2011).
* Cash Profit = EBITDA + Other Income - Product Development Expenses Net Interest - Tax Paid
EBITDA excludes Other Income
Sa les vo lu m e over 8 lakh s ;Tur nov er ~ Rs 48 ,000 c rs and PBT c rosses Rs 2 ,000 c r s
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INVESTOR RELATIONS 7
Hea l th ie r f i nanc ial p ro f i l e w i th focused de leve rag ing
Conso lida t ed Ba lance She e t Ma r - 11 Mar - 1 0
Sources o f funds
Shareholder Funds 19,171.5 8,206.5Minority Interest 246.6 213.5
Foreign 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
To t a l Fund s Em ploy ed 54 ,30 5 .6 4 5 ,299 .1
App l ica t ion o f funds
Fixed Assets (Net) 43,493.1 38,506.3
Goodwill (on consolidation) 3,584.8 3,422.9Investments 2,544.3 2,219.1
Deferred Tax Assets (Net) 632.3 426.0
Net Current Assets 4,051.1 724.8
To t a l Fund s Ut i l ised 54 ,30 5 .6 4 5 ,299 .1
I n Rs c roresSuccessfully completed QIP issue of
shares aggregating USD 750 mn
FCCNs of ~ USD 326 mn equivalent
were converted to equity during the
year
Net Automotive Debt / Equity stood
at 0.68 as on March 31, 2011 vs 2.41
on March 31, 2010.
Overall capex spend of ~ Rs 8,521
crs in FY11. (JLR ~ GBP 775 mio);
(TML ~ Rs 2,391 crs)
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INVESTOR RELATIONS 8
Deta i ls
Tata Motor s
Consol idated
( Rs crs)
Tata Motor s
Standalone
( Rs c rs )
JLR PLC
( GBP mn)
Net Revenue 3 3 , 5 7 2 . 5(27,055.6) 1 1 , 8 9 7 . 9(10,416.3) 2 , 7 1 2 . 0(2,262.1)
EBITDA 4,461.7 998.7 408.3
EBITDA margin1 3 . 3 %
(14.6%)
8 . 4 %
(11.3%)
1 5 . 1 %
(15.4%)
PBT 2,345.8 466.3 248.5
PAT#1 , 9 9 9 . 6
(1,988.7)
4 0 1 . 3
(395.7)
2 1 8 . 9
(226.0)
Update on Q1FY12 resu l t s
# After Minority I nterest and share of Profit/ (loss) in respect of associate companies
EBITDA excludes Other Income
Figures in brackets represent am ounts pertaining t o the corresponding quarter of th e previous year
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INVESTOR RELATIONS 9
India Business
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INVESTOR RELATIONS 10
Con t i nued g r ow th i n Com m er cial Veh i cl es in FY 11
D o m e s t i c CV in d u s t r y g r e w ~ 2 7 % in FY 11
Highe r p rod uc t i on o f Ta ta Ace fam i l y in Uttaranchal, in
place towards the end of the year.
New p rodu c ts i n FY 11 from Tata Prima Construck
range, variants in the MHCV segment, passenger
applications from the Tata Winger platform.
Launched I nd ia s f i r s t CNG-Elect r i c Hyb r i d bus . The
hybrid low floor Starbuses sold to Delhi Transport
Corporation (DTC).
Provided f l e e t m a n a g e m e n t se r v i ce s during the
Commonwealth Games
Cum ula t i ve p r i ce increases o f 5 .3%
INVESTOR RELATIONS
Ta ta Mo t o rs Marke t Sha re
6 1 .8 % i n FY1 1
Note: LCV inc ludes sa les o f Magic and Win ger
Source: SIAM and Company analysis
458 ,828
373 ,842
2 3%
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INVESTOR RELATIONS 11
3 3 , 5 0 7 4 2 , 2 7 7
6 8 , 1 9 59 6 , 4 5 5
158,093
180,091
FY 10 FY 11
UV
Mids ize
Sm al l
Car
FY 11 saw g row t h i n Passenger veh ic les
Note: Figs inc ludes JLR and F ia t sa les
Domes t i c Passenge r veh ic les i ndus t r y g rew
~ 3 0 %
In FY11, the company crossed 2 mi l l ion passenger
veh ic le sa les since inception.
Sales of the Tata Passenger Cars in the Mids ize
se gm e n t g r ew 5 5 % driven by the Manza.
Ut i l i t y Ve h i cl e s g re w ~ 2 6 % driven by existing
products and new launches like Aria and Venture.
Ne w p la n t a t Sa n a n d inaugurated.
Nano sales clocked ~70000 units in FY11.
Cumu la t i ve sa les o f Ta ta Nano c rossed 100 ,000
m ar k .
N ew p r o d u ct s Indigo eCS, Aria, Venture, Vista 90
Indica eV2, Manza Elan
Cu m u l at i v e p r i ce in cr e ase s o f ~ 4 - 6 % on Tata
Passenger cars
260 ,020
319 ,712
Source: SIAM and Company analysis
Ta ta Mo to r s Mark e t Sha re
1 3 .0 % i n FY1 1
2 3 %
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INVESTOR RELATIONS 12
Ex p o r t s M ar k e t s sh o w su b st a n t i a l g r o w t h w i t h
im p r ov ed m acr o econom ic i nd i ca to r s
34 ,109
58 ,089
7 0 % Ta ta expo r t v o lum es inc reased by 70 .3% .
Exports to Bangladesh, Sri Lanka & Bhutan continued to
grow
Certain MENA countries showed subdued sales in Q4FY11
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INVESTOR RELATIONS 13
M ai n ta i n a n d g r o w l e ad e r sh i p i n I n d i a through continuous evaluation of productrange
Strong combination of new platforms/ products and existing products
Improve value proposition for existing products
New launches to fill gap in product portfolio e.g. New LCV platform; passengerapplications of SCV; new variants of Prima
Continuous innovation to create new market segments
De li ve r l ow est To ta l Cos t o f Ow nersh ip and high reliability by leveraging designand development capabilities and deep understanding of the Indian marketconditions
Gr o w i n i n t e r n a t i o n a l m a r ke t s
Enhance product range combining TML, TDCV (Korea), Tata Motors Thailand andHispano (Spain)
Expand manufacturing footprint - South Africa assembly plant unveiled in July11
Focus and g row less cyc l i ca l bus inesses: Small commercial vehicles, defense
business spares and services, AMC, refurbishing etc.
Cus tom er focus
Significant network penetration
CRM technology for real-time service
Focus on services throughout the customer lifecycle
Enable finance availability for customers
Business St ra t egy - Com m ercia l Veh ic les
Pow er fu l com b ina t i on o f p r oduc t , b r and , cos t advan t age
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INVESTOR RELATIONS 14
LCV/ ICV(2.25-7.5 ton)
MHCVs(15-42 ton)
Pickups(1-1.5 ton)
Super Ace (1.2 ton)
Xenon Pickup
Ace Zip (0.5 ton)
World LCV World ICV
PRIMA Trucks, Tippers and Tractor
Ace (1 ton)
RX Pickup
407 1109
LP and Novus range
Con t i nue t r ansfo r m a t i on and st r eng t hen ing o f p r oduc t po r t f o l i o
SCVs(c.1 ton)
Wide Range of Products
Expected FY2012onwards
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INVESTOR RELATIONS 15
Magic Iris
Venture
Hispano MarcopoloBuses
Tata Magic
Winger
Globus Starbus
Winger Platinum
Wide Range of Products
Con t i nue t r ansfo r m a t i on and st r eng t hen ing o f p r oduc t po r t f o l i o
SCVs(3-6 seats)
Buses
(16-54 seats)
UVs
(7-12 seats)
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INVESTOR RELATIONS 16
Le v era g e y o u n g p ro d u c t p o r t f o l i o to regain market position
Expand add ressab le m arke t through improved value
proposition eg. Fuel efficient Powertrain options
Seed longer-term growth accessing e m e r g i n g t r e n d s -
alternative fuels (Electric Vista etc)
Supplement t e c h n o log y a n d p r o d u ct s from partners
Realize f u l l p o te n t i a l of Na n o in India and take Nano to the
world
Focus on select key markets for i n t e r n a t i on a l g r o w t h
Grow used car bus iness (Tata Assured)
Aggressive plans to further expan d sa les and serv ice
n et w o r k i n I n d ia for enhanced customer care via increased
penetration and strengthening dealer engagement
Leve rage th e low cost b ase and create more value
Business st ra t egy - Passenger Veh icles
Fu l l y l eve rage p roduc t po r t f o l i o t h rou gh a f ocused sa les
d i st r i b u t i o n a n d m a rk e t i n g f u n c t i o n
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INVESTOR RELATIONS 17
R
elativelyYoung
ProductPortfolio
Upcoming
launchNew Safari
Refresh
Venture launched in
selective
statescommencing
Jan 2011
Indica Vista Fiat Punto
Xenon XT
Fiat Linea
Nano
Sumo Grande Indigo Manza Aria
Tr ans for m a t i on and st r eng th en ing o f t h e ex i st i ng p r oduc t
po r t f o l i o
Q4FY08 Q2FY09 Q4FY09 Q1FY10 Q3FY11
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INVESTOR RELATIONS 18
Nano
CV maker of the Year
Tata Motors
Ta t a Mo t o r s Aw a r d s d u r i n g FY2 0 1 1
Good Design Award
Best New ProductSegment
Aria
MPV of the Year
Viewers Choice Car ofthe Year
a n d m o re .
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INVESTOR RELATIONS 19
Jaguar Land Rover
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INVESTOR RELATIONS 20
2 6 %
193 ,982
243 ,621
Sales in Ch ina + Russ ia imp rov ed
4 3 % i n FY 1 1
St r o n g v o l u m e g r o w t h su p p o r t e d b y m a r k et s & p r o d u ct a ct i o n s
Severa l Produ c t ac t ion s such as
A ll - n e w X J unique lightweight architecture the
lightest in its class
XKR-S launched at the Geneva Motor Show - the onlycar in its class that emits less than 300g/km CO2
XF new 2 .2 l i t r e d iese l with Intelligent Stop-Start
Technology makes it the most fuel efficient Jaguar
New LR TDV6 Diesel eng i ne on t he D iscovery which
won the 7th successive Best 4x4 by What Car Magazine
Debut of new Range Rove r U l t im a te Ed i t i on - Built
to customer order with handcrafted luxury interior
The Defende r X -Tech Lim i ted Ed i t i on with 2.4L
common-rail diesel engine, with fuel efficiency and
performance with 360Nm torque
FY 11 W ho lesa le vo lum es and
m a r k e t m i x
LandRover
Jaguar
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INVESTOR RELATIONS 21
Significant volume & mix growth over the previous year and better realizations
Emphasis on growth markets : China, Russia, Brazil, India
China NSC formed in June 2010 to support growth in China
Exchange rates continued to be a positive factor
Continue to work on profitable volume growth, managing costs and improving efficiencies to sustain the
growth momentum
Continuous sustainable technology and product investment plans
Announcement that Jaguar C-X75 hybrid supercar is to be produced
Range Rover Evoque in process of launch for sales from September 2011; lightest and most fuel
efficient Range Rover ever; available in 2WD and 4WD.
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 torefinance 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.
Jaguar Land Rover Business H igh l i gh t s
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INVESTOR RELATIONS 22
Seize opportunity for JLR to deliver p r o f i t a bl e g r o w t h f r o m
g r o w i n g p r em i u m seg m e n t s
Capitalise on strong, globally recognised b ra n d s
Invest substantially in n e w p r o d u ct s and t echno log ies - Deliver a
combination of exciting all-new products, additional body-style
derivatives and competitive power-train combinations
Meet customer needs, and regulatory CO2 em iss ions requirements
Enable profitable volume growth in both e x ist i n g a n d n ew m a r k e t s
worldwide
Trans fo rm the business structure to deliver sustainable returns
Maintain s t r o n g l i q u i d i t y position
Aim to achieve additional syne rg ies and continue to benefit from
support from Tata Motors
Ja gu a r a n d La n d Ro v er g l ob al g r o w t h
oppor t un i t i es fo r B r i t i sh i con ic b ran ds
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INVESTOR RELATIONS 23
Jagu ar Land Rover
The nex t 3 yea r p lann ing cycle to w i tness seve ra l new m ode ls
and r e f reshm en ts fo r Jagua r and Land Rove r
2011 m ode l yea r Jagua r p roduc ts
2011 Mode l
year Land Rover
p ro d u c t s
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INVESTOR RELATIONS 24
Two award-winning design teams led by accomplished designers Ian Callum and Gerry McGovern
Jaguar and Land Rover cars continue to recognised for their design and performance, and have won a multitude ofawards across categories
JLR received over 80 awards from leading international magazines and opinion formers in 2010
Most ExcitingCar of 2011
Evoque
2011 Design of theYear
Jaguar XJ
Luxury Car of the Year
2010
Classic ConceptAward 2010
C-X75
Car of the Decade(2010)
Range Rover
JLR aw ard -w inn in g cars i n FY20 11
and m ore .
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INVESTOR RELATIONS 25
2 0 1 1 / 1 2 Ja gu a r p r o d u ct a ct i o n s
Ex c it i ng new 201 2MY dev elopm en ts
XK
Exterior and interiorfreshening
XKR-S limited edition
XF
Exterior and interiorfreshening
Introduction 2.2 Ltr Dieselincluding stop start
8 speed transmission
XJ
Rear seat entertainment /enhancement
Exclusive edition
Introduced 3 Ltr petrolengine
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INVESTOR RELATIONS 26
201 1 / 12 Land Rov e r p r odu ct act i ons ..
Launch ing t he a l l - new Range Rover Evoqu e
Range Rover Autobiography
Ultimate edition
Freelander new grille
Range Rover Sport minor
refresh
Discovery 8 speed
rotary shift, dual view
A ll n e w Ra n g e Ro v e r Ev o q u e s m a l l es t a n dm os t fu e l e f f i cien t Range Rove r
Fo r l aunch in Sep tem ber 20 11
A v ai la bl e in 3 / 5 d o o r
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INVESTOR RELATIONS 27
Other Key Subsidiaries
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INVESTOR RELATIONS 28
Tat a Moto rs Fin ance
Total vehicle financing disbursals (TMF) for FY11 were Rs. 7,908 Crs, an increase of 18%.
The book size at the end of March 11 for TMFL and TML (Vehicle Financing) stood at about Rs
10,000 Crs.
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. Cr o r es 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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INVESTOR RELATIONS 29
Tat a Tech no log ies
Europe,
30 %
Nor th
Amer i ca ,
3 7 %
APAC
( Inc lud ingI n d i a ) 3 3 %
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
Rs. Cr o r es FY11 FY10 % change
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 30
FY 11 Market share stood at 23.2 % vs 26.1 % over FY 10
After termination of the earlier distribution arrangement, our sales company (100% subsidiary of
TDCV) was launched in July 2010 in the domestic market. NSC operations now stabilized and
being built up.
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 impacted by change in
distribution arrangements.
Ta ta Daew oo
Note: *excludes Other Income
Rs. Cr o r es FY11 FY10 % change
Sales (Units) 8748 8769 -0.2%
Net Revenue * 2881.1 2728.7 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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INVESTOR RELATIONS 31
HV Ax les & HV Tran sm issions
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
Transmiss ions
Lt d
HV
Ax les Lt d
Note: *Excludes Other Income
Rs. Cr o r es 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. Cr o r es 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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INVESTOR RELATIONS 32
Thank You