.,.. TATA BSE Limited Listing Compliance Department First Floor, New Trading Ring National Stock Exchange of India Ltd . Rotunda Building, P J Towers, Exchange Plaza, Sandra Kurla Complex, Dalal Street, Fort, Mumbai 400 001 Sandra (E), Mumbai 400 051 Kind Attn: Mr Khushro A. Bulsara Kind Attn: Mr Avinash Kharkar General Manager & Head Asst. Vice President Listing Compliance & Legal Regulatory Listing & Compliance June 28, 2019 Sc no -15512 Dear Sirs, Re: Abridged Annual Report for the Financial Year 2018-19 and Notice convening the 74th Annual General Meeting Pursuant to Regulation 30 and Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith the Abridged Annual Report of the Company for the Financial Year 2018-19 alongwith Notice convening the 74 1h Annual General Meeting scheduled to be held on July 30, 2019 at 3:00 p.m. at Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai 400 020. The Abridged Annual Report and Notice are also available on the Company's website at www.tatamotors.com. This is for the information of the exchange and the members. Yours faithfully, Tata M3ts imited t\~L. f - . Hoshang ethna Company Secretary TATA MOTORS LIMITED Bombay House 24 Homi Mody Street Mumbai 400 001 Tel 91 22 6665 8282 Fax 91 22 6665 7799 www.tatamotors.com CIN L28920MH 1945PLC004520 74th Annual Report (Abridged) 2018-19 Bombay House, 24 Homi Mody Street, Mumbai 400 001, India www.tatamotors.com Tata Motors_Abridged Report_Cover_new.indd 2 6/27/2019 3:33:01 PM Contents CORPORATE OVERVIEW Tata Motors’ Business Board of Directors & Corporate Information 01 Tata Motors’ have progressed in key areas Chairman’s Message 02 of engineering, manufacturing, world- class sales and service support, for an overall superior customer experience. STATUTORY REPORTS Jaguar Land Rover’s Business Board’s Report (Salient Features) 04 The strengths of Jaguar Land Rover include iconic globally positioned brands, a strong product portfolio of award winning luxury FINANCIAL STATEMENTS and high performance cars and premium all-terrain vehicles, a global distribution Auditor’s Report on Abridged Standalone Financial Statements 11 network, strong product development Auditor’s Report on Standalone Financial Statements 12 and engineering capabilities and a strong management team. Abridged Standalone Financial Statements 20 Auditor’s Report on Abridged Consolidated Financial Statements 36 GREEN INITIATIVES Auditor’s Report on Consolidated Financial Statements 38 As a responsible citizen, your Company strongly urges you to support the Green Abridged Consolidated Financial Statements 46 Initiative by registering your email address with Company’s Registrars and Transfer Agents/Depositories to receive Notice 75 communication, including the Annual Report, from the Company in electronic mode. As an Map to the AGM Venue 84 austerity measure and in furtherance of the Green Initiative, the Company has sent an Abridged Report to the Members for FY 2018-19. The full copy of the Annual Report can be viewed under the ‘Investor’ ANNUAL GENERAL MEETING section on the Company’s website DATE www.tatamotors.com and would be Tuesday, July 30, 2019 provided to the Members on request. TIME 3.00 p.m. VENUE Birla Matushri Sabhagar, 19, Sir Vithaldas Thackersey Marg, Mumbai 400 020 Tata Motors_Abridged Report_Cover_new.indd 3 6/27/2019 3:33:01 PM Board of Directors & Corporate Information Chairman Emeritus Executive Committee Bankers Mr Ratan N Tata Mr Guenter Butschek Australia & New Zealand Banking Group Limited CEO and Managing Director Bank of America Board of Directors Bank of Baroda Mr N Chandrasekaran Mr Satish Borwankar Bank of India Non-Executive Director and Chairman Executive Director and Chief Operating Officer Citibank NA Mr Nasser Munjee Mr P B Balaji Deutsche Bank Non-Executive, Independent Director Group Chief Financial Officer Federal Bank HDFC Bank Limited Mr Vinesh Kumar Jairath Mr Girish Wagh Hongkong and Shanghai Banking Corporation Non-Executive, Independent Director President - Commercial Vehicles Business Unit ICICI Bank Dr Ralf Speth Indian Bank Mr Mayank Pareek Non-Executive Director Kotak Bank President - Passenger Vehicles Standard Chartered Bank Ms Falguni Nayar Business Unit State Bank of India Non-Executive, Independent Director Mr Rajendra Petkar Union Bank of India Chief Technology Officer Mr Om Prakash Bhatt Non-Executive, Independent Director Mr Thomas Flack WORKS Chief Purchasing Officer Jamshedpur Ms Hanne Sorensen Pune Non-Executive, Independent Director Mr Shailesh Chandra Lucknow President - Electric Mobility Ms Vedika Bhandarkar Business & Corporate Strategy Pantnagar Non-Executive, Independent Director Sanand Mr Ravindra Kumar G P Dharwad Mr Guenter Butschek President & Chief Human Resource Officer CEO and Managing Director Mr Satish Borwankar Company Secretary Executive Director and Chief Operating Officer Mr H K Sethna Registered Office Auditors Bombay House, BSR & Co. LLP 24, Homi Mody Street (Registration No. 101248W/W–100022) Mumbai 400 001 Tel: +91 22 6665 8282 Share Registrars Email: [email protected] TSR Darashaw Consultants Private Limited Website: www.tatamotors.com 6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr E Moses Road, Corporate Identity Number Mahalaxmi, Mumbai 400 011 L28920MH1945PLC004520 Tel: +91 22 6656 8484 Fax: +91 22 6656 8494 Email: [email protected] Website: www.tsrdarashaw.com 1 Tata Motors_Abridged Report_Inside_190619.indd 1 6/27/2019 1:17:49 PM 74th Annual Report (Abridged) 2018-19 Chairman’s Message In the commercial vehicles segment, which is the back-bone of the domestic business, the company has maintained its leadership position in the industry with a 45.1% market share in FY2018-19. Natarajan Chandrasekaran Non-Executive Chairman Dear Shareholders, It is my privilege to write to you and present the Annual BSIV to BSVI emission norms by April 1, 2020. The growth Report for 2018-19. in the commercial vehicle market is likely to pick-up driven by increased infrastructure spending, growth of new-age The global automotive industry is witnessing industries like E-Commerce and further progress in the disruptive innovations. The technological changes hub and spoke model of distribution. are leading to new products and business models including shared mobility, autonomous and connected In this backdrop, I would like to share with you the vehicles. Concerns about sustainability are leading performance, status and future direction of your company. the governments across the world to push for Tata Motors Limited (India Market) reduction in the carbon footprint, encouraging the adoption of electric vehicles. These changes coupled At Tata Motors Limited – India, we had announced a with geo-political trade situation, uncertainty around “Turnaround” programme in July 2017. Since then, your Brexit and slow-down in China have led to a period of company has undertaken a series of comprehensive uncertainty for the global auto industry. steps to address different aspects of the business. I am happy to share with you that the result of these In the Indian context, the automotive industry is expected initiatives has been visible in your company’s strong to emerge as the world’s third largest passenger vehicle operational and financial performance. market by 2021, driven by the underlying economic growth, increasing consumption demand and mass In the commercial vehicles segment, which is the urbanization. However, in the short to medium term, the back-bone of the domestic business, the company has sector faces some challenges due to the ongoing credit maintained its leadership position in the industry with a crunch, low consumer spending and the transition from 45.1% market share in FY2018-19. The business 2 Tata Motors_Abridged Report_Inside_190619.indd 2 6/27/2019 1:17:50 PM CORPORATE OVERVIEW CORPORATE delivered a 17.2% volume growth compared to the the European Car of the Year Awards 2019. This is a previous year. This is a strong performance in the gratifying testament for the superior next generation car background of a weaker second half of the year driven portfolio of JLR. by increased axle load norms, liquidity crunch and lower (01-03) From an operational performance perspective, the demand. last twelve months have been challenging for JLR. In the passenger vehicles segment, your company These have resulted in the business reporting a revenue delivered a credible performance by growing its volumes decline this year and an operating loss. Our sales from at 13.9% compared to the industry growth rate of 2.8% China declined by 34.1% this year compared to the in FY2018-19 and achieved the highest unit sales and previous year. The company faced headwinds from STATUTORY REPORTS (04-10) REPORTS STATUTORY market share over the past five years. Your company external factors including slowdown of sales in China launched a portfolio of successful products including and Europe along with internal factors of high fixed Nexon, which is the only car in India with a “5-star” cost structures, dealer network profitability and high safety rating from GNCAP and the second most investment leading to cash outflows. selling SUV in India. The Tata Harrier was launched in JLR is taking steps to cut costs while taking a January 2019 to an overwhelmingly positive customer calibrated approach towards future investment in the reaction. product portfolio. The company is actively looking While your company continues to make significant at partnerships and