76 Integrated Annual Report 2020-21

76th Integrated Annual Report
2020-21
Performance snapshot FY 21
OPERATING FINANCIAL ENVIRONMENTAL SOCIAL
8,37,783 2,49,795 20% 7,58,053

Sales Volume Revenues (K crore) % of Renewable energy Total Community
(Consolidated excluding CJLR) (Consolidated) Consumption to Total Outreach (TML)
Electricity Consumption (TML)
12.2% 2,56,247
EBITDA Margin Scope 1+2 GHG Emissions
(Consolidated) (tCO2e) JLR
Resilience and Rebound
FY 21 was an extremely challenging year with the COVID-19 pandemic resulting
in severe business disruptions.
Amid stringent restrictions on mobility and large-scale disruptions in supply

chain, we demonstrated strong resilience, consolidated our core capabilities and
stayed on course with our strategic objectives. Amid the lingering uncertainties
in the operating environment, we staged a strong recovery, backed by our
continued focus on operational efficiencies. As the restrictions eased, we swiftly
shifted our gears, ramped up production and despite several challenges moved
fast to serve consumer demand. Our strong financial performance amidst several
headwinds truly reflects strong business fundamentals.
About the report
The 76th Integrated Annual Report 2020-21 of the Tata Motors Group outlines
its financial and non-financial performance. The report narrates in detail how
Tata Motors has delivered a resilient performance and recorded a sharp
rebound while navigating strong economic and sectoral headwinds.
SCOPE AND BOUNDARY MATERIALITY

The Report covers the performance of Tata Motors Limited and Jaguar The Report includes information that is material to our stakeholders
Land Rover, for the period starting from April 1, 2020 to March 31, and our value-creation abilities. We have also presented information
2021. The Report aims to provide a holistic view on our ability to create on how we strategically approach these material issues. The material
long-term value through our value-creation model, strategy, and issues are reviewed by the Group management.
environmental, social and governance (ESG) focus.
ASSURANCE
REPORTING STANDARDS AND FRAMEWORKS Assurance on financial statements has been provided by independent
The Report has been prepared in accordance with the <IR> auditors BSR & Co. LLP and non-financial statements have been
framework prescribed by the International Integrated Reporting assured by TUV India Private Limited. The assurance has been given
Council. The financial and statutory information has been presented against the Report’s adherence to the International <IR> Framework
as per the requirements of the Companies Act, 2013 and the rules of the IIRC and the GRI’s Sustainability Reporting Standards. The
made thereunder, the Indian Accounting Standards, the Securities assurance report issued by TUV India Private Limited is available on
and Exchange Board of India (Listing Obligations and Disclosure our website www.tatamotors.com.
Requirements) Regulations, 2015 and the Secretarial Standards
issued by the Institute of Company Secretaries of India.
INTEGRATED APPROACH
The Report showcases the initiatives undertaken across multiple
capitals – financial, manufactured, human, intellectual, natural
and social & relationship, and the value created under each of
For further information, log on to
those capitals. We have also applied a sustainability lens (covering
www.tatamotors.com
the environment, social and governance aspects) to evaluate our
performance to better demonstrate our dependencies and impacts on
each of these capitals.
Contents
04
CORPORATE IDENTITY
14
PERFORMANCE
22
VALUE CREATION
04 Company Profile 16 Chairman’s Message 24 Operating Context
06 Our Presence 18 TML CEO and MD’s Message 26 Risk Management
08 Product Profile 19 JLR CEO’s Message 30 Value-Creation Model
20 Key Performance Indicators 32 Stakeholder Engagement
and Materiality
34
STRATEGIC ROADMAP
50
ESG APPROACH
68
STATUTORY REPORTS
36 Tata Motors Limited 52 Environment 68 Board’s Report
44 Jaguar Land Rover 58 Social — People, Community 90 Business Responsibility Report
66 Governance 101 Management Discussion and Analysis
128 Risk Factors
147 Report on Corporate Governance
170
FINANCIAL STATEMENTS
368
NOTICE
170 Standalone 368 Notice
250 Consolidated
Company Profile
Delivering mobility solutions
across the world
Tata Motors Group is one of the leading global automobile manufacturers with
a diversified portfolio of commercial, passenger, and luxury vehicles. Part of
the multi-national conglomerate, the Tata Group, we 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 OPERATION MARKET CAPITALISATION* CUSTOMER TOUCHPOINTS
125+ US$ 14.60 BN 8,800+

Tata Motors Limited
Tata Motors Limited (TML) is one of India’s biggest
automobile manufacturing companies with an extensive
range of integrated, smart and e-mobility solutions in its
portfolio. TML's strong presence over years is heralded by
its ability to offer quality products by connecting customer
aspirations with innovative mobility solutions.
Mission
We innovate mobility solutions with
passion to enhance the quality of life
Vision Values
By FY 24, we will become the most
aspirational Indian auto brand,
consistently winning, by
INTEGRITY ACCOUNTABILITY EXCELLENCE
− delivering superior financial returns
− driving sustainable mobility solutions
− exceeding customer expectations, and
− creating a highly engaged work force
TEAMWORK CUSTOMER SPEED
FOCUS
*as on March 31, 2021
4 | 76th Integrated Annual Report 2020-21

Integrated Report (1-67) Statutory Reports (68-169) Financial Statements (170-367)
Jaguar Land Rover

Jaguar Land Rover (JLR) continues to shape the future of modern
luxury vehicles globally built around its iconic brands: Jaguar
and Land Rover. JLR, which became part of Tata Motors Group in
2008, exemplifies quality and sustainability. JLR's new strategy is
reimagining the future of modern luxury by design through a canvas of
true sustainability and a new benchmark in quality. Jaguar Land Rover
aspires to become the creator of the world's most desirable, luxury
vehicles and services for the most discerning of customers.
Other subsidiaries Revenue mix FY 21 (%)
TATA MOTORS FINANCE* TATA DAEWOO & TATA TECHNOLOGIES 1.8 0.1
13.3
LIMITED*
Tata Motors Finance Limited (TMFL) and Tata
Motors Finance Solutions Limited (TMFSL) Tata Daewoo Commercial Vehicles (TDCV) 6.8
are Non-Banking Financial Companies and Tata Technologies Limited (TTL) are
(NBFCs). They are the subsidiaries of TMF some of the key subsidiaries of Tata Motors
Holdings Limited (TMFHL). TMFHL is a 100% Group. TDCV is Korea’s second-largest truck
subsidiary of TML and a Core Investment maker, exporting to more than 60 countries
Company (CIC). TMFL facilitates new vehicle across the world. Tata Technologies Limited
financing. TMFSL undertakes the dealer/ is a leading company in engineering services
vendor financing business and the used outsourcing and product development IT 78.0
vehicle refinance/repurchase business. services, providing a competitive edge to
global manufacturers.
Tata and other brand vehicles - CV
*The Integrated Report does not include information on these subsidiaries explicitly, except for the Tata and other brand vehicles - PV
consolidated financial figures of the Tata Motors Group. Jaguar Land Rover
TMFL
Others
Resilience and Rebound | 5

Our Presence
Driving Change
Across Geographies
4 4
UK
05 81,500
5 Manufacturing Vehicles Sold
facilities
03
R&D/engineering and
design centres
C 37,244 CR
Revenue
5
North America
01 93,759
R&D engineering Vehicles Sold
and design
centres
C 46,947 CR
Revenue

3 2
Europe China
02 76,606
Manufacturing Vehicles Sold 01 112,424*
facilities Joint Vehicles Sold
01 Manufacturing
R&D/engineering and facility
design centres
C 44,687 CR
Revenue
C 34,045 CR
Revenue
* including CJLR
2
1
1
India
10 465,734
Manufacturing Vehicles Sold
facilities
02
R&D/engineering and
design centres
C 50,381 CR
Revenue

Product Profile
Setting the trend, staying ahead
With the introduction of new architectural platforms and efficient engine options, we
strive towards continuous improvement in our product portfolio across all segments –
Commercial vehicles, Passenger vehicles and Electric vehicles.
Tata Motors Limited

Commercial vehicles
MHCV ILCV
SIGNA PRIMA ULTRA
SCV + Pick-up
INTRA ACE YODHA
CV passenger
WINGER MAGIC AMBULANCE STAR BUS EV ULTRA EV

Passenger vehicles
SAFARI HARRIER
NEXON ALTROZ
TIAGO NEXON EV

Product Profile Contd.
Jaguar Land Rover
Jaguar
I-PACE XE
XF E-PACE
F-PACE F-TYPE

Range Rover
RANGE ROVER RANGE ROVER SPORT
VELAR EVOQUE
Discovery
DISCOVERY DISCOVERY SPORT
Defender
DEFENDER 90 DEFENDER 110

Key Highlights
Taking confident strides into the future
Tata Motors Limited
1. Launched Click to Drive – a contactless The largest order till date from APSCSC,
sales platform these vehicles will be used for doorstep
delivery of supplies in the state of Andhra
Allows customers to buy a car from the
Pradesh.
comfort of their homes.
5. Celebrated 4 million passenger vehicles
2. Introduced Fleet Edge, a next-gen digital
on road
solution for fleet management
This was celebrated with the launch of the
A new benchmark for a connected vehicle
#WeLoveYou4Million campaign.
eco-systems, relevant and beneficial
across varied fleet sizes, Fleet Edge 6. Improvement in all 9 aspects of Dealer
is uniquely positioned to enable our Satisfaction
customers improve their operational
Despite a challenging year, CV business
efficiency and profitability.
retained its leading position and improved
3. Tata Nexon became the first Indian car in all 9 aspects of Dealer Satisfaction
to be published on the International Index.
Dismantling Information System (IDIS)
7. Introduced a slew of value added
This builds on TML’s holistic commitment services for CV customers
towards making the entire life cycle of its
These include - an uptime guarantee,
products sustainable.
industry first offering for productivity
4. Order of 6,413 vehicles from Andhra sensitive customers and extended
Pradesh State Civil Supplies Corporation warranty.
(APSCSC)
Jaguar Land Rover

2. Significantly expanded electrification 6. Invested in blockchain technology
across models. firm Circulor
Launched six new Plug-In Hybrid Electric This investment by InMotion, JLR's
Vehicle (PHEV) models and nine new Mild venture capital and mobility services
Hybrid Electric Vehicle (MHEV) models to arm, will enable JLR to source premium
electrify 12 out of our 13 nameplates. materials with greater transparency.
3. Developed contactless touchscreen to 7. Future cabin air purification technology
help fight COVID-19 performs exceedingly well in
independent test
JLR’s patented technology offers the dual
benefits of keeping drivers’ eyes on the JLR's future cabin air purification
road and reducing the spread of bacteria technology has proved effective in
and viruses in a post COVID-19 world. inhibiting in laboratory tests to inhibit
1. Launched new Reimagine strategy
viruses and airborne bacteria by as much
4. Reducing motion sickness in autonomous
At the heart of JLR's Reimagine plan as 97%.
vehicles
will be the electrification of both Land
8. Five-star Euro NCAP rating for award-
Rover and Jaguar brands on separate JLR is pioneering software that will
winning new Defender 110
architectures with two clear, unique reduce motion sickness by adapting
personalities. the driving style of future autonomous Scored 85% for Child Occupant protection
vehicles. and 79% for Safety Assist on its way to a
five-star overall score.
5. Upcycled aluminium to cut carbon
emissions by a quarter
JLR’s REALITY project could help reduce
aluminium production emissions by up to
26% across the value chain.

Awards
Tata Motors Limited

1. 3rd consecutive CV Manufacturer of the Sanand, PVBU, Eco innovation - ERC
Year along with five other segmental Innovative Product/Service Award
awards at prestigious Apollo CV awards - DigiVOR and 9x9 electric bus
2021
8. CII Design excellence award - Tata
2. CII Customer Obsession award for Nexon and Intra
3rd year in row - CV Business
9. National Energy Conservation Award
3. Car and Bike Awards 2021 - EV of the (NECA) 2020 – TML bagged this award
year, Green Car of the year - Nexon EV for its energy conservation measures,
instituted by the Bureau of Energy
4. Car and Bike Awards 2021 - Premium
Efficiency (BEE).
Hatchback of the year, Best Safety Tech
- Tata Altroz 10. CII Energy Efficiency summit
- National Energy Leader Award
5. Indian Car of the Year Awards - Indian Car
2020 - Pune (CV) and Pantnagar
of the Year - Tata Altroz, Green Car Award
plants, Energy Efficient Unit award
- Nexon EV
for significant progress in energy
6. Auto Car India Awards - Best Design & efficiency - Jamshedpur, Lucknow
Styling - Tata Altroz, Green Car of the and Pune (CV) plants
Year Award - Nexon EV
11. Rated amongst the top 10 companies
7. Won multiple Golden Peacock Awards in BSE 100 (companies evaluated
- innovative product/service - customer by IiAS on the Indian Corporate
care CVBU, environment management - Governance Scorecard) - Moved into
the Leadership category in 2019-20.
Jaguar Land Rover

1. Land Rover Defender crowned 2021
World Car Design of the Year.
2. Land Rover Defender secures the
overall ‘Car of the Year’ and the
‘Unstoppable Force’ award in the
coveted annual TopGear.com Awards.
3. JLR’s Pivi Pro infotainment system
recognised by Autobest awards.
4. Land Rover Defender wins supreme
winner award at Women’s World Car
of the Year 2021
5. Jaguar I-PACE wins Best Electric
Luxury SUV award at What Car?
Electric Car Awards

Performance Review
Powered by resilience
and innovation
On a consolidated basis, we ended year on a strong note with EBITDA margins
of 12.2% (8.5% in FY 20) and EBIT margins of 2.6% (0.0% in FY 20) and strong
positive auto free cash flows of J 5,317 crore (J (12,676) crore in FY 20).
For standalone business, there was strong performance in the business despite
COVID-19 pandemic with EBITDA margin of 4.3% (0.5% in FY 20) and EBIT
margin of (3.5%) (significant improvement as compared to (7.2)% in
FY 20) and positive free cash flows of J 2,730 crore (J (7,750) crore in FY 20).
We continued to focus on operational efficiencies and delivered cash and
cost savings of J 9,300 crore against targets of J 6,000 crore. Our new BSVI
product range was well received by the customers and continued to create new
paradigms of functionality, productivity, comfort, performance and connectivity,
thereby bringing forth the core benefit of lower TCO (total cost of ownership)
and enhanced returns on investment for customers. Leveraging the superior
portfolio, CV business consistently posted sequential quarter on quarter growth
and improved realization. A clear shift towards personal mobility and the rich
preference for our ‘New Forever’ range of cars and SUVs led to the PV business
recording its highest ever annual sales in 8 years and growing its market
share to 8.2%.
Despite several headwinds, JLR ended the year with strong positive 12.8%
EBITDA margin (8.9% in FY 20) , 2.6% EBIT margin (0.1% in FY 20) and positive
free cash flows of £0.2 billion (£ (0.8) billion in FY 20) reflecting favorable
mix, lower variable marketing expenses and other costs and Charge+ savings.
Charge+ delivered £2.5 billion of savings in the year resulting in cumulative
savings of £6 billion from Project Charge and Charge+. The successful launch
of Land Rover Defender and the recovery of sales throughout the year including
double digit sales growth in China have contributed to the strong performance
for JLR in the year.
16 Chairman’s Message
18 TML CEO and MD’s Message
19 JLR CEO’s Message
20 Key Performance Indicators
Chairman’s Message
Charting a disciplined path for the future
Dear Shareholders,
The year gone by: The previous year has been amongst the
most challenging to-date, with the COVID-19 pandemic causing
a scale of suffering that is hard to comprehend. In some parts of
the world, including India, the situation has deteriorated further
in recent months.
The swiftness and intensity of the second India business: The domestic business of Tata
and third waves have overwhelmed health Motors scaled up capacity by proactively
systems, devastated lives and livelihoods. addressing several supply chain bottlenecks
It is a health crisis of the kind we have not while maintaining the health, safety, and
seen in generations. My heart goes out to wellbeing of our employees as well as the
everyone out there who has suffered the loss supporting ecosystem. As a result, the
Mr. N Chandrasekaran of loved ones. Given the scientific progress we domestic business grew volumes by 2%,
Chairman and have made over the past year, I am confident revenues by 7% and improved its EBIT
Non-executive Director we will eventually get the pandemic under margins by 370bps with a strong cash flow
control. Until then, I urge you to stay safe, of ` 2,730crore.
follow Covid discipline, and get vaccinated if
Gradually, as demand you are eligible.
Our Passenger Vehicles segment was the
standout performer during the year. The
started coming back from For your Company Tata Motors too, it was shift to personal mobility and preference for
the second quarter of a challenging year. The pandemic resulted our ‘New Forever’ range of cars and SUVs
in muted consumer demand along with led to the PV business recording its highest
last year, the company disruptions in production, supply chain and ever annual sales in 8 years and growing its
swiftly shifted gear, retail networks. I mentioned in my last year’s market share to 8.2%. The “Reimagine PV”
report that against this volatile backdrop, strategy to rejuvenate front-end sales and the
significantly ratcheted up your Company is charting out a disciplined retailer network network as well as customer
capacities, moved fast to path towards a robust and resilient future. engagement, has delivered excellent results.
Accordingly, the Company’s key focus areas Within this, the performance of the EV
serve customer demand were:- securing the safety of our people; the business is noteworthy. We strengthened
and ended the year viability of the ecosystem; and securing the our market leadership to 71.4% led by sales
health of the business through a laser focus of more than 4000 Nexon EV units since its
on a strong note. on cash flows. This helped us navigate the launch last year.
crisis well. Gradually, as demand started
The CV business posted sequential
coming back from the second quarter of
quarter on quarter growth on the back of
last year, the company swiftly shifted gear,
improved consumer sentiment, buoyancy
significantly ratcheted up capacities, moved
in E-Commerce, firming freight rates and
fast to serve customer demand and ended the
higher infrastructure demand. The new BS
year on a strong note.
VI range of vehicles have been well accepted
The resilient performance of the company in the market. We continue to improve our
is reflected in the business improving its market shares in M&HCV to 58.1% (+410
EBIT margins by 260bps to ` 6,471crore bps vs FY 18), ILCV 45.9% (+90bps vs FY
and Auto Free Cash Flows of ` 5,317crore 18). Disappointingly, our SCV market shares
despite its volumes declining by 10.3% to was 37.5%, losing 250bps vs FY 18. We
902,648 units and revenues declining by 4% are committed to get back to winning in this
to ` 2,49,795crore. segment and are taking concerted actions on

this front. The launch of Tata Intra, Yodha BS worldwide. Due to this, we anticipate a
VI, Ace Petrol are steps in this direction. gradual improvement in performance during
the year. The business has demonstrated
Tata Motors Group is in
JLR: Jaguar Land Rover also delivered a
resilient performance during the year. Despite
steadfast resilience in the face of adversity the process of pivoting its
last year and has strengthened its
a 14% drop in revenue to £19.7billion, the
fundamentals. This track record gives me the
underlying business model
business improved its EBIT margins by
250bps to 2.6% and generated positive free
confidence that the business will continue to towards sustainable mobility.
build on its turnaround last year and deliver
cash flows of £185m. Retail sales declined
an even stronger performance in the coming
14% for the year with China being the
years.
exception growing at a strong 23%. The all
new Land Rover Defender was a standout Over the longer term we anticipate
performer clocking a robust 45.2K units for significant changes in consumer behaviour
the full year as well as winning the 2021 — from demanding more integrated digital and as a Group we will invest proactively
Word Car Design of the Year. Its financial and experiences to prioritising health and safety to set up charging infrastructure across
market performance notwithstanding, Jaguar features across purchasing decisions. The the country. In addition, the Tata Group is
Land Rover made a critical contribution to the urge to break free and have the freedom to actively exploring partnerships in cell and
Tata Group’s worldwide efforts to help our move without fear or restrictions will shape battery manufacturing in India and Europe
communities and our people by producing future demand for passenger vehicles. to secure our supplies of batteries. We are
protective visors for the frontline health care Globally, greater emphasis and scrutiny also evaluating an automotive software and
workers, loaning JLR vehicles to the Red will be placed on building environmental engineering vertical within the Group that will
Cross and Red Crescent to aid the COVID sustainability and climate resilience into the help us lead in a new world of connected and
efforts and many more. very core of business models. autonomous vehicles. We are clear that this
shift to sustainable mobility is an idea whose
During the year, we had a smooth CEO To address and leverage these mega trends,
time has come, and the Tata Group will move
transition, during which Mr Thierry Bollore we plan to make sustainable business
forward with speed and scale to seize this
took over as the CEO of Jaguar Land Rover models a bedrock of our strategy. At the
and proactively drive the change in consumer
from Professor Sir Ralf Speth. I would like to Tata Group we would like to be amongst the
behaviour in India and beyond.
thank Ralf for his invaluable contributions to world-leaders on sustainability. As a large
the company over the last decade. Under his and diverse conglomerate based in India, In summary: With these moves, Tata Motors
leadership, Jaguar Land Rover has become a but with a global footprint, we are uniquely will be well placed to meet the opportunities
differentiated luxury OEM with iconic brands positioned for this leadership. Our companies that arise from these fundamental shifts. Your
like Jaguar, Land Rover, and Range Rover, a are present in 150 countries, we employ over company will be the torch-bearer for green
talent base that is world class and a set of 750,000 people and touch the lives of 650 mobility in the automotive world and create a
skills and capabilities that will serve us well million consumers. I will be the first to say virtuous cycle of growth and returns for our
for the future. Under Thierry’s leadership, that we have a long journey ahead of us. But shareholders too. This exciting journey opens
Jaguar Land Rover has now unveiled its we are clear that this is the right journey we a new frontier, and I would like to welcome
Reimagine strategy to make the company a must undertake and have begun with pushing you on this journey.
world leader in electrified luxury vehicles, targets forward.
Before I end, I would like to take this
sustainability, manufacturing efficiency and
Tata Motors Group is in the process of pivoting opportunity to thank all our employees and
new automotive technologies.
its underlying business model towards their families for their profound contributions
Outlook and Our plans: In the near term, sustainable mobility. Jaguar Land Rover is in these trying times. I would also like to thank
the impact of the pandemic is expected targeting 100% zero tail pipe emissions for the you shareholders for your continued trust,
to gradually recede as more people get portfolio it sells by 2036. Jaguar will become confidence, and support in the coming years.
vaccinated. We expect demand to remain fully electric by 2025. 60% of Jaguar Land
strong with consumer preferences shifting Rover’s volumes will be pure BEV vehicles by
further towards personal mobility. However, 2030. In India, EV penetration in our portfolio Best regards,
the supply situation is expected to be has now doubled to 2% this year and we
N Chandrasekaran
adversely impacted for the next few months expect penetration to increase exponentially
Mumbai, May 18, 2021
due to disruptions from COVID-19 lockdowns in the coming years. Tata Motors will lead
in India and semi-conductor shortages this change in the Indian market. By 2025,
Tata Motors will have 10 new BEV vehicles

TML CEO and MD’s Message
Resilience and rebound in every step
Plan to protect the interests of our business, improvement in EBIT margin by 370bps despite a
customers, dealers and suppliers and to ensure weak first quarter.
a swift bounce back as the situation improves.
As the future often demands a different approach
Further, we are organising vaccination camps
from the past, we have a set of high impact
at our plants and offices for eligible employees
programmes underway aligned with key trends
and their family members to get conveniently
shaping the auto industry of tomorrow.
vaccinated.
Future is Digital – Building on the early
We used the pandemic to accelerate our
successes and learnings, we are now ideally
transformation agenda for enhancing the
poised to take the big leap in our digital journey
organisation’s agility and resilience to avail
to transform customer experience and provide a
forthcoming opportunities:
range of solutions for the entire ecosystem.
Redefining Mobility – We used the mandate to
Future is Connected – Spotting this trend early,
migrate to BS VI norms to transcend beyond just
we have successfully developed a proprietary
emission compliance and set new paradigms of
Connected Vehicle Platform. This customisable,
safety, design, quality, connectivity, comfort and
scalable and adaptable platform is being
performance in our vehicles.
effectively deployed across our range of smart
Mr. Guenter Butschek Optimising More for Less – To offer more choice and connected vehicles. It has received acclaim
CEO and Managing Director, to customers, we successfully leveraged the from customers for providing meaningful
Tata Motors Limited power of modularity and commonalities to build insights and easy to use features.
scale, reduce complexity and costs, introduce
Future is Collaborative – We are refreshing
more products in shorter time span, and improve
our culture fundamentals and institutionalising
overall engineering efficiency.
benefits of working in purpose driven cross
Dear Shareholders, Embracing ‘Bridgital’ – With digital becoming functional teams to build trust and transparency.
the new language to engage with customers, a Advances in technology are enabling us
I hope this letter finds you well and in good smart micro market strategy complementing a collaborate seamlessly across the value chain to
health. deft product strategy enabled better customer deliver richer experiences.
outreach and engagement.
Financial Year 2020-21 will be remembered as Future is Green – As the leader in the electric
the year of COVID-19. With lockdowns and large In PV, the growing preference for our ‘New car market, we are focussed on accelerating the
scale disruptions across the world, survival Forever’ range of cars and SUVs and rising adoption, access and use of environment friendly
and wellbeing rightfully became the foremost popularity of EVs led the business to achieve its EVs. We are equally committed to strengthening
priority. highest ever annual sales in 8-years. Further, the our presence in the electric commercial vehicle
launch of the ‘Altroz i-Turbo’, the iconic ‘Safari’ in domain across segments.
Tata Motors too was severely impacted but we
an all new avatar and other forthcoming vehicles
resolved to emerge stronger by improving our With these programmes, we are well positioned
endorses our commitment to enhance presence
market, operational and financial performance – for the times ahead. Our emphasis remains on
in the faster growing market segments.
a tough ask that was diligently fulfilled. enhancing sales momentum, growing market
The unveiling of an entire CV portfolio (SCV, ILCV share, maintaining leadership in sustainable
We took immediate measures to keep our
and MHCV) with customised solutions to address mobility and delivering cash accretive growth.
people safe and protect their health. In the
industry specific applications announced our
absence of any prior blueprint to manage such I take this opportunity to express my deepest
intent to redefine transportation. While the
a crisis, we designed a comprehensive Business appreciation for all my colleagues and their
ultra-sleek ‘T.Series’ range established fresh
Continuity Plan that was purposefully executed families for their inspiring contribution amidst
benchmarks in urban and semi urban freight
by empowered, local cross-functional teams. this difficult time. I also thank you for your
transportation, the ‘Intra V30’ launch set a new
Our ecosystem inclusive approach to calibrate continuing trust, support and commitment to
standard for last mile delivery amongst SCVs.
shutdown, restart and revival, enabled fast track Tata Motors.
recovery and delivered sequential quarter on During this unprecedented fiscal, we delivered
quarter growth. a healthy increase across key metrics – volume,
revenue, cost reduction and profitability. Our Best regards,
The ongoing second wave of the pandemic has
intense efforts resulted in better than expected
once again resulted in multiple lockdowns in Guenter Butschek
cash savings of ` 9,300 crore, positive free
Q1FY 22. Experienced from the past year, we Ramsau am Dachstein, Austria, May 18, 2021
cash flows of ` 2,730 crore after interest and
are implementing a holistic Business Agility

JLR CEO’s Message

Transforming to lead, not to play catch up
Dear Shareholders,
In September 2020 it was my privilege to EBIT margin and become one of the world’s
become Chief Executive Officer of Jaguar most profitable luxury manufacturers.
Land Rover.
Reimagine will see us journey towards net
My view of the company from afar was always zero carbon by 2039. Both our brands will be
one of uniqueness, of Britishness, and of transformed by electrification, with six new
immense brand equity. From inside, the clarity all-electric Land Rover models in the next five
of that view is even sharper. years and Jaguar completely reimagined as a
Nobody could have anticipated the tragic pure electric brand, from 2025.
events of the past year. I’m deeply proud of Reimagine is our clear strategy. Driving it
our people and the way we worked together forward is our Refocus programme, which
to support our communities throughout the will generate sustainable, long-term value
year. The tremendous resilience of my Jaguar through operational excellence.
Land Rover colleagues is truly inspiring.
To help deliver our vision, we have created
Even without the impacts of COVID-19, the four new roles on the Jaguar Land Rover
Mr. Thierry Bolloré
business faced challenges that could be Limited Board of Directors during the last
CEO, Jaguar Land Rover
considered major risks. However, the pathway financial year.
navigated during the final two quarters is
evidence of our fundamentally strong, re- Nigel Blenkinsop joins as Executive
Reimagine will see us emerging business. Director of Company Quality & Customer
Satisfaction; Dave Owen oversees a new
journey towards net zero Of course, there are still many hurdles to Supply Chain function; and Nick Collins
carbon by 2039. Both our overcome, including the current global assumes responsibility for all programme
shortage of semiconductors, but we now development and product lifecycles, as
brands will be transformed have a clear view of the road ahead with our Vehicle Programmes lead.
by electrification, with Reimagine strategy; a future of modern luxury
Finally, to reinforce the importance of
by design.
six new all-electric Land carefully curated brand values and design
Reimagine allows us to confidently transform excellence in the success of modern luxury,
Rover models in the next the business and its distinct brands, to over Professor Gerry McGovern joins the Jaguar
five years and Jaguar satisfy our customers, and reward both our Land Rover Limited Board of Directors for
investors and our people. both brands as Chief Creative Officer.
completely reimagined
We will simplify our architecture strategy Ultimately, our will is to become the creator
as a pure electric and reorganise our manufacturing footprint, of the world’s most desirable luxury vehicles
brand, from 2025. placing quality and sustainability at the heart and products, for the most discerning of
of everything we do. We are now becoming customers.
a more agile organisation that plays to our
human-centric strengths. Our plan is not to catch up; our plan is to lead.
We will create a knowledge-sharing

collaborative ecosystem with the very Best regards,
best partners in global industry to leapfrog
forward in clean energy, software, and Mr. Thierry Bolloré
digitalisation. Gaydon, UK, May 18, 2021
Jaguar Land Rover will focus on value

creation through a profit-over-volume
approach. Our goal is to deliver double-digit

Key Performance Indicators
Strong performance in a
challenging environment
Our strong financial recovery since the beginning of
the pandemic, matched with robust cost control, has
resulted in a return to strong margins and positive
cash flow through the year.
Financial
Sales volume PVs sold CVs sold Sales volume
(wholesale) (Units) (wholesale) (Units) (wholesale) (Units) (wholesale) (Units)
Consolidated (excluding CJLR*) Tata and other brand vehicles Tata and other brand vehicles Jaguar Land Rover (excluding CJLR*)
(12.9%) 61.4% (23.0%) (27.0%)
FY 21 8,37,783 FY 21 2,22,638 FY 21 2,67,513 FY 21 3,47,632
FY 20 9,61,463 FY 20 1,37,924 FY 20 3,47,587 FY 20 4,75,952
FY 19 12,74,072 FY 19 2,34,500 FY 19 5,27,286 FY 19 5,07,895
Volumes were impacted mainly in Strong response to “New Forever Several headwinds including Decrease in wholesale volumes
Q1 FY 21 on account of COVID-19 Range”, outperforming the pandemic, lower capacity reflecting lower retails due
pandemic. Business witnessed industry. utilisations, rising costs, financing to pandemic and de-stocking
strong sequential recovery challenges impacted overall efforts.
thereafter. CV industry.
Free Cash flow

Revenue EBITDA margin (automative) Net auto debt
(L crore) (%) (post interest) (L crore) (including leases) (L crore)
Consolidated Consolidated Consolidated Consolidated
(4.3%) 370 bps
FY 21 2,49,795 FY 21 12.2 FY 21 5,317 FY 21 40,876

FY 20 2,61,068 FY 20 8.5 (12,676) FY 20 FY 20 48,282
FY 19 3,01,938 FY 19 9.0 (12,834) FY 19 FY 19 28,391
Adverse volume impact offset Profitability improved due Improvement in operational Deleverage plans on track,
by strong product mix and price to improved product mix and performance and strong cost reduction in net auto debt in
increases. reduction in costs. saving actions resulting in FY 21.
positive free cash flow for year.
Y-o-Y Growth *CJLR: Chery Jaguar Land Rover

Non-Financial
Specific (Scope 1+2) GHG Patents Ratio of female employees Water

emissions (tCO2/vehicle) granted (Nos.) to total employees (%) withdrawal (m3)
Tata Motors Limited Tata Motors Limited Tata Motors Limited Jaguar Land Rover
(14.4%) (55.6%) (31bps) (22%)
FY 21 0.59 FY 21 79 FY 21 5.48 FY 21 13,36,479
FY 20 0.69 FY 20 178 FY 20 5.79 FY 20 17,20,965
FY 19 0.69 FY 19 104 FY 19 5.16 FY 19 14,06,350
Focus on enhancing energy Continue development work for Make our workplaces inclusive Have flood protection, rainwater
efficiency at our facilities to patents. and focus on building balancing ponds and other water,
reduce our GHG emissions. a diverse workforce. land and conservation initiatives
across our sites.
Energy Scope 1 GHG emissions Operational waste POWERTRAIN MIX

consumption (MWh) (tCO2e) location based generation (tonnes) FY 21 (%)
Jaguar Land Rover Jaguar Land Rover Jaguar Land Rover Jaguar Land Rover
(16%) (18%) (25%)

4.6 3.6
FY 21 11,35,049 FY 21 1,21,149 FY 21 27,638
FY 20 13,58,225 FY 20 1,48,753 FY 20 37,043
FY 19 12,61,805 FY 19 1,32,666 FY 19 38,023
ICE
JLR facilities in the UK, Slovakia The decarbonisation of our global All our facilities have waste MHEV
and Brazil are all powered 100% manufacturing is a fundamental segregation and management PHEV
by renewable electricity. We part of our Reimagine strategy, systems implemented. We follow BEV
generate over 13 MW of solar building on our success to date. the waste management hierarchy
electricity at our sites, globally. - reduce, reuse, recycle. 42.9
48.9

Value-Creation Approach
Transforming the
future sustainably
At Tata Motors, we understand the constantly
evolving customer preferences and changing external
environment. Our endeavor is to deliver technologically
advanced world-class products and solutions by driving
innovation across the mobility value chain, while also
striving to reduce our environmental footprint and
ensuring the viability of our ecosystem.
24 Operating Context
26 Risk Management
30 Value-Creation Model
32 Stakeholder Engagement
and Materiality
Operating Context
Driving through rapid change
The automotive industry is experiencing accelerated transformation. With
increase in prices, customers are increasingly becoming focused on Total Cost
of Ownership for CV’s. There is growing demand for alternate fuel options in
SCV’s and ILCV’s. Due to COVID-19 pandemic, personal mobility has gained
traction. Fully build options, safety, connected services and better digital
experience are gaining centre-stage. We are well positioned to capitalize on
the emerging opportunities by delivering innovative, smarter and cleaner
mobility solutions.
Connected Technology and Digital

The automotive industry has been witnessing a
paradigm shift in the past few years with connectivity
becoming a must-have feature in all vehicles.
Organisations, while adapting to the new normal,
have accelerated their digital transformation journey
in every aspect of business.
Tata Motors Limited digitally, which reduced turnaround time from 7 days to less than
24 hours.
Tata Motors has taken the connected vehicle solutions to the
next level with the introduction of Fleet Edge. Build on our Jaguar Land Rover
connected vehicle platform developed in-house, Fleet Edge
enables customers to improve asset management and utilisation JLR has developed a contactless touchscreen technology for its
through real time tracking of vehicle health parameters and driver infotainment system to reduce the risk of virus spread against
behaviour. The platform has garnered over 30,000 vehicles within the backdrop of the pandemic. It will use ‘predictive touch’
six months of its launch. technology to pre-empt user behaviour inside the vehicle. JLR's
new prototype air filtration system, is lab-tested and certified to
Tata Motors iRA (iNTELLIGENT REAL-TIME ASSIST) offers a prohibit airborne bacteria and viruses up to 97%.
range of innovative features that are especially developed
keeping in mind the needs of the Indian consumer. It redefines car JLR also launched a new Pivi Pro touchscreen infotainment,
connectivity to provide consumers with a suite of 27 connectivity which shares electronic hardware with the latest smartphones
features such as remote commands, vehicle security, location- and allows customers to make full use of Software-Over-The-Air
based services, gamification and live vehicle diagnostics. (SOTA) technology, without compromising its ability to stream
music and connect to apps on the move. In addition, customers
We also launched ‘Click to Drive’, which enables customers to can connect two mobile devices to the infotainment head unit by
buy a Tata Motors car with a click of a button from the comfort simultaneously using Bluetooth and hands-free functionalities.
of their homes. This platform has been integrated with all Tata
Motors dealer outlets. To improve internal process efficiency, we Further, JLR’s Click and Deliver has enabled its retailers to drive
deployed GTME and e-Guru at more than 230 dealerships. Our sales during recent COVID-19 lockdowns. Combined with safe,
product configurator helps customers choose aggregates best sanitised click and collect delivery options, this gives Jaguar and
suited for their applications. We have also integrated financiers Land Rover customers ultimate convenience and flexibility.

Electric Mobility
Electric mobility is gaining significant traction worldwide on The UK government recently revised the phase-out date for the
account of need to reduce carbon emissions to avoid harmful sale of new petrol and diesel cars and vans to 2030 from 2035,
effects of climate change. Further, automobile manufacturers while the governments of other countries including Norway
are focusing on increasing the range with battery packs and on and the Netherlands announced goals of banning new petrol
building electric cars suited to the needs of customers. and diesel cars. Government of India has shown strong intent of
driving EV adoption in last few years and have introduced several
policy interventions.
Tata Motors Limited

Tata Motors has been at the forefront of providing electric
mobility solutions in the market. The Nexon EV is driving the
growth of EV industry in India with 65% share of total sales in
FY 21. Tata Motors, with its wide range of mass mobility solutions,
is the largest passenger commercial vehicle manufacturer in the
country. Under FAME I and II schemes of the Government, we
have already supplied more than 350 Electric buses to various
STUs, and these buses have covered a cumulative distance of
more than 10 Million Kms. Driven by early mover advantage and
building compressive solutions customized to Indian needs, we
are strategically well positioned to address the increased demand
for clean mobility solutions in the country. Further, we have
put in place the largest EV ready network in India. We are also
deriving synergies from the ecosystem of Tata group companies
comprising Tata Power, Tata Chemical, Tata Autocomp Systems,
among others, to develop EV infrastructure in India.
READ MORE PG.42
Jaguar Land Rover

JLR has significantly expanded electrification across its model
range, with the launch of six new PHEV models and nine new
MHEV models in FY 21. 12 out of 13 JLR nameplates offer
an electrified option. In February 2021, JLR also unveiled its
Reimagine strategy, under which the first all-electric Land Rover
vehicle will be launched in 2024, followed by another 5 models
with full battery electric option by 2026. Meanwhile, Jaguar will
become a pure-electric only brand from 2025. With Reimagine,
JLR has also set an ambitious goal of having a fully electric fleet
of luxury vehicles by the end of the decade and 100% of sales
from pure battery EVs by 2036.
READ MORE PG.42

Risk management
Navigating headwinds with confidence
At Tata Motors, we monitor the external environment to capitalise on emerging
opportunities and proactively undertake measures to mitigate associated
risks. We have established a robust risk governance framework that not only
evaluates the nature of risks, but also dynamically assesses their likelihood
and significance on our value creation abilities.
Principal risks Description Consequences Mitigations and opportunities
COVID-19 PANDEMIC, We are exposed to changes Our international presence We continue to closely monitor and
MANUFACTURING in the global economic and and global sales profile risk assess global developments, and
OPERATIONS AND GLOBAL geopolitical risks, as well as means that our business maintain a balanced sales profile across
ECONOMIC CONDITIONS other factors such as wars, could be significantly our key sales regions.
terrorism, natural disasters, impacted by changes in
We ensure our manufacturing sites are
humanitarian challenges the external environment,
COVID-19 safe; implement preventative
and pandemics. globally or locally.
measures and drive on-site testing
Any disruptions to our
There is still uncertainty and vaccinations.
manufacturing operations
around COVID-19 pandemic,
Type of risk and losses in vehicle The shift towards new technologies,
with several countries
production could result in electrification and economic recovery
STRATEGIC witnessing subsequent waves
delays to both retailer and post COVID-19 pandemic create
and more importantly, India
customer delivery, and strong opportunities.
Capitals impacted witnessing a major resurgence
potential delays or loss of
of COVID-19 cases.
revenue through loss
of sales.
SUPPLY CHAIN DISRUPTIONS Our ability to supply Supply chain disruptions We operate an effective supply chain
components to our if not managed, could risk management framework which
manufacturing operations have adverse effect on enables proactive engagement with our
at the required time is of satisfaction and reputation. suppliers to diagnose and mitigating
importance in achieving potential disruptions. We work closely
Increasing commodity
production schedules and with our suppliers to define inventory
prices, especially in the
Type of risk meeting consumer demand. maintenance norms, build safety stocks,
recent past, pose significant
Our supply chain could be explore localisation and alternative
OPERATIONAL challenges.
severely disrupted as a result sources, among others.
of external shocks, industry In addition to the disruption
Capitals impacted We are mitigating semiconductor risk
specific and company factors caused by the pandemic,
by engaging with suppliers, aligning
in the future. supply constraints of
production, altering designs and
semi-conductors has
changing product configurations.
impacted the automotive
sector globally and we are JLR’s Refocus transformation
also witnessing certain programme focuses specifically on its
disruptions. supply chain to enhance the efficiency
of launching its models to market.

MANAGING GROWTH Delivering on our business If we are unable to deliver With Turnaround 2.0, we intend to
STRATEGY AND DELIVERING and achieving Turnaround and these objectives, our drive towards competitive, consistent
ON COMPETITIVE BUSINESS Sustainable transformation ability to achieve our and cash-accretive growth. We also
EFFICIENCY is key to sustaining profitable financial targets may plan significantly deleverage group
and cash accretive growth. limit our capability to and achieve net zero auto debt in three
Furthermore, there are invest and fund future years. TML achieved cash and cost
inherent risks to the successful products and technologies. savings of ` 9,300 crore against targets
implementation of the recently Any uncertainties that of ` 6,000 crore in FY 21. Project
announced Reimagine strategy materially compromise Charge and Project Charge+ delivered
Type of risk
for JLR, including the launch the achievement of £6b of cost and cash savings for JLR
of Jaguar as a BEV only brand, our objectives could since FY 19. The Refocus programme
FINANCIAL the significant ramp up of Land unfavourably impact our aims to enhance business efficiency
Rover BEVs as well as the operational and and underpins the delivery of JLR’s
Capitals impacted migration to new architectures. financial performance Reimagine strategy.
INTENSIFYING COMPETITION Brand positioning is becoming Our potential inability to With key new launches across TML
AND BRAND POSITIONING increasingly challenging in a successfully position, and JLR, we are reinforcing our
dynamic automotive market maintain and articulate brand strategy and making focused
with more intense competition the strength of our brands investments to set industry benchmarks.
from existing OEMs and new as well as failing to In addition, we regularly monitor the
disruptive entrants. develop new products/ perception of our brands to quickly
technologies that meet identify and address uncertainties that
Type of risk customer preferences, may arise. Jaguar is emerging as an
STRATEGIC suffering delayed product all-electric brand from 2025 targeting
launches, or not being able a more luxurious segment of the
Capitals impacted to sufficiently invest in market. The significant increase in the
brand building, could impact electrification of Land Rover products
demand for our products. should enable the brand to capitalise on
the fast growing BEV segment.
INNOVATION AND RAPID Our future success depends on Delays in the launch of We continue to invest in R&D and
TECHNOLOGY CHANGE our ability to stay attuned to technologically intensive to prioritise the development of
evolving automotive trends and products, or the relative technology-enabled platforms and
to satisfy changing customer obsolescence of existing feature delivery.
demands by offering innovative technology in our products
We engage with relevant industry
products in a timely manner could impact sales as
partners and government agencies to
and maintaining product customers may choose to
support the efficient delivery of our
Type of risk competitiveness and quality. purchase products from
products and cutting-edge technologies.
STRATEGIC competitors and/or the
sale of our products could Increasing partnerships and
Capitals impacted
be prohibited in certain collaborations with the Tata Group and
markets. other companies is a key aspect of
our strategy.
Social and
Financial Manufacturing Intellectual Human relationship Natural

Risk management Contd.
DISTRIBUTIONAL CHANNELS Sales and service performance Failure to deliver superior Market and retailer demand is closely
AND RETAILER NETWORK directly impacts the sales service through monitored in order to optimise
satisfaction and retention of our retailer channels will production, sales and inventory.
existing customers and the lead to a weakening in our
We engage closely with dealers
attraction of new customers. competitive advantage
on several fronts to ensure dealer
potentially impacting our
In addition, inadequate sales profitability, health and providing
business and financial
and service performance support. We have launched the click
Type of risk performance.
could negatively impact the to drive platform for online sales and
OPERATIONAL reputation of our brands. COVID-19 has and continues integrated all dealers on this platform.
to impact our retailer JLR is enabling its retailers drive online
Capitals impacted network with new lockdown sales with ‘click and deliver’ services
measures causing or likely through lockdowns.
to cause showroom closures
and such external shocks
could similarly impact our
distribution network
in the future
ENVIRONMENTAL We are subject to a rapidly We may incur additional Sustainability is being brought to the
REGULATIONS AND evolving regulatory landscape compliance costs to avoid centre of our business strategy. As a
COMPLIANCE with associated laws, facing significant civil and responsible business and being part
regulations and policies that all regulatory penalties, and of the Tata Group, TML is committed to
impact the production facilities our competitors may gain an significantly reduce its GHG emissions to
and vehicles we produce. advantage by adopting new ultimately achieve net zero emissions.
emissions-reducing and
The transition away from TML is one of the front runners in the
fuel-efficient technologies
Type of risk traditional fossil fuels to more EV industry today. JLR has significantly
before we do. Furthermore,
renewable energy sources expanded electrification across its model
LEGAL & COMPLIANCE we may incur significant
and the increasing pace of that range. Furthermore, JLR continues to
reputational damage, which
transition creates particular target lower carbon emissions at its
Capitals impacted could materially impact our
compliance challenges, in sites and has achieved carbon neutral
brands and sales, if we fail
particular tailpipe emissions certification by the Carbon Trust. JLR
to maintain and improve our
for automotive companies and launched its Reimagine Strategy, which
environmental, social and
wider compliance requirements clearly lays out electrification roadmap
governance practices.
for carbon emissions produced and JLR aims to achieve net zero carbon
during manufacturing and emissions across its supply chain,
other operations. products and operations by 2039.
CREDIT RATING AND Credit rating agencies A downgrade in our credit We routinely engage with credit
LIQUIDITY RISKS continually review the assigned rating may negatively agencies. Significant efforts have
ratings and these ratings affect our ability to obtain been made to shore up liquidity. We
may be subject to revision, financing and may also have sufficient liquidity to meet the
suspension or withdrawal by increase our financing unprecedented challenges. Strong
the agency at any time. costs. The COVID-19 operational performance and cash
pandemic may continue and cost savings initiatives resulted in
Maintaining adequate liquidity
to increase pressure on reduction in net auto debt by ` 7,300
Type of risk is critical to our business for
liquidity of the Group and its crore in FY 21.
running day-to-day operations
FINANCIAL subsidiaries.
and servicing our short-term
obligations.
Capitals impacted

WRITE-OFFS, IMPAIRMENT OF Designing, manufacturing If the carrying amount of Focused action plans including
TANGIBLE AND INTANGIBLE and selling vehicles requires tangible and intangible Reimagine and Refocus for JLR and
ASSETS substantial investments in assets exceeds their Turnaround 2.0 for TML aim at improving
tangible and intangible assets. recoverable value, it could operational, financial performance and
have a material adverse achieving sustainable transformation.
Due to market challenges,
effect on our financial
our growth strategy may not We have taken steps towards
condition and the results
materialise and investments rationalisation of capital expenditure and
of operations.
made do not yield the intended we critically monitor our capex plans.
Type of risk
results or certain projects may
FINANCIAL have to be discontinued.
Capitals impacted
IT SYSTEMS AND SECURITY As a global enterprise with Failing to safeguard Information risk and security are
leading brands and a strong personal data could result managed strategically, through a
reputation, we are an attractive in regulatory censure, security programme and roadmap.
target for cyber criminals. fines with consequential This is recalibrated periodically. The
reputational and financial programme includes key themes:
Information technology is
damage. Cyber attacks strengthening security culture to reduce
at the heart of our business,
Type of risk could compromise or human information risk; proactive and
safeguarding our information
OPERATIONAL significantly disrupt robust cyber defence; supply chain
assets and maintaining privacy
our core capabilities to security assurance; maintaining rigorous
and reducing human risk are
Capitals impacted
deliver products for our controls and managing enterprise
paramount.
customers, and In some information risks to acceptable levels.
cases, compromise the
safety of our customers and
colleagues.
HUMAN, CAPITAL Our business requires an If we fail to develop new A key aspect of the Turnaround 2.0 and
engaged workforce with skills and capabilities in Refocus transformation programme is to
core capabilities in new and our workforce and attract develop an agile, capable organisation
emerging skill areas and a key talent, our business and culture to support the business.
collaborative and innovative will lose the ability to
Under a more efficient, focused target
culture for our transformation remain flexible in a dynamic
operating model our workforce will help
Type of risk to be successful. automotive industry.
drive this transformation by leveraging
OPERATIONAL our digital capability and solutions.
Capitals impacted
Social and
Financial Manufacturing Intellectual Human relationship Natural

Value-creation model
Designed to deliver
profitable growth
Inputs Value-chain
TML JLR Innovation and

− `19,056 crore equity − £5,254 million equity technology
− `2,586 crore investment − £2,343 investment
spending spending
Financial − `22,439 crore debt − £6,697 million debt
Mobility
service
− 9 manufacturing units − 12 manufacturing and
− 2 design and engineering centres engineering facilities
− 7 technology hubs
Manufacturing
− 11 design applications filed − 124 foreign design

− 89 patents filed applications
Capitals
− 184 foreign patent

Intellectual applications
− 50,837 total employees − 36,174 employees

Customer
service network
− 3,649 employees in R&D
Human
− `23.33 crore spent on CSR − 12,375 hours

− 10,146 hours volunteered by volunteered by
employees employees
Social and
relationship
Global sales
network
− 1.39 Gj/vehicle specific direct energy

consumed − 11,35,049 MWh energy
consumed
− 2.75 Gj/vehicle specific indirect
Natural energy consumed − 13,36,479 m3 water
consumed
− 4.14 Gj/vehicle specific total energy
consumed Financial
services
− 39,91,290
Water Withdrawal (m3)

At Tata Motors, our business model is designed to deliver sustained

performance. We focus on managing our financial and non-financial
resources efficiently to create long-term value for all our stakeholders.
Outputs
Design and TML JLR

engineering − `47,031 crore revenue − £ 19,731 million revenue
− 4.3% EBITDA margin − 12.8% EBITDA margin
− (3.5%) EBIT margin − 2.6% EBIT margin
Financial − `2,730 crore free cash flow − £ 185 million free cash flow
− 4,58,512 units produced − 4,02,420 units produced

(including Joint Operations)
Manufacturing
− 47 design applications granted − 226 designs approved

Strategic
sourcing
− 79 patents granted − 648 patents granted
Intellectual
− 5.8 % gender diversity − 17.49 % gender diversity

− 8.70% Total Employee Turnover Rate − 0.16 LTIFR
− 3.70% Voluntary Employee Turnover
Human Rate
− 0.26 LTIFR
− 7,58,053 lives impacted through CSR − 21,11,015 lives impacted

initiatives through CSR initiatives
− 388 suppliers covered in total
under the Sustainable Supply Chain
Social and Initiative
relationship − 31 more dealerships covered under
Manufacturing
the Dealers Sustainability Initiative,

operations
taking the total to 98
− 0.09 tCO2/vehicle specific − 2,56,246 tCO2e Scope 1

Scope 1 emissions emissions
− 0.51 tCO2/vehicle specific − 100% facilities powered by
Natural Scope 2 emissions renewable energy powered
facilities in UK, Slovakia and
− 4,208.5 tonnes of Hazardous
Brazil.
Logistics Waste Disposed
− 27,638 tonnes operational
waste produced

Stakeholder engagement and materiality
Troubleshooting through
dynamic engagement
During the year under review, TML engaged with various stakeholders groups
to identify their grievances. Further, we focused on incremental engagement
with the stakeholder groups to address the identified issues.
Engaging proactively
Stakeholder group Key issues in 2020-21 Engagement platforms
− Growth opportunities Weekly/monthly reviews, hr forum,

− Skill upgradation townhalls, focused group discussions
− L earning and development – Technical and
EMPLOYEES functional knowhow
− Grievance redressal
− Occupational health and safety
− Employee wellbeing
− Quality and safety Customer meets, key account process,
− After-sales servicing surveys, feedback calls, training forums,
CUSTOMERS direct visits
− Pricing
− Complaint resolution
− Financing opportunities Dealer meets, joint programmes, special
DEALERS AND − Knowledge transfer training programmes, dealers council, dealer
SERVICE CENTRES − Complaint resolution visits, audits, dealers sustainability initiative
− Digitalisation and improving CRM system
− Inventory planning Sustainable supply chain initiative,
SUPPLIERS / − Quality compliance technology days, supplier meets,
SERVICE PROVIDERS − Closer engagement and exchange of technology vendor council, audits
transfer on quality, safety and sustainability
− Financial performance Investor meets, investor calls, road shows

INVESTORS AND − Transparency
SHAREHOLDERS − Compliance
− Timely communication on strategy and performance
− Meeting specific local requirement Need-assessment surveys, frequent
COMMUNITIES − Community safety meetings
− Engagement and communication
− Relationship building One-on-one meetings, meetings in

REGULATORS/ industry forums
− Thought leadership and advocacy in the industry
GOVERNMENT
− Ensuring technical alignment with customer Case-based meetings

EXPERTS/
requirement and regulatory needs
ACADEMIC AND
− Product and process innovation to ensure resource
RESEARCH
efficiency and sustainability
INSTITUTIONS
− Product development and capex management
− Marketing communication Interactions at regular intervals
MEDIA − Constant liaising

Materiality assessment
The expectations and concerns of our identified stakeholders help us in prioritisation of strategy, policies
and action plans in the area of economy, environment and society.
TML revisited the materiality assessment done during FY 18 and once again conducted the stakeholder
engagement and materiality assessment process in FY 21 to identify and prioritise focus areas as per their
strategic importance.
Materiality process
1 2 3 4 5 6
Identification of Assessment against Aggregation of Categorisation of Measurement on Review of material
topics relevant six materiality filters inputs from all the relevant topics the criticality scale topics by TML’s
to the Company of financial impacts stakeholders through based on important (High-Medium- senior management
and risks, legal focused discussion criteria, such as ‘How Low) which helps post prioritisation
drivers, internal and questionnaires impactful is a topic to in isolating and
policy drivers, TML’s business and prioritising key
peer performance, sustainability?’ and material topics
stakeholder concerns ‘How important is a
and opportunity topic to stakeholders
for innovation with in assessing of
inputs from the TML’s performance?’
senior management
Material topics
HIGH MEDIUM LOW
− Adoption of Clean Technology − Value Chain Environment − Biodiversity

− Vehicle Life Cycle Analysis Management − Material Management
− Greenhouse Gas Emissions − Water & Effluents − Marketing & Labelling
− Energy Management − Fleet Fuel Economy − Supplier Social Assessment
− Customer Health & Safety − Air Emissions − Public Policy
− Occupational Health & Safety − Vehicle Use Phase Emissions − Freedom Of Association &
− Ethical Business Conduct − Environmental Management Systems Collective Bargaining
− Governance − Waste Management
− Stakeholder Centricity − Labor practices
− Employment & Welfare
− Human Capital Development
− Socio-Economic Impacts
− Automotive Cyber Security
− Community Welfare
− Research & Development
− Tax
− Economic Performance
In the materiality matrix of FY 21, there are 31 material topics, wherein new material topics have emerged such as ethical business conduct,
governance, vehicle life cycle analysis, stakeholder centricity, automotive cyber security, tax and socio-economic impact.

Strategic roadmap
Driven by agility, Inspired

by transformation
Our operating environment remains challenging with the pandemic
continuing to weigh on consumer sentiments.
At TML, we have implemented a strategic Business Agility Plan to

address the short-term challenges by keeping our costs low and
ecosystem viable while delivering innovative mobility solutions
across product customer segments. Strong transformative actions
and proactive measures across various segments have supported our
business continuity endeavours.
With structured product intervention and timely upgradation, the

strategy is to enhance targeted markets and strengthen customer
association through stylish design, safety and new technology driven
products. In the EV segment, cost optimisation, newer models and
infrastructure development pave the way for TML to consolidate its
position as the market leader in India.
We remain committed to delivering consistent, competitive, cash

accretive growth while deleveraging our balance sheet.
36 TML
44 Jaguar Land Rover
Strategic roadmap – TML
Winning with perseverance
and prudence
Bracing the COVID-19 storm
The COVID-19 pandemic, in 2020,
brought with it an unprecedented impact
across businesses and countries. Our
operations were also impacted, as
the nationwide lockdowns, disrupted
supply chains and dampened demand.
TML instantly took measures to
maintain Business Continuity with a
three-pronged approach of Survival-
Recovery-Growth.
Surviving the Challenges

Our initial response to the pandemic was
of maintaining business continuity and
standing along with our stakeholders staying
connected to them virtually.
RESPONSE TO THE PANDEMIC
CUSTOMERS EMPLOYEES DEALERS COMMUNITY GOVERNMENT MANUFACTURING

− Virtual connect − Ensuring health, − Interacting RESPONSE & LOCAL AND SUPPLY CHAIN
with customers/ safety and continuously − Enabling AUTHORITIES − Rigorous cost
stakeholders well-being of our to address pain safety kids and − Strong alignment reduction
employees points essentials on SOPs and and cash
− Capturing new
ensuring safety conservation
trends of safe, − Strong focus − Briefing and − Supporting
convenient on employee aligning to driver's − Showing agility
mobility engagement our Business livelihood in supply chain
and upskilling Continuity Plan management
(BCP)

Accelerating the Recovery

With robust action plans in place, we moved
fast to serve customer demand as economy
opened up. Our upgraded BS VI range of
Commercial Vehicles and “New Forever”
range of Passenger Vehicles witnessed
strong demand. With strong actions focused
to ensure ecosystem viability and focussed
structural cost reductions, we ended
the year on a strong positive note with
improvement in EBITDA and EBIT margins
and positive free cash flows.
Key Highlights
EBITDA MARGINS IMPROVEMENT IN EBIT MARGINS FREE CASH FLOWS CASH AND COST SAVINGS
4.3% 370 bps C2,730 cr. C9,300cr.
Building the future comprehensively

Our strategy is not just about accelerating the turnaround and meeting challenges – but about building the future
comprehensively and achieving a structural transformation. Our strategy revolves around following aspects:
DESIGN MANUFACTURING SALES & SUPPLY CHAIN ENGINEERING PEOPLE AND

Taking TML design Improving MARKETING, Focussing on Improving RESOURCES
language to a higher manufacturing SERVICE connected supply engineering Co-creating the
level. Augmented process leveraging Digitally chain with an online efficiency with future culture for
focus in the technology with transforming defined system a more for less people and resources
commercial vehicles application of stakeholder providing increased strategy to using mainstream
segment, with Industry 4.0 and engagement through visibility and leverage cost data analytics tools
cutting-edge designs Logistics 4.0. Taking tech-driven sales, integration leading to benefits. Adoption for building data-
reflecting a sense of integrated sales and marketing and improved efficiencies of ACES* and driven decision
purpose coupled with operating plans to service. Taking and significantly making technology making.
strength and quality. the next level to drive efforts to increase rationalised supplier affordable and
efficiency along the dealer profitability base. Ensuring introducing new
value chain. and decrease strategic sourcing features for the
breakeven volume and early supplier benefit of customers
point. involvement for
better supply chain
management.
*Autonomous, Connected, Electric and Shared Vehicles

Strategic roadmap – TML Contd.
Win Decisively in CV
The commercial vehicle industry witnessed initiatives included additional measures focussed on green-shoot microsegments. As
major headwinds with volumes falling to related direct material cost reduction, fixed a result, our widest range of BS VI vehicles,
the lowest over last decade, reaching the cost restructuring and judicious deployment offering best in class TCO and profitability,
FY 10 levels. We undertook a number of of CAPEX. Similarly to drive better realisation, was well received in the market with strong
measures to navigate the downturn and we also offered a number of value added response. In parallel, we ramped up our
ensure our readiness for quick response services such as Fleet Edge (our next supplies in line with the market recovery,
during subsequent recovery phase. We generation connected vehicle solution) and strengthened S&OP to cater to volatile
prioritised strategic actions to rationalise our uptime guarantee to deliver greater benefits demand situation and focused on viability of
costs, to enhance our product performance to our customers. We undertook extensive the overall ecosystem. This resulted in us
to boost adaptability of BS VI vehicles, to ecosystem engagement actions, including being able to complete the year on a strong
expand our product and service offerings channel partner engagement initiatives, positive note.
and to strengthen our S&OP process for extended financial tie ups, product demos to
tighter inventory control . Our Cost reduction establish superiority of our BS VI range and
Key Highlights
EBITDA MARGINS EBIT BREAK EVEN REDUCED MHCV MARKET SHARE SALES TOUCHPOINTS
5.3% 25% 58.1% 1,553

130 bps 70 bps
SERVICE TOUCHPOINTS NET PROMOTER SCORE (NPS)* DEALER SATISFACTION INDEX
2,892 68 722
*11 pts improvement in 3 years

DRIVING EFFICIENCIES to leverage on the success of our connected

Future focus areas We continue to work on optimising our solution “Fleet edge” and have strong a digital
input costs through sustained efficiency roadmap which will improve customers’
improvement actions across our value chain. business.
Looking beyond the short-term Our cost optimisation efforts are pivoted to
We are continuing with our Research and
challenges, we continue to focus on the customer value addition, while we critically
Development activities related to advanced
megatrends impacting the CV industry review each cost element for potential
propulsion systems and are committed to
and our strategic actions are aligned to optimisation opportunity. As we continue
drive actions in the areas related to alternate
leverage the emerging opportunities on this journey with a systematic value
fuel options for the sustainable future. We
and to counter the potential threats. Our management approach, we remain focused
are exploring solutions on alternative fuels
future focal points include increasing to sustain the cost reduction benefits and
such as Ethanol E10/E20, Bio-diesel blends,
efficiency, market development and maintain breakeven point at lower levels.
LNG, H-CNG as well as zero emission Battery
exploration of new opportunity as we MARKET DEVELOPMENT Electric Vehicles and Fuel Cell Electric
prepare the business to leverage the Further to our successful transition to BS6 in vehicles.
upcoming market trends. FY 21, we are continuing with our actions on
CONTINUED SUCCESS IN COMMERCIAL
new product development and infrastructure
EV SEGMENT
enhancement to meet the upcoming stringent
EFFICIENCY With Electrification picking up progressively
Real Driving Emissions (RDE) norms. We
in India, we have made significant progress on
continue with our focus on delivering
PRODUCTION COST OPTIMISATION developing comprehensive EV bus solution
enhanced value to our customers by bringing
for public transport application. We currently
OPERATIONAL EFFICIENCY innovative solutions and enhancing customer
have 350+ Buses deployed on Indian roads
satisfaction. Our aim continues to go beyond
under FAME-I and II scheme which have
mere compliance, to enhance the product
cumulatively covered distance of more
performance and thus to improve the overall
than 10 million kms demonstrating strong
competitiveness.
performance. We have already received
MARKET DEVELOPMENT
Our aftersales and service offerings through orders for another 500 Buses under GCC
TIGHTER EMISSION REGULATION ‘Sampoorna Seva’ initiative continue to model (FAME- II). To enable faster adoption
provide holistic support to our customers of EVs across emerging segments, we
ELECTRIFICATION delivering enhanced productivity and have embarked on a journey to create EV
AFTER SALES SERVICE earnings. Our aim is to constantly enhance our ecosystem through Tata Group synergies.
Sampoorna Seva offering through expanded Going forward, in addition to the Bus segment,
scope and features. we continue to engage with key customers
for deployment of EVs in last mile transport
NEW OPPORTUNITIES
application. As part of our commitment and
We endeavour to deliver on the continuously
NEW OPPORTUNITY journey towards zero emission transport
rising customer expectations for improved
solutions, we are also participating in FCEV
performance, better turnaround time, lower
CONNECTIVITY bus tenders by leveraging our in-house
cost of ownership and refinements. We aim
capabilities and leveraging support from
ALTERNATE POWERTRAINS ecosystem partners.
Future financial targets
We have activated the Business

Agility Plan to navigate the
ACHIEVING LONG-TERM STRONG
challenges of recent COVID-19
pandemic wave in India. We
DOUBLE-DIGIT CAPEX AT 3-4% POSITIVE FCF
remain committed and focussed
to Win Decisively with our
EBITDA OF REVENUE
extensive product range and
continue to lead the
market developments.

Win Sustainably in PV
The passenger segment has seen a very to capitalise on the revival in demand. Going Strong transformation actions undertaken
strong rebound in demand post opening up forward also TML is well positioned to grow over the past years have aided the robust
of the lockdown. Our strategic intervention across segments with a strong portfolio of turnaround in the PV business.
to reposition our brand, expand capacity and stylish and exquisite design, best in class
launch of New Forever range placed us well safety, superior driveability and features.
AGILE MARKETING CHANNEL MARKET SMART PRODUCT DEMAND-SUPPLY FOCUSED ACTION IN SALES TEAM
ACTIONS TRANSFORMATION INTERVENTION SYNCHRONISATION IDENTIFIED MICRO- EMPOWERMENT
MARKETS
Key Highlights
HIGHEST SALES IN VOLUME GROWTH (AGAINST MARKET COVERAGE

INDUSTRY DECLINE OF 2%.)
8 years 69% 63%

EBITDA ABSOLUTE EBITDA IN SALES TOUCHPOINTS SERVICE TOUCHPOINTS
LAST 10 YEARS
2.2% Highest 906 608

1160 bps
Ever
Pillars of future success plan

Our future growth amidst increased competition will be driven by the five core pillars.
BRAND PRODUCT STRATEGY RE-IMAGINING FRONT END

There has been strategic focus to consistently TML product approach ensures TML front-end is being given an image
increase brand health indicators. There has comprehensiveness and competitiveness overhaul and repositioned across the four
been increase in the NPS with sharp decrease of portfolio with new products with smart key planks of customer-facing product life
in detractors and passives. NPS increased product intervention and timely refreshes. cycle - sales, dealer processes and resources,
from 23 in 2019 to 30 in 2021. The brand The strategy is to enhance targeted market after sales and, customer experience. Digital
has grown consistently on both Awareness and strengthen customer association technology will be extensively used for
and Consideration scores. Enhancing brand through stylish design, safety and new seamless and best-in-class experience by
continues to be a key strategic initiative and technology features driven products. The creating an emotional and lasting connect
it will play pivotal role in driving aspirational recently launched New Forever range has with customer, while alternative channel
quotient of products in the minds of seen excellent market response and the will be used in rural areas. Micro-market
new age customers. portfolio of products is well positioned strategy, continuous dealer monitoring
in the growing segments. and support, increased channel partner
competitiveness will also be used for better
customer management. The process will not
only provide an overall enhanced customer
experience but will also establish strong
foundations for next evolution in sales
STRUCTURAL MARGIN IMPROVEMENT MANUFACTURING AND QUALITY
formats and service models.
LEADERSHIP
We will continue to implement multiple
initiatives undertaken in recent past to We will leverage existing assets to cater
structurally improve margins and strengthen to increasing demand, while ramping up
profitability. This includes, Value Analysis production aligned to future market demand
and Value Engineering (VAVE) process with proactive debottlenecking actions to
implemented to optimise outputs by crafting maintain market dominance. We will adopt
a mix of function performance and costs. Industry 4.0, robust software maturation to
Initiatives like feature rationalisation, reduce defects and attain flawless launch.
alternate sourcing, and so on used to We will deploy specialised teams for
consistently deliver margin improvement. quick-turnaround in customer and supplier
Our focus has been on product innovation, problem resolution, and regular supplier
optimisation of product mix for increased quality check for an enhanced in-service
contribution and growth in the non-vehicle experience.
segment performance. We will achieve
economies of scale with increased modularity
and localisation of key components will also
be enhanced for increased margins.
Future financial targets
We remain committed to
navigate short term challenges,
HIGH SINGLE LONG-TERM FCF BREAKEVEN
and focussed to Win Sustainably
and securing Podium finish in
DIGIT EBITDA CAPEX AT 5-6% BY FY 23 &
PV’s. We are unswerving in our
resolve to achieve our financial
IN THE NEXT OF REVENUE POSITIVE FCF
working plans.
3 YEARS THEREAFTER

Win Proactively in EV
TML is strategically placed to benefit from the increased demand of personal mobility, with an early mover advantage in the segment and has
already having established itself as a market leader. Nexon EV has established a niche for itself, having changed the perception of EVs among
Indian customers. Nexon EV is driving the growth of EV industry in India with 65% of total sales in FY 21.
Key Highlights
MARKET SHARE VOLUME GROWTH NEXON EV SALES SINCE LAUNCH
71.4% 218% 4,000

CAPTIVE CHARGING POINTS CHARGERS (PUBLIC CHARGING AC CHARGERS
100+
NETWORK)
355+ 3,000+
PRESENCE ACROSS SALES TOUCHPOINTS SERVICE TOUCHPOINTS
CITIES
50+ 93 97
Tata UniEVerse
A comprehensive EV ecosystem Tata UniEVerse was launched in FY 20 providing a unique collaboration

platform (‘One Tata’) for Tata companies to leverage mutual competencies to support e-mobility in India. There
have been significant efforts made to accelerate the EV adoption and lot of actions are underway.
− 355+ public chargers − Evaluating technical partners − Battery Manufacturing plant − Structured solutions for
inter and intra-cities have for establishing Lithium-ion operational for Nexon and large fleets being made to
been setup, the plan is cell manufacturing plant Tigor adopt EVs
to expand to 700 public
− Pilot plant is operational for − Exploring EV Motor − Low risk offerings due
chargers by mid of FY 22
Lithium-ion battery recycling manufacturing facility in India to increased financing
− Home charging installation with global partner risk of customers during
support is being provided COVID-19
across all cities to support
TML EV customers
Retaining Competitive advantage in EVs

Driven by cost structure optimisation, increased number of models and infrastructure growth,
TML aspires to strategically retain its dominant share in EVs in the Indian market.
OUR STRATEGY FOCUSES AROUND 4 KEY AREAS:
PRODUCT SALES & MARKETING CAPACITY BUILDING ECOSYSTEM SOLUTIONS

− Widening portfolio offering − Driving higher penetration − Acquiring capabilities in- − Exploring partnerships
with different body styles in micro markets line with strategic planks to enable comprehensive
and focus on driving ranges charging offering
− Brand building for − Leveraging Tata Group
− India specific product awareness creation and EV Ecosystem − Localising and aligning
specifications with a driving aspiration with government mandate
differentiated value
proposition
− Transitioning toward a
modular multi-energy
platform

Strategic roadmap – JLR
Reimagining modern luxury
With Reimagine, we will transform Jaguar Land Rover,
with a value creation approach, delivering quality and
profit, over volume. The Reimagine strategy has been
designed to address the key challenges facing the
business. We will become a more agile business, with
a simplified manufacturing operation. We will deliver
a new benchmark in environmental, societal and
community impact for a luxury business, creating the
world’s most desirable luxury vehicles, against a canvas
of true sustainability. This will generate double-digit
EBIT margins and positive cashflow, with an ambition to
achieve positive cash net-of-debt by 2025. Ultimately,
by reimagining the future of modern luxury by design,
our ambition is to be one of the most profitable luxury
manufacturers in the world.

Sustainability rich reimagination of modern luxury
ZERO NET-ZERO REDUCTION IN

TAILPIPE
EMISSIONS OPERATIONAL
BY 2036 CO2
CLEAN
HYDROGEN RESPONSIBLE
FUEL CELL CARBON BY
SOURCING
TEST MULES 2039
REIMAGINE FOCUS AREAS
BRANDS PRODUCTS ARCHITECTURES &

POWERTRAIN
RESPONSIBLE MODERN WORLD’S MOST
LUXURY BY DESIGN DESIRABLE LUXURY CARS ELECTRIFIED, SIMPLIFIED,
AND SERVICES FLEXIBLE
COLLABORATION FOOTPRINT REFOCUS

SYNERGIES WITH TATA RETAIN, RIGHT-SIZE, FOCUS ON QUALITY,
AND OTHER EXTERNAL REPURPOSE AND SALES, COSTS, DIGITAL
PARTNERS REORGANISE TRANSFORMATION

Strategic roadmap – JLR Contd.
BRANDS VISION
Responsible modern TO BECOME THE
luxury by design
Jaguar and Land Rover are distinct British CREATOR OF THE
brands steeped in a history of timeless
designs that emotionally resonate with their WORLD’S MOST
customers; brand equity built over decades.
The Reimagine strategy allows JLR to DESIRABLE LUXURY
enhance and celebrate its uniqueness like
never before. The Reimagine strategy with VEHICLES AND
rapid electrification at its core will release the
full potential of the brands, by leapfrogging SERVICES FOR THE
forward in technology, placing quality and
sustainability at the heart of everything MOST DISCERNING
it does.
OF CUSTOMERS.
PRODUCTS
JAGUAR TO BECOME
World’s most desirable ALL ELECTRIC BRAND
luxury cars and services BY 2025.
At the heart of the Reimagine plan will be the
electrification of both Land Rover and Jaguar
brands on separate architectures with two
clear, unique personalities. FIRST BEV LAND
In the next five years, Land Rover will
welcome six pure electric variants as it
ROVER IN 2024.
continues to be the world leader of luxury
SUVs through its three families of Range
Rover, Discovery and Defender. The first all-
electric variant will arrive in 2024.
By the middle of the decade, Jaguar will have
undergone a renaissance to emerge as a pure
electric luxury brand with a dramatically
beautiful new portfolio of emotionally
engaging designs and pioneering next-
generation technologies.
50TH 73 years 60TH

Anniversary Celebrating of iconic Land Rover Anniversary
of Range Rover Defender celebrating E-TYPE

ARCHITECTURES & POWERTRAIN line-up evolve. Joining MLA will be the new
Electric Modular Architecture (EMA), which
BEV AVAILABLE ON ALL
Electrified, simplified, is born from an obsession for simplicity from
JLR MODELS BY 2030
native-BEV and agnostic to battery chemistry,
flexible to advance with future technology. It has
To enable this accelerated shift in also been engineered to accommodate small
electrification, JLR will establish new
benchmark standards in quality and efficiency
for the luxury sector and central to this is
capacity, high performance electrified ICE
– true electric-first flexibility, allowing JLR
to offer BEV, PHEV and MHEV vehicles with
60%
the JLR's new architecture strategy. JLR will exceptional range and performance. sales from BEV by 2030
migrate from six different architectures today, For Jaguar, a radically new market position
to just three by the end of the decade. is being created, one that is aspirational and
Land Rover will use the forthcoming Flexible technologically engaging for the discerning
Modular Longitudinal Architecture (MLA- modern luxury customer. Thus, all new
Flex). This will deliver electrified Internal Jaguars will be created on a completely
Combustion Engines (plug-in hybrids and separate architecture, from 2025 and for this,
mild-hybrids) initially, but also allows for full JLR is consulting with potential partners.
battery-electric capability, as future product
COLLABORATION
Synergies with Tata Group

and other external partners
JLR is aiming to increase its collaboration
and partnerships both within the Tata
Group and with external organisations in a
number of areas, including ADAS and battery
technologies, services, and connectivity.
JLR is also exploring collaborations and
partnerships for vehicle architectures, most
notably for Jaguar’s new dedicated BEV
architecture. Being part of the Tata Group
offers significant advantages to JLR such as,
frictionless access to some of the world’s
leading players in technology, software and
clean energy that allows JLR to lean forward
with confidence and at speed.
Beyond the design of its vehicles, the other
significant strategic pillar in Reimagine is a
radical digital transformation of the business.
Data is the backbone of every vehicle JLR
creates, the quality of manufacturing, supply
chain and the support and services it provides
to the customers.

Strategic roadmap – JLR Contd.
FOOTPRINT
Retain, right-size,
repurpose and
reorganise
JLR's Reimagine strategy looks to right-size,
reorganise and repurpose the global footprint
to become a more agile business. JLR will
retain all its core global manufacturing plants,
with a simple vision: to design new benchmark
quality standards for the luxury sector. JLR
will rationalise sourcing and accelerate
investments in local circular economy supply
chains, by consolidating the number of
platforms and models being produced per
plant. Agility will not just be based on size:
flatter management structures will empower
employees to create and deliver at speed and
with clear purpose.
Targeting Faster Growing Targeting Faster Growing

REIMAGINE WILL TARGET
Segments (Global CAGR Segments (Regional CAGR
FASTER GROWING FY 19-27 in %) FY 19-27 in %)
GEOGRAPHIES WITH A 0.5 1.6

China
FOCUS ON INCREASING 2.2 5.8
2.8
SHARE IN THESE MOST North (0.5)
America 1.4
PROFITABLE SEGMENTS, Total industry Volumes
Current Segments
WITH NEW MODERN Reimagine Segments UK
(0.2)
1.1
LUXURY CARS EXPECTED * JLR Reimagine segments include SUV 3-5
and other future Jaguar target segments (0.4)
TO DRIVE GROWTH IN Source: IHS December 2020
Europe
1.4
THESE SEGMENTS. 0.9

Overseas
2.3
Industry Volumes
Reimagine Segments
* JLR Reimagine segments include SUV 3-5 and

other future Jaguar target segments
Source: IHS December 2020

REFOCUS
Focus on quality,
sales, costs, digital
transformation
Refocus combines existing initiatives
such as Charge+, Accelerate and Ignite
with new additional activity into one clear
program. Refocus brings together existing
and additional activity from across the
organisation to deliver value, address pain
points and find efficiencies. Refocus is more
than an efficiency programme: it will move
JLR from a functional silo driven method
of working, to a more agile organisation
generating more value. It will change the
way JLR leads, and the way it is organised
and structured.
The Refocus programme consists of six separate pillars, supported by three

cross-functional enablers.
1 2 3 4 5 6
PROGRAMME CUSTOMER
DELIVERED END-TO-END
QUALITY DELIVERY & & MARKET CHINA
COST PER CAR SUPPLY CHAIN
PERFORMANCE PERFORMANCE
Reduced Efficient Reduction In Faster Vehicle Increased Increased

Warranty Programme Vehicle Cost Delivery Profitable Profitable
Spend Delivery Times Market Share Market Share
AGILE ORGANISATION & CULTURE

7 Agile Organisation, Leadership, Capability, Culture
INDIGITAL
8 Powering the transformation
RESPONSIBLE SPEND
9 Sustaining and increasing cost efficiency
Each of the six pillars is led by a member of the Jaguar Land Rover Limited Board of Directors, supported by dedicated teams of experienced,
senior leaders and 35 workstreams are already established. Refocus will drive further profitability in JLR's business, achieving £4 billion of
value within five years and 3% incremental EBIT margin by FY 25/26, on its journey to double-digit margins.

ESG approach
Sustainability means
positive impact
We believe in delivering high quality vehicles with
a focus on sustainability. Quality and sustainability
are the driving force underlying our strategic actions,
decisions and operations. We reduce our footprint
by reusing and recycling parts under our take-back
programme. JLR has set an ambitious target to achieve
a net zero carbon position. Our employees are part of
TATA group and we are committed to extend a safe,
encouraging, and inclusive work environment for them
to accelerate their career growth. Staying true to the
legacy of our company, we constantly endeavour to
support the communities we are part of. Our focus
areas for community efforts are Health, Education and
Employability and Rural Development. As the fight
against COVID-19 pandemic continues, we extend our
support in various forms including the production of
protective gear and medical kits.
TML
1.1
Lakh saplings
21,574
Engines reused or recycled
planted
52 Environment
58 Social - People, Supply chain
partners, Community
66 Governance
Environment – TML
Towards a low-carbon tomorrow
We strive to deliver operational excellence by optimising resource efficiency
and minimising the negative impact on people, planet and communities. Our
operations are carried out under the aegis of the foundational principles of
Reduce, Recycle, Recover and Refurbish to deliver innovative and sustainable
mobility solutions globally.
Tata Motors Limited

TML has embarked on a journey of conserving energy across its operations by improving processes, replacing instruments and installing
energy-efficient equipment, among others. Being a part of a materials-intensive industry, we responsibly manage our resource consumption to
drive overall operational efficiency.

Energy and GHG emissions management
Energy efficiency is at the forefront

of our efforts. Further, being a
manufacturer of vehicles, reducing
GHG emissions and ensuring our
products also have reduced carbon
footprint plays a pivotal role.
Read more of Annexure 3
Absolute Emissions (tCO2e) Absolute Emissions (tCO2e)
SCOPE 1 SCOPE 2
FY 21 41,882 FY 21 2,43,125
FY 20 60,533 FY 20 2,66,200
FY 19 1,05,318 FY 19 3,85,002
SCOPE 3
31,781 tCO2e 12,100 tCO2e 1,598 tCO2e 1,184 tCO2e

Purchased goods and Employee commuting Waste generated in Franchise (TML downstream
services* operations$ value chain)**
976 tCO2e 698 tCO2e 2,699 tCO2e 69,515 tCO2e

Upstream Leased Assets #
Business travel Upstream transportation Fuel and energy related
and distribution@ activities
42,86,029 tCO2e
Use of sold products^
*Purchased Goods & Services : Based on the engagement with 30 suppliers in FY 21

@
Upstream transportation & distribution: Based on the engagement with 30 suppliers in FY 21
$
Waste generated in operations: Includes emissions from composting of biodegradable waste, incineration & landfill of hazardous waste
#
Upstream leased assets: Emissions from Company offices (rented)
Ûse of sold products: Emissions from PVs
**Franchises: Based on the engagement with 31 Channel partners in FY 21

Environment – TML Contd.
Water conservation
We are at the forefront of water

conservation efforts. Our focus is
efficient and optimal utilisation of
water by minimising leakage and
wastage. We ensure water recycling
and effluent treatment and re-use at
our manufacturing plants.
39,91,290 m 3
Fresh Water Withdrawal
Waste management
We have been working on the three major

pillars of reduce, reuse and recycle to
minimise waste and increase resource
1,85,758.5 4,208.5
efficiency.
Through the use of innovative measures
to limit and control waste generation,
we ensure that our practices adhere to
the various applicable environmental
Tonnes Tonnes
guidelines. Total Non-Hazardous Waste Disposed Total Hazardous Waste Disposed
Increasing green awareness, enhancing community engagement
As part of our Environmental stewardship, we

are making concentrated efforts to increase the
green cover through sapling plantation on one
hand and enhancing the environmental awareness
levels in the community on the other hand. We
planted 1.1 Lakh saplings (of indigenous varieties)
and ensured their survival rate is as high as
87%. At few locations, these places have turned
into microhabitats which host varied species of
flora and fauna. Our environmental awareness
programmes aim to sensitise young children and
we have been able to reach to 0.91 Lakh persons.
91,000
People sensitised on
environmental issues

Circular economy and resource efficiency
In India, our efforts towards minimising

waste and improving resource efficiency
rest on three key pillars – reduce,
recover and recycle. Tata Nexon became
the first Indian car to be featured in the
International Dismantling Information
System (IDIS), which tracks the entire
product life cycle, from sourcing to
development of zero or low emission
vehicles to responsible dismantling and
recycling of vehicles at the end of life
(ELV) stage.
Extending the life of commercial vehicles

Aimed at commercial vehicles, Tata Prolife works towards extending
the life of vehicles and aggregates through systematic overhaul,
leading to optimum performance. The Salvaging department carries
out remanufacturing of vehicular aggregates that have expended
one useful life while the Remanufacturing department restores
factory-like settings for aggregates to operate with designed
efficiency levels. Engines, clutch pressure plates, truck cabins,
among others, are remanufactured. In FY 21, an equivalent of 21,574
engines were reused or recycled under our take-back programme,
resulting in revenue generation of ` 164 crore.
Year Equivalent Engines Remanufactured (No.)
FY 21 21,574
FY 20 33,615
FY 19 32,092

Environment – JLR
Working for a net zero carbon position
Jaguar Land Rover's Reimagine strategy has three key themes modern luxury
by design, true sustainability and a new benchmark in quality. We are focused
on a sustainability-rich reimagination of modern luxury, unique customer
experiences and positive societal impact. Our aim is to achieve net zero carbon
emissions across our supply chain, products and operations by 2039.
Jaguar Land Rover

Jaguar will be an all-electric luxury brand from 2025 onwards, to ‘realise our unique potential’. In the next five years, six pure electric variants
will be developed by Land Rover. We aim to move to clean energy, connected services, data and software development leadership with
collaborations within TATA group and industry leaders.
Energy and GHG emissions
We are exploring new technologies, with

Hydrogen fuel-cell technology currently
being tested. For all the UK operations,
JLR continues to purchase 100%
Renewable Energy Guarantee of Origin
(REGO) backed zero carbon electricity
and utilises renewable electricity across
facilities in Slovakia, Brazil and Austria,
among many more energy conservation
initiatives. With all our efforts our
tailpipe CO2 emissions, were reduced by
15% as compared to FY 20.
Operational Energy
Consumption (Mwh)
FY 21 1,135,049
FY 20 1,358,225
FY 19 1,261,805
Operational GHG Emissions (tCO2e)
SCOPE 1 SCOPE 2 TOTAL*
FY 21 121,149 FY 21 135,098 FY 21 256,246

FY 20 148,753 FY 20 157,316 FY 20 306,070
FY 19 132,666 FY 19 170,743 FY 19 303,409
* TOTAL = SCOPE 1 + 2 GHG Emissions (tCO2e)

Electric vehicles and hybrid vehicles Contributing to circular economy
Please amend to 'With the introduction of our 21 Model Year we have We value the circular economy approach and aim to use recycled
added more electrified options to our vehicle line-up'. In September materials. We are working with Kvadrat, Europe’s leading supplier
2020, we introduced the first Jaguar PHEV models - F-PACE and of premium textiles, and offering recycled and plant-based material
E-PACE with plug-in hybrid technology (PHEVs). We also introduced choices in the highest luxury specifications of our vehicles, as
plug-in hybrid technology to the Range Rover Velar & Evoque, Land alternatives to traditional leathers. We are also investing in research
Rover Discovery Sport and Defender. Mild hybrid technology (MHEVs) with Aquafil for developing high-end interiors using recycled ocean
was also introduced across a broad range of models, including Jaguar and landfill waste through production of ECONYL® nylon fibres and
XF, F-PACE and E-PACE, and Land Rover Discovery and Range Rover carpets. With this technology, nylon waste, such as fishing nets or
Velar. textile production scraps, can be transformed into a new yarn, with
similar characteristics.
All Jaguar and Land Rover nameplates will be available in pure electric
form by end of the decade.
Electric and hybrid models Resource Efficiency

portfolio: 8 PHEVs, 11 MHEVs
and all electric Jaguar I-PACE. We efficiently manage water and waste at our manufacturing plants.
We put in efforts to reduce our water consumption and waste
generation. We follow reduce, reuse and recycle process to minimise
waste generation. We have created rainwater harvesting ponds at our
plants and encourage water conservation techniques.
Material Traceability
Operational Water
Consumption (M3)
FY 21 1,336,479
FY 20 1,720,965
FY 19 1,406,350
Operational
Waste (Tonnes)
We are investing in start-ups like Circulor, which helps us in material

traceability. We are able to trace our materials back to the source FY 21 27,638
of origin and ensure they are not associated with human rights
FY 20 37,043
issues such as child labour, slavery, theft of natural resources,
environmental damage. FY 19 38,023

Social - People – TML
Inculcating a culture of safety and
inclusion
Tata Motors Group treats people as one of the biggest assets and believe that the
people play a pivotal role not just in everyday operations and supply chain, but
also by creating a better community at large. We undertake extensive measures to
ensure that we engage proactively with our employees, customers, supply chain
partners and create a better community for its people to prosper.
Tata Motors Limited

For TML, its people are its principal assets. The company endeavors to build livelihoods and change lives across the globe. TML is home to with
the brightest talent around the world and will continue to support and empower its people. It is committed to offer safe and healthy workspaces
for its people along with promoting diversity and equal opportunity for all.
INITIATIVES FOR A CONDUCIVE WORKPLACE FOR WOMEN

Diversity and inclusion In addition to offering all eligible female employees the legally
mandated 182 days of paid maternity leave, we have put in place
several initiatives to promote gender diversity
Adoption leave
Paid leave up to 90 calendar days post legally adoption of child
Work-life balance
Flexible work hours, work from home or part-time work
Celebrating motherhood
Crèche facility
Sabbatical
To help fulfil personal or professional aspirations
Second Career Inspiring Possibilities
Enabling women with good work experience to find their way back
after a career break
At Tata Motors, we strive to create a conducive work environment.
We ensure that our employees, potential hires, third-party support
5.23% 7.20%
staff are not discriminated against, directly or indirectly, as a result
of their colour, nationality, gender, trade union membership, among
others, and have a zero tolerance towards any form of harassments.
Our Diversity Council, at apex and unit levels, is tasked with increasing of females in of women in all management
gender diversity in the organisation through various initiatives and management positions (including junior,
actions. The leadership reviews progress of these initiatives and positions in revenue middle and senior roles)
suggests corrective actions, when required. generating functions
1.5%
50,837 26,254 24,583 5.5% Women in top management
positions (at most 2
Total Employee Strength Number of permanent Number of Temporary Percentage of Women levels away from CEO or
employees Employees in the total workforce comparable positions)

Wheels of Love
In 2021, we launched Wheels of Love, a holistic
programme that supports new parents in their
exciting journey while promoting a progressive
culture of care, inclusion and sensitisation
within the organisation across levels.
Training and Development
We have introduced a comprehensive functional skill training

programme at each plant. A National Employability Enhancement
Mission (NEEM) agent conducts the training and deveopment
sessions training and enhance knowledge. By monitoring the
improvement in the performance and the knowledge, we assesses
the effectiveness of the training and skill development exercise.
Our Chief Learning Officer is responsible for managing the skill
development and training needs of our corporate employees.
Specific training needs are identified based on inputs from people
managers on leadership behaviour and various sessions with
managers on strategy and technology. The programme covers four
major functional areas: Operational Excellence, Product Leadership,
Customer Excellence and Management Education. We assess the
effectiveness of the programme through feedback from participants,
instructors, and superiors. The Learning Management System (LMS)
platform facilitates the management of the overall training and skill
development.
2,33,102
Average training hours
Person hours of training Male 18.8

provided during FY 21 Female 19.0

Social - People – TML Contd.
Occupational health and safety
Safety performance (LTIFR)* We are committed to providing a safe and healthy work environment
for our employees and associates. For this, we have built safe
practices in all our business processes. With a robust safety
management system in place, all our manufacturing sites are
FY 21 0.26
certified for ISO 45001:2018 – Occupational Health & Safety
FY 20 0.09 Management System.
FY 19 0.10
We follow Dupont Safety Culture where safety is monitored at all
FY 18 0.08 important levels.
FY 17 0.15
− Safety standards and procedures
FY 16 0.17
− Contractors and vendors safety management
FY 15 0.20
− Safety observations
FY 14 0.39
− Incident investigations
− Training and capability building
Safety considerations are taken care into account at the
26 138 1.39 conceptualisation and design phase, even in new offices,

establishments, and warehouses. The Management of Change (MOC)
standard, Hazard Identification & Risk Assessment (HIRA), and findings
LTI TRC TRCFR of the incident investigation feed into designing a project. HIRA and
programmes like Work Permit System, JSA, Hot Work, LOTO, Confined
Space, Electrical safety and Road safety are practised to ensure that
the exposure to risks are eliminated, minimised and managed properly
*LTIFR has increased in FY 21 from last year owing to high employee
to avoid any incidents. These standards and procedures are common
turnover, higher displacement of people from one job to another
across all plants/sites and incidents.
and restriction of physical training of employees due to COVID-19
pandemic. However, we have already taken actions in all plants by We have well-defined communication channels at various levels and
restarting physical training for all employees as well as contractors. functions. For example, plant level townhalls are led by plant heads,
Also, displacement of people has also been managed through effective shop level meetings are led by shop heads. Every meeting starts with
on job training. a safety contact and sharing of safety incidences across plants. For
contract workers, every day starts with a safety tool box talk. SAFE 20
sessions, i.e., 20 minutes with 20 employees on a specific topic of need
are conducted regularly. People visiting the factories have to undergo
a brief safety orientation session at the security control room, where
they are apprised of the hazards associated with our operations and
are provided a list of ‘Dos and Don’ts’.

Workers participation and consultation are ensured through various The key leaders are trained on various aspects such as Safety
forums such as shop level safety committees, safety action meetings Management Fundamentals, Incident Investigations, Contractor
(SAM), AECT forum (action employees can take), and HIRA committee. Safety Management, AECT, among others. To sustain this drive, 500+
Safety performance is reviewed by all levels of management. internal trainers from different functions have undergone the requisite
certification to deliver safety trainings. Videos and e-learning modules.
Training and awareness is considered as a key element of our
E-modules complement the overall safety training programme.
safety strategy. We commemorate the National Safety Month and
Road Safety Month where we engage not only with our shop floor Safety is a part of the induction programme for all employees engaged
colleagues, but also our associates in a social set-up. Posters and in operations. As part of statutory requirements, personnel involved
banners on safety, and various contests and interactive engagement in hazardous operations are sent to the Regional Labour Institute (RLI)
campaigns are organised to create awareness. for training. On the Health & Safety management system ISO 45001,
identified employees are trained as lead auditors and internal auditors.
Job Qualification is an exercise aimed at training employees on job-

Job Qualification training specific procedures. Through Job Qualification, we ensure that every
employee is effectively trained beforehand.
− Provides an overview of job-specific legal and safety requirements
− Helps identify hazards, assess risks and implement controls
− Reduces the likelihood of being injured at work
− Reduces the likelihood of others being injured by their actions
Tata Motors embarked on a safety excellence journey, engaging
with DuPont in 2011. With a very high level engagement for the
next 4 years, we have taken significant strides to improve safety
organisation structure, build strong safety system and processes,
and ultimately imbibe a safety culture with a vision of achieving
‘Zero Injury at Workplace’.
Value chain partners

We believe that to realize the true essence of sustainability it needs to be
integrated not only in our own operations but also across our supply chain.
We rely on a huge network of suppliers and dealers.
Sustainable Supply Chain Initiative Dealers Sustainability Initiative
We have put in place a Supplier and Dealer Codes of Conduct to We also extended this initiative to our downstream channel partners
ensure ethical and sustainable practices across the value chain. and authorised service stations in FY 19. Sustainability guidelines
We have developed vendor parks at new manufacturing locations were developed, and sensitisation sessions for dealers across
to ensure logistics emissions reduction and to enhance locations in India were conducted.
local employment.
Under the initiative, data templates were developed and detailed site
Our Sustainable Supply Chain Initiative was implemented assessments were conducted to build capacities, with the objective
systematically and phase-wise in FY 17. It began by shortlisting of motivating channel partners and authorised service stations to
suppliers based on ESG criticality. Then, sustainability guidelines integrate sustainability into their business practices. The guidelines,
were developed, and capacity building workshops and sustainability workshops and assessments cover topics related to TCoC,
assessments of suppliers were conducted. management system certification, transparency and reporting,
Occupational Health and Safety, and labour and human rights. As
These learnings were shared with all the suppliers and improvement
of March 31, 2021, we have sensitised 237 channel partners and
in their sustainability performance was rewarded and recognised.
assessed 98 dealers.
Due to the COVID-19 pandemic, we carried out only virtual
workshops and assessments during the year under review.

Social - People – JLR
Inspiring workforce and communities
for a better future together
At Jaguar Land Rover we are passionate about its people and believes they are
our most valuable asset. We are committed to fostering a diverse, inclusive culture
where everyone can flourish. As the UK’s largest investor in automotive research,
development and engineering, JLR’s people are at the forefront of technical
innovation, and by nurturing their talent and ideas, we aims to tackle some of
the biggest challenges facing society. From global projects benefiting millions,
to local initiatives helping individuals and communities around their facilities, we
are committed to delivering impactful and sustainable initiatives that support
communities across the globe.
Jaguar Land Rover Nurturing our people

Throughout the year, our priority was health,
wellbeing and safety of our people. We
Our people are our greatest asset and that has worked with Public Health England, and were
been evidenced through their response to the one of the first & largest business to introduce
global COVID-19 pandemic, both individually on-site COVID-19 testing. All of our facilities
and supporting our efforts as a company. followed social distancing, hygiene and health
monitoring protocols and every one of our UK
employees has been equipped with reusable
face coverings.
We took part in a ground breaking pilot
scheme in partnership with Public Health
England. Approximately 4,500 employees
were vaccinated against COVID-19 over a
10-day period. This gave employees the
convenience of the vaccination at their
workplace, rather than visiting another
centre. This scheme was carried out at the
Solihull manufacturing site.
In our home country, we provided research
and engineering support, committing 3D
printing technology and over 50 volunteers to
producing over 100,000 reusable face visors
for use in the UK National Health Service. At a
local level, employees across our sites have
supported their communities, fundraising
through the pandemic, to support their local
hospitals and community groups.

To provide further community support

Supporting communities during COVID-19 during COVID-19, we loaned New
Defenders to front line emergency response
organisations. The fleet supported the
British Red Cross in delivering medicine
and food to vulnerable people, as well as
helping the NHS Birmingham and Solihull
Clinical Commissioning Group to deliver
their COVID-19 vaccination programme
across the Midlands region.
We also initiated a ‘12 days of Christmas’
campaign, whereby we encouraged
our employees to support their local
communities during the festive season.
Activities included the collection of
hundreds of Christmas presents for
vulnerable children, as well as the donation
of over 16,000 items of food which were
delivered to local food banks.
People-First Approach
373 258 8 MILLION ¥

JLR vehicles deployed globally Vehicles loaned to the Jointly donated by Jaguar
to assist in the COVID-19 International Federation Land Rover China and Chery
emergency response of Red Cross and Red Jaguar Land Rover to
Crescent societies. support local COVID-19
relief efforts
1,00,000+ 1,000 UNITS

Protective face visors Medical protective
produced by us for frontline clothing donated to
health professionals Shanghai hospitals
£37,000+ 1,00,000
Employee-generated Face masks distributed to
funds donated to local Jaguar Land Rover China
charities retailers and employees
35 500 Supporting the Korean Red

Cross with the Land Rover
Ventilators repaired and Overalls and 300 respirators Blood Donation Campaign
returned to local hospitals and masks donated to Nitra
hospitals

Social – Community
Promoting inclusive and sustainable
development
Being a responsible corporate citizen, 'driving inclusive growth, social
equity, sustainable development and nation-building' is the commitment
Tata Motors has made to society and to the communities it operates in.
In the last year, the Company successfully demonstrated the ability to remain steadfast on this promise, despite challenging circumstances.
In navigating the challenges the TML team, its partners and most importantly the community, not only demonstrated resilience but also
unexpected creativity and spontaneity, relinquishing well-worn paths to embrace a gratifying level of empowerment, which not only led to the
projects staying well on track but also the dramatic scaling up of some initiatives
Tata Motors Limited

The Covid -19 has created unprecedented impact globally. To strengthen the nation’s resolve to fight the pandemic, we undertook various
initiatives across India, providing relief to people during these challenging times.
AT TATA MOTORS, WE UNDERTOOK A THREE-PRONGED APPROACH:
− Supply of essentials to those at ground-zero and to the economically weaker sections that are most impacted by the lockdown
− Equipping ground-zero heroes
− Create awareness on preventive measures to contain the virus spread
Educating masses
Extending support to for containment Equipping
those most in need and prevention ground-zero heroes
We organised food supplies for migrants and The Company is emphasising on good health
We enabled self-help groups to manufacture
stranded communities, urban slums, transit practices and spreading awareness for
home-made certified masks and sanitisers to
camps and villagers across the country. COVID-19 through social media and in market
be distributed to hospitals, vendors, health
Further, we set up two helpline numbers for areas in the vicinity of the company’s plants.
workers, police stations, and army personnel.
temporary and contractual workmen for food- Through public address system, we made
We also conducted health check-ups and
related queries in Lucknow. We also provided the communities aware of safe practices,
provided basic medication to truck drivers and
water supply to 19 police chowkis and traffic banner’s, pamphlet’s and other related
co-drivers in Belur, Dharwad.
posts in Pune. We partnered with Indian Oil information material is being used to spread
Corporation to distribute food packets and awareness amongst slums and low income
personal protective kits to truck drivers in group communities.
Narsapura (near Bangalore) and Bawal
(near Gurgaon).

Health Education Employability

Our community health initiative, Arogya We aspire to drive holistic development Our Skill Development programme provides
focuses on addressing malnutrition in among students at the secondary school training to unemployed youth under three
children aged between 0-6 years. Apart level. Our targeted programmes include need- segments – auto trades, non-auto trades,
from providing supplementary diet and based rolling scholarships/financial support and agriculture and allied activities. In auto
supplements, we enable behavioural changes for economically disadvantaged students, trades, we leverage our domain expertise and
in communities, especially among young organising support classes for difficult business connect to impart training on driving
mothers and parents through awareness subjects, value-based life skills, and sports and motor mechanic. On the completion of
sessions, ante-natal and post-natal services. and other co-curricular activities. Leveraging training, most of which are NSDC certified,
We also facilitate curative health care infrastructure, technology and our innovation they find ready employment either in Tata
services for diagnosis, administration of capabilities, we made these programmes Motors' ecosystem or in the open market.
generic medicines and consultations. We easily accessible. An innovative partnership We also engage with community-based
ensure access to safe drinking water through has been worked out with government groups of women and farmers and help
our Amrutdhara initiative. schools – Jawahar Navodaya Vidyalaya them earn supplementary income through
(JNVs) – for JEE and NEET aspirants. our programme on agriculture and allied
Our health programme has benefitted
activities. During the year under review, we
3.8 Lakh people. Over 73% of the We have touched the lives of 1.2 Lakh
trained 17,661 youth and farmers; of which
malnourished children are in the healthy students so far. These initiatives have led to
69% have found employment (or are self-
category along with positive change in the an improvement in the pass percentage of
employed), resulting in an annual increase in
knowledge, attitude and behaviour of the Class X board examination for government
family income by ₹1 lakh.
communities towards health. school students - from 55% in 2015 to 93%
in FY 20.
At TML centre in Puducherry, among the
students undergoing JEE/NEET coaching,
43% scored above 90% in their board
examinations; 81% qualified for JEE Mains;
59% for JEE Advanced and 80% of them got
into IITs, NIITs and other medical institutes.
Tata Motors believes in creating an inclusive

society through Adhaar, the Affirmative
Action Programme. Continuing the spirit of
AWARENESS ON ROAD SAFETY AND inclusion, the Integrated Village Development
TRAUMA CAUSED BY ACCIDENTS Programme IVDP aims at delivering
holistic development to a village through
On the World Mental Health Day, we
an integrated approach. We partner with
launched a special campaign, ‘Stop the
government agencies in driving village
endless accident’ with MindPeers, a mental
development; the government provides 70%
health tech service platform, to raise
of the programme resources.
awareness on road safety and the trauma
caused by vehicular accidents. Under this Our partnership with the CSR Cell of the
campaign, we focused on counselling Maharashtra government has helped improve
survivors of such accidents on Post the quality of life of 8,876 tribal people of
Traumatic Stress Disorder (PTSD). It also Pathardi, Shiroshi and Chauk gram panchayat
provided the survivors with a platform to Rural Development in Palghar, an aspirational district with 100%
narrate their stories to motivate others rribal population, and Devadthal village of the
going through the same ordeal. Programme Ahemadabad district, Gujarat.

Governance
Reflecting transparency
and accountability
Governance is the building blocks on which the entire Tata Motors Group
is built. We have been increasingly focusing on creating an organisational
structure which is not only simple but also efficient and transparent, with the
Board of Directors being at the centre of the Tata Motors universe.
Mr. Ratan N Tata
(Chairman Emeritus)
Our Board of Directors

N N A A
A N C
C R S
S
H
Mr. N Chandrasekaran Mr. Om Prakash Bhatt Ms. Hanne Sorensen Ms. Vedika Bhandarkar
Non-executive Director Non-executive, Non-executive, Non-Executive,
and Chairman Independent Director Independent Director Independent Director
R A H
H C S
C
R
Mr. Mitsuhiko Yamashita Mr. Kosaraju V Chowdary Mr. Thierry Bolloré Mr. Guenter Butschek
Non-Executive, Non-Executive, Non-Executive Director CEO and Managing Director
Non-Independent Director Independent Director
8 End
Join Audio Stop Video Participants
A Audit N Nomination and Remuneration S Stakeholders’ Relationship C Corporate Social Responsibility

COMMITTEES
R Risk Management* H Safety, Health and Sustainability Chairperson Member
*Note: Group Chief Financial Officer, Mr. P B Balaji is a member of the Risk Management Committee as well.
Mr. M Yamashita attends as an Invitee, Audit Committee Meetings held for considering of Financial Statements.
Please visit www.tatamotors.com/about-us/leadership/ for the detailed profiles of the Board members.

DIVERSE EXPERIENCES AND EXPERTISE OVERSIGHT OF THE EVALUATION OF EFFECTIVENESS

VALUE-CREATION PROCESS
Our Board is diversified in true sense with Adhering to the global best practices of
people from varied experiences, ranging The Board plays a formidable role in directing internal controls and governance, our Board
from automobile engineering, business & our value-creation process. The key areas of of Directors are also subject to evaluation and
economics to banking & finance and legal focus are: the criteria that are used for evaluating their
affairs. Not only in terms of experience, but performance are enumerated here.
− Directing, supervising and controlling the
also in terms of gender neutrality, we have a
performance of the Company − Composition and structure
diversified Board.
− Reviewing whether the Company is − Effectiveness of Board meetings,
Board diversity progressing as per the strategic plans processes, information flow and
coordination with executive management
2 6
− Monitoring the responsibilities delegated
to the Board Committees, to ensure − Individually Directors are evaluated as
proper and effective governance and per their –
FEMALE MALE control of the Company’s activities
• Contribution to the Board and Board
− Establishing and closely monitoring Committee meetings
Executive Directors 1 the risk management process of the
• Preparation on the issues to be
Non-executive Directors 3 organisation
discussed
Independent Directors 4 − Closely monitoring the financial as
• Not just number of meetings but the
well non-financial or ESG performance
nature of contributions to the meetings
aspects of the Company
Board experience
61 years 2 years
AVERAGE AGE OF AVERAGE NUMBER OF YEARS
BOARD MEMBERS SERVED BY BOARD MEMBERS
GOVERNANCE STRUCTURE
Board of Directors
Tata Motors Limited Jaguar Land Rover Members common to

Automotive PLC both the Boards
Mr. N Chandrasekaran
Mr. Om Prakash Bhatt Mr. N Chandrasekaran Mr. N Chandrasekaran
Ms. Hanne Sorensen Prof. Sir Ralf D Speth Mr. Thierry Bolloré
Ms. Vedika Bhandarkar Mr. Andrew M. Robb Ms. Hanne Sorensen
Mr. Kosaraju V Chowdary Ms. Hanne Sorensen
Mr. Mitsuhiko Yamashita Mr. P B Balaji
Mr. Thierry Bolloré Mr. Nasser Munjee
Mr. Guenter Butschek Mr. Thierry Bolloré
BOARD COMMITTEES AND THEIR RESPONSIBILITIES

The Audit Committee reviews quarterly/annual financial statements, Committee formulates and recommends the CSR policy to the
adequacy of internal control systems, internal audit reports and Board and monitors CSR budget, activities and expenditure. The
ensure independence of auditors. The Nomination and Remuneration Risk Management Committee assists the Board in overseeing the
Committee provides various recommendations to the Board including risk management process, controls, risk tolerance, mitigation and
the set up and composition of the Board and its Committees, the reviewing the Company’s risk governance. The Safety, Health and
Remuneration Policy, HR Policies and culture. The Stakeholders’ Sustainability Committee reviews the Company’s performance on
Relationship Committee reviews statutory compliances and services SHS aspects, including ESG and oversees the implementation of
relating to security holders, dividend payments and performance of relevant policies and strategies.
Registrar and Transfer Agents. The Corporate Social Responsibility

Board’s Report
TO THE MEMBERS OF TATA MOTORS LIMITED

The Directors present their Seventy Sixth Annual Report along with the Audited Financial Statement of Accounts for the FY 2020-21.
FINANCIAL RESULTS
(` in crores)
Standalone* Consolidated
PARTICULARS
FY 2021 FY 2020 FY 2021 FY 2020
Revenue from operations 47,031.47 43,928.17 2,49,794.75 2,61,067.97
Total expenditure 44,629.62 43,510.11 2,14,012.84 2,37,153.67
Operating profit 2,401.85 418.06 35,781.91 23,914.30
Other Income 842.96 1,383.05 2,643.19 2,973.15
Profit before interest, foreign exchange, depreciation, amortization, 3,244.81 1,801.11 38,425.10 26,887.45
exceptional item and tax
Finance cost 2,358.54 1,973.00 8,097.17 7,243.33
Profit before depreciation, amortization, exceptional item, foreign 886.27 (171.89) 30,327.93 19,644.12
exchange and tax
Depreciation, amortization and product development/ engineering 4,589.25 4,205.53 28,773.34 25,613.92
Expenses
Foreign exchange (gain)/loss (net) 1.67 239.00 (1,732.15) 1,738.74
Profit/(loss) before exceptional items and tax (3,704.65) (4,616.42) 3,286.74 (7,708.54)
Exceptional Items - (gain) / loss (net) (1,392.08) 2,510.92 13,761.02 2,871.44
Profit/(loss) before tax (2,312.57) (7,127.34) (10,474.28) (10,579.98)
Tax expenses/ (credit) (net) 82.87 162.29 2,541.86 395.25
Profit/(loss) after tax (2,395.44) (7,289.63) (13,016.14) (10,975.23)
Share of profit of joint venture and associates (net) - - (378.96) (1,000.00)
Profit/(loss) for the year (2,395.44) (7,289.63) (13,395.10) (11,975.23)
Other comprehensive income/(loss) 442.99 (378.72) 2,919.34 11,504.47
Total Other comprehensive income/(loss) for the year (1,952.45) (7,668.35) (10,475.76) (470.76)
Attributable to:
Shareholders of the Company - - (10,551.20) (578.88)
Non-controlling interest - - 75.44 108.12
* These include the Company’s proportionate share of income and expenditure in its two joint operations, namely Tata Cummins Pvt. Ltd. and Fiat
India Automobiles Pvt. Ltd.
DIVIDEND The free cash flow (auto) was inflow of `5,317 crores in FY 2020-21
In view of losses for FY 2020-21, we regret that no dividend can be paid compared to outflow of `12,676 crores for FY 2019-20.
to the Members as per the provisions of the Companies Act, 2013 (‘the
Refer Management Discussion and Analysis (MD&A) Report para
Act’) and the Rules framed thereunder.
Operating Results for detail analysis.
TRANSFER TO RESERVES
Tata Motors Limited recorded revenue from operations (including
Due to losses in FY 2020-21, no amount has been transferred to joint operations) of `47,031 crores in FY 2020-21, 7.1% higher than
Reserves. An amount of `134 crores was transferred from Debenture `43,928 crores in FY 2019-20. Loss before and after tax (including
Redemption Reserve to Retained earnings. joint operations) for FY 2020-21 were at `2,313 crores and `2,395
FINANCIAL PERFORMANCE AND STATE OF THE crores, respectively as compared to Loss before and after tax (including
COMPANY’S AFFAIRS joint operations) of `7,127 crores and `7,290 crores, respectively for
FY 2019-20. The financial performance improved mainly due to better
Operating Results and Profits volumes, improved product mix, lower VME and cost savings offset
Tata Motors Limited consolidated revenue from operations was partially by commodity inflation and impact of COVID-19 pandemic.
`2,49,795 crores in FY 2020-21, 4.3% lower than `2,61,068 crores in Jaguar Land Rover (‘JLR’), (as per IFRS) recorded revenue of GB£19.7
FY 2019-20. billion in FY 2020-21 compared to GB£23.0 billion in FY 2019-20, down
The consolidated EBITDA margin was at 12.2% in FY 2020-21 as by 14.2%. Wholesales (excluding CJLR) declined by 27.0% year-on
compared to 8.5% in FY 2019-20. EBIT margin stood at 2.6% in FY year, primarily as a result of the impact of coronavirus affecting all key
2020-21 as compared to (0.04)% for FY 2019-20. Loss for the period regions except for China where wholesales grew 23.1% year on year.
(including share of associates and joint ventures) stood at `13,395 The reduction in revenue was much lower than the decline in wholesales,
crores in FY 2020-21 as compared to `11,975 crores in FY 2019-20. reflecting the strong favourable sales mix and higher average revenue

per vehicle during the year. Profit before tax and exceptional items was 340 basis points from FY 2019-20. The Company posted its highest
£662 million in FY 2020-21, significantly improved on the loss before ever sales in 9 years, for both the month as well as the quarter ended
tax and exceptional items of £393 million in FY 2019-20, reflecting the March 31, 2021. For FY 2020-21, the business registered its highest
higher EBIT as well as favourable revaluation of unrealised hedges ever annual sales in 8 years. The growth has come on the back of
JCR’s foreign currency debt, partially offset by higher net finance phenomenal response received for the ‘New Forever’ range and series
expense as a result of the increase in indebtedness. The announcement of transformative actions taken including, focused and agile marketing
of our Reimagine Strategy in February 2021 triggered £1.5 billion of to improve the share of voice, channel management transformation to
total exceptional charges in the fourth quarter comprising one-time earn dealer trust and revamp dealer profitability, introduction of variants
non-cash write downs of £952 million for products that will not now of existing models with aspirational features at accessible price points
be completed and £534 million of restructuring and other costs. After to expand the customer base, synchronization of daily retail, offtake
exceptional charges, the loss before tax for FY 2020-21 was £861 and production enabling fast cash rotation for channel partners and for
million, compared to the loss before tax of £422 million in FY 2019-20, Company, focused actions in identified micro-markets to achieve step
which included £29 million of exceptional charges. jump in market share. In addition, expeditious ramping up of supplies by
debottlenecking of capacities, sweating of in-house as well as supplier
VEHICLE SALES AND MARKET SHARES
end assets and augmenting of supplier capacity supported the growth.
The Tata Motors Group sales for the year stood at 8,37,783 vehicles,
down by 12.9% as compared to FY 2019-20. Global sales of all In January 2021, the Company launched its premium flagship SUV – the
Commercial Vehicles were 2,67,513 vehicles, while sales of Passenger all-new Safari. An arresting design, unparalleled versatility, plush and
Vehicles were at 5,70,270 vehicles. comfortable interiors and powerful performance of the Safari perfectly
cater to the modern, multifaceted lifestyle of the new age SUV customers
Refer MD&A para Overview of Automotive Operations for detail analysis. and their desire for the perfect combination of prestige and sophistication
TATA MOTORS along with expression and thrill. Safari had received excellent response
from the market with 9,000 bookings till March 2021. Launch of Safari
Tata Motors recorded sales of 4,63,742 vehicles, a growth of 4.4% over
had a positive rub-off on the demand of Harrier which has witnessed
FY 2019-20, whereas the Indian Auto Industry volumes declined by
consistent increase in bookings from 3,536 in January 2021 to 3,655 in
6.1%. The Company’s market share (calculated on wholesales) increased
March 2021.
to 14.1% in FY 2020-21 from 12.7% in FY 2019-20.
Exports
Commercial Vehicles (‘CV’)
CV exports for the month of March 2021 closed at 3,654 units, highest
The domestic CV industry volume experienced a drop of 21.7%
since September 2019. FY 2020-21 exports closed at 20,283 units,
in FY 2020-21, after shrinking by 30.0% in FY 2019-20. The
31.6% below previous year. Lockdowns imposed in all export markets to
successive drop in FY 2019-20 and FY 2020-21 is attributed to
arrest the spread of COVID-19 deeply impacted the overall commercial
a slew of challenges that included tapering of overall economic
vehicle Industry. Retails for FY 2020-21 closed at 24,105 units, a decline
growth, increased axle load norms, BS4 to BS6 transition and the
of 35% with respect to previous year. However the Company gained
pandemic-induced lockdown. After hitting the bottom in H1 FY
market share in almost all it its major markets, including Bangladesh,
2020-21, the CV industry demonstrated a good rebound in Q3 and
Nepal, key markets of Sub Saharan Africa and Middle East region
Q4 FY 2020-21, led by M&HCVs and ILCVs with economy picking up
compared to the previous year.
gradually.
Passenger Vehicle exports for FY 2020-21 closed at 566 units, decline of
Amidst industry-wide shortage of semiconductors and steel price
61.8% w.r.t. previous year, largely impacted due to COVID-19 pandemic.
increase in H2 FY 2020-21, the Company’s CV business managed to
Retails for FY 2020-21 closed at 980 units, decline of 39.9% with report
ramp up volumes and improve market share in H2 FY 2020-21. Overall
to previous year.
Tata Motors CV Business sales in the domestic market for FY 2020-
21, witnessed a decline of 22.6% with 2,41,668 units sold. All the four Refer MD&A para Tata Commercial Vehicles and Tata Passenger Vehicles
segments saw a decline in volume with the CV passenger segment being — Exports for detail analysis.
the worst hit. TML CV Business improved its Net promoter score (‘NPS’),
JAGUAR LAND ROVER (‘JLR’)
a customer loyalty and satisfaction measurement, from a high base of 65
in FY 2019-20 to 68 in FY 2020-21. JLR retail sales were 4,39,588 vehicles in FY 2020-21, down 69,071
vehicles (13.6%) year-on-year. The decline in retails was primarily the
Refer MD&A para Commercial Vehicles in India for detail analysis. result of the initial COVID-19 lockdown impacting the first quarter, with
Passenger Vehicles (‘PV’) a recovery in sales thereafter. Retail sales in China increased by 23.4%
year-on-year, as the region continued to recover strongly from the
Domestic PV industry witnessed a decline of 2% in FY 2020-21 as
impact of COVID-19 following easing of strict lockdown measures from
compared to FY 2019-20. Lockdown imposed by Government of India to
early 2020. Retails across all other regions declined significantly year-
arrest the spread of COVID-19 had deeply impacted the Industry which
on-year, including Overseas (26.8%), Europe (26.0%), the UK (22.2%)
de-grew by 78% in Q1 FY 2020-21. Markets started opening up post
and North America (14.3%), as strict social distancing measures were
partial lifting of lockdown in May 2020. Post unlock 1.0, Industry has
enforced through the first quarter and subsequently reintroduced in
witnessed a consistent growth on account of pent-up demand, increasing
many markets through the third and fourth quarters. Furthermore,
preference for personal mobility, good traction from rural sector owing
COVID-19 impacted sales of every model in FY 2020-21, apart from the
to good rabbi harvest post festive season, new launches and continued
newly introduced Land Rover Defender which retailed a total of 45,244
financing support with attractive interest rates and innovative financing
vehicles in FY 2020-21. JLR wholesales (excluding the China joint
schemes.
venture) were 3,47,632 vehicles in FY 2020-21, down 27.0% compared
The Company registered growth of 68.5% in FY 2020-21 vis-à-vis to FY 2019-20.
FY 2019-20 with a total volume of 2,22,074 units. The market share
Refer MD&A para JLR for detail analysis on wholesale and retail sales
(calculated on wholesales) for FY 2020-21 was 8.2%, an increase of
volumes.

Some of the key highlights of FY 2020-21 were: amount of `2,602.51 crores has been received and is to be utilized for
repayment of debt, meeting future funding requirements and other
• The new Land Rover Defender went on sale at the beginning of
general purposes of the Company and its subsidiaries.
the year with retails reaching 45,244 vehicles in FY 2020-21. In
addition to the 110 wheelbase variant, launched first, a shorter ISSUE OF DEBENTURES
wheelbase 90 is also now on sale with commercial variants and a During the year, the Company has issued and allotted on private placement
V8 derivative also launched this fiscal year. basis, secured, listed, redeemable, non- convertible Debentures (NCDs)
• The new Land Rover Defender won a number of awards during aggregating `1,000 crores.
the year including the coveted 2021 World Car Design of the year, FINANCE
Top Gear car of the year and Production Car design of the year.
Amid the challenging environment, further impacted by COVID-19
• A number of 2021 model year upgrades were launched in the pandemic, the Company and JLR maintained its finances prudently,
year including special edition Range Rover and Range Rover meeting the business needs as well as ensuring reduction of net debt.
Sport, Range Rover Velar, Land Rover Discovery, Jaguar XE, XF, The Company has sufficient liquidity to weather the demand shocks. As at
F-PACE and E-PACE. March 31, 2021, the Company’s liquidity (including Joint operations) was
`7,897 crores (including undrawn credit facility of `1,000 crores), while
• Twelve of JLR’s models now have an electrified option, including
JLR’s liquidity was at £ 6.7 bn (including unutilized credit facility of £ 1.9
eight with plug-in hybrid, 11 with mild hybrid and the all-electric
bn).
Jaguar I-PACE. Furthermore, 51% of retails in FY 2020-21 were
electrified. On account of general economic downturn and several headwinds,
including COVID-19 pandemic, both the Company and JLR witnessed
• Production of a 6 cylinder Ingenium 3.0-litre diesel engine
certain revisions in credit ratings.
(including with mild hybrid technology) started during the year at
the EMC in Wolverhampton (UK). Refer MD&A para Liquidity and Capital Resources for detail analysis.
• New Jaguar F-TYPE heritage 60 edition launched to celebrate the Material Changes and Commitment affecting the Financial Position
diamond anniversary of the legendary Jaguar E-TYPE.
The impact of COVID-19 on the Company’s financial statements has been
• A number of initiatives during the year to support the fight against given in Note 2(d) of the Notes to financial statements for the year ended
COVID-19 including the production of protective visors for the March 31, 2021 and the Company’s response to the situation arising from
NHS, deployment of over 350 vehicles to support the emergency this pandemic has been explained in the MD&A, which forms part of the
responses, provision of extensive onsite testing and the ongoing Annual Report.
NHS Workplace Vaccination Programme pilot at the Solihull
CONSOLIDATED FINANCIAL STATEMENT
plant.
The consolidated financial statements of the Company and its subsidiaries
Tata Daewoo Commercial Vehicle Company Limited (‘TDCV’) for FY 2020-21 are prepared in compliance with the applicable provisions
The consolidated revenue of TDCV was increased by 5.8% to `3,316 of the Act and as stipulated under Regulation 33 of the SEBI (Listing
crores in FY 2020-21 from `3,134 crores in FY 2019-20. Overall sales Obligations and Disclosure Requirements) Regulations, 2015 [SEBI
decreased by 1.21% to 5,127 units in FY 2020-21 from 5,190 units Listing Regulations] as well as in accordance with the Indian Accounting
in FY 2019-20 mainly due to lower export sales which was largely Standards notified under the Companies (Indian Accounting Standards)
affected by worldwide disruption hit by COVID-19 pandemic. Rules, 2015. The audited consolidated financial statement together
with the Independent Auditor’s Report thereon form part of this Annual
Refer MD&A para Tata Commercial Vehicles and Tata Passenger
Report. Pursuant to Section 129(3) of the Act, salient features of the
Vehicles — Exports for detail analysis.
financial statements of the Company’s subsidiaries, associates and joint
TMF Holdings Limited (‘TMFHL’) ventures is attached to the financial statements in Form no. AOC-1 which
Despite FY 2020-21 witnessing several challenges including transition is also available on the Company’s website. Pursuant to the provisions of
to BS6, low growth in rural wages and the crippling impact of COVID-19 Section 136 of the Act, the Company will make available the said financial
pandemic from mid-March, TMF Group Assets Under Management statements of the subsidiary companies upon a request by any member
(AUM) grew by 16% Y-o-Y to `42,810 crores, as against `36,882 crores of the Company or its subsidiary companies. The members can send an
in the year earlier. CV market share improved by 201 bps to 33% in FY e-mail to [email protected] upto the date of the AGM and the
2020-21. Consolidated Profit Before Tax for FY 2020-21 grew by 78% financial statements of the Company, Consolidated financial statements
to `266 crores as against `149 crores in FY 2019-20. along with other relevant documents and the financial statements of the
subsidiary companies would also be available on the Company’s website
Refer MD&A para Tata and other brand vehicles - Vehicles Financing URL: https://www.tatamotors.com/investors/annual-reports/
for detail analysis.
SUBSIDIARY, JOINT ARRANGEMENTS AND ASSOCIATE
SHARE CAPITAL COMPANIES
The Company in FY 2019-20 allotted 20,16,23,407 Ordinary Shares The Company has 103 subsidiaries (14 direct and 89 indirect), 9 associate
at a price of `150 per Ordinary Shares aggregating to `3,024 crores companies, 4 joint ventures and 2 joint operations as at March 31, 2021,
and 23,13,33,871 Convertible Warrants (“Warrants”), each carrying as disclosed in the accounts.
a right to subscribe to one Ordinary Share per Warrant, at a price of
`150 per Warrant (“Warrant Price”), aggregating to `3,470 crores on a During FY 2020-21, the following changes have taken place in subsidiary
preferential basis to Tata Sons Private Limited and an amount equivalent / associates / joint venture companies:
to 25% of the Warrant price was paid at the time of subscription. • JT Special Vehicles Private Limited, ceased to be joint venture and
During FY 2020-21, balance 75% of the Warrant Price was paid by became a wholly-owned subsidiary, consequent to 50% share
the Warrant Holder against each Warrant pursuant to exercise of the transfer from Jayem Automotive Private Limited w.e.f August 11,
options attached to the Warrants and 23,13,33,871 Ordinary Shares 2020.
were allotted to Tata Sons Private Limited. As at March 31, 2021, an

• In-Car Ventures Limited [Name changed from Lenny Insurance INTERNAL FINANCIAL CONTROL SYSTEMS AND ADEQUACY
Limited w.e.f. February 2, 2021]. 100% shareholding transferred
The Company’s internal control systems are commensurate with the
from InMotion Ventures Limited to Jaguar Land Rover Holdings
nature of its business, the size and complexity of its operations and such
Limited on February 18, 2021.
internal financial controls with reference to the Financial Statements
• Shareholding of InMotion Ventures Limited in InMotion Ventures
are adequate.
4 Limited, wholly owned subsidiary have reduced from 100% to
15% w.e.f December 1, 2020. Refer MD&A para Internal Control Systems and their Adequacy for
• Tata Technologies Europe Limited, 100% shareholding detail analysis.
transferred from INCAT International PLC to Tata Technologies
HUMAN RESOURCES
Pte. Limited (Singapore) w.e.f. May 27, 2020.
• Escenda Engineering AB name changed to Tata Technologies Refer MD&A para Human Resources / Industrial Relations for detail
Nordics AB w.e.f. November 2, 2020. 100% shareholding analysis.
transferred from Tata Technologies Europe Limited (UK) to Tata Diversity and Inclusion
Technologies Pte. Limited (Singapore) w.e.f. August 26, 2020.
Diversity and Inclusion at workplace helps nurture innovation, by
• Cambric GmbH was liquidated w.e.f September 17, 2020.
leveraging the variety of opinions and perspectives coming from
Transfer of Defence Undertaking to Tata Advanced Systems Limited: employees with diverse age, gender and ethnicity. The Company has
The Company transferred the Defence Undertaking pursuant to a organized a series of sensitisation and awareness campaigns, to help
Scheme of Arrangement as a going concern on a slump sale basis to create an open mind and culture to leverage on the differences. The
Tata Advanced Systems Limited at an enterprise value of `209.27 network of Women@Work and the Diversity Council has widened to
crores (‘the Scheme’). In FY 2019-20, the Company had received location councils as we move along the journey. Women development
requisite approvals from the shareholders and National Company and mentoring programme have increased, with clear focus on
Law Tribunal. After meeting the pre-conditions prescribed under the nurturing their career journeys, to help the Company build a pipeline of
Scheme, the Scheme became effective on April 1, 2021. women leaders in near future.
Transfer of Passenger Vehicles Undertaking to TML Business The Company employed 5.48% women employees in FY 2020-21
Analytics Services Limited: The Company proposes to transfer and vis- à-vis 5.79% in FY 2019-20.
vest of the Passenger Vehicles Undertaking Business (‘Passenger
Prevention of Sexual Harassment
Vehicle Undertaking’) pursuant to a Scheme of Arrangement as
a going concern on a slump sale basis to TML Business Analytics The Company has zero tolerance for sexual harassment at workplace
Services Limited (‘TBASL’), who holds directly or indirectly, 100% and has adopted a Policy on Prevention, Prohibition and Redressal
equity interest in TML Business Services Limited, for a lump sum of sexual harassment at workplace in line with the provisions of the
consideration of `9,417 crores; and reduction of share capital of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
Company without extinguishing or reducing its liability on any of its and Redressal) Act, 2013 and rules framed thereunder. Internal
shares by writing down the securities premium account in part, which Committee is in place for all works and offices of the Company to
is lost or is unrepresented by available assets, with a corresponding redress complaints received regarding sexual harassment.
adjustment to the accumulated losses amounting to `11,173.59 During FY 2020-21, the Company had received 1 complaint on sexual
crores. The consideration shall be settled by TBASL through issuance harassment which was subsequently withdrawn basis request from
of 941,70,00,000 equity shares of TBASL of `10 each. Your Company the complainant. The Company organized 95 instructor led awareness
has received No Objection from the Stock Exchanges, Securities workshops across locations. In addition, certain employees were
Exchange Board of India and requisite approvals from the Company’s covered through e-module program of the Company.
shareholders, secured creditors, etc. for the said transfer. Approvals
from the National Company Law Tribunal (‘NCLT’) and other statutory Tata Motors Limited Employees Stock Option Scheme (‘the
authorities are under process. Scheme’)
During FY 2020-21, there has been no change in the Scheme. There
There has been no material change in the nature of business of the
were no Options granted or vested or any shares issued on vesting
subsidiary companies.
during the year. There were 4,18,894 options which got forfeited /
The policy for determining material subsidiaries of the Company is lapsed during the year. The Scheme is in compliance with the Securities
available on the Company’s website URL: https://investors.tatamotors. and Exchange Board of India (Share Based Employee Benefits)
com/pdf/material.pdf Regulation, 2014. Appropriate disclosure prescribed under the said
Regulations with regard to the Scheme is available on the Company’s
RISK MANAGEMENT
website URL: https://www.tatamotors.com/investors/ESOP/
The Risk Management Committee is constituted to frame, implement
and monitor the risk management plan of the Company. Particulars of Employees
Disclosure pertaining to remuneration and other details as required
The Board takes responsibility for the overall process of risk
under Section 197(12) of the Act read with Rule 5(1) of the Companies
management throughout the organisation. Through an Enterprise Risk
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
Management programme, our business units and corporate functions
is annexed to the Report as Annexure-1.
address risks through an institutionalized approach aligned to our
objectives. This is facilitated by corporate finance. The Business risk Statement containing particulars of top 10 employees and the
is managed through cross-functional involvement and communication employees drawing remuneration in excess of limits prescribed under
across businesses. The results of the risk assessment are presented to Section 197 (12) of the Act read with Rule 5(2) and (3) of the Companies
the senior management. (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is provided in the Annexure forming part of this report. In terms
of proviso to Section 136(1) of the Act, the Report and Accounts are
being sent to the Shareholders, excluding the aforesaid Annexure. The

said Statement is also open for inspection. Any member interested in Company, which could be availed by its employees and their family
obtaining a copy of the same may write to the Company Secretary. members free of cost. The objective of said program was to support
None of the employees listed in the said Annexure are related to any employees and dependents to cope up with the physical and mental
Director of the Company. challenges created by COVID-19. 670 employees contacted counsellors
to address their issues. On-line sessions on emotional wellbeing were
BUSINESS RESPONSIBILITY REPORT
organized and approx. 3400 employees were benefitted. Robust
Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the surveillance diagnostic testing program with Rapid Antigen Test and
Business Responsibility Report (BRR) on initiatives taken from an RT-PCR for employees were carried out and maintained throughout
environmental, social and governance perspective, in the prescribed pandemic within Company’s Plant premises. Also several Company’s
format is available as a separate section of the Annual Report and is HR policies on sickness benefits, Insurance benefits and leave policy
also available on the Company’s website URL: https://www.tatamotors. were modified suitably in view of helping employees and dependents
com/investors/annual-reports/ during epidemic.
SAFETY & HEALTH – PERFORMANCE & INITIATIVES The Company also collaborated with several Government hospitals,
In continuation of Safety Excellence Journey at the Company, to provide COVID-19 vaccine free of cost to all its eligible employees,
the Organization achieved its 2nd consecutive Fatality Free Year in including third party contract employees. Due to Company’s said
FY 2020-21. initiative, till date approx. 10,000 people are vaccinated, which includes
its employee and their family members, ex-employees, employees of
During the year several proactive initiatives were undertaken by the
Service Providers and employees of Suppliers. The Company’s medical
Company viz. proactive monitoring of Leading Indicators (also known
teams located at Plants supported employees and their dependents
as Proactive Safety Index), focused training sessions on Risk perception
during COVID-19 pandemic by arranging beds/ medicines in hospitals
and behaviour based safety, I-care for shop floor employees and Safety
and co-ordinated for plasma donation. The Company also donated
felt leadership for middle management. The Company also focused on
medical equipment to Government healthcare providers through CSR
identification of Critical to Safety workstations to target areas with high
program.
potential for accidents. In order to protect its employees, Company
undertook Kaizen events to reduce driving related incidents across its ENERGY & ENVIRONMENT
Plant locations in FY 2020-21, which ultimately contributed in drastic The Company has always been conscious of the need to conserve
reduction of driving related incidents at Company’s Plant locations. energy in its manufacturing plants and to protect environment. Energy
Also, during the FY 2020-21, the Company strengthened its focus on conservation is achieved through optimized consumption of power
Safety Processes of its Contractors and Vendors Employees, which and fossil fuels and improvements in energy productivity through
resulted in reduction in number of Lost Time Injuries to Contractors and Energy Conservation (ENCON) projects, which contributes in reduction
Vendor Employees. Due to exhaustive Safety review measures being in operational costs and climate change mitigation through reduction
undertaken by the Company before commencing its Plants operations in greenhouse gases. The Company is also signatory to RE100 - a
which were closed due to COVID-19 outbreak, lead into smooth re-start collaborative, global initiative of influential businesses committed to
of operations without any incidents. 100% renewable electricity, and is working towards increasing the
amount of renewable energy generated in-house and procured from
In FY 2020-21, the Company’s 7 Manufacturing Plants in India,
off-site sources.
Safety Performance reported were higher with Total Recordable Case
Frequency Rate being 1.39, against 0.40 reported in FY 2019-20. Lost In FY 2020-21, ENCON efforts contributed to energy savings of
Time Injury Frequency Rate for the Company’s 7 plants in FY 2020-21 1,16,000 GJ, avoided emission of 22,352 tCO2e and cost savings
was 0.26 as against 0.09 in FY 2020-21. of `21.15 crore to the Company. In FY 2020-21, the Company
generated / sourced 73.33 million kWh of renewable electricity for its
The Company has robust governance mechanism for safety, health,
manufacturing operations, which amounts to 20% of the total power
environment and sustainability where reviews are undertaken at
consumption as compared to 21.6% in FY 2019-20 and also contributed
multiple levels. The Safety, Health and Sustainability (SHS) Committee
in avoidance of emission of 60,860 tCO2e and financial saving of `21.10
of Board is an apex review body, which reviews performances quarterly,
crores. This is a significant achievement, considering disruptions in
followed by Business Unit (BU) Head level SHE Council which reviews
Plant operations due to COVID-19. The Company generates renewable
monthly which percolates down to factory level by Apex Committee,
energy (RE) in-house through rooftop solar PV (photovoltaic), off-site
various Sub-committees for Safety Standards and then the Factory
captive wind farms and through procurement of off-site wind and solar
Implementation committees (FIC). Also for Non-manufacturing areas,
power through “Power Purchase Agreements” (PPA’s). In FY 2020-21,
focused monthly reviews happen at regional offices with Customer
the Company at its Pantanagar Plant enhanced its in-house RE capacity
Service and Warehouse teams.
by 2MWp by rooftop Solar PV installation.
During FY 2020-21, the Company rose through various challenges
In FY 2020-21, the Company conserved a total of 11.47 lakh m3
posed by COVID-19 pandemic. During the onset itself, the Company
of water through recycling effluent and rainwater harvesting,
initiated a robust response to safeguard employees at its plants,
which is 27.1% of total water consumption as compared to 16.4% in
offices and warehouses. Social distancing and sanitization norms were
FY 2019-20. In FY 2020-21, the Company sustained its efforts across
established as per World Health Organization (WHO) guidelines and
Plants to divert hazardous waste from landfill / incineration and
comprehensive employee awareness programs were initiated. During
derive value from the same. Several Plants divert hazardous wastes
the lockdown, Management engaged with its employees by creating
for energy recovery through co-processing at cement Plants. The
awareness on COVID -19, preventive measures to be undertaken and
Company will continue this initiative to ultimately achieve ‘Zero Waste
facilities available for help by the Company. The management stayed in
to Landfill’ status for all its manufacturing operations.
touch with its employees through health surveys, virtual meetings and
interactive sessions on social media platforms, Employees Assistance CORPORATE SOCIAL RESPONSIBILITY
Program’ - a confidential personalized self-help counselling service by The brief outline of the Corporate Social Responsibility (CSR) Policy of
qualified professional counsellors was launched in April 2020 by the the Company and the initiatives undertaken by the Company on CSR

activities during the year in the format prescribed in the Companies All Independent Directors of the Company have given declarations under
(CSR Policy) Amendment Rules, 2021 are set out in Annexure - 2 of this Section 149(7) of the Act, that they meet the criteria of independence
Report. The policy is available on Company’s website at URL: https:// as laid down under Section 149(6) of the Act and Regulation
investors. tatamotors.com/pdf/csr-policy.pdf 16(1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of
the SEBI Listing Regulations, the Independent Directors have confirmed
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
that they are not aware of any circumstance or situation, which exists or
& FOREIGN EXCHANGE EARNING AND OUTGO
may be reasonably anticipated, that could impair or impact their ability
The information on conservation of energy, technology absorption to discharge their duties with an objective independent judgement and
and foreign exchange earnings and outgo stipulated under Section without any external influence. The Company has received confirmation
134(3)(m) of the Act, read along with Rule 8 of the Companies (Accounts) from all the existing Independent Directors of their registration on
Rules, 2014, is annexed herewith as Annexure - 3. the Independent Directors Database maintained by the Institute of
ANNUAL RETURN Corporate Affairs pursuant to Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014.
Pursuant to Section 92(3) of the Act and Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return In the opinion of the Board, the Independent Directors possess the
for FY 2020-21 is available on Company’s website at https://www. requisite expertise and experience and are persons of high integrity and
tatamotors.com/investors/annual-reports/ repute. They fulfill the conditions specified in Act as well as the Rules
made thereunder and are independent of the management.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Key Managerial Personnel
Appointment / Re-appointment
In terms of Section 203 of the Act, the Key Managerial Personnel
The Board of Directors on the recommendation of Nomination and
(KMPs) of the Company during FY 2020-21 are:
Remuneration Committee (‘NRC’) and in accordance with provisions
of the Act and SEBI Listing Regulations, subject to the approval of • Mr Guenter Butschek, Chief Executive Officer and Managing
Members’ at the Annual General Meeting (‘AGM’), appointed: Director
• Mr Pathamadai Balachandran Balaji, Group Chief Financial Officer
• Mr Thierry Bolloré (DIN:08935293) as an Additional and
• Mr Hoshang K Sethna, Company Secretary
Non-Executive (Non Independent) Director on the Board w.e.f
October 27, 2020, liable to retire by rotation. CORPORATE GOVERNANCE
• Mr Kosaraju V Chowdary (DIN:08485334) as an Additional and Pursuant to Regulation 34 of the SEBI Listing Regulations, Report on
Non-Executive (Independent) Director on the Board for a tenure of Corporate Governance along with the certificate from a Practicing
5 years w.e.f October 27, 2020. He shall hold office as Additional Company Secretary certifying compliance with conditions of Corporate
Director upto the date of the forthcoming AGM and is eligible for Governance is part to this Report.
appointment as a Director. MEETINGS OF THE BOARD
• Mr Mitsuhiko Yamashita (DIN:08871753) as an Additional During the year, the Board of Directors met 9 times. For details, please
and Non-Executive (Independent) Director on the Board w.e.f refer to the Report on Corporate Governance, which forms part of this
September 16, 2020. Mr Yamashita underwent change in designation Annual Report.
from Non-Executive (Independent) Director to Non-Executive
COMMITTEES OF THE BOARD
(Non Independent) Director w.e.f October 27, 2020.
The Committees of the Board focus on certain specific areas and make
Dr Ralf Speth (DIN:03318908) consequent to retirement from services informed decisions in line with the delegated authority.
of Jaguar Land Rover Automotive PLC (‘wholly owned subsidiary’),
tendered his resignation vide letter dated October 27, 2020 as the The following Committees constituted by the Board function according
Non-Executive (Non Independent) Director of the Company. The to their respective roles and defined scope:
Board of Directors places on record its appreciation for his invaluable • Audit Committee
contributions during his tenure as a Director. • Nomination and Remuneration Committee
In accordance with provisions of the Act and the Articles of Association • Corporate Social Responsibility Committee
of the Company, Mr N Chandrasekaran, (DIN: 00121863) Non- • Stakeholders’ Relationship Committee
Executive, Chairman is liable to retire by rotation and is eligible for • Risk Management Committee
re-appointment. • Safety Health and Sustainability Committee
Mr Guenter Butschek, (DIN:07427375) Chief Executive Officer and Details of composition, terms of reference and number of meetings
Managing Director is being re-appointed w.e.f February 15, 2021 upto held for respective committees are given in the Report on Corporate
June 30, 2021 upon termination of the existing contract, subject to Governance, which forms a part of this Annual Report. During the year
Central Government and shareholders’ approval. under review, all recommendations made by the various committees
have been accepted by the Board.
The disclosures required pursuant to Regulation 36 of the SEBI Listing
Regulations and the SS-2 on General Meeting are given in the Notice BOARD EVALUATION
of Annual General Meeting (‘AGM’), forming part of the Annual Report. The annual evaluation process of the Board of Directors, Individual
Directors and Committees was conducted in accordance with the
Independent Directors
provisions of the Act and the SEBI Listing Regulations.
In terms of Section 149 of the Act and the SEBI Listing Regulations,
Mr Om Prakash Bhatt, Ms Hanne Sorensen, Ms Vedika Bhandarkar and The Board evaluated its performance after seeking inputs from all
Mr Kosaraju V Chowdary are the Independent Directors of the Company the Directors on the basis of criteria such as the Board composition
as on date of this report. and structure, effectiveness of Board processes, information and
functioning, etc. The performance of the Committees was evaluated
by the Board after seeking inputs from the committee members on the

basis of criteria such as the composition of committees, effectiveness • Independence - A Director will be considered independent if
of committee meetings, etc. The above criteria are broadly based on he/she meets the criteria laid down in Section 149(6) of the Act,
the Guidance Note on Board Evaluation issued by the Securities and the Rules framed thereunder and Regulation 16(1)(b) of the SEBI
Exchange Board of India. Listing Regulations.
The Board and the NRC reviewed the performance of individual Directors The Directors affirm that the remuneration paid to Directors, KMPs and
on the basis of criteria such as the contribution of the individual Director employees is as per the Remuneration Policy of the Company.
to the Board and committee meetings like preparedness on the issues
The remuneration policy is also available on the Company’s website
to be discussed, meaningful and constructive contribution and inputs
URL: https:// investors.tatamotors.com/pdf/directors-appointment-
in meetings, etc.
remuneration.pdf
In a separate meeting of Independent Directors, performance of
VIGIL MECHANISM
Non- Independent Directors and the Board as a whole was evaluated.
Additionally, they also evaluated the Chairman of the Board, taking The Company believes in the conduct of the affairs of its constituents
into account the views of Executive and Non-Executive Directors in the in a fair and transparent manner by adopting the highest standards of
aforesaid meeting. The Board also assessed the quality, quantity and professionalism, honesty, integrity and ethical behaviour. In line with
timeliness of flow of information between the Company management the Tata Code of Conduct (‘TCOC’), any actual or potential violation,
and the Board that is necessary for the Board to effectively and howsoever insignificant or perceived as such, would be a matter of
reasonably perform their duties. The above evaluations were then serious concern for the Company. The role of the employees in pointing
discussed in the Board meeting and performance evaluation of out such violations of the TCOC cannot be undermined.
Independent directors was done by the entire Board, excluding the Pursuant to Section 177(9) of the Act, a vigil mechanism was
Independent Director being evaluated. established for directors and employees to report to the management
FAMILIARISATION PROGRAMME FOR INDEPENDENT instances of unethical behaviour, actual or suspected, fraud or violation
DIRECTORS of the Company’s code of conduct or ethics policy. The vigil mechanism
provides a mechanism for employees of the Company to approach the
Refer Report on Corporate Governance para on Familiarisation
Chairperson of the Audit Committee of the Company for redressal.
Programme.
No person has been denied access to the Chairperson of the Audit
POLICY ON DIRECTORS’ APPOINTMENT AND Committee. In addition to the above, the employee also has an option to
REMUNERATION approach the Chief Ethics Counsellor (CEC).
The Company’s policy (salient features) on Directors’ remuneration and The policy of vigil mechanism is available on the Company’s website at
other matters provided in Section 178(3) of the Act has been briefly URL: https://investors.tatamotors.com/pdf/whistle-blower-policy.pdf
disclosed hereunder and in the Report on Corporate Governance, which
is a part of this Report. AUDIT
Selection and procedure for nomination and appointment of Directors Statutory Audit
M/s B S R & Co. LLP, Chartered Accountants (ICAI Firm No. 101248W/
The NRC is responsible for developing competency requirements for
W–100022), the Statutory Auditors of the Company, hold office until
the Board based on the industry and strategy of the Company. The
the conclusion of Seventy Seventh AGM to be held in the year 2022.
Board composition analysis reflects in-depth understanding of the
Pursuant to Section 141 of the Act, the Auditors have represented that
Company, including its strategies, environment, operations, financial
they are not disqualified and continue to be eligible to act as the Auditor
condition and compliance requirements.
of the Company.
The NRC conducts a gap analysis to refresh the Board on a periodic
The requirement to place the matter relating to appointment of
basis, including each time a Director’s appointment or re- appointment is
auditors for ratification by Members at every AGM has been done away
required. The NRC reviews and vets the profiles of potential candidates
by the Companies (Amendment) Act, 2017 with effect from May 7,
vis-à-vis the required competencies, undertakes due diligence and
2018. Accordingly, no resolution is being proposed for ratification of
meeting potential candidates, prior to making recommendations of their
appointment of statutory auditors at the ensuing AGM. The Statutory
nomination to the Board.
Auditors were present in the last AGM.
Criteria for determining qualifications, positive attributes and
The Report of the Statutory Auditor forming part of the Annual Report,
independence of a Director
contains an emphasis of matter as under:
In terms of the provisions of Section 178(3) of the Act, and Regulation
(a) the managerial remuneration paid to the CEO and Managing
19 of the SEBI Listing Regulations, the NRC has formulated the criteria
Director amounting to `2.22 crores for the period February 15,
for determining qualifications, positive attributes and independence of
2021 to March 31, 2021, exceeds the prescribed limits under
Directors, the key features of which are as follows:
Section 197 read with Schedule V to the Act, by `1.89 crores.
• Qualifications - The Board nomination process encourages The said amount excludes performance and long term incentives,
diversity of thought, experience, knowledge, age and gender. It which will be accrued post determination and approval by the
also ensures that the Board has an appropriate blend of functional Board of Directors of the Company, and such amounts will also
and industry expertise. exceed the prescribed limits. Further, the Company is also in the
process of obtaining Central Government approval since the CEO
• Positive Attributes - Apart from the duties of Directors as
and Managing Director is a non-resident.
prescribed in the Act the Directors are expected to demonstrate
high standards of ethical behaviour, communication skills and (b) Further, the remuneration payable to non- executive independent
independent judgment. The Directors are also expected to abide directors aggregating `1.70 crores is subject to approval of the
by the respective Code of Conduct as applicable to them. shareholders.

The management’s response is as follows: OTHER DISCLOSURES

The term of Mr Guenter Butschek, CEO and Managing Director, has PARTICULARS OF CONTRACTS OR ARRANGEMENTS
been extended from February 15, 2021 to June 30, 2021. Pursuant WITH RELATED PARTIES
to the provisions of Section 197 read with Schedule V of the Act, All contracts/ arrangements/ transactions entered by the Company
Members’ approval at the upcoming AGM is sought for re-appointment during the FY 2020-21 with related parties were on an arm’s length
as CEO and Managing Director and payment of minimum remuneration basis and in the ordinary course of business. There were no material
to Mr Butschek as per the terms of his appointment and remuneration Related Party Transactions (RPTs) undertaken by the Company during
for the period February 15, 2021 upto the remainder of his current the year that require shareholders’ approval under Regulation 23(4) of
tenure in case of no profits / inadequate profits for FY 2021-22. The the SEBI Listing Regulations or Section 188 of the Act. The approval
resolution approving the above proposal is being placed for approval of of the Audit Committee was sought for all RPTs. Certain transactions
the Members in the Notice for this AGM. which were repetitive in nature were approved through omnibus route.
In view of the valuable services being rendered and significant All the transactions were in compliance with the applicable provisions
contributions of the Non-Executive Directors (including Independent of the Act and SEBI Listing Regulations.
Directors) to the Company and pursuant to the recently amendments in Given that the Company does not have any RPTs to report pursuant
Sections 149(9), 197(3) and Section II of Part II of Schedule V of the Act, to Sections 134(3)(h) and 188 of the Act read with Rule 8(2) of the
the Board of Directors on the recommendations of the NRC, approved Companies (Accounts) Rules, 2014 in Form AOC-2, the same is not
payment of remuneration to the Non-Executive Directors (including provided.
Independent Directors) of the Company within the limits prescribed
under Schedule V of the Act for the Financial Years 2020-21, 2021-22 During the FY 2020-21, the Non-executive Directors of the Company
and 2022-23 in case of no / inadequate profits in each of these years, had no pecuniary relationship or transactions with the Company other
subject to the approval of the Members at this AGM. The details of the than sitting fees, remuneration payable to non executive directors
remuneration to be paid for FY 2020-21 are captured in the Corporate (subject to members’ approval) and reimbursement of expenses, as
Governance Report. The resolution approving the above proposal is applicable.
being placed for approval of the Members in the Notice for this AGM. The RPT Policy is available on the Company’s website URL: https://
The Statutory Auditor’s report does not contain any other qualifications, investors.tatamotors.com/pdf/rpt-policy.pdf
reservations, adverse remarks or disclaimers. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Branch Audit As per Section 186, the details of Loans, Guarantees or Investments
The resolution authorizing the Board of Directors to appoint Branch made during FY 2020-21 are given below:
Auditors for the purpose of auditing the accounts maintained at the (` in crores)
Branch Offices of the Company abroad is being placed for approval of
Name of Companies Nature of Transactions Loans Investments
the Members in the Notice for this AGM.
JT Special Vehicle Equity Infusion - 0.02
Secretarial Audit Pvt Ltd
Tata Steel Limited Equity investment - 16.35
Pursuant to the provisions of Section 204 of the Act and the Companies
pursuant to first and final
(Appointment and Remuneration of Managerial Personnel) Rules, 2014,
call made by
the Board of Director appointed M/s Parikh & Associates, (Registration
Tata Steel towards partly
No. - P1988MH009800), a firm of Company Secretaries in Practice to
paid equity shares
conduct the Secretarial Audit of the Company for year ended March Tata International Equity investment - 41.25
31, 2021. The Report of the Secretarial Audit is annexed herewith as Limited pursuant to rights issue
Annexure - 4. The said Secretarial Audit Report does not contain any Tata Hispano Loan 9.68 -
qualification, reservations, adverse remarks and disclaimer. Carrocera
Trilix SRL Loan 13.37 -
Cost Audit Tata Marcopolo Inter Corporate Deposits 70.00 -
As per Section 148 of the Act, the Company is required to have the Motors Limited
audit of its cost records conducted by a Cost Accountant. The Board JT Special Vehicle Inter Corporate Deposits 4.13 -
of Directors of the Company has on the recommendation of the Audit Pvt Limited* given as subvention
Committee, approved the appointment of M/s Mani & Co., a firm of Cost Brabo Robotics and Inter Corporate Deposits 26.86 -
Accountants in Practice (Registration No.000004) as the Cost Auditors Automation Limited * given as subvention
of the Company to conduct cost audits for relevant products prescribed * Both are wholly owned subsidiaries of the Company (TML) and are in the
under the Companies (Cost Records and Audit) Rules, 2014 for the process of shut down of operations and not in a position to meet its external
year ending March 31, 2022. The Board on recommendations of the liabilities. Thus, amount paid as subvention.
Audit Committee have approved the remuneration payable to the Cost
Auditor, subject to ratification of their remuneration by the Members at TMF Holdings Limited, wholly owned subsidiary of the Company has
the forthcoming AGM. The resolution approving the above proposal is issued perpetual debt of `1,350 crores with call/put option provided by
being placed for approval of the Members in the Notice for this AGM. the Company to the investors after 4 years and up to 6 years from the
deemed date of allotment.
M/s Mani & Co. have, under Section 139(1) of the Act and the Rules
framed thereunder furnished a certificate of their eligibility and consent During FY 2020-21, the Company has not given guarantee to any of
for appointment. its subsidiaries, joint ventures, associates companies and other body
corporates and persons.
The cost accounts and records of the Company are duly prepared and
maintained as required under Section 148(1) of Act.

DEPOSITS FROM PUBLIC Institute of Company Secretaries of India and that such systems are
adequate and operating effectively.
The Company has not accepted any deposits from public during the
year under review, and as such, no amount of principal or interest on DIVIDEND DISTRIBUTION POLICY
deposits from public was outstanding as on the date of the balance Pursuant to Regulation 43A of SEBI Listing Regulations, the Board
sheet, except for unclaimed and unpaid deposits pertaining to previous of Directors of the Company have formulated a Dividend Distribution
years. Policy. The Policy is also available on the Company’s website URL:
DIRECTORS’ RESPONSIBILITY STATEMENT https://investors.tatamotors.com/pdf/dividend-distribution-policy.pdf
Based on the framework of internal financial controls and compliance INVESTOR EDUCATION AND PROTECTION FUND
systems established and maintained by the Company, work performed Refer Report on Corporate Governance para on ‘Transfer of unclaimed
by the internal, statutory, cost, secretarial auditors and external / unpaid amounts / shares to the Investor Education and Protection
agencies, including audit of internal controls over financial reporting Fund (IEPF)’ for detail analysis.
by the Statutory Auditors and the reviews performed by Management
and the relevant Board Committees, including the Audit Committee, the GENERAL
Board is of the opinion that the Company’s internal financial controls Your Directors state that no disclosure or reporting is required in
were adequate and effective during FY 2020-21. respect of the following matters as there were no transactions on these
items during the year under review:
Accordingly, pursuant to Section 134(5) of the Act, the Board of
Directors, to the best of their knowledge and ability, confirm that: • There are no significant material orders passed by the Regulators
or Courts or Tribunal, which would impact the going concern
a) in the preparation of the annual accounts, the applicable
status of the Company and its future operation. However,
accounting standards have been followed and that there are no
Members attention is drawn to the Statement on Contingent
material departures;
Liabilities and Commitments in the Notes forming part of the
b) they have selected such accounting policies and have applied Financial Statement.
them consistently and made judgments and estimates that are
• No fraud has been reported by the Auditors to the Audit Committee
reasonable and prudent, so as to give a true and fair view of the
or the Board.
state of affairs of the Company at the end of the financial year and
of the loss of the Company for that period; • There has been no change in the nature of business of the
Company.
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions ACKNOWLEDGEMENTS
of the Act, for safeguarding the assets of the Company and for The Directors regret the loss of life due to COVID-19 pandemic and
preventing and detecting fraud and other irregularities; are deeply grateful and have immense respect for every person who
d) they have prepared the annual accounts on a going concern basis; risked their life and safety to fight this pandemic. The Directors wish to
convey their appreciation to all of the Company’s employees for their
e) they have laid down internal financial controls to be followed by contribution towards the Company’s performance. The Directors would
the Company and such internal financial controls are adequate also like to thank the shareholders, employee unions, customers,
and operating effectively; and dealers, suppliers, bankers, governments and all other business
f) they have devised proper systems to ensure compliance with the associates for their continuous support to the Company and their
provisions of all applicable laws and such systems are adequate confidence in its management.
and operating effectively. On behalf of the Board of Directors
Refer MD&A para on ‘Internal Control Systems and their Adequacy’ for
detail analysis.
N CHANDRASEKARAN
SECRETARIAL STANDARDS Chairman
The Company has devised proper systems to ensure compliance with Mumbai, May 18, 2021 DIN: 00121863
the provisions of all applicable Secretarial Standards issued by the

Annexure – 1
Details of Remuneration of Directors, KMPs and Employees and comparatives

[Pursuant to Section 197 and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
1. a. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company and the percentage
increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the FY 2020-21:
Sr Ratio of remuneration@ % increase in the

Names Designation
No. to median remuneration remuneration
I Non-Executive Directors
1 Mr N Chandrasekaran (1) Chairman- Non-executive Director - -
2 Dr Ralf Speth(2) Non-executive & Non-Independent Director - -
3 Mr Om Prakash Bhatt Independent Director 7.03 -(3)
4 Ms Hanne Sorensen Independent Director 6.47 -(3)
5 Ms Vedika Bhandarkar Independent Director 6.68 -(3)
6 Mr Kosaraju V Chowdary(4) Independent Director - -(7)
7 Mr Mitsuhiko Yamashita(5) Non-executive & Non-Independent Director - -(7)
8 Mr Thierry Bolloré(6) Non-executive & Non-Independent Director - -(7)
II Whole-time Director
9 Mr Guenter Butschek CEO and Managing Director 237.10 24.89(8)
III Key Managerial Personnel
10 Mr P B Balaji Chief Financial Officer N.A (21.21)
11 Mr Hoshang Sethna Company Secretary N.A 3.67
Notes:
(1) As a Policy, Mr N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated.
(2) Ceased to be a Non-executive & Non-Independent Director of the Company on October 27, 2020. Dr Speth was not paid any commission
or sitting fees for attending Board and committee meetings of the Company in view of his appointment as Chief Executive Officer and
Director of Jaguar Land Rover Automotive PLC.
(3) No Commission was paid to Mr Bhatt, Ms Bhandarkar and Ms Sorensen for FY 2019-20. Hence, percentage increase in remuneration is
not comparable and not stated.
(4) Appointed as an Independent Director of the Company with effect from October 27, 2020.
(5) Appointed as an Independent Director of the Company with effect from September 16, 2020, but underwent change in designation to
Non-executive & Non-Independent Director with effect from October 27, 2020.
(6) Appointed as a Non-executive & Non-Independent Director of the Company with effect from October 27, 2020. Mr Bolloré is not paid
any remuneration or sitting fees for attending Board and Committee meetings of the Company in view of his role as Chief Executive
Officer and Director of Jaguar Land Rover Automotive PLC.
(7) Mr Chowdary, Mr Yamashita and Mr Bolloré were appointed as Additional Directors w.e.f October 27, 2020, September 16, 2020 and
October 27, 2020 respectively. Since their term was for part of the year, ratio of remuneration to median remuneration and percentage
increase in remuneration are not comparable and hence not stated.
(8) This compensation for the year ended March 31, 2021, includes `2.83 crores of performance bonus and long term incentive for the
year ended March 31, 2020, approved in the year ended March 31, 2021. The amount for the year ended March 31, 2021 excludes
Performance and Long Term Incentives, which will be accrued post approval by the Board of Directors. Excluding above, the increase for
the year ended March 31, 2021 is 7.7%, due to foreign exchange fluctuation between EURO and INR.
@ includes non executive remuneration which is payable on obtaining to shareholder’s approval being sought at the ensuing Annual
General Meeting
b) A break-up of median remuneration for employees is given below:
Employee Group Median Remuneration (` in lakh) Increase in the median remuneration (%)
White Collar 11.99 -0.33
Blue Collar 7.52 8.65
The Median Remuneration of employees for the FY 2021 is `8.68 lakhs

2. The number of permanent employees on the rolls of Company as at March 31, 2021: 26,254
3. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its
comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional
circumstances for increase in the managerial remuneration:
Employee group Average percentage increase / (decrease) in salaries for FY 2020-21 (in %)
All permanent (Blue Collar and White Collar) 3.71
White Collar -0.71
Blue collar 9.96
Executive Directors / Managerial Remuneration
Mr Guenter Butschek 24.89*
Note:
Salaries for blue collar includes only Total Fixed pay, as they are not given any performance linked bonus but have plant-wise wage revision
at a set frequency. The annual variable/performance pay and the salary increment of managers is linked to the Company’s performance in
general and their individual performance for the relevant year is measured against major performance areas which are closely aligned to
Company’s objectives.
*This compensation for the year ended March 31, 2021, includes `2.83 crores of performance bonus and long term incentive for the year
ended March 31, 2020, approved in the year ended March 31, 2021. The amount for the year ended March 31, 2021 excludes Performance
and Long Term Incentives, which will be accrued post approval by the Board of Directors. Excluding above, the increase for the year ended
March 31, 2021 is 7.7%, due to foreign exchange fluctuation between EURO and INR.
4. Affirmation that the remuneration is as per the remuneration policy of the Company:
The remuneration for MD/KMP/rest of the employees is as per the remuneration policy of the Company.
On behalf of the Board of Directors
N CHANDRASEKARAN
Chairman
Mumbai, May 18, 2021 DIN: 00121863

ANNEXURE - 2
Annual Report on CSR Activities
[Pursuant to Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014]
1. A brief outline of the Company’s CSR policy: and utilization of financial and human resources, engaging
1. Overview: in like-minded stakeholder partnerships for higher outreach
benefitting more lives.
(i) Outline of CSR Policy - As an integral part of our commitment
to good corporate citizenship, we at Tata Motors believe in Weblink for Tata Motors India CSR Policy: https://investors.
actively assisting in improvement of the quality of life of tatamotors.com/pdf/csr-policy.pdf
people in communities, giving preference to local areas
(ii) CSR Projects: 1. Aarogya (Health): Addressing child
around our business operations. Towards achieving long-
malnutrition; health awareness for females; preventive &
term stakeholder value creation, we shall always continue
curative health services and institutional strengthening,
to respect the interests of and be responsive towards our
drinking water projects; 2. Vidyadhanam (Education):
key stakeholders - the communities, especially those
Scholarships; Special coaching classes for secondary
from socially and economically backward groups, the
school students; IIT-JEE & competitive exams coaching,
underprivileged and marginalized; focused on inter alia the
school infrastructure improvement; co-curricular activities;
Scheduled Castes and Scheduled Tribes, and the society
financial aid to engineering students, 3. Kaushalya
at large. In order to leverage the demographic dividend of
(Employability): Divers training – novice and refresher; ITI
our country, Company’s CSR efforts shall focus on Health,
partnership & allied-auto trades; Motor Mechanic Vehicle
Education, Employability and Enviornment interventions
(MMV); Training in retail, hospitality, white goods repair,
for relevant target groups, ensuring diversity and giving
agriculture & allied trades; 4. Vasundhara (Environment):
preference to needy and deserving communities inhabiting
Tree plantation, environmental awareness for school
urban India. CSR at Tata Motors shall be underpinned by
students. 5: Rural Development such as Integrated Village
‘More from Less for More People’ philosophy which implies
Development Programme (IVDP) in partnership with district
striving to achieve greater impacts, outcomes and outputs of
administration, Palghar, Maharahstra.
our CSR projects and programmes by judicious investment
2. Composition of CSR Committee:
Number of meetings of CSR
Sr. Committee during the year
Name of Director Designation (Nature of Directorship)
No.
held attended
1 Mr. Om Prakash Bhatt Chairman (Independent Director) 2 2

2 Ms. Vedika Bhandarkar Member (Independent Director) 2 2
3 Mr. Kosaraju V Chowdary* Member (Independent Director) 2 1
4 Mr. Guenter Butschek Member (CEO & Managing Director) 2 2
* appointed as member of the CSR Committee w.e.f January 4, 2021.

3. Provide the web-link where Composition of CSR committee, CSR 5. Details of the amount available for set off in pursuance of sub-
Policy and CSR projects approved by the Board are disclosed on rule (3) of rule 7 of the Companies (Corporate Social responsibility
the website of the Company: Policy) Rules, 2014 and amount required for set off for the
financial year, if any
Weblink for Tata Motors India CSR Policy:
https://investors.tatamotors.com/pdf/csr-policy.pdf Amount available for Amount required to be
Sr. No. Financial Year set-off from preceding setoff for the financial
Weblink for Tata Motors CSR Projects: financial years (in `) year, if any (in `)
https://www.tatamotors.com/corporate-social-responsibility/ Not Applicable
Weblink for CSR Board Committee: 6. Average Net Profit of the Company as per section 135(5): `(2,106)
crores
https://www.tatamotors.com/about-us/leadership/
7. (a) Two percent of average net profit of the company as per
4. Provide the details of Impact assessment of CSR projects carried section 135(5): Not applicable in view of loss.
out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social responsibility Policy) Rules, 2014, if applicable (b) Surplus arising out of the CSR projects or programmes or
(attach the report). activities of the previous financial years: Not applicable in
view of the loss.
Impact assessment is to be carried out for projects above 1 crore/
per year. In year 2020-21 none of the CSR projects were falling (c) Amount required to be set off for the financial year, if any:
under the value of `1 crore. Hence no impact assessment was Not Applicable
undertaken: (d) Total CSR obligation for the financial year (7a+7b+7c): Nil

8. (a) CSR amount spent or unspent for the financial year:
(` in crores)
Amount transferred to any fund specified under Schedule VII
Total Amount Total Amount transferred to
as per second proviso to section 135(5).
Spent for the Financial Year.
Amount Date of transfer Name of the Fund Amount Date of transfer.
23.99 Nil - - Nil -
(b) Details of CSR amount spent against ongoing projects for the financial year: Refer Table in Annexure I
1 2 3 4 5 6 7 8 9 10 11 12
Location of the project.

Amount
transferred
Amount Amount to Unspent
Mode of Implementation -
Item from the Mode of
Local allocated spent in CSR
Name list of Project Implementa Through Implementing
Sr. area for the the current Account for
of the activities duration. tion - Agency
No. (Yes/ State District project financial the
Project. in Schedule (in years) Direct
No). (` in Year project as
VII to the Act. (Yes/No).
crore) (` in crore) per Section
CSR
135(6)
Name Registration
(` in crore)
number.
1 Skill Development Employability Yes Andhra Pradesh Vishakapatnam, 1 Yr 4.1 4.1 NA NO Helping hands, RABSONS NA
and vocational skills Enhancing Skill Chhattisgarh Vizianagaram Info World, JSS Shri
in Automotive and Development Goa – Champa Manjunatheshwara
Non-Automotive Gujarat - Goa Pvt ITI College, Canara
Sector Jharkand - Ahmedabad, Vadodara Bank Deshpande Rural
Karnataka - East Singhbum Development Self
Kerala - Bengaluru, Bijapur, Employment training
Maharashtra Dharwad, Hassan, Institute, Pratham
Meghalaya - Honnavar, Mangalore Education Foundation,
Odisha - Ernakulam, Kannur, Ramkrishna Mission
Punjab - Kottayam, Thrissur, Sakwar, Skills for Progress,
Tamil Nadu - Thiruvananthapuram Fr Agnel, Dharti Charitable
Uttarakhand- Mumbai, Nashik, Pune, Trust, Sanand Education
Uttar Pradesh - Palghar, Thane Trust, MITCON Foundation,
West Bengal Shillong, West Jaintia Ador welding academy pvt.
Hills, West Khasi Hills ltd., Yashaswi academy
Balasore, Mayurbhanj for skills, Ambika Motor
Jalandher Driving School, Fr Angel
Dindugal, Erode, Institute of Technical
Karur, Kumbakonam, Training & Entrepreneurship
Madurai, Thiruvallur, Development, Shaswat
Nagapattinam, Trust Junnar, Ayush
Thiruvannamalai, Motor Driving, Vikas
Tiruchirapalli, Samities, Samaj Vikas
Villuppuram Kendra, Institute of Social
Udham Singh Nagar Development
Barbanki, Lucknow
Asansol, Bankura,
Kolkata, Purba
Medinipur

1 2 3 4 5 6 7 8 9 10 11 12

Amount
transferred
CSR
135(6)
Name Registration
(` in crore)
number.
2 Promoting primary Promoting Yes Bihar - Patna 1 yr 9.8 9.8 NA NO Swami Vivekananda NA
and secondary Education Delhi- New Delhi, Noida Youth Movement, YMCA,
education in Rural Gujarat - Ahmedabad, Urmee Charitable Trust,
and Socially/ Jharkand - Gandhinagar Tata Institute of Social
Economically Karnataka - East Singhbum Sciences – Prayas, Tata
Backward Maharashtra Dharwad Institute of Social Sciences
communities Puducherry; Mumbai, Kolhapur, – Fellowship
Uttarakhand Palgarh, Pune, Ramkrishna Mission,
Uttar Pradesh – Sindhudurg, Thane Sakwar, Foundation for
Pan India- JNV Nainital, Udham Singh Academic Excellence and
Schools Nagar Access (FAEA), Navneet
Barbanki, Lucknow Foundation, Indian
Institute of Technology-
Gandhinagar, Avanti
Fellows, Ex Navodayan
Foundation, Shaswat Trust
Junnar, Ganatar, Astittva
Welfare Foundation,
Moinee Foundation,
College of Engineering
,Pune, Swaroopwardhinee,
Samata Shikshan Sanstha,
Suprabhat Mahila
Mandal, Sevasahyog
Foundation,Youth
Organization for Joining
Action and Knowledge,
Shaswat Trust Junnar
Shiksha Prasar Kendra,
Institute of Social
Development
3 Preventive and Eradicating Yes Bihar - Saran 1yr 3.84 3.84 NA NO Family Planning Association NA
curative health Hunger, Gujarat - Ahmedabad Of India, Niramaya Health
services in Promoting Jharkand - East Singhbum foundation, Ramkrishna
Communities preventive Karnataka - Dharwad Mission, Sakwar, LTH
healthcare, Maharashtra Mumbai, Palghar, Silver Jubilee Research
Malnutrition, Uttarakhand Pune, Thane Foundation, Yugrishi
sanitation and Uttar Pradesh - Udham Singh Nagar Shriram Sharma Acharya
safe drinking Barbanki, Lucknow Charitable Trust, Manav
water Seva Trust, Namaste Life,
Dharti Charitable Trust,
Sneh Foundation, Snehdeep
Janklyan Foundation, Unik
Medicare Solution, Parivar
Kalyan Sansthan, Nav
Jagrat Manav Samaj, Jan
Parivar Kalyan Sansthan,
Paryavaran evam jan
kalyan samite, Institute
of Social Development,
Sumant Moolgaonkar
Development Foundation,

1 2 3 4 5 6 7 8 9 10 11 12

Amount
transferred
CSR
135(6)
Name Registration
(` in crore)
number.
4 Ensuring Ensuring Yes Gujarat - Ahmedabad 1yr 1.6 1.6 NA No Bombay Natural History NA
environmental environmental Jharkand - East Singhbum Society, Vasundhara
sustainability sustainability Karnataka Dharwad Public Charitable
through awareness Maharashtra All district Trust, Baif Institute For
and protection of Uttarakhand - Udham Singh Nagar Sustainable Livelihood And
natural habitats Development, Manav Seva
Trust, Dharti Charitable
Trust, Astittva Welfare
1yrFoundation, Terre
Policy Center, Wildlife
research and Conservation
Society, Institute of Social
Development,
PAN Himayalan grassroots
Development foundation,
Paryavaran evam jan
kalyan samiti
5 Rural Rural Yes Maharashtra Palghar 1 yr 1 1 NA No Baif Institute For NA
Development development Gujarat Bavla- Ahemadabad Sustainable Livelihood And
projects Development, Gram Vikas
Kendra
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
1 2 3 4 5 6 7 8 9 10 11 12 13
Amount Mode of Implementation-
Location of the project. transferred Through Implementing
Amount to Unspent Agency
Amount Mode of
spent in CSR
Name Item from the Local allocated Implementa
Sl. Project the current Account for
of the list of activities area for the tion -
No. Duration. financial the CSR
Project. in schedule VII to the Act. (Yes/No). project Direct
State District Year (in project as Name Registration
(in `Crore). (Yes/No).
` Crore.). per Section number.
135(6) (in
` Crore).
1 COVID-19 Item no (i) and (xii)- promoting Yes Pan India Pan India 1 year 3.34 3.34 NA Yes NA NA
relief health care including
activities preventive health care,
eradicating hunger, poverty and
malnutrition,Sanitation, making
available safe drinking water and
disaster Managemen
(d) Amount spent in Administrative Overheads: `0.31 crore

(e) Amount spent on Impact Assessment, if applicable- Not applicable
(f) Total amount spent for the Financial Year (8b+8c+8d): (20.34+ 3.34+ 0.31) = `23.99 crore
(g) Excess amount set off, if any

S r.
Particular Amount (` in crores)
no.
(i) Two percent of average net profit of the company as per Seciton 135(5) Not applicable
(ii) Total amount spent for the Financial Year 23.99
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any Nil
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Amount transferred to any fund specified under
Amount transferred to
Amount spent in the Schedule VII as per Amount remaining to be
SI Preceding Unspent CSR Account
reporting Financial section 135(6), if any. spent in succeeding financial
No Financial Year. under section 135 (6)
Year (in `). Name of Amount years. (in `)
(in `) Date of transfer.
the Fund (in `).
1 Nil.
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
1 2 3 4 5 6 7 8 9
Total amount Amount spent on Cumulative amount
Financial Year in Status of the project
S Project allocated for the project in the spent at the end of
Project ID. Name of the Project. which the project - Completed /
no Duration. the Project reporting Financial reporting Financial
was Commenced. Ongoing.
(in `). Year (in `). Year. (in `)
1 Nil.
All our projects are for one year timeline i.e. relevant for that particular year.
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the
financial year (asset-wise details).
(a) Date of creation or acquisition of the capital asset(s): None
(b) Amount of CSR spent for creation or acquisition of capital asset: Nil
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc:
Not applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset): There was no
creation or acquisition of capital asset through CSR spent in FY 2020-21
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5) - Not Applicable
Guenter Butschek Om Prakash Bhatt

CEO and Managing Director Chairman CSR Committee
Mumbai, May 18, 2021 DIN: 07427375 DIN: 00548091

ANNEXURE - 3
Particulars of Conservation of energy, Technology absorption and Foreign Exchange Earnings and Outgo
[Pursuant to Section 134 (3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014
A. CONSERVATION OF ENERGY (ii) The steps taken by the Company for utilizing alternate
The Company has always been conscious of the need to conserve sources of energy:
energy in its Manufacturing Plants which leads to optimized The Company continued to add on-site Renewable Energy
consumption of non-renewable fossil fuels, energy productivity, (solar) generation capacity in FY 2020-21, which brings the total
climate change mitigation and reduction in operational costs. The installed capacity to:
Company is also signatory to RE100 - a collaborative, global initiative
• 4.3 MWp Roof-top Solar PV installation at Pune (Pimpri,
of influential businesses committed to 100% renewable electricity,
Chinchwad & Chikhali)
and is working to increase the amount of renewable energy generated
in-house and procured from off-site sources. • 4.07 MWp Roof-top Solar PV installation at Lucknow
(i) The steps taken or impact on conservation of energy: • 3.77 MWp Roof-top Solar PV at Jamshedpur
Energy Conservation (ENCON) projects have been implemented • 3 MWp Solar PV installation at Pantnagar
at all Plants and Offices of the Company in a planned and
• 1 MWp Solar PV installation at Dharwad
budgeted manner. In FY 2020-21, all Plants achieved significant
reduction in fixed energy consumption on non-working days by • 2 MWp Roof-top Solar PV installation at Sanand
administrative and process controls. Some of the major ENCON
The Company also sources off-site renewable energy at its
Projects in FY 2020-21 include:
Pune, Sanand and Dharwad Works through Power Purchase
• Jamshedpur Plant: Reduction in fixed energy consumption Agreements (PPA) with Third Party Wind and Solar Power
in auto division, Optimizing energy consumption of Generators. The Company plans to continue to source off-site
compressed air, Optimizing the operating efficiency by renewable power in line with regulatory policies / frameworks
shutdown of Forced Draft Ventilation Units (FDV) of various and tariffs in the States where we operate. These efforts will
manufacturing divisions. continue to help offset greenhouse gas emissions in the coming
years.
• Pimpri Plant: Heat treatment furnace optimization, High-bay
LED & LED tube light installation, VFD installation for blower In FY 2020-21, the Company generated / sourced 73.33 million
& pumps, Washing machine NG to electrical conversion, kWh of renewable electricity for its manufacturing operations
Shifting of engine assembly operations. which is 20.0% of the total power consumption. This contributed
• Chinchwad Plant: Reduction in compressed air loss used to to avoidance of 60,860 tCO2e and financial saving of `21.10
convey sand, Reduction in number of pumps in AI foundry, crores.
Stopping of paint booth conveyor in idle running conditions. (iii) The capital investment on energy conservation equipment:
• Maval Foundry: Reduction of pumping losses by In FY 2020-21, the Company has invested `243 lakhs in various
providing level sensors to storage tank and delivery valve energy conservation projects.
adjustments, Optimization of compressed air pressure Awards / Recognition received during the year is as below:
during non-production shifts.
1. CV Pune and Pantnagar won the “National Energy Leader” and
• Lucknow Plant: Controlled use of canteen utilities, training “Excellent Energy Efficient Unit” at the CII National Award for
centres, offices aligned to the plant operational condition, Excellence in Energy Management, Hyderabad, August 2020.
Reduction in total HVAC load, Switching off no-load
transformer in paint shop. 2. Jamshedpur, Lucknow and Pantnagar won “First Prize”,
“Second Prize” and “Merit Award”, respectively, in Automotive
• Pantnagar Plant: VFD installation in exhaust blowers in (Manufacturing) Sector category at the National Energy
paint shop, HVAC frequency reduction at paint shop. Conservation Award (NECA) 2020, by the Bureau of Energy
• Dharwad Plant: Savings through mini portable compressor Efficiency (BEE).
in paint shop, Optimization of water rinse mixers during non- 3. Jamshedpur won “Energy Star rating 4.75/05” at the Annual
production hours in paint shop. Energy Conservation Awards by CII- Eastern Region, Kolkata in
• Chikhali Plant: LED migration projects, Reduction in August 2020.
compressed air requirements across plants, Installation of 4. Jamshedpur was recognized as “Energy Efficient Unit” award at
HVLS fans. the CII National Award for Excellence in Energy Management,
Hyderabad, August 2020.
• Sanand Plant: VFD implementation at Paint Shop, LED
migration projects, Leakage elimination in underground 5. Lucknow was recognized as “Energy Efficient Unit” at the
compressed air line, Optimization of compressed air supply CII National Award for Excellence in Energy Management,
during non-production shifts. Hyderabad, August 2020.
These ENCON efforts in FY 2020-21 have resulted into: energy 6. PV Pune was recognized as “Excellent Energy Efficient
savings of 1,16,000 GJ (89,977 GJ from power + 26,023 GJ from fuel), Unit” at the CII National Award for Excellence in Energy
avoided emission of 22,352 tCO2e and cost savings of `2,115 lakhs. Management, Hyderabad, August 2020

B. TECHNOLOGY ABSORPTION, ADAPTATION AND (i) Efforts made towards innovation, technology
INNOVATION development, absorption and adaptation
In the recent past the Company has had significant thrust and • In order to foster innovation the Company has robust
deployed its R & D focus towards electric mobility comprising programs in place to encourage innovation in work
of Battery Electric Vehicles (BEVs), Hybrids and Fuel Cell place. For over a decade now, we have been running
Technologies. Amongst other technologies, the prototypes of fuel annual Imagineering and Innovista competitions
cell buses are under technology evaluation. internally to encourage individuals and teams to
showcase their agility, prowess and innovative mind-
In FY 2020-21, the Company prioritized its electric vehicles
set towards solving problems, enhancing efficiencies
development capabilities and today is one of the frontrunners
and delighting customers while competing for
in this industry. The Company developed a comprehensive
handsome rewards and recognitions.
approach to address the barriers and ‘Winning proactively in
e-Mobility’. The Tata UniEVerse, is an entire electric mobility • The Company followed its Annual Technology
ecosystem—from charging infrastructure, battery cells, battery Planning and Development cycle to manage its
packs and electric motors, to financing options, customized for engineering and technology initiatives.
the needs of electric vehicle ownership. Tata Motors’ foray into
• The Company has been adapting to new trends like
electric vehicles would certainly reduce its greenhouse gas (GHG)
Artificial Intelligence, Augmented reality, Virtual
emissions which mostly originate during the operational phase.
reality, Immersive experience, Big data Analysis,
The Company also launched a common Connected Vehicle Passenger wellness and wellbeing, Next generation
Architecture through its Connected Vehicle Platform (CVP). This connectivity disruptions (5G), Touchless interactions,
serves the entire portfolio across Commercial, Passenger and Cabin air quality, HD navigation, Vehicle to vehicle
Electric Vehicles, to enable the extended digital eco-system communication, New materials for interiors , exteriors
for its customers. The CVP has many features which help to and light weighting, Higher efficiency components
conserve energy and thereby has significant impact towards to sustain the customer, market and environmental
product sustainability. demand.
The Company successfully delivered its BS6 range of products • Recently launched variant of Altroz has been equipped
across all segments covering diesel, gasoline and CNG fuels as with the iRA – the connected car technology deployed
per market requirements. As a proactive step towards delivering through its Connected Vehicle Platform approach. All
the organizational vision, Tata Motors approached BS6 not as a the cars from the “New Forever” 2020 range namely
hurdle, but to enhance and upgrade the entire product portfolio Tiago, Tigor, Nexon, Harrier and Altroz are already
with technologies and features and further delight our customers compliant with the new pedestrian safety laws.
by setting new benchmarks for performance, operating efficiency,
IPR Generation
comfort and safety.
• During FY 2020-21, the Company filed 89 patent
In addition to the proactive measures in meeting the regulatory
applications and 11 design applications. With respect
regime of the country, the company has been actively pursuing
to applications filed in previous years, 79 patents were
enhancements in fuel efficiency; leading to reduction in carbon
granted and 47 designs were registered. Filing include
footprint through various powertrain as well as vehicle level
national jurisdiction and grant details include national
technology interventions.
and international jurisdictions. Success on this front
was acknowledged by the following independent and
With sustainability being part of its core agenda, the Company
credible acknowledgements.
proactively published dismantling information system for Nexon
MCE on IDIS (International Dismantling Information System) - 100% growth in patents for year 2020 and 2019
website as proactive compliance to ELV regulations. This meets over the past two calendar years (2018 and
with upcoming regulation on End of Life vehicles and the Company 2017).
is the first Indian OEM to have this information in public domain.
- Winning CII’s 6th Industrial IP Award for ‘Best
In the PV arena, the Company introduced the new Altroz iTurbo, Patents Portfolio for a Large (Manufacturing/
powered by new 1.2L Petrol iTurbo engine. The Tata Nexon EV was Engineering) Organization’ in December 2020.
launched earlier in 2020. It is currently, the most accessible EV
(ii) Benefits derived as a result of the above efforts
and won the ‘EV 4 Wheeler of the year 2020’ award. The Company
from the last couple of years has been enjoying a leadership • The Company continued to strengthen its capabilities
position through its philosophy of “safety – a prerogative for all”. across the technology domains to meet the emerging
The first ever GNAP 5 star certified compact SUV (Nexon) and the and future market needs. By careful selection of
first GNAP 5 star certified premium hatchback were delivered advanced engineering and future technology portfolio,
from the Company’s stable. The other models Tiago and Tigor the Company intends to capitalize and bookshelf the
too enjoy the feat of being 4 star GNCAP certified cars in their developed technologies for incorporation into the
respective segments. future products for making them more exciting and
more attractive to the end customers. The Company
In commercial vehicles business, the Company announced its also wishes to mitigate all future risks related to
“Future Ready” portfolio for BS6 in early FY 2021 and amongst a technology by timely having a basket of appropriate
huge portfolio spread across SCV, ILCV, Buses and MHCV. emerging technology solutions.

• Using digital technology, design, and ergonomics to take - Golden Peacock Innovative Product/Service Award
vehicular safety to the next level. This has led to the for Tata Urban Electric Bus – Zero Emission Urban
emergence of cars with global NCAP 4 and 5-star safety People Mover.
ratings across all segments within India. The Company
- Golden Peacock Award – in Eco-Innovation category
has redefined the future of Indian transportation by
for enhanced TCO school bus “City Ride 4SPCR”.
progressively investing in research & development of safe,
sustainable, smart, and connected mobility solutions. • The Company wins multiple awards at the EV
Manufacturing and Design Show 2021 - Electric Car
• The Company received a wide acclamation of its efforts
Manufacturer of the Year, Electric Bus Manufacturer of
across its range of technologies and products through
the Year – Tata Ultra 9/9, Electric Fleet Manufacturer of
multiple awards and accolades. Few of them are listed
the Year, EV Solution Provider of the Year, Telematics – 4
below:
wheeler, and Smart Technology Innovation of the Year –
- Tata Altroz won Best Indian car 2021 award by Ziptron technology.
Motor Octane. Tata Altroz won the ‘Car of the Year
• The Company bagged 3rd time in a row the ‘The Economic
2020’ award.
Times Polymers Awards 2021’ in the category of Recycling
- Tata Nexon won ‘Compact Sport Utility Vehicle’ in March 2021 for enhancing Pre-consumer Waste Nylon
under & Tata Intra won ‘Business Truck’ under for Automobile Structural Applications bagged.
mobility design Four Wheeler Vehicle at 10th CII
• The Company has bagged the prestigious National
Design Excellence award 2020.
Energy Conservation Award (NECA) 2020 for its energy
- Tata Tiago won the Motor Vikatan 2021 Entry level conservation measures, instituted by the Bureau of
Hatchback of the year. Energy Efficiency (BEE).
Major technology absorption projects undertaken during the last year includes:
Sr.
Technology for Status
No.
1 Composite Material Structural Technology POC Ready
2 Active Safety systems / ADAS Technologies POC Ready
3 Voice assistance features - Multi lingual/self-diagnostics-others Under development
4 Connected Vehicle features – Next Phase (V2X) Under development
5 Smart climate control / HVAC system POC Ready
6 Driving dynamics technologies Under development
7 Performance improvement for EV Powertrain Aggregates Under development
8 Aggregates/Components for fuel cell technology Under development
9 Advanced formulation of engine oil/lubricants Developed
10 Advanced Auxiliary Systems for engines Developed
11 Vehicle air conditioning using solar energy POC Ready
12 Waste Heat Operated HVAC system Under development
Major technology imports includes:
Sr.
Technology for Year of Import Status
No.
1 New Chassis Dynamometer & upgradation of existing chassis dynamometer for BS-6 & 2018-19 Implemented
beyond regulatory requirement and first of its kind multi-storey vehicle soaking facility
2 Software features such as cruise control, vehicle acceleration management, load based 2018-19 Implemented
speed control & gear down protection in M&HCV trucks
3 2 Capability & capacity enhancement in ERC Engines for BS-6 Phase-1 and Phase-2 2018-19 Implemented
requirements
4 Focus on simulation capabilities through various software, Hardware-in-Loop (HiL) to 2019-20 Implemented
reduce development timelines
5 Advanced Power Systems Engineering test facility for BS VI and beyond for all kinds of 2019-20 Implemented
fuels including hybrids and EVs.
6 Technology for virtual validation of engines testing 2020-21 Developed
7 CTP based Battery technology which is high energy density LFP battery 2020-21 Under development
8 Hub wheel technology solution 2020-21 Developed
(iii) Specific areas in which R & D carried out by the Company application specific fuel efficiency and to deliver high
• The Company is mainly focused on specific areas of performance and reliable products.
R&D and Engineering by which it can meet its Mission • On CV front too, for EV segment Tata Motors R&D team
& Vision. For passenger cars, the main focus areas are has been successful in developing affordable Electric
in the domain of creating stunning design, pleasurable products. The Company have been exclusively working in
driving experience and connectivity. For commercial shared mobility space through gamut of vehicles needed
vehicles, in addition to design, the main focus areas for last mile connectivity ranging from small CV’s to trucks
are total cost of ownership, to be a market leader in and buses. On safety front, R&D team is working toward

developing technology for enhancing Vehicle Safety the outreach of already deployed/sustenance competencies
such Advance Driver Assistance System (ADAS), driver development for new technology adaptation & integration.
health monitoring systems etc. In previous few years,
For e.g. In order to incubate electronics and software is to upscale
Tata Motors have launched a range of several safety
competencies on Future Technologies, Disrupting Trends,
related technologies in its vehicle which includes
Existing skill enhancement, Process improvement etc. These are
Electronic Stability Control, Automatic Traction Control
addressed through our various academies like Product Leadership
(ATC) and Hill Start Aid (HSA) for range of trucks.
Academy. As part of this, various capability-building interventions
Initiatives towards digital product development systems for road are planned every year based on present skill gap analysis & are
to lab approach & enhanced productivity monitored through Learning Advisory Council (LAC).
Continued the adoption of new digital technologies in the product Future Areas of Focus
development domain for improving design and development
The Company will continue its endeavor in the research and
processes, primarily contributing to two key goals – Time to Market
development space to develop vehicles with reduced cost, time
(TTM) and World Class Quality (WCQ). Front loading in design and
to market and shorter product life cycles keeping in mind the
development resulted in optimized process time. Niche integration
sustainability goals. Tata Motors aims for timely and successful
tools, systems and processes continue to be qualitatively enhanced
conclusion of technology projects so as to begin their induction into
in the areas of CAx, Knowledge Based Engineering (KBE), Product
mainstream products, which will lead to a promising future. With
Lifecycle Management (PLM) and Manufacturing Planning
the expansion of the digital mobility landscape, the Company will
Management (MPM) for more efficient end-to-end delivery of the
keep pursuing global disruptive mega trends of CESS (C connected,
product development process. Achievements through various
E electrified, and S safe & S shared mobility).
initiatives are listed below:
On powertrain development front, increase in the stringency of
• IoT platform for connected vehicle (CVP) journey, started
regulations is likely to continue in future as the company move
in 2019, crossed integrated platform milestones to reach a
towards lower CO2 and other Engine out emissions. A slew of
production level maturity and release of connected features
regulations like BS6 with On Board Diagnostics (OBD) Phase 2,
on Nexon EV and Nexon MCE. The connected journey
In-Use Performance Ratio (IUPR), Idle Speed Control (ISC), Real
has progressed further and deployed on most of the new
Driving Emissions (RDE), Corporate Average Fuel Efficiency (CAFÉ),
Passenger Vehicle programs and almost all Commercial
Heavy and Light Duty Fuel Efficiency & Engine – Brake (to meet
Vehicle programs. Crossed a milestone of 1 Lakh vehicle
Endurance braking regulation) are on the cards. These regulations
onboarding onto CVP in March 2021.
are the necessities to remain in business and keep us going.
• Latest technology of BOTs based apps are deployed to
Apart from regulations, powertrains are also being developed with
disseminate information/data available to right stakeholders
various alternative fuels such as Ethanol E10 / E20, Bio-diesel
at right time, to help them to verify data and take decisions.
blends, LNG, H-CNG, BEV’s, Fuel cell etc.
Deployment of Chatbot services for CAD applications helped
to eliminate user awareness issues and non-value added Company’s focus is going to be building Technology, Capability,
administration and support activities. scale & capacities in R&D to able to ride the emerging trends.
The Company is now focusing more on accelerated testing and
• ‘EGuru’ product mobility application with enhanced features
validation and are using a lot of digital tools for the simulation
of Customer Configurator is deployed at MHCV, SCV, PICKUP
process. Tata Motors has been able to stay ahead of the curve
dealerships across India helping dealers as a digital tool to
and create superior offerings for the customer. With keen eye for
configure the product for the customer.
incorporating digitization, connectivity, automation and advanced
• 6 Artificial Intelligence and Machine Learning based regulations compliance has helped the Company deliver exciting
applications are introduced into various domains such innovations to customers worldwide. With a revitalized vision set
as design, service, quality, manufacturing etc. To reduce for the Company, by FY 2024, the Company is poised to become
physical testing cycles by building predictive models, Deep the most aspirational Indian auto brand, consistently winning by
Learning (AI) based algorithms and apps are introduced into delivering superior financial returns, driving sustainable mobility
design process. Trained AI models help in synergy between solutions, exceeding customer expectations and creating highly
physical and digital simulations and better co-relation. engaged work force.
• Digital Manufacturing predominantly used to simulate and C. FOREIGN EXCHANGE EARNINGS AND OUTGO
validate process planning to anticipate potential problems
to meet the production requirement for new vehicles. Plant
Foreign Exchange Earnings and Outgo in FY 2021 ( ` in crores)
digitization activities has helped to create digital factory
models and ensure that they are operating under optimal Earning in Foreign Currency 2,181.66
layout, material flow and throughput before production Expenditure in Foreign Currency 2,159.77
ramp-up.
Competency Development On behalf of the Board of Directors
In our quest to ensure that the workforce remains fully engaged
and relevant to the disruptions in the mobility industry, our thrust N Chandrasekaran
on development of unique competencies continued while ensuring Chairman
Mumbai, May 18, 2021 DIN- 00121863

ANNEXURE - 4
FORM No. MR-3
Secretarial Audit Report
For the Financial Year ended March 31, 2021
(Pursuant to section 204 (1) of the Companies Act, 2013 and rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To, the Companies Act and dealing with client; (Not applicable to the
The Members, Company during the audit period);
Tata Motors Limited
(g) The Securities and Exchange Board of India (Delisting of Equity
We have conducted the secretarial audit of the compliance of applicable Shares) Regulations, 2009; (Not applicable to the Company
statutory provisions and the adherence to good corporate practices by Tata during the audit period); and
Motors Limited (hereinafter called the Company). Secretarial Audit was
(h) The Securities and Exchange Board of India (Buyback of
conducted in a manner that provided us a reasonable basis for evaluating
Securities) Regulations, 2018 (Not applicable to the Company
the corporate conducts/statutory compliances and expressing our opinion during the audit period).
thereon.
(vi) Other laws applicable specifically to the Company namely:
Based on our verification of the Company’s books, papers, minute books,
forms and returns filed and other records maintained by the Company, to 1. The Motor Vehicle Act, 1988 and the Rules made thereunder.
the extent the information provided by the Company, its officers, agents We have also examined compliance with the applicable clauses
and authorised representatives during the conduct of secretarial audit, the of the following:
explanations and clarifications given to us and the representations made by
the Management and considering the relaxations granted by the Ministry (i) Secretarial Standards issued by The Institute of Company
of Corporate Affairs and Securities and Exchange Board of India warranted Secretaries of India with respect to board and general
due to the spread of the COVID-19 pandemic, we hereby report that in our meetings.
opinion, the Company has, during the audit period covering the financial year (ii) The Listing Agreements entered into by the Company
ended on 31st March, 2021, generally complied with the statutory provisions with BSE Limited and National Stock Exchange of India
listed hereunder and also that the Company has proper Board processes and Limited read with the Securities and Exchange Board of
compliance mechanism in place to the extent, in the manner and subject to India (Listing Obligations and Disclosure Requirements)
the reporting made hereinafter. Regulations, 2015.
We have examined the books, papers, minute books, forms and returns filed During the period under review, the Company has generally complied
and other records made available to us and maintained by the Company for with the provisions of the Act, Rules, Regulations, Guidelines,
the financial year ended on 31st March, 2021 according to the provisions of: Standards etc. mentioned above.
(i) The Companies Act, 2013 (the Act) and the rules made thereunder; As regards SEBI matter reported in the previous report, the Company
and SEBI have exchanged various correspondence in the last 3 years
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and the rules
in respect of the steps taken by the Company to prevent leakages and
made thereunder;
assuring that the highest degree of importance was accorded to strict
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed adherence of all applicable regulatory and legal requirements. There
thereunder; have been no further communication after November 20, 2020.
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations The re-appointment of the CEO and Managing Director and payment of
made thereunder to the extent of Foreign Direct Investment, Overseas remuneration to him for the period February 16, 2021 to June 30, 2021
Direct Investment and External Commercial Borrowings; and the waiver of excess remuneration of `1.89 crores paid for the
period February 16, 2021 to March 31, 2021, are subject to approval
(v) The following Regulations and Guidelines prescribed under the
of the shareholders pursuant to the provisions of section 196, 197
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’)
read with Schedule V of the Companies Act, 2013. Further, since the
(a) The Securities and Exchange Board of India (Substantial CEO and Managing Director is a non-resident the said reappointment is
Acquisition of Shares and Takeovers) Regulations, 2011; subject to the approval of Central Government.
(b) The Securities and Exchange Board of India (Prohibition of The remuneration payable to non-executive independent directors
Insider Trading) Regulations, 2015; aggregating `1.70 crores is subject to approval of the shareholders.
( c) The Securities and Exchange Board of India (Issue of Capital and We further report that:
Disclosure Requirements) Regulations, 2018 and amendments The Board of Directors of the Company is duly constituted with
from time to time; proper balance of Executive Directors, Non-Executive Directors and
Independent Directors subject to what is stated above. The changes in
(d) The Securities and Exchange Board of India (Share Based
the composition of the Board of Directors that took place during the
Employee Benefits) Regulations, 2014;
period under review were carried out in compliance with the provisions
(e) The Securities and Exchange Board of India (Issue and Listing of of the Act.
Debt Securities) Regulations, 2008;
Adequate notice was given to all directors to schedule the Board
(f) The Securities and Exchange Board of India (Registrars to an Meetings, agenda and detailed notes on agenda were sent at least
Issue and Share Transfer Agents) Regulations, 1993 regarding seven days in advance for meetings other than those held at shorter

notice for which necessary consents have been sought at the meeting, 4) The Company has filed a Scheme of Arrangement with National
and a system exists for seeking and obtaining further information Company Law Tribunal for the purpose of transfer its Passenger
and clarifications on the agenda items before the meeting and for Vehicles Undertaking pursuant to a Scheme of Arrangement
meaningful participation at the meeting. as a going concern on a slump sale basis to TML Business
Analytics Services Limited (‘TBASL’), a step down subsidiary,
Decisions at the Board Meetings were taken unanimously.
and reduction of Company’s share capital without extinguishing
We further report that there are adequate systems and processes or reducing its liability on any of its shares by writing down
in the Company commensurate with the size and operations of the an amount of `11,173.59 crores from its Securities Premium
Company to monitor and ensure compliance with applicable laws, Account, with a corresponding adjustment to the Accumulated
rules, regulations and guidelines. Losses appearing in the Retained Earnings of the Company and
modification to ‘Tata Motors Limited Employees Stock Option
We further report that during the audit period the Company had
Scheme 2018’.
following events which had bearing on the Company’s affairs in
pursuance of the above referred laws, rules, regulations, guidelines, 5) The Company issued 8.80% rated listed redeemable secured
standards etc. non convertible debenture aggregating `1,000 crores.
1) The Company redeemed unsecured listed Non-Convertible 6) During the year the Company issued 1,08,000 units of
Debentures aggregating `1300 crores and has complied with Commercial Papers aggregating to `5,400 crore and redeemed
the applicable laws. 1,16,000 units of Commercial Papers aggregating to `5,800
crores.
2) The Company has allotted on 29.01.2021, 23,13,33,871
Ordinary Shares to Tata Sons Private Limited, the Promoter 7) During the year, the Company brought the entire stake in the
of the Company, pursuant to the complete exercise of Joint Venture Company JT Special Vehicles Private Limited from
23,13,33,871 Convertible Warrants held by them against receipt the JV partner on August 12, 2020 and it became a WOS.
of consideration of an amount of `2,602,50,60,487.50 paid for
8) The Company sold it’s Global Delivery Center (GDC) to M/s
the exercise of such Warrants, along with the consideration of
TML Business Services Limited a subsidiary of the Company
`867,50,20,162.50 paid by Tata Sons at the time of subscription
April 30, 2020.
of the Warrants (together aggregating `3,470,00,80,650).
3) The Hon’ble National Company Law Tribunal, Mumbai Bench For Parikh & Associates
(‘NCLT’) had, vide its Order No. C.P.(CAA)/2954/MB/2019 Company Secretaries
dated December 12, 2019 (‘Order’), sanctioned the Scheme
of Arrangement between the Company and Tata Advanced P. N. Parikh
Systems Limited (‘Transferee Company’) for transfer of the Partner
Company’s Defense Undertaking under Sections 230 to 232 of Place: Mumbai FCS No: 327 CP No: 1228
the Companies Act, 2013 and the rules made thereunder (‘the Date : May 18, 2021 UDIN: F000327C000338104
Scheme’). The Effective Date of the Scheme is April 1, 2021.
The Company has made requisite intimation to the Registrar of This report is to be read with our letter of even date which is annexed as
Companies, Mumbai about the Scheme becoming effective. Annexure A and forms an internal part of this report.
‘Annexure A’
To,
The Members
Tata Motors Limited
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial
records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the contents of the
secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the process and
practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the Compliance of laws, rules and regulations and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination
was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management
has conducted the affairs of the Company.
For Parikh & Associates
Practicing Company Secretaries
P. N. Parikh
Partner
Place: Mumbai FCS No: 327 CP No: 1228
Date : May 18, 2021 UDIN: F000327C000338104

Business Responsibility Report for FY 2020-21
(Pursuant to Regulation 34(2)(f) of SEBI Listing Regulations)
INTRODUCTION 9. Total number of locations where business activity is undertaken

The Company is amongst the globally leading manufacturers in the by the Company
automobile segment and continues to be India’s largest automobile i. Number of International Locations (Provide details of
Company with a consolidated revenue of `249,794.75 crores in major 5): Through subsidiaries and associate companies,
FY 2020-21. Being the first Indian Company from the engineering sector Tata Motors group has presence in over 125+ countries,
to be listed on the New York Stock Exchange, the Company believes in with a worldwide network comprising over 8,800 touch
the core philosophy of ‘Good Corporate Citizenship’, staying committed points. The Company has manufacturing facilities in the UK,
to sustainability and the spirit of ‘giving back to society’. The Company is South Korea, Thailand, South Africa and Indonesia.
present across all segments of the commercial and passenger vehicles,
with a widespread of over 8,800 dealerships offering sales and services ii. Number of National Locations – The Company’s
and has well established spare parts network touch points. manufacturing locations in India are situated at Jamshedpur
(Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh),
The Business Responsibility Report highlights the approach of the Pantnagar (Uttarakhand), Sanand (Gujarat) and Dharwad
Company towards creating long-term value for all its stakeholders. (Karnataka).
The Report is aligned with National Voluntary Guidelines on Social,
Environmental and Economic Responsibilities of Business (NVG-SEE) Please refer “Our Presence – Driving through change
released by Ministry of Corporate Affairs (MCA) and is in accordance Globally” section of the Integrated Annual Report 2020-21.
with Regulation 34(2)(f) of the Securities and Exchange Board of India 10. Markets served by the Company - Local/State/National/
(Listing Obligations and Disclosure Requirements) Regulations 2015 International
(SEBI Listing Regulations). This Report provides an overview of the
activities carried out by the Company under each of the nine principles The Company’s automobiles and services predominates the
outlined in NVG. Indian market as well as enjoys global presence across markets
of the UK, South Korea, South Africa, China, Brazil, Austria
Section A: General Information about the Company and Slovakia through a strong global network of subsidiaries,
1. Corporate Identity Number (CIN) of the Company: associate companies and joint ventures including Jaguar Land
L28920MH1945PLC004520 Rover in the UK and Tata Daewoo in South Korea.
2. Name of the Company: Tata Motors Limited Please refer “Our Presence – Driving through change Globally”
section of the Integrated Annual Report 2020-21.
3. Registered address: Bombay House, 24, Homi Mody Street,
Mumbai - 400001 Section B: Financial Detail of the Company
4. Website: http://www.tatamotors.com/ 1. Paid up Capital (INR): `765.76 crores
5. E-mail id: [email protected] 2. Total Turnover (INR): `47,031.47 crores (This is standalone figure)
6. Financial Year reported: 2020-21 3. Total profit after taxes (INR): Loss `2,395.44 crores (This is
standalone figure)
7. Sector(s) that the Company is engaged in (industrial activity
code-wise) 4. Total Spending on Corporate Social Responsibility (CSR) as
percentage of profit after tax (%): Not applicable in view of loss.
NIC Code Description Please refer to Annexure 2 of the Board’s Report in Integrated
2910 Manufacture of motor vehicles Annual Report 2020-21 for details on CSR initiatives and
2920 Manufacture of bodies (coachwork) for motor vehicles spending.
2930 Manufacture of parts and accessories for motor 5. List of activities in which expenditure in 4 above has been
vehicles incurred: -
4530 Sale of motor vehicle parts and accessories The Company has been committed to community engagement
4510 Sale of motor vehicle strategy which revolves around four focus themes:
4520 Maintenance and repair of motor vehicles
i. Arogya (Health): The focus of these initiatives is to work
8. List three key products/ services that the Company on addressing child malnutrition and health awareness for
manufactures/ provides (as in balance sheet) females. Statistics revealed that over 73% of the children
community are malnourished, with these initiatives the
1. Passenger Cars
Company strives to provide preventive and curative health
2. Commercial Vehicles services to these communities. Over the years, affirmative
changes are experienced in the knowledge, attitude and
3. Vehicles sales and service
behavior of these communities towards health awareness.
Please navigate to our website www.tatamotors.com for complete During FY 2020-21, 3,82,888 members benefited from such
list of our products. health programmes. In times of COVID-19 pandemic distress
effort were concentrated to strengthen the nation’s resolve
to fight towards COVID 19, and accordingly the Company

carried out various relief activities PAN India which benefitted (TCoC) to conduct their business in an ethical, transparent and
1,41,160 people though relief activities. accountable manner. It covers suppliers, customers and other
stakeholders. It also addresses key BR issues like Quality and
ii. Vidyadhanam (Education): This initiative aims to improve
Customer Value, Corruption and Bribery, Health and Safety,
the quality of education in schools by offering scholarship to
Environment, Human Rights and Employee Well-Being.
meritorious and needy secondary school students, organizing
special coaching classes to improve academic performance 3. Do any other entity/entities (e.g. suppliers, distributors etc.) that
in Class X Board exam, supporting school infrastructure and the Company does business with participate in the BR initiatives
organizing co-curricular activities for well-rounded personality of the Company? If yes, then indicate the percentage of such
development. During FY 2020-21, 1,16,893 students benefited entity/entities? [Less than 30%, 30-60%, More than 60%]
from the Company’s education program.
The Company’s suppliers and distributors are critical participants
iii. Kaushalya (Employability): This initiative has been in supply chain operations and its sustainability issues can have
designed to enhance skill development amongst youth. It glaring impact on overall operations. The Company engages
includes inculcating marketable skills in school dropout with its suppliers and channel partners on BR initiatives through
youth in auto sector, non-auto trades, agriculture and Sustainable Value Chain Program. The suppliers and dealers
allied activities. It fortifies the Industrial Training Institutes sustainability initiatives serve as a platform to raise awareness
which offers domain expertise of automotive skills through on sustainability topics such as health, safety, environment and
knowledge partnership. During FY 2020-21, the Company community at large. The vendors and dealers situated across
has trained 17,661 youth and farmers. all locations participate in these sustainability initiatives. Nearly
100% of our critical suppliers have been covered under the
iv. Vasundhara (Environment): The initiatives to improve the
sustainable supply chain initiative.
environment included promotion of renewable resources,
creation of carbon sinks through large scale sapling Section D: BR Information
plantation, construction of water conservation structure 1. Details of Director/Directors responsible for BR
and build awareness amongst the member communities.
During the year, the Company planted 1,10,101 saplings a) Details of the Director/Directors responsible for
of indigenous varieties and fosters to maintain the survival implementation of the BR policy/policies.
rate as high as 87%. Over the period under such initiatives,
Sr. No. Particulars Details
a few locations have phenomenally converted into micro-
habitats of varied species of flora and fauna. The Company’s 1. DIN Number 07427375
(if applicable)
environmental awareness programmes aim to sensitize
young children towards conservation of our environment 2. Name Mr. Guenter Butschek
and were able to actively reach out to 90,575 persons. 3. Designation CEO and Managing Director
v. Rural Development Programmes: The Company has 4 Telephone 022 6665 8282
collaborated with Sahabhag - the CSR Cell of Government 5. E-mail id [email protected]
of Maharashtra to improve the quality of life of the 8,876
b) Details of the BR head
tribal communities of Pathardi, Shiroshi and Chauk Gram
Panchayats in Jawhar block of Palghar, 100% tribal Sr. No. Particulars Details
populated and Devadthal village of Ahmedabad district in 1. DIN Number N.A
Gujarat. 70% of the resources for village development have (if applicable)
been committed by the government.
2. Name Mr. Ravindra Kumar Godabanal
Please refer to Annexure 2 of the Board’s Report in Integrated Parameswarappa
Annual Report 2020-21 and the Company’s Annual CSR 3. Designation Chief Human Resources Officer
Report 2020-21 for detailed community engagement strategy
4 Telephone 022 62407101
and key initiatives at https://www.tatamotors.com/corporate-
5. E-mail id [email protected]
social-responsibility
Section C: Other Details Sr. No. Particulars Details
1. Does the Company have any subsidiary company/ companies? 1. DIN Number N.A
The Company has 103 direct and indirect subsidiaries in India and (if applicable)
abroad as on year ended March 31, 2021.
2. Name Dr. Arun Kale
2. Do the subsidiary company/companies participate in the BR
3. Designation Head – Safety, Health, Environment
Initiatives of the parent company? If yes, then indicate the
and Sustainability
number of such subsidiary company(ies)
4 Telephone 91-20-66132773
The Company positively influences and encourages its
subsidiaries to adopt Business Responsibility (BR) initiatives. All 5. E-mail id [email protected]
the Company’s subsidiaries are guided by Tata Code of Conduct

2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)
The NVG on social, environmental and economic responsibilities of business released by MCA has adopted nine areas of business
responsibility. These are as follows:
P1 – Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
P2 – Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.
P3 – Businesses should promote the well-being of all employees.
P4 – Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvantaged,
vulnerable and marginalized.
P5 – Businesses should respect and promote human rights.
P6 – Businesses should respect, protect, and make efforts to restore the environment.
P7 – Businesses when engaged in influencing public and regulatory policy, should do so in a responsible manner.
P8 – Businesses should support inclusive growth and equitable development.
P9 – Businesses should engage with and provide value to their customers and consumers in a responsible manner.
Sr. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

1. Do you have policy/policies for? Y Y Y Y Y Y Y Y Y
2. Has the policy being formulated in consultation with the relevant stakeholders? Y Y Y Y Y Y Y Y Y
3. Does the policy conform to any national / international standards? If yes, specify? Y Y Y Y Y Y Y Y Y
(The policies conformance to the spirit of international standards like ISO 9000,
ISO 14000, OHSAS 18000, SA 8000, UNGC guidelines and ILO principles and meet
the regulatory requirements such as SEBI Listing Regulations, Sarbanes Oxley Act
etc. The policies reflects Tata group’s commitment to improve the quality of life of
the communities it serves and practice of returning to society what it earns)
4. Has the policy being approved by the Board? If yes, has it been signed by MD/ Y Y Y Y Y Y Y Y Y
owner/ CEO/ appropriate Board Director?*
5. Does the company have a specified committee of the Board/ Director/ Official to Y Y Y Y Y Y Y Y Y
oversee the implementation of the policy?
6. Has the policy been formally communicated to all relevant internal and external The policies have been communicated to all internal
stakeholders? stakeholders. TCoC and other policies are communicated to
suppliers, vendors, dealers and channel partners based on
their relevance.
7. Does the company have in-house structure to implement the policy/policies The Company has established in-house structures to
implement these policies.
8. Does the Company have a grievance redressal mechanism related to the policy/ The Whistle Blower Mechanism provides employees to
policies to address stakeholders’ grievances related to the policy/ policies? report any concerns or grievances pertaining to any potential
or actual violation of TCoC, which covers all aspects of BRR.
An Investor grievance mechanism is in place to respond to
investor grievances. The Customer Complaints mechanism
records the grievances of customers on product and service
quality and other issues of interest to them. The supplier,
vendor, dealer and channel partner forums and ongoing
communication captures their concerns and grievances.
The continual community engagement, needs assessments,
impact assessment serve as a means for communities to
represent their concerns and grievances.
9. Has the company carried out independent audit/ evaluation of the working of this The implementation of TCoC and other policies are reviewed
policy by an internal or external agency? through internal audit function/Ethics Counsellor. External
assessment of Tata Business Excellence Model (TBEM)
covered the review of implementation of all the Company
policies. The Quality, Safety & Health and Environmental
policies are subject to internal and external audits as part of
certification process.
* All the policies are signed by the Chairman and CEO & Managing Director of the Company. All the policies are carved from its guiding principles
and core values. These policies are mapped to each principle hereunder:

Principle Applicable Policies Link for policies
Principle 1: Businesses should Tata Code of Conduct https://www.tatamotors.com/wp-content/uploads/2015/10/09042523/

conduct and govern themselves tata-code-of-conduct1.pdf
with Ethics, Transparency and Whistle Blower Policy http://investors.tatamotors.com/pdf/whistle-blower-policy.pdf
Accountability
Principle 2: Businesses should Sustainability Policy https://www.tatamotors.com/investors/corporate-governance/policies/
provide goods and services that are Environment Policy, https://www.tatamotors.com/investors/corporate-governance/policies/
safe and contribute to sustainability Quality Policy https://www.tatamotors.com/investors/corporate-governance/policies/
throughout their life cycle. Supplier Code of Conduct https://www.tatamotors.com/wp-content/uploads/2019/05/21063650/
supplier-code-of-conduct.pdf
Dealer Code of Conduct https://www.tatamotors.com/wp-content/uploads/2019/05/21063650/
dealer-code-of-conduct.pdf
Environmental Procurement https://investors.tatamotors.com/pdf/Enviro-Procur-Policy.pdf
Policy
promote the well-being of all Safety & Health Policy https://www.tatamotors.com/investors/corporate-governance/policies/
employees.
Principle 4: Businesses should respect Corporate Social Responsibility https://investors.tatamotors.com/pdf/csr-policy.pdf
the interests of, and be responsive Policy
towards all stakeholders, especially Tata Affirmative Action Policy https://www.tatamotors.com/corporate-social-responsibility/affirmative-
those who are disadvantaged, action/
vulnerable and marginalized. Sustainability Policy https://www.tatamotors.com/investors/corporate-governance/policies/
respect and promote human rights. tata-code-of-conduct1.pdf
Sustainability Policy https://www.tatamotors.com/investors/corporate-governance/policies/
Whistle Blower Policy http://investors.tatamotors.com/pdf/whistle-blower-policy.pdf
Principle 6: Businesses should Environment Policy https://www.tatamotors.com/investors/corporate-governance/policies/
respect, protect, and make efforts to Sustainability Policy https://www.tatamotors.com/investors/corporate-governance/policies/
restore the environment. Climate Change Policy https://investors.tatamotors.com/pdf/Climate-Policy-Eng.pdf
Principle 7: Businesses, when Tata Code of Conduct https://www.tatamotors.com/wp-content/uploads/2015/10/09042523/
engaged in influencing public and tata-code-of-conduct1.pdf
regulatory policy, should do so in a
responsible manner.
support inclusive growth and Corporate Social Responsibility https://investors.tatamotors.com/pdf/csr-policy.pdf
equitable development. Policy
engage with and provide value to tata-code-of-conduct1.pdf
their customers and consumers in a Quality Policy https://www.tatamotors.com/investors/corporate-governance/policies/
responsible manner.
3. Governance related to BR 2. Does the Company publish a BR or a Sustainability

Report? What is the hyperlink for viewing this report? How
1. Indicate the frequency with which the Board of Directors,
frequently it is published?
Committee of the Board or CEO assess the BR performance
of the Company. Within 3 months, 3-6 months, annually, The Company publishes the Annual Integrated Report
more than 1 year and non-financial disclosures in this report in accordance
with the Global Reporting Initiative (GRI) standards and
A dedicated Safety, Health & Sustainability (SH&S)
a mapping was provided with principles of United Nations
Committee at the Board level oversees the overall
Global Compact (UNGC) and Sustainable Development
implementation of the BR practices and its performance on
Goals (SDGs). The Company also published the Annual CSR
a quarterly basis. The Company follow a systematic, multi-
Report to highlight the community engagement strategy and
tiered approach to review our SH&S performance - First
performance. The Company’s Annual CSR Report can be
review by the Factory Implementation Committee followed
viewed at: https://www.tatamotors.com/corporate-social-
by Plant level Apex Committee/Sub-Committee; then by
responsibility
SH&S Council and finally by SH&S Committee.
Please refer “Corporate Governance” section of Integrated
Annual Report 2020-21 for various Board Committees and
their roles and responsibilities.

Section E: Principle-wise performance compliance and unfair business practices. The Company had setup
an Investor Grievance Mechanism to respond to investor grievances
Principle 1: Ethics, Transparency and Accountability
in a timely and appropriate manner. The investor grievances
1. Does the policy relating to ethics, bribery and corruption cover are also reviewed at the Board level by the Investors’ Grievance
only the company? Yes/ No. Does it extend to the Group/Joint Committee and immediate action is taken to resolve the same. The
Ventures/ Suppliers/Contractors/ NGOs/Others? TCoC concerns are resolved through internal review mechanism by
Ethics Counselor and Senior Management.
The Company has adopted the TCoC to remain consistently
vigilant and ensure ethical conduct of its operations. All internal Principle 2 : Product Life Cycle Sustainability
and external stakeholders of the Tata Group are expected to work
1. List up to 3 of your products or services whose design has
within boundaries of the TCoC. The Company ensures compliance
incorporated social or environmental concerns, risks and/or
of ethical standards by its vendors and contractors through
opportunities.
appropriate clauses in their work contracts to which they are
obligated. Generally, the contract includes clauses in relation to The Company has played a significant role over the years by
Human Rights Protection, Corruption practices and other topics contributing to the economic growth through its commercial
related to ethics. Training and awareness on TCoC is provided to all and passenger vehicles which transport people and goods. The
employees and relevant stakeholders are also made aware of the Company has always realized its responsibility as a growth
same from time to time. enabler and endeavors to create vehicles which will promote
entrepreneurship.
The Company has a ‘Supplier Code of Conduct’ and ‘Dealer Code
of Conduct’ that guides our suppliers and dealers on topics such The Company delivered the first 26 of the 340 Tata Ultra Urban
as regulatory compliances, prevention of bribery and corruption, e-buses to the Brihanmumbai Electric Supply and Transport (BEST),
protection of human rights, health and safety, environment, conflict which is the first ever Gross Cost Contract electric bus service to
of interest, reporting violations etc. BEST. The 25-seater Tata Ultra Urban 9/9 electric AC buses were
flagged off under the FAME II initiative. These buses have been
The Company also has a Whistle Blower Mechanism, which is
designed for offering sheer comfort and convenience to passengers
governed by the Whistle Blower Policy. Through this it has placed
including a “lift mechanism” for differently abled travelers. Under
mechanisms for ensuring confidentiality and protecting the whistle
the unique ‘One Tata’ initiative, the Company leveraged the core
blower from any harassment/ victimization. The Policy covers
competences of various group companies, to elaborate, whilst
instances pertaining to any unfair practice like retaliation, threat
Tata Power group would take responsibility for the complete bus
or intimidation of termination/suspension of service, disciplinary
charging facility including supplies, Tata Auto Components would
action, transfer, demotion, refusal of promotion, or the like including
undertake collaborations, design, development, sourcing and
any direct or indirect use of authority to obstruct the whistle
supply of select components to the Company under this initiative.
blower’s right to continue to perform his duties/functions including
making of any further protected disclosure. The Policy is directly The Company delivered 25 ACE CNG models to Vijayawada
monitored by the Chairman of the Audit Committee and the Group Municipal Corporation, to support the Corporation’s mission of
Ethics Officer. using clean-fuel vehicles for municipal services. The Company has
also partnered with the Department of New & Renewable Energy
Ethics Helpline:
(DNRE), Government of Goa to deploy Tigor EVs throughout Goa, as
The Company has an ethics helpline where employees can place a part of its tender with Energy Efficiency Services Limited (EESL).
anonymous complaints against ethics violations as per the Policy
The Government of Kerala selected the Nexon EV, for its Motor
of the Company. The ethics helpline can be reached in the following
Vehicle Department (MVD), as part of its ambitious ‘Safe Kerala
ways:
Programme’. The Kerala MVD would lease 65 Nexon EVs for a
A Whistleblower can report his / her ethical concerns by using the period of 8 years from the EESL through the Agency for New and
“Speak Up” service by either calling on 1800 103 2931 or log on to Renewable Energy Research and Technology (ANERT).
the website www.speak-up.info/tatamotors and send the concerns.
The Company has also supported the Nation’s COVID-19 vaccination
Oral reports will normally be documented as a written transcription drive by providing refrigerated trucks solution Ultra 1918BS6 120
of the oral report by the Chief Ethics Counselor / Chairman of the of these vehicles have already been sold, while 300+ vehicles are
Audit Committee by accessing the voice mail. in pipeline.
Written application: The Government of India introduced BS-VI emission norms from
April 2020, to match international standards such as Euro 6 for
All concerns can be reported to Chief Ethics Counselor / Chairman
sustainable Automobile technology. The Company has taken the
of the Audit Committee in Hindi, English or any regional language.
new emission norm as an opportunity to offer superior value to
2. How many stakeholder complaints have been received in the past customers - with a whole new Intermediate and Light Commercial
financial year and what percentage was satisfactorily resolved by Vehicles (ILCV) range that’s upgraded Bumper to Bumper. The new
the management? If so, provide details thereof, in about 50 words BS-VI range not just matches BS-VI emission norms, but delivers
or so. value in 6 key areas – known as the Power of 6. The Power of 6
focuses on improving profits for the customers even after the
Stakeholders Complaint Received 133 rise in fixed costs in BS-VI. The plethora of technological and
Stakeholders Complaint Resolved 95 performance changes done on the ILCV range opened the doors
Percentage of Stakeholders Complaint Resolved 71.42% to a world of opportunities to generate higher revenue and profits
The above stakeholder complaints are related to TCoC concerns, through higher fuel efficiency, excellent driving comforts and world
investor complaints and POSH complaints. TCoC concerns included class connectivity features.
complaints on employee relations, financial impropriety, legal

2. For each such product, provide the following details in respect The Company further extended this initiative to the downstream
of resource use (Energy, water, raw material etc.) per unit of and initiated the Dealers Sustainability Initiative in FY 2019. The
product (optional): Dealer Code of Conduct and the Dealer Sustainability Guidelines
were developed to guide dealerships to improve their sustainability
(a) Reduction during sourcing/production/ distribution
practices. A total of 237 dealers were covered and benefited from
achieved since the previous year throughout the value
such workshops. As on March 31st 2021, 98 dealerships were
chain?
assessed under this initiative.
The Company has always focused on sustainable sourcing
The Company noted that significant initiatives have been taken
and reduced fuel consumption, which lead to research,
to reduce the packaging impacts in the supply chain by using
design, development of newer and improved technologies,
recycled/ returnable packaging solutions for various components.
such as hybrid engines, electric cars, fuel-cell vehicles and
implemented programmes for consumption of lightweight 4. Has the company taken any steps to procure goods and services
materials, reduced parasitic loses through driveline and from local & small producers, including communities surrounding
improved aerodynamics. their place of work? If yes, what steps have been taken to improve
their capacity and capability of local and small vendors?
The Company has been extensively working on green and
light weighing technologies in products by going beyond During the year, the Company procured 67.49% of the materials
the basic environmental regulatory compliances. The (by value) from local sources, where local is defined as the State
Company continuously strives to improve the sustainability in which the manufacturing plant is established.
performance of its product on life cycle basis. At the
The Company took significant initiatives to enhance the capabilities
sourcing stage, the Company works with its suppliers to
of local and small vendors. As outlined in the Sustainable Supply
reduce the environmental impacts by using returnable and
Chain Guidelines, the Company expects all its suppliers & dealers
recyclable packing solutions for majority of the components
to adopt the IATF Quality Management System, Environment
thereby managing the cost and quality, minimizing material
Management Systems and Occupational Health & Safety
utilization and waste generation. Through the Sustainable
Management Systems. As well as a part of the Sustainable Supply
Supply Chain Initiative, the Company also encourages its
Chain Initiative, the suppliers are invited to capacity building
suppliers to implement rainwater harvesting and install
workshops on sustainability that provide training on different
renewable energy at their facilities.
topics such as governance, legal compliance, TCoC, Management
(b) Reduction during usage by consumers (energy, water) has system certification, transparency & reporting, Occupational
been achieved since the previous year? Health and Safety, labour and human rights. The Company also
encourages its suppliers to implement rainwater harvesting and
The class leading fuel efficiencies of the Company’s
install renewable energy at their facilities.
vehicles enable the customers to achieve reduction in fuel
consumption which also translates into cost savings. The 5. Does the company have a mechanism to recycle products and
REVOTRON engine epitomizes the Fuel-Next philosophy waste? If yes what is the percentage of recycling of products and
of the Company, which is developed using a range of eco- waste (separately as <5%, 5-10%, >10%). Also, provide details
friendly and future oriented technologies. It is also integrated thereof, in about 50 words or so.
with the latest know-how like multi drive modes, allowing
The Company adopted the principles of Reduce-Reuse-Recover
the best of economy and driving pleasure. The Company’s
to enable us to manufacture products with materials, 85%
value proposition in the commercial vehicles is aimed to
of which can be recycled thus minimizing the pressure on
create vehicles with lowest overall cost of ownership.
natural resources. The recyclability quotient of the products is
3. Does the company have procedures in place for sustainable continuously monitored by the Research and Development Team
sourcing (including transportation)? If yes, what percentage of and verified by European VDA agency. The Teams monitor the
your inputs was sourced sustainably? supply chain and purchase work in tandem with the Company’s
Engineering and Research Team to identify and source materials
The Company has formulated the Environmental Procurement
that are more sustainable from total life cycle perspective
Policy and Sustainability Policy to engage with its value chain
i.e. recyclable and renewable. The waste generated during
partners on sustainability. The Supplier Code of Conduct provides
manufacturing was managed as per regulatory requirements.
the foundation for inculcating sustainable business practices for
suppliers and addresses topics such as regulatory compliance, The Company has embedded the principles of Circular Economy
prevention of bribery and corruption, protection of human rights, in its operations through Reduce-Reuse-Recover initiatives. Tata
health and safety, environment etc. The Company continued Prolife Business Division remanufactures auto components which
to work with its vendors and suppliers to ensure sustainable have reached the end of their useful life. Aimed at commercial
sourcing and launched a Sustainable Supply Chain Initiative in FY vehicles, Tata Prolife extends the life of engine long blocks
2017. Through this initiative the Company aimed to firstly create through systematic overhaul which lead to optimum performance
awareness on the subject, call for suppliers’ sustainability data which also added to the life of the products. During FY 2020-21, a
and subsequently conduct a site assessment for data verification. total of 21,574 engines were reconditioned. Remanufacturing not
The Company has established ‘Sustainability Guidelines for only leads to material savings but also reduces associated energy
Suppliers’ covering key topics like governance, legal compliance, and water consumption as well as the emissions generated from
TCoC, Management system certification, transparency & procurement of raw material required for new engine.
reporting, occupational health and safety, labour and human
rights. As on 31st March 2021, 388 suppliers were covered under
this initiative.

Principle 3: Employee Wellbeing contractors and vendors. The Company achieved 10.41 training
man-hours per employee and 11.03 training man-hours per
1. Please indicate the Total number of employees.
contractor in FY 2020-21 for 7 manufacturing plants.
50,837 as on 31st March, 2021 (Includes Permanent, Temporary,
The belief to impart continual learning of its employees, had
trainee and contractual employees)
institutionalized continual learning model for skill upgradation,
2. Please indicate the Total number of employees hired on especially at the shop-floor level. The learning and development
temporary/ contractual/ casual basis. needs of Management cadre employees were met through the
Company’s L&D structure which included various training delivery
36,401 as on 31st March, 2021
mechanisms.
3. Please indicate the Number of permanent women employees.
Following are the details of the training provided on POSH, TCoC
1,034 as on 31st March, 2021 and Equal Opportunity policy:
4. Please indicate the Number of permanent employees with Number of Total hours of
disabilities Course Title employees training for
covered FY 2020-21
98 as on 31st March, 2021. These employees represent self-
disabilities and self-severe disabilities Prevention of Sexual 13,162 26,208
Harassment (POSH)
5. Do you have an employee association that is recognized by e-learning module
management? Tata Code of 203 452.5
Yes, the Company have employee associations in all plants/ Conduct_2015
commercial sites i.e., Pune, Lucknow. Jamshedpur, Sanand, Diversity & Inclusion (Equal 90 16
Mumbai, Pantnagar, excluding Dharwad plant, for its permanent Opportunity Policy)
workmen. Total 134,55 26,676.50
6. What percentage of your permanent employees is members of
this recognized employee association? Principle 4: Stakeholder Engagement
99.50% of permanent workmen are part of employee associations 1. Has the company mapped its internal and external stakeholders?
recognized by Management. This does not include permanent Yes, the Company identified its internal and external stakeholders.
white-collar staff. Stakeholders’ views and suggestions are incorporated into business
7. Please indicate the Number of complaints relating to child labour, strategies. The Company engages with different stakeholder groups
forced labour, involuntary labour, sexual harassment in the last which helps in identifying the critical issues that needed immediate
financial year and pending, as on the end of the financial year. attention. In FY 2020-21, a detailed stakeholder engagement was
conducted to understand key material topics.
No of
complaints
No of complaints 2. Out of the above, has the company identified the disadvantaged,
Sr. No. Category pending as on end of vulnerable & marginalized stakeholders?
filed during the
the financial year
financial year Yes. The Company’s Affirmative Action (AA) Policy is specially
1. Child labour/forced Nil Nil designed to address the socially disadvantaged sections of the
labour/involuntary society i.e. Schedule Castes (SCs) and Schedule Tribes (STs). Within
labour the broader stakeholder group of communities, the Company’s
2. Sexual harassment 01 Nil programmes are mainly driven towards women empowerment
3. Discriminatory Nil Nil and education of children. The Company participated in Tata
employment Affirmative Action Program (TAAP) Assessment, developed on
the lines of TBEM.
8. What percentage of your under mentioned employees were
given safety & skill up-gradation training in the last year 3. Are there any special initiatives taken by the company to
engage with the disadvantaged, vulnerable and marginalized
a. Permanent Employees stakeholders? If so, provide details thereof, in about 50 words or
b. Permanent Women Employees so.
c. Casual/Temporary/Contractual Employees The Company’s CSR programmes and projects are aimed at
serving the needy, deserving, socio-economically backward
d. Employees with Disabilities and disadvantaged communities, to improve the quality of their
Safety has always been of paramount importance to the Company. lives. Under TAAP, the Company continued to serve the SCs
Safety training formed part of the ‘Induction Programme’ and was and STs communities inter alia in Education, Employability and
provided to all employees. The safety induction programme is Entrepreneurship.
compulsory for contract workforce prior to their inducted into the In FY 2020-21 the Company touched 7,53,694 lives of which 45%
system. Training and Capability Building across organization is belong to the SCs and STs communities. The health initiatives
considered as a key element of Safety Processes. During the year, touched 3,82,888 lives, Education 1,16,893 lives, Employability
aspects such as Safety Management Fundamentals, Incident 17,661 lives, environment awareness touched 90,575 lives and
Investigations, Contractor and Vendor Safety Management, Rural Development 8,876 lives. The Company also responded
Actions Employees Can Take (‘AECT’), Safety Standards etc. to COVID 19 pandemic by providing relief to 1.4 lakh vulnerable
were imparted through the training programme to all employees, community across plant locations (beneficiary count included
under health initiatives).

The Company also planted 1,10,101 saplings. The Company’s The Company continuously contributed to develop alternate
employees and their family members also volunteered 38,400 fuel technologies like electric vehicles, hybrid vehicles and fuel
hours for social activities. cell technologies. The Company has been working on mitigation
of transition risk with climate scenario below 2oC and plans to
The Company believes in creating an inclusive society and has
establish Science Based Targets. The climate change strategies,
instituted Affirmative Action under the brand called Adhaar.
objectives and targets are aligned to minimize carbon emissions
The AA Policy enables positive discrimination for SCs and STs in
from the products, operations and value chain.
case of Employment and Entrepreneurship and higher coverage
in CSR programmes. The CSR strategy clearly spells out a due i. Product development: Carbon emissions could be minimized
share of 40% beneficiary coverage and budgetary allocation to from products by developing clean products running on
AA communities. The initiative falls under the direct purview of alternative energy sources, as more than 70% of the carbon
the CSR Committee of the Board and is championed by Senior emissions are typically accounted during the use-phase of
Management across all plants. In FY 2020-21, about 45% of the the automobile product. The CAFE (Corporate Average Fuel
beneficiaries belong to the SCs and STs category. Efficiency) Regulations were implemented in all our vehicles,
while being abreast with the latest technologies to meet the
Principle 5: Human Rights
future regulatory changes. The Company has accelerated
1. Does the policy of the company on human rights cover only the working on advance technology which would help reduce
company or extend to the Group/Joint Ventures/Suppliers/ carbon emissions to a great extent. Introduction of hybrid
Contractors/NGOs/Others? buses, electric cars and other alternate fuel technologies
are coherent with our ambitious plans to design and deliver
The Company respects human rights, which is an integral part of
smart and sustainable mobility solutions for the future.
TCoC. The Company has formulated a Policy on Human Rights.
The Company encouraged and set expectations for its suppliers, ii. Manufacturing Operations: The focus was on improving
vendors, contractors and other business partners associated to energy efficiency and maximizing use of renewable energy
adhere to principles of human rights laid out in TCoC, Supplier sources, thereby minimizing carbon emissions at the
Code of Conduct, and Sustainability Guidelines for Suppliers & manufacturing plants
Dealers.
iii. Value Chain: Through Sustainable Supply Chain Initiative
2. How many stakeholder complaints have been received in the and Dealers Sustainability Initiative, suppliers and dealers
past financial year and what percent was satisfactorily resolved are encouraged to improve energy efficiency, reduce carbon
by the management? emissions, and promote renewable energy at varied levels
of the supply chain. The Company in collaboration with its
In FY 2020-21, 133 concerns have been received towards actual
suppliers endeavored for capacity building, sensitizing and
or potential violation of TCoC, of which 95 of the complaints were
reducing carbon emissions.
satisfactorily resolved as at March 31, 2021.
3. Does the company identify and assess potential environmental
Principle 6: Environment
risks? Y/N
1. Does the policy related to Principle 6 cover only the company
Yes, the Sustainability Policy and Environmental Policy guides
or extends to the Group/Joint Ventures/Suppliers/Contractors/
the efforts in minimizing environmental impacts and continually
NGOs/others.
improve its environmental performance. Environment and climate
The Company has formulated an Environmental Policy which is related risks and impacts are key priorities to the business and the
available on the website for all stakeholders. Company has comprehensive strategies in place.
The Company also has an Environmental Procurement Policy The Company has adopted a holistic Life Cycle Assessment
which is applicable to all its vendors, contractors and service approach to identify and minimize potential environmental risks
providers. and impacts across its lifecycle from sourcing to end of life. All
Indian manufacturing plants have been certified to Environmental
Sustainability has been built into the Company’s business
Management Systems (EMS) as per ISO 14001.
processes through the well-defined Sustainability Policy.
This Policy reaffirms value system commitments to integrate 4. Does the company have any project related to Clean Development
environmental, social and ethical principles into the Company’s Mechanism? If so, provide details thereof, in about 50 words or
business and innovated sustainable mobility solutions with so. Also, if yes, whether any environmental compliance report is
passion to enhance quality of life of communities. filed?
2. Does the company have strategies/initiatives to address global None of our plants have undertaken Clean Development
environmental issues such as climate change, global warming, Mechanism projects during FY 2020-21.
etc.? Y/N. If yes, please give hyperlink for webpage etc.
5. Has the company undertaken any other initiatives on - clean
Yes, the Company has established a Climate Change policy which technology, energy efficiency, renewable energy, etc.? Y/N. If
guides the organizational efforts towards mitigating and adapting yes, please give hyperlink for web page etc.
to climate change. The Company’s approach towards climate
The Company continued to work on improving energy efficiency,
change mitigation and pursuing low carbon growth is three-
clean technology and increased consumption of renewable
folded – develop cleaner and more fuel-efficient vehicles, reduce
energy in line with its aspiration to RE100 - a collaborative, global
environmental impacts of manufacturing operations and build
initiative of influential businesses committed to 100% renewable
awareness among stakeholders.
electricity.

The Company sources off-site renewable energy at its plants Highways of India, along with Automotive Research
through Power Purchase Agreements (PPA) with Third Party Association of India (ARAI).
Wind & Solar Power Generators. The Company plans to continue
III. Expert committee to define “Heavy Duty Vehicle Fuel
to source off-site renewable power in line with regulatory policies
Economy Norms for India under Ministry of Shipping,
/ frameworks and tariffs in the States of operation. These efforts
Road Transport and Highways of Government of India
will continue to help offset Green-House Gas (GHGs) emissions in
(GoI) & Petroleum Conservation Research Association
the coming years.
(PCRA).
The Company endeavors to enhance competitiveness of BS-VI
IV. Expert Committee to define “Light & Medium Duty
vehicles by deploying well-crafted strategy and offer wide range
Vehicle Fuel Economy Norms for India under Ministry
of vehicles with best-in-class TCO (Total Cost of Ownership)
of Road Transport & Highways of Government of India,
and profitability to the customers. The Company is closely
Ministry of Petroleum & Natural Gas (MoPNG) &
working with other Tata group companies to create an e-mobility
Petroleum Conservation Research Association (PCRA)
ecosystem, Tata UniEVerse. The aim was to leverage the collective
strengths and experiences to create a viable environment to drive V. Expert committee on Fuel Economy and Labeling of
the adoption of EVs in India. Passenger Cars under Bureau of Energy Efficiency
under Ministry of Power (GoI) & Ministry of Road
Please refer to Annexure 3 of the Board’s Report in Integrated
Transport & Highways.
Annual Report 2020-21 for details on the Company’s energy
efficiency and cleaner production initiatives. VI. Interministerial committee for upcoming emission
norms (BSVI) including Real World Driving Emissions
6. Are the Emissions/Waste generated by the company within the
(RDE) & Portable Emission Measurement System
permissible limits given by CPCB/SPCB for the financial year
(PEMS) for Motor Vehicles of Ministry of Shipping,
being reported?
Road Transport and Highways, Ministry of Heavy
• The manufacturing plants in India possess current and valid Industries, Ministry of Petroleum & Natural Gas (GoI).
‘Consents to Operate’ and ‘Hazardous Waste Authorizations’.
VII. Ministry of New & Renewable Energy, GoI, is
Out of 9 plants, 3 plants are in the process of renewing these
promoting and assisting technology development for
operating permits from the respective Pollution Control
GHG reduction by way of increased usage of Biodiesel.
Boards of the States where they operate.
The Company is engaged in this initiative of GoI and
• The Company has established robust systems for Operation currently running number of engine and vehicle
& Maintenance of pollution control facilities and monitor programs to commercialize usage of Biodiesel as soon
compliance with permissible norms through in-house as the same is made available to the general public by
laboratories and also through Government Recognized oil marketing companies.
and National Accreditation Board for Testing & Calibration
VIII. Working Group on Energy for Sub-Group on DST’s
Laboratories (NABL) approved laboratories. All the plants
XIIth plan on Technology Development Program
are compliant within the permissible limits prescribed by
(TDP).
Central Pollution Control Board (CPCB) and State Pollution
Control Boards (SPCBs) for air emissions, effluent quality and IX. National Electric Mobility Mission Plan - actively
discharge, and hazardous waste disposal. participating in forming hybrid performance criteria
along with SIAM-FTG group and helped government
• SPCBs periodically monitor the pollution control facilities at
to launch FAME scheme.
the Company’s plants.
X. Participation in all the panel meetings pertaining
7. Number of show cause/ legal notices received from CPCB/SPCB
to emissions, fuel economy, conventional & non-
which are pending (i.e. not resolved to satisfaction) as on end of
conventional fuels for rules and standards formulation.
Financial Year.
iii. The Company also participated in following National
There are no Show Cause Notices / legal notices from CPCB/SPCBs
committees/ Regulatory forums for improving the road
pending resolution by the Company as on end of FY 2020-21.
safety perspectives including safety of driver, passengers
Principle 7: Policy Advocacy and pedestrians
1. Is your company a member of any trade and chamber or I. Meetings with Hon Minister, Ministries & Joint
association? If Yes, Name only those major ones that your Secretary for finalizing/discussing the safety aspects
business deals with: of various vehicle categories like Buses, Trucks and
Passenger Cars
i. The Company actively participate in all WP29 UNECE group
activities. II. Central Motor Vehicle Rules- Technical Standing
Committee (CMVR TSC)
ii. The Company also participated in the following National
Committees which are working on formulating policies and III. Automotive Industry Standards Committee (AISC)
regulations for improvement of environment including GHG
IV. BIS TEDC /TED Committee Meetings
reduction throughout the country;
V. SIAM Council & various SIAM Group Meetings (e.g.
I. Standing Committee on Emissions Legislation (SCOE)
CSR, EnC, IHG, NIRC and others)
II. Sub-committee on Idle (CO & HC) emission norms
VI. AISC/TED Panel Meetings on Individual Subjects
of Union Ministry of Shipping, Road Transport and

2. Have you advocated/lobbied through above associations for engagement strategy, has been percolated to each manufacturing
the advancement or improvement of public good? Yes/No; if yes plant through a detailed community development plan. The Plant
specify the broad areas (drop box: Governance and Administration, specific plan, addressed the local needs while the Corporate Cell
Economic Reforms, Inclusive Development Policies, Energy addressed a few Company-wide strategic community development
security, Water, Food Security, Sustainable Business Principles, initiatives like driver training, etc. The initiatives were primarily
Others) focus on Arogya (Health), Vidyadhanam (Education), Kaushalya
(Employability), Vasundhara (Environment) and Rural Development
The Company through various industry associations participated
Plan. Seva, the Employee Volunteering Initiative provided the
in advocating matters relating to advancement of the industry and
Company’s employees with a platform to form part of such
public good. The Company supported various initiatives of SIAM,
community initiatives. The Company along with its employees also
to name a few included aspects of product safety, alternate fuel
supported Sumant Moolgaonkar Development Foundation (SMDF)
vehicles, environment, fuel policies, customer information and
towards implementation of Amurtdhara, a National Drinking Water
education. The Company’s Sustainability Policy and AA Policy is
Project to provide safe drinking water to communities. Through
a progressive step towards inclusive development.
adoption of AA Policy, the Company direct efforts toward inclusion
Principle 8: Inclusive Growth of socially disadvantaged and marginalized sections of society
(SCs and STs), through focus on Education, Health, Employability
1. Does the company have specified programmes/initiatives/
and Entrepreneurship.
projects in pursuit of the policy related to Principle 8? If yes
details thereof. Please refer the Company’s ‘Annual CSR Report 2020-21 for
detailed community engagement strategy and key initiatives.
Inclusive growth is at the core of the Company’s community
development strategy. Ankur, the Company’s community
2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/government structures/any other
organization?
The CSR programmes and projects are deployed by the Company directly; through its own company-promoted societies/ NGOS; partnering
with the Government and collaborating with reputed, external non-profit organizations under different models.
Area Partners Involved

Education Swami Vivekananda Youth Movement, YMCA, Urmee Charitable Trust, Tata Institute of Social Sciences – Prayas, Tata
Institute of Social Sciences - Fellowship, Ramkrishna Mission, Sakwar, Foundation for Academic Excellence and Access
(FAEA), Navneet Foundation, Indian Institute of Technology- Gandhinagar, Avanti Fellows, Ex Navodayan Foundation,
Shaswat Trust Junnar, Ganatar, Astittva Welfare Foundation, Moinee Foundation, College of Engineering ,Pune,
Swaroopwardhinee, Samata Shikshan Sanstha, Suprabhat Mahila Mandal, Sevasahyog Foundation,Youth Organization
for Joining Action and Knowledge, Shaswat Trust Junnar Shiksha Prasar Kendra, Institute of Social Development
Employability Helping hands, RABSONS Info World, JSS Shri Manjunatheshwara Pvt ITI College, Canara Bank Deshpande Rural
Development Self Employment training Institute, Pratham Education Foundation, Ramkrishna Mission Sakwar, Skills for
Progress, Fr Agnel, Dharti Charitable Trust, Sanand Education Trust, MITCON Foundation, Ador welding academy pvt.ltd.,
Yashaswi academy for skills, Ambika Motor Driving School, Fr Angel Institute of Technical Training & Entrepreneurship
Development, Shaswat Trust Junnar, Ayush Motor Driving, Vikas Samities, Samaj Vikas Kendra, Institute of Social
Development
Health Family Planning Association Of India, Niramaya Health foundation, Ramkrishna Mission, Sakwar, LTH Silver Jubilee
Research Foundation, Yugrishi Shriram Sharma Acharya Charitable Trust, Manav Seva Trust, Namaste Life, Dharti
Charitable Trust, Sneh Foundation, Snehdeep Janklyan Foundation, Unik Medicare Solution, Parivar Kalyan Sansthan, Nav
Jagrat Manav Samaj, Jan Parivar Kalyan Sansthan, Paryavaran evam jan kalyan samite, Institute of Social Development,
Sumant Moolgaonkar Development Foundation.
Environment Bombay Natural History Society, Vasundhara Public Charitable Trust, BAIF INSTITUTE FOR SUSTAINABLE LIVELIHOOD
AND DEVELOPMENT, Manav Seva Trust, Dharti Charitable Trust, Astittva Welfare 1yrFoundation, Terre Policy Center,
Wildlife research and Conservation Society, Institute of Social Development, PAN Himayalan grassroots Development
foundation, Paryavaran evam jan kalyan samiti
Rural Development Baif Institute For Sustainable Livelihood And Development, Gram Vikas Kendra and Government of Maharashtra
Please refer the Company’s ‘Annual CSR Report 2020-21’ for details on various community development programme partnerships.
3. Have you done any impact assessment of your initiative? Please refer the Company’s ‘Annual CSR Report 2020-21’ for
Yes. The Company periodically conducts impact assessments of details on community impacts created and assessed.
implemented initiatives, which are conducted either by its NGO 4. What is your company’s direct contribution to community
partners or third party such as BSILD (erstwhile BAIF), TISS and development projects- Amount in INR and the details of the
KPMG. Frameworks like Social Impact Assessment, Social Return projects undertaken?
on Investment (SROI) are conducted and the outcome forms a
critical input to the community development plan preparation and Total expenditure reported is `23.99 crores.
implementation. The actual spent towards CSR initiatives and programmes amounts
to `23.68 crores and administrative overheads amounts to `31
lakhs.

The details of projects: vehicle and customer support details. The Company also engages
with its customers on fuel efficiency and fuel efficient driving
1. Arogya (Health) build awareness on malnourishment and other
practices during the use-phase. Safety Ratings of products are
health problems in the community, provides ferry mobile medical
provided on brochures and on the Company’s website.
van to look into curative and preventive health care.
The Company has developed online resources for Channel Partners
2. Vidyadhanam (Education) support infrastructure development,
(Dealers, Distributors, TASS’s, and Retailers etc.) and Key Account
skills development, training and institutionalized need-based
Customers to have access to Online Electronic Parts Catalogues to
scholarships.
easily identify required spare parts.
3. Kaushalya (Employability) Industrial Training to school dropout
3. Is there any case filed by any stakeholder against the company
youth in auto sector, non-auto trades, agriculture and allied activities.
regarding unfair trade practices, irresponsible advertising and/or
4. Vasundhara (Environment) large scale sapling plantation, anti-competitive behavior during the last five years and pending as
construction of water conservation structures and building on end of financial year? If so, provide details thereof, in about 50
awareness about environment and renewable energy sources. words or so
Please refer the Company’s ‘Annual CSR Report 2020-21’ for details In the Auto Parts Case, the Company and the other Auto
on various community development programme undertaken. Manufacturers have filed SLPs in the Supreme Court (SC)
against the order of the Delhi High Court. The SLPs have been
5. Have you taken steps to ensure that this community development
admitted by the SC and there is an interim stay operating in the
initiative is successfully adopted by the community? Please explain
matter. The matter shall now be listed in due course before the
in 50 words, or so.
SC for further hearing.
Yes. The Company adopted a collaborative and participatory
A dealer of commercial vehicles from Varanasi viz. Varanasi Auto,
approach with communities/beneficiaries in conceiving and
whose dealership was terminated by the Company on the ground
deploying CSR projects. Partial beneficiary contribution were
of non-performance has filed a petition before the Competition
sought, wherever feasible, for project deployment / asset creation
Commission of India (CCI). During the preliminary enquiries being
and maintenance to have greater ownership of the projects -
made by CCI, another dealer from Nasik viz. Kanchan Motors also
which the Company believed was crucial for sustainability of
filed an information making the similar allegations. On May 05,
these initiatives. Training and capacity building of communities and
2021, CCI passed an order directing the investigation against the
relevant stakeholders to successfully adopt and carry forward
Company. The Company is reviewing the CCI’s order and engaging
these initiatives was done from time to time.
with counsels to take steps suitably.
Please refer the Company’s ‘Annual CSR Report 2020-21’ and
The Company was asked to pay `3.5 lakh for misleading
‘Community Development’ section of Tata Motors Sustainability
advertisement on mileage – the Company has filed an appeal before
Report 2020-21 for details on various community development
the SC against the order of National Commission (NCDRC). On
programme undertaken.
December 11, 2020, the SC has granted a stay, on the ground that
Principle 9: Customer Value NCDRC had failed to take into account the fact that the customer in
the said case was applying the certified mileage indicated for diesel
1. What percentage of customer complaints/consumer cases are
vehicles to petrol vehicle purchased by him which was factually
pending as on the end of financial year.
incorrect. The matter shall now be listed in due course before the SC
The Company has provided customers with the best in class after for further hearing.
sales service. The Company heard its customers through various
4. Did your company carry out any consumer survey/ consumer
mode such as 24X7 call center toll free no., website, social media,
satisfaction trends?
Tata Motors Service Connect App.
Regular customer satisfaction surveys are conducted to assess
The Company’s services are founded on three core ‘Service
customer satisfaction levels. Customer Centricity has been intrinsic
Promises’ – ‘Responsive’, ‘Reliable’ and ‘Best value’. A host of
to our culture. The Company continuously strived to provide best
distinctive facilities and services were being offered to deliver each
services to enhance our customer engagement. Customer service
of these promises to its customers across the worldwide service
quality is met through integration of our Customer Relationship
network.
Management and Dealer Management System (CRM – DMS).
Passenger Commercial Internal customer satisfaction surveys are conducted for all the
Vehicle Vehicle Total
commercial vehicle channel partners across the country. Feedback
Business Unit Business Unit
is captured for repair quality, staff behavior, cost efficiency and
Percentage of Consumer 1.85 0.19 0.197 timely delivery. During the year, a satisfaction score of 92.37% was
Cases Pending as on achieved.
31st March 2021
Post Service Feedback surveys are also conducted for the passenger
2. Does the company display product information on the product vehicles customers who visit workshop for service. Feedback is
label, over and above what is mandated as per local laws? Yes/ captured through Call center calling, TMSC App and Khushi BOT.
No/N.A./ Remarks (additional information) Surveys are carried to capture service quality, service initiation,
The Owner’s Manual document for all products contains important facility, manpower behavior, timely delivery and cost efficiency.
product information, instructions for safe and fuel efficient use of During the year, the score was 898/1000.

MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMY OVERVIEW going forward. To provide liquidity support and strengthen public in
INDIA general in their fight against COVID-19 pandemic, the RBI Governor
announced “on tap liquidity” to the public in general. Considering the
present situation of the medical infrastructure in the country, banks
are encouraged to provide fresh lending support to a wide range of
India GDP
entities including vaccine manufactures, importers and suppliers
of vaccines and priority medical devices, hospitals/dispensaries,
pathology labs, manufactures and suppliers of oxygen and ventilators,
12.5%
importers of vaccines and COVID-19 related drugs, logistics firms and
6.9% patients for treatment. The RBI also announced certain relaxations in
overdraft (“OD”) facilities of state governments to better manage their
-8.0% fiscal situation in terms of their cash-flows and market borrowings.
Accordingly, the maximum number of days of OD in a quarter is being
increased from 36 to 50 days and the number of consecutive days of
FY 2021 Est. FY 2022 Proj. FY 2023 Est. OD from 14 to 21 days will be available until September 30, 2021.
The automobile industry recovered slightly in FY 2020-21 due to the
resurgence of the economy. According to data released by SIAM, in
FY 2020-21, the Indian automotive industry recorded a 6.1% decline
According to the National Statistical Office (“NSO”), India’s GDP is in domestic sales compared to a 20.3% decline in FY 2019-20. The
estimated to contract by 8.0% in FY 2020-21. To control the spread Passenger Vehicle segment declined 2.0% in FY 2020-21, compared to
of the COVID-19 pandemic, India had imposed severe lockdowns in a 17.3% decline in FY 2019-20. While overall industry sales were lower
April and May 2020 resulting in curtailment of economic activities. As than in FY 2019-20, the trend of preference towards personal mobility
a result of the lockdowns, India’s GDP contracted by 24.4% in the first reduced the overall impact of the slowdown. The Commercial Vehicle
quarter of FY 2020-21. As lockdown restrictions were gradually eased industry in India registered a 21.7% decline in FY 2020-21 compared
from June 2020, the economy witnessed a strong V-shaped recovery. to a 30.0% decline in FY 2019-20, because of the COVID-19 pandemic,
The recovery in economy is resilient with sustained improvement in lower freight utilizations, difficulties in obtaining financing and some
majority of high frequency indicators. The Purchase Manager’s Index hesitation due to rising costs for BS VI vehicles.
manufacturing index was at 55.4 in March 2021 compared to 51.8 in
March 2020. Based on data provided by the NSO, gross value added The demand for Passenger Vehicles has grown in FY 2020-21 on the
at basic prices for FY 2020-21 from the manufacturing sector is back of some pent-up demand but more importantly a structural shift in
estimated to decline by 6.4% compared to FY 2019-20. Sector-wise, personal mobility preference arising out of an urge to break free in the
agriculture has remained the silver lining while contract-based services, aftermath of the restrictions in travelling during the COVID-19 pandemic
manufacturing, construction were hit hardest, and have been recovering situation as well as resurgence in the rural markets. Passenger car
steadily. Government consumption and net exports have further sales are dominated by small and mid-sized cars. With the shutdown
provided support in the recovery. As per International Monetary Fund of all non-essential services accompanied by liquidity and cash crunch,
(“IMF”) projections in March 2021, Indian economic growth is estimated the demand for Commercial Vehicles was severely impacted in the first
at 12.5% in FY 2021-22 and 6.9% in FY 2022-23. half of FY 2020-21.
India has been severely affected by a second wave of the COVID-19 While there are short term challenges on account of COVID-19
and hospitals in several states are, as of the state of this annual report, pandemic, Commercial Vehicle industry is likely to rebound and
still reeling under the shortage of health workers, vaccines, oxygen, show recovery after witnessing two consecutive years of double digit
medicines and beds. Several states have introduced varying levels of de-growth. Demand for Commercial Vehicles, particularly Medium
curbs on economic activity and public movement to stop the spread of and Heavy Commercial Vehicles, is likely to also benefit from various
the virus, which are mostly being reviewed and extended on a weekly government initiatives to help revive the economy. Demand for
or fortnightly basis. The respective state governments are imposing Commercial Vehicles, particularly Medium and Heavy Commercial
restrictions as they are witnessing surges in the COVID-19 cases. Vehicles, is likely to also benefit from various government initiatives to
We are expecting a weaker first quarter in FY 2021-22 on account of help revive the economy.
supply disruptions and COVID-19 pandemic in India. We expect gradual
The Government of India has encouraged foreign investment in the
sequential recovery as supply chain and COVID-19 situations improve.
automobile sector and has allowed 100% foreign direct investment
The RBI announced rate cuts in FY 2019-20 to revive growth and mitigate (“FDI”) under the automatic route. Focus is now shifting to electric
economic impact of the COVID- 19 pandemic. The repo rate remains vehicles to reduce emissions. Under union budget 2019-20, the
unchanged at 4% and the RBI is continuing with its accommodative Government of India has also provided an income tax deduction of `1.50
stance and will continue if necessary, to sustain growth on a durable lakhs on interest paid on loan taken for purchase of electric vehicles.
basis and continue to mitigate the impact of the COVID-19 pandemic Government of India has shown strong intent of driving EV adoption in
on the economy, while ensuring that inflation remains within the target last few years and have introduced several policy interventions.

WORLD China: Growth in China decelerated to 2.3% in year 2020 which was
still above the previous projections helped by the country’s effective
control of the COVID-19 pandemic and public investment-led stimulus.
% 8.4 For most of last year, China’s import growth lagged a rebound in exports,
contributing to a widening current account surplus. Accommodative
6.0 6.4 5.6
4.4 5.3 5.1 fiscal and monetary policies led to a sharp increase in the government
4.4
3.5 3.8 deficit and total debt. Fiscal policy support, which initially focused on
2.3 providing relief and boosting public investment, is starting to moderate.
Growth in China is forecast to pick up to 8.4% in 2021 which is above
previous projections due to the release of pent-up demand, lower base
and moderate to 5.6% in 2022 as deleveraging efforts resume. Even
-3.3 as GDP growth returns to its pre-pandemic level in FY 2021, it is still
-3.5
expected to be approximately 2% below its pre-pandemic projections
by 2022, with the crisis accentuating pre-existing vulnerabilities and
-6.6 imbalances. Following a sharp contraction, the Chinese economy
returned to growth during the middle of 2021, albeit at an uneven pace.
-9.9
Industrial production has recovered much faster than consumption and
Global US Euro Area UK China services. Import growth has lagged, but there was a rebound in exports,
which also contributed to a widening of the trade and current account
surpluses. Industrial profits have improved, and government revenue
GDP 2020 GDP Projections 2021 GDP Projections 2022 has been strengthening.
Tensions between the United States and China remain elevated
on numerous fronts, including on international trade, intellectual
property, and cybersecurity. Domestic economic disparities arising
from the pandemic downturn may also prompt new trade barriers,
Economic Growth: Global activity is estimated to have contracted 3.3% motivated by the need to protect domestic workers. Furthermore, risks
in 2020 because of COVID-19 pandemic. Given the unprecedented of protectionist tendencies surrounding technology are emerging.
nature of the pandemic, prospects for the global economy are Protectionist tendencies could extend to medical supplies and
uncertain, and several growth outcomes are possible. Global growth COVID-19 pandemic related pharmaceutical APIs, which would impede
is estimated at 6.0% in 2021 and is projected to stabilize further at the global supply of vaccines and medicines.
4.4% in FY 2022. Among advanced economies, the United States is
United States: The decline in the U.S economy in the first half of year
expected to surpass its pre-COVID GDP level this year, while many
2020 was nearly three times as large as the peak decline during the
others in the group will return to their pre-COVID levels only in 2022.
global financial crisis, underscoring the depth of the recession. U.S
Similarly, among emerging market and developing economies, China
output fell by 3.5% in 2020. Although the COVID-19 pandemic’s
had already returned to pre-COVID GDP in 2020, whereas many others
economic impact was not as severe as envisioned in previous
are not expected to do so until well into 2023. Most commodity prices
projections, last year’s contraction was more than one percentage
rebounded in the second half of FY 2020-21. However, the pickup in
point larger than that of 2009. Substantial fiscal support to household
oil prices lagged the broader recovery in commodity prices due to the
incomes far exceeding similar measures delivered during the global
prolonged impact of the pandemic on global oil demand. Oil demand
financial crisis contributed to a robust initial rebound in the third quarter
fell 9% last year, the steepest one-year decline on record because of 2020, which was subsequently cut short by a broad resurgence of
of pandemic-control measures and the associated plunge in global the pandemic. Growth in the U.S is forecast to recover to 6.4% in FY
demand, which was partly offset by historically large production cuts 2021, held down in the early part of the year by subdued demand amid
among OPEC+ (Organization of the Petroleum Exporting Countries), as renewed restrictions and a broad-based resurgence of the COVID-19,
well as Russia and other non-OPEC oil exporters. pandemic. Activity is expected to strengthen in the second half of this
Commodities: There has been significant increase in steel prices year and firm further next year, as improved COVID-19 management
over the last one year. Base metal prices were, on net, broadly flat aided by ongoing vaccination allows for an easing of pandemic-control
in the calendar year 2020, as sharp falls in the first half of the year measures. At $1.9 trillion, the Biden administration’s new fiscal package
were followed by a strong recovery in the second half due to rising is expected to deliver a strong boost to growth in the United States in FY
demand from China. Prices of commodity items used in manufacturing 2021 and provide sizable positive spillovers to trading partners. Debt
automobiles, including steel, aluminium, copper, zinc, rubber, platinum, service costs are expected to remain manageable across advanced
palladium and rhodium, have become increasingly volatile in recent economies, thanks to the relatively large fraction of their debt burden
years. Semiconductor shortages have also impacted the auto industry covered by long-term and sometimes negative-yielding bonds. Fiscal
adversely. Many major automotive companies have been experiencing support in emerging market and developing economies has been more
a shortage of semiconductors, used in the production of automotive limited, and deficits are generally expected to decline as revenues
chips and charging or other components of electric vehicles. improve and crisis-related expenditures unwind with the projected
economic recovery. Higher debt service costs are also expected to
Major semi-conductor suppliers have been operating at reduced constrain their ability to address social needs, including rising poverty
capacity for the past year due to proactive local government actions and growing inequality, or to correct the setback in human capital
in response to the spread of COVID-19, causing a global shortage of accumulation during the crisis.
semiconductors supply.
Europe: Economic activity in Europe has deteriorated significantly due
Post COVID-19 pandemic, automakers reduced their production and to the widespread virus outbreak. In Europe, following the historic
semi-conductor orders too, which also worsened the situation. pandemic-induced collapse, an emerging rebound in economic activity

in the third quarter of last year was cut short by a sharp resurgence over a 10 day period, at JLR’s Solihull manufacturing site in the West
of the COVID-19 pandemic, which prompted many member countries Midlands. Jaguar Land Rover’s global retailer network were inevitably
to re-impose stringent lockdown measures. Against the backdrop of impacted during the pandemic but maintained sales channels through
a historic recession, the policy response has been far-reaching and innovative remote solutions such as a ‘click and delivery’ arrangements.
sustained. National fiscal support packages were bolstered by grants
COVID-19 Pandemic and its impact on Financials
from the European Union to the hardest-hit member countries, which
are expected to support activity starting in FY 2021. The European COVID-19 pandemic has rapidly spread throughout the world,
economy declined by 6.6% in 2020 and growth is expected to rebound including India. Governments in India and across the world have taken
to 4.4% in 2021 owing to improved COVID-19 management, an initial significant measures to curb the spread of the virus including imposing
vaccine rollout, and rising external demand, particularly from China. mandatory lockdowns and restrictions in activities. Consequently, the
Company’s manufacturing plants and offices had to be closed down /
United Kingdom: The International Monetary Fund (“IMF”) raised its operate under restrictions for a considerable period of time during the
forecast for British economic growth which is set to outpace the euro year and post year end. Lockdowns / restrictions have impacted the
zone this year after its slump in 2020 but is unlikely to regain its pre- Company operationally including on commodity prices, supply chain
pandemic size until sometime in 2022. The IMF said the UK economy matters (including semiconductor supplies), consumer demand and
would grow by 5.3% in 2021, up from a previous forecast of 4.5% it made recoveries of loans under its vehicle financing business. More recently,
in January 2021, helped by the country’s fast COVID-19 vaccination the next wave of the pandemic has impacted India and the Company
program and a latest round of stimulus by the government. The UK has is monitoring the situation closely taking into account the increasing
suffered Europe’s highest COVID-19 death toll and its economy shrank level of infections in India and across the world and directives from
by almost 10% last year, the worst performance among the region’s the various Governments. Management believes that it has taken into
big economies except for Spain. But it has moved more quickly than account all the possible impacts of known events arising from the
almost all other countries with its coronavirus vaccination program. COVID-19 pandemic in the preparation of the financial results including
Almost half the total population of the United Kingdom had a first jab but not limited to its assessment of the Company’s liquidity and going
of the vaccine. For 2022, the IMF raised its forecast to British economic concern, recoverable values of its property, plant and equipment,
growth slightly to 5.1% which would be the strongest expansion among intangible assets, intangible assets under development, allowances
Europe’s big economies next year, according to the IMF. for losses for finance receivables ,product warranty, residual value
(Source: RBI, World bank, IMF, etc.) risk, lease payments, employee benefits, government grants and the
net realisable values of other assets including inventory and Deferred
COVID-19 Pandemic and managing workforce tax asset.
At Tata Motors, the health and safety of our employees has always
However, given the effect of these lockdowns and restrictions on the
been our top priority. We have taken several proactive measures to
overall economic activity and in particular on the automotive industry,
ensure the safety of our employees and their families and offer them
the impact assessment of the COVID-19 pandemic on the financial
support as we navigate the COVID-19 pandemic. We moved our office
statement is subject to significant estimation uncertainties due to its
operations into work from home model and enabled employees with
nature and duration and, accordingly, the actual impacts in the future
all the tools to keep up their productivity. We launched a health portal
may be different from those estimated as at the date of approval of
where in employees’ check in and declare the status on their and
these financial statements. The Company will continue to monitor any
their family’s’ health. This information has enabled our Medical team
material changes to future economic conditions and consequential
to reach out to those who needed help and provide them support. In
impact on its financial statements.
addition to this, we have also launched ‘Employee Assistance Program’,
a confidential counselling service for employees and members of their Automotive Operations
families to foster their emotional well-being. Automotive operations is the Company’s most significant segment,
During Restart phase, dedicated ‘Restart’ teams at each location curated which include:
detailed guidelines and conducted intensive trainings for maintaining • All activities relating to the development, design, manufacture,
social distancing at all workplaces, shop floors and canteen facilities. assembly and sale of vehicles as well as related spare parts and
We restarted our operations at select plants and dealership with accessories;
limited, essential staff in each plant, adhering to all mandated safety
norms while efficiently meeting operational requirements. Gradually • distribution and service of vehicles; and
we scaled up our operations with entire ecosystem of suppliers, • financing of the Company’s vehicles in certain markets.
vendors, dealers and customers coming up to speed.
The automotive operation is further divided into four reporting
At Jaguar Land Rover, the health, wellbeing and safety of its people segments:
and partners remains their utmost priority. Working with Public Health
England, JLR were one of the first businesses and the largest in the UK, (i) Tata and other brand vehicles - Commercial vehicles;
to introduce on-site Covid-19 testing. All of JLR’s facilities benefit from (ii) Tata and other brand vehicles – Passenger vehicles;
effective social distancing, hygiene and health monitoring protocols
and every one of its UK employees has been equipped with reusable (iii) Jaguar Land Rover; and
face coverings. Furthermore, Jaguar Land Rover took part in a ground- (iv) Vehicle Financing
breaking pilot scheme in partnership with Public Health England, where
approximately 4,500 JLR employees were vaccinated against Covid-19 Overview of Automotive Operations

The total sales (excluding China joint venture) for FY 2020-21 and FY We sold 4,90,151 units of Tata Commercial Vehicles and Tata
2019-20 are set forth in the table below: Passenger Vehicles and 3,47,632 units (excluding wholesales from
the China Joint Venture) of Jaguar Land Rover vehicles in FY 2020-
FY 2020-21 FY 2019-20 21. In terms of units sold, our largest market was India where we sold
Units Units 4,63,736 and 4,48,614 units during FY 2020-21 and FY 2019-20,
Passenger cars 2,03,361 2,02,010 respectively (constituting 55.4% and 46.7% of total sales in FY 2020-21
Utility vehicles 3,66,909 4,11,866 and FY 2019-20, respectively), followed by North America, where we
Intermediate and Light 42,386 47,406 sold 93,759 units and 1,35,766 units in FY 2020-21 and FY 2019-20,
Commercial Vehicles respectively (constituting 11.2% and 14.1% of total sales in FY 2020-21
SCV & Pick Up 1,46,174 1,67,639
and FY 2019-20, respectively).
CV Passenger Vehicle 10,377 44,335
Medium and Heavy Commercial 68,576 88,207
Vehicles
Total 8,37,783 9,61,463
Share of volumes % (FY 2020-21) Share of volumes % (FY 19-20)
1.2
8.2 4.6
9.2
PV PV
24.3 21.0
UV UV
17.4
ILCV ILCV
17.4
SCV & Pick Up SCV & Pick Up

5.1
CV Passenger Vehicle 4.9 CV Passenger Vehicle
42.9
MHCV MHCV
43.8
Tata and other brand vehicles We maintained our leadership position in the Commercial Vehicle
category in India, which was characterized by increased competition
India is the primary market for Tata and other brand vehicles (including
during the year. The Passenger Vehicle market also continued to be
vehicle financing). During FY 2020-21, the Indian automotive sector
subject to intense competition.
was impacted by several challenges, including COVID-19 pandemic,
subdued demand, weak consumer sentiment and supply disruptions. The following table sets forth our market share in various categories in
The COVID-19 pandemic significantly impacted our sales in India in the the Indian market based on TML wholesale volumes:
first quarter of FY 2020-21, although some recovery was observed
Category FY 2020-21 FY 2019-20
beginning with the second quarter of FY 2020-21.
Passenger Cars 8.8% 4.2%
The following table sets forth our total wholesale sales worldwide of Utility Vehicles 7.4% 5.6%
Tata Commercial Vehicles and Tata Passenger Vehicles:
Total PV 8.2% 4.8%
FY 2020-21 FY 2019-20
Units % Units % Medium and Heavy Commercial 58.1% 57.4%
Vehicles
Tata Passenger 2,22,638 45.4% 1,37,924 28.4%
Vehicles Intermediate and Light 45.9% 47.2%
Commercial Vehicles
Tata Commercial 2,67,513 54.6% 3,47,587 71.6%
Vehicles SCVs and Pick Ups 37.5% 37.9%
Total 4,90,151 100.0% 4,85,511 100.0% CV Passenger Vehicles 40.6% 40.9%
Total CV 42.4% 43.0%
Of the 4,90,151 units sold overall in FY 2020-21, the Company sold
Total Four-Wheel Vehicles 14.1% 12.7%
4,63,736 units of Tata and other brand vehicles in India and 26,415
units outside India, compared to 4,48,614 units and 36,897 units, Source: Society of Indian Automobile Manufacturers Report and our
respectively in FY 2019-20. internal analysis.

The following table sets forth TML total domestic wholesales and retails of Tata Commercial Vehicles and Tata Passenger Vehicles
Wholesale Volume (in units) Retail Volume (in units)

FY 2020-21 FY 2019-20 % change FY 2020-21 FY 2019-20 % change
Tata Commercial vehicles 2,41,668 3,12,267 (22.6) 2,08,437 3,60,787 (42.2)
Tata Passenger vehicles 2,22,074 1,31,796 68.5 2,28,863 1,48,789 53.8
Total 4,63,742 4,44,063 4.4 4,37,300 5,09,576 (14.2)
Passenger Vehicles in India

Industry sales of Passenger vehicles (including vans) decreased by 2.0% to 27,09,936 units in FY 2020-21 from 27,66,512 units in FY 2019-20.
The following table sets forth the breakup of the wholesale sales in various categories of TML.
Industry Sales Tata Passenger Vehicles Sales

FY 2020-21 FY 2019-20 FY 2020-21 FY 2019-20
% change % change
(in units) (in units) (in units) (in units)
Passenger Cars 15,41,968 16,95,344 (9.0) 1,35,680 71,719 89.2
Utility Vehicles 10,62,887 9,52,764 11.6 86,394 60,077 43.8
Total 26,04,855 26,48,108 (1.6) 2,22,074 1,31,796 68.5
Industry-wide sales of Passenger cars in India decreased by 9.0% in compared to 75,781 units in FY 2019-20. During FY 2020-21, we
FY 2020-21, compared to a 23.6% decline in FY 2019-20, while Utility launched refreshed variants of products, including Altroz I Turbo,
Vehicles sales increased by 11.6% in FY 2020-21 compared to marginal Altroz XM and Tiago XTA. Our market share for Passenger Cars in India
increase in FY 2019-20. While overall industry sales were lower than was higher at 8.8% in FY 2020-21, compared to 4.2% in FY 2019-20.
in FY 2019-20, the trend of preference towards personal mobility In the Utility Vehicles category, TML sales increased by 43.8% to
reduced the overall impact of slowdown. TML Passenger vehicle 86,394 units in FY 2020-21 compared to 60,077 units in FY 2019-20
sales increased by 68.5% to 2,22,074 units in FY 2020-21 compared and Tata-brand vehicles sales increased to 86,394 units in FY 2020-21
to 1,31,796 units in FY 2019-20. Tata Passenger Vehicle sales in India compared to 60,665 units in FY 2019-20 representing a strong demand
increased by 62.8% to 2,22,075 units in FY 2020-21 from 1,36,446 for Tata Nexon and Tata Harrier. Our market share of Utility Vehicles
units reflecting a strong response for the New Forever Range. Retail in India has increased and stands at 7.4% in FY 2020-21, compared
sales marginally outnumbered wholesale sales, thereby reaffirming to 5.6% in FY 2019-20. In FY 2020-21, we launched Tata Safari and
strong demand and thin pipeline inventory at our dealers. refreshed variants for Tata Nexon and Harrier. We launched Tata Safari
in January 2021 and sold 3,855 units in FY 2020-21.
In Passenger cars category, TML sales increased by 89.2% to 1,35,680
units in FY 2020-21 compared to 71,719 units in FY 2019-20. Tata- Tata Motors continued to remain market leader in electric vehicles in
brand vehicles sales increased to 1,35,681 units in FY 2020-21, FY 2020-21 with a 71% share due to a strong response for Nexon EV.
Commercial Vehicles in India
Industry sales of commercial vehicles decreased by 21.7% to 5,69,307 units in FY 2020-21 from 7,26,762 units in FY 2019-20. The following table
sets forth the breakup of the wholesale sales in various categories on standalone basis.
Industry Sales Tata Commercial Vehicle Sales

Category FY 2020-21 FY 2019-20 FY 2020-21 FY 2019-20
% change % change
(in units) (in units) (in units) (in units)
Medium and Heavy 1,00,712 1,32,272 (23.9) 58,528 75,918 (22.9)
Commercial Vehicles
Intermediate and Light 82,386 89,066 (7.5) 37,826 42,077 (10.1)
Commercial Vehicles
SCVs and Pick Ups 3,65,347 4,11,352 (11.2) 1,36,835 1,55,790 (12.2)
CV Passenger Vehicles 20,862 94,072 (77.8) 8,479 38,482 (78.0)
Total 5,69,307 7,26,762 (21.7) 2,41,668 3,12,267 (22.6)
The Commercial Vehicle industry continued to be impacted in FY 2020-21, ILCVs in India
because of the COVID-19 pandemic, lower freight utilizations, difficulties in
Sales of TML in the ILCVs category in India decreased by 10.1% to 37,826
obtaining financing and some hesitation due to rising costs for BS VI vehicles.
units in FY 2020-21 compared to 42,077 units in FY 2019-20 and Tata-
MHCVs in India brand vehicle sales decreased to 37,826 units in FY 2020-21, from 42,052
units in FY 2019-20.
Sales of TML in the MHCVs category in India decreased by 22.9% to 58,528
units in FY 2020-21 compared to 75,918 units in FY 2019-20 and Tata- SCVs and Pickups in India
brand vehicle sales decreased to 58,521 units in FY 2020-21, compared to Sales in SCVs & Pick Ups category in India of Tata-brand vehicle decreased
75,848 units in FY 2019-20. The MHCV segment witnessed a sharp decline by 12.2% to 1,36,835 units in FY 2020-21 from 1,55,790 units in FY 2019-
in first quarter of FY 2020-21, thereby sequentially improving quarter- 20. Amongst all segments in commercial vehicles, the SCV and Pick Up
on-quarter, as the economy unlocked and infrastructure projects, housing category witnessed a lower decline because of increased demand from
construction and mining segment picked up. We continued to witness strong e-commerce players and necessity for last mile distribution. TML received a
demand in this segment and increased our market share by 70 bps to 58.1% significant order of 6,413 Tata Ace Gold vehicles from Andhra Pradesh State
in FY 2020-21. Civil Supplies Corporation.

CV Passenger Vehicles in India Tata Commercial Vehicles and Tata Passenger Vehicles -
Sales in CV Passenger Vehicles category in India of TML decreased by Competition
78.0% to 8,479 units in FY 2020-21 compared to 38,482 units in FY 2019- We face competition from various domestic and foreign automotive
20 and Tata-brand vehicle sales decreased to 8,479 units in FY 2020-21 manufacturers in the Indian automotive market. Improving infrastructure and
from 38,478 units in FY 2019-20. CV Passenger segment was impacted robust growth prospects compared to other mature markets have attracted
the highest because of the COVID-19 pandemic, with work from home strong international companies to India that have either formed joint ventures
protocols, schools not reopening and lower demand from State Transport with local partners or have established independently owned operations in
Undertakings. India. Global competitors bring with them their international experience,
global scale, advanced technology, and significant financial resources, and
Tata Commercial Vehicles and Tata Passenger Vehicles — Exports
as a result, competition is likely to further intensify in the future. We have
International business is a key part of our portfolio since its inception in 1961. designed our products to suit the requirements of the Indian market based
We have a global presence in more than 46 countries, including all South on specific customer needs, such as safety, driving comfort, fuel-efficiency
Asian Association for Regional Cooperation countries, South Africa, Africa, and durability. By moving to BS VI successfully we have demonstrated our
Middle East and Southeast Asia. We market a range of products including ability to compete with the global players successfully. We believe that our
M&HCV trucks, LCV trucks, buses, pickups and small commercial vehicles. vehicles are suited to the general conditions of Indian roads and the local
Our overall sales in international markets decreased by 32.0% to 20,849 climate. We also offer a wide range of optional configurations to meet the
units in FY 2020-21, compared to 31,144 units in FY 2019-20. Commercial specific needs of our customers. We intend to develop and are developing
vehicles exports were 20,283 units in FY 2020-21, as compared to 29,664 products to strengthen our product portfolio in order to meet the increasing
units in FY 2019-20. In Africa, Tanzania clocked the highest retails since customer expectation of owning world-class products.
September 2018, while both Congo and Ghana recorded highest retails Tata Commercial Vehicles and Tata Passenger Vehicles -
after five years. Saudi Arabia also clocked its highest retails in the last two Seasonality
years and the entire Middle East buses closed the year with a 12% higher
Demand for our vehicles in the Indian market is subject to seasonal variations.
market share than the previous year. Passenger Vehicles exports were at
Demand generally peaks between January and March each year, although
566 units in FY 2020-21, compared to 1,480 units in FY 2019-20. Sales were
there tends to be a decrease in demand in February just before release of
substantially impacted by the COVID-19 pandemic.
the Government of India’s fiscal budget. Demand is usually lean from April
Tata Daewoo Commercial Vehicle Co. Ltd or TDCV’s, our subsidiary company to July and gains momentum again in the festival season from September
that engages in the design, development and manufacturing of MHCVs and onwards, with a decline in December due to year-end.
LCVs, witnessed a marginal decrease in overall sales by 1.2% to 5,127 units
Tata and other brand vehicles – Vehicle Financing
in FY 2020-21 from 5,190 units in FY 2019-20. In its domestic market (South
Korea), TDCV’s sales increased by 3.4% from 3,581 units in FY 2019-20 to Through our wholly-owned subsidiary TMF Holdings Ltd and its step-down
3,701 units in FY 2020-21. The market share for this segment was 20.1% in subsidiaries Tata Motors Finance Ltd (“TMFL”) and Tata Motors Finance
FY 2020-21, compared to 20.5% in FY 2019-20. Apart from MHCV, TDCV Solutions Ltd (“TMFSL”), we provide financing services to purchasers of our
also launched new product range of LCV vehicles in the fourth quarter of vehicles through independent dealers, who act as our agents for financing
FY 2020-21 which accounted 241 units of sales in the FY 2020- 21. Due transactions, and through our branch network. TMF group disbursed `13,258
to the product range expansion total domestic sales increased by 10.1% crores and `15,029 crores in vehicle financing during FY 2020-21 and FY
from 3,581 units in FY 2019-20 to 3,942 units in FY 2020-21. The export 2019-20, respectively. Approximately 33% and 31%, of our commercial
market was severely impacted by the COVID-19 pandemic and experienced vehicle unit sales in India were made by the dealers through financing
a reduction of 26.4% from 1,609 units in FY 2019-20 to 1,185 units in FY arrangements with the Company’s captive financing subsidiary during FY
2020- 21. 2020-21 and FY 2019-20, respectively. As at March 31, 2021 and 2020,
TMF group’s customer finance receivable portfolio comprised 7,18,149 and
Tata Commercial Vehicles and Tata Passenger Vehicles - Sales and 6,24,354 contracts, respectively. We follow specified internal procedures,
Distribution including quantitative guidelines, for selection of our finance customers and
Our sales and distribution network in India as at March 31, 2021 comprised assist in managing default and repayment risk in our portfolio. We originate
approximately over 5,959 touch points for sales and service for its all the contracts through our authorized dealers and direct marketing agents
Passenger Vehicles and Commercial Vehicles businesses. We use a network with whom we have agreements. All our marketing, sales and collection
of service centers on highways and a toll-free customer assistance center activities are undertaken through dealers or by TMF group.
to provide 24-hour roadside assistance including replacement of parts, to
TMFL securitizes or sells its finance receivables based on the evaluation of
vehicle owners.
market conditions and funding requirements. The sell down happens either
We have customer relations management system at all of our dealerships through Securitization Pass Through Certificates (“PTC”) or through direct
and offices across India, which supports users both at our company and assignment route. Securitization PTC is backed by credit enhancement
among our distributors in India and abroad. where certain percentages of losses are protected to the extent of credit
enhancement. The PTC route is one of the most prominent sources of fund
We market our Commercial Vehicles and Passenger Vehicles in several
raising in the market. We also do securitization by way of direct assignment
countries in Africa, the Middle East, Southeast Asia, South Asia, Australia,
where there is no support provided to the pool in the form of credit
Latin America, Russia, and the Commonwealth of Independent States
enhancement. Significantly, these assets are Priority Sector Loan assets
countries. We have a network of distributors in all such countries, where
because of which demand for direct assignment is good with Public Sector
we export our vehicles. Such distributors have created a network of dealers
Banks. The constitution of these pools is based on criteria that are decided by
and branch offices and facilities for sales and after-sales servicing of our
credit rating agencies and/or based on the advice that we receive regarding
products in their respective markets. We have also stationed overseas
the marketability of a pool. TMFL undertakes these securitizations of our
resident sales and service representatives in various countries to oversee
receivables due from purchasers by means of private placement.
our operations in the respective territories.

TMFL acts as the collection agent on behalf of the investors, representatives, • furnishing, in favor of the investors, certain percentages of the future
special purpose vehicles or banks, in whose favor the receivables have been principal in the receivables as collateral, for securitizations done
assigned, for the purpose of collecting receivables from the purchasers on
through FY 2020-21, either by way of a fixed deposit or bank guarantee
the terms and conditions contained in the applicable deeds of securitization,
in respect of which pass-through certificates are issued to investors in case or subordinate tranche to secure the obligations of the purchasers
of special purpose vehicles, or SPVs. TMFL also secures the payments to be and our obligations as the collection agent, based on the quality of
made by the purchasers of amounts constituting the receivables under the receivables and rating assigned to the individual pool of receivables
loan agreements to the extent specified by rating agencies by any one or all
by the rating agencies; and
of the following methods:
• furnishing collateral to the investors, in respect of the obligations of • by way of over-collateralization or by investing in subordinate pass-
the purchasers and the undertakings to be provided by TMFL; through certificates to secure the obligations of the purchasers.
Jaguar Land Rover
Total wholesale and retail volume of Jaguar Land Rover vehicles with a breakdown between Jaguar and Land Rover brand vehicles, in FY 2020-21
and FY 2019-20 are set forth in the table below:
Wholesale Volume (in units excluding CJLR) Retail Volume (in units including CJLR)
FY 2020-21 FY 2019-20 % change FY 2020-21 FY 2019-20 % change
Jaguar 67,333 1,25,820 (46.5) 97,669 1,40,593 (30.5)
UK 22,305 35,033 (36.3) 22,529 32,533 (30.8)
North America 13,450 30,514 (55.9) 18,186 30,095 (39.6)
Europe 20,693 36,158 (42.8) 20,578 35,335 (41.8)
China 4,603 7,162 (35.7) 28,181 26,061 8.1
Overseas 6,282 16,953 (62.9) 8,195 16,569 (50.5)
Land Rover 2,80,299 3,50,132 (19.9) 3,41,919 3,68,066 (7.1)
UK 59,195 75,034 (21.1) 60,466 74,079 (18.4)
North America 80,309 1,05,252 (23.7) 92,619 99,251 (6.7)
Europe 55,913 77,112 (27.5) 58,682 71,702 (18.2)
China 42,542 31,150 36.6 83,025 64,063 29.6
Overseas 42,340 61,584 (31.2) 47,127 58,971 (20.1)
Jaguar Land Rover 3,47,632 4,75,952 (27.0) 4,39,588 5,08,659 (13.6)
UK 81,500 1,10,067 (26.0) 82,995 1,06,612 (22.2)
North America 93,759 1,35,766 (30.9) 1,10,805 1,29,346 (14.3)
Europe 76,606 1,13,270 (32.4) 79,260 1,07,037 (26.0)
China 47,145 38,312 23.1 1,11,206 90,124 23.4
Overseas 48,622 78,537 (38.1) 55,322 75,540 (26.8)
CJLR 65,279 49,450 32.0

Jaguar Land Rover’s performance on a wholesale basis: 45,244 vehicles in the period. In addition to the COVID-19 pandemic, other
In FY 2020-21, Jaguar Land Rover wholesale volumes (excluding our factors that impacted the sales in the industry during FY 2020-21 included
China Joint Venture) were 3,47,632 units down 27.0% compared to ongoing in the UK and Europe related to Brexit related developments (in
FY 2019-20, primarily reflecting the disruption in sales and production spite of a trade agreement between the UK and the EU being reached in
because of the COVID-19 pandemic. Wholesale volumes from the China December 2020) and more generally regulatory and emissions challenges
Joint Venture were 65,279 units, reflecting a 32.0% increase compared as well as continuing trade tensions and other geopolitical pressures.
to the 49,450 units in FY 2019-20. Wholesale volumes (excluding Retails by powertrain
our China Joint Venture) in China strongly grew year-on-year in
FY 2020-21, up 23.1% reaching 47,145 vehicles as the region continued Jaguar Land Rover continued to roll out electrification technology across
to recover strongly from the pandemic. However, as a result of COVID- its model range in FY 2020-21. Twelve of the JLR’s 13 nameplates are
19-related impacts on society and business, Jaguar Land Rover now available with an electrified option, with plug-in hybrids (“PHEV”)
wholesales declined in other regions including in Overseas markets available in eight models and mild hybrids (“MHEV”) in 11 models. As
(down 38.1% year-on-year), Europe (down 32.4%), North America a result, the mix of electrified vehicles retailed in the full year was 51%,
(down 30.9%) and in the UK (down 26.0%). Wholesale volumes of including 3.6% for the all-electric Jaguar I-PACE, 4.6% PHEV and 42.9%
all models declined due to the impact of the COVID-19 pandemic in MHEV, with the remaining 48.9% of retail sales from traditional diesel
FY 2020-21, apart from the new Land Rover Defender which wholesaled and petrol internal combustion engines.
53,501 vehicles reflecting the strong reception in the market for an Jaguar Land Rover’s Sales & Distribution
anticipated model.
As at March 31, 2021, Jaguar Land Rover distributed its vehicles in 118
Jaguar Land Rover’s performance on a retail basis: markets for Jaguar and 123 markets for Land Rover globally. Sales
Jaguar Land Rover retail sales were 4,39,588 vehicles in FY 2020-21, locations for vehicles are operated as independent franchises. Jaguar
down 69,071 vehicles (13.6%) from FY 2019-20. The decline in retail sales Land Rover is represented in its key markets through its National Sales
was primarily the result of the initial COVID-19 lockdown impacting the first Company’s (“NSC’s”) as well as third-party importers. Jaguar and Land
quarter sales, with some recovery in sales thereafter. Retail sales in every Rover has regional offices in certain select countries that manage
region and on every model declined as a result of the COVID-19 pandemic customer relationships and vehicle supplies and provide marketing
with the exception of retail sales in China, which were up 23.1% year-on- and sales support to its their regional importer markets. The remaining
year and sales of the newly introduced Land Rover Defender, which reached importer markets are managed from the United Kingdom.
Jaguar Land Rover products are sold through a variety of sales channels: Overview
through its dealerships for retail sales, for sale to fleet customers, including
In FY 2020-21 income from operations including finance revenues decreased
daily rental car companies, commercial fleet customers, leasing companies
by 4.3% to `2,49,795 crores in FY 2020-21 from `2,61,068 crores in FY
and governments. Jaguar Land Rover does not depend on a single customer
2019-20. This decrease was mainly attributable to lower sales volumes from
or small group of customers to the extent that the loss of such a customer or
both Tata Motors and Jaguar Land Rover and partially offset by a favorable
group of customers would have a material adverse effect on its business.
currency translation from GBP to INR and increase in average selling price per
As at March 31, 2021, the Jaguar Land Rover global sales and distribution unit under BS VI norms.
network comprised 23 NSCs, 78 importers, one export partner and 2,839
Revenue walk (` in crores)
franchise sales dealers in 1,513 sites, of which 1,326 are joint Jaguar and Land
Rover dealers.
Jaguar Land Rover — Competition 2,61,068
15,004
Jaguar Land Rover operates in a globally competitive environment 13,472 2,49,795
(9,301)
and faces competition from established premium and other vehicle
(30,448)
manufacturers who aspire to move into the premium performance car
and premium SUV markets, some of which are much larger than they are.
Jaguar vehicles compete primarily against other European brands such
as Audi, Porsche, BMW and Mercedes Benz as well as Tesla. Land Rover
FY 2020 Volume & mix Price Translation Others FY 2021
and Range Rover vehicles compete largely against SUVs from companies
such as Audi, BMW, Infiniti, Lexus, Mercedes Benz, Porsche, Volvo
and Volkswagen. The net loss (attributable to shareholders of our Company) was `13,451
crores in FY 2020-21, compared to a loss of `12,071 crores in FY 2019-20.
Jaguar Land Rover — Seasonality In FY 2020-21 we have taken a charge of `14,994 crores for our Jaguar Land
Jaguar Land Rover volumes are impacted by the biannual change in age related Rover business due to the Reimagine strategy, reversal of impairment charge
registration plates of vehicles in the United Kingdom, where new age-related and onerous contract of `1,959 crores, as against provision of `2,549 crores in
plate registrations take effect in March and September each year. This has an FY 2019-20 for our passenger vehicle business of Tata Motors Ltd. Excluding
impact on the resale value of the vehicles because sales are clustered around the exceptional items, profit before tax was `2,908 crores in FY 2020-21,
the time of the year when the vehicle registration number change occurs. compared to a loss of `8,709 crores in FY 2019-20, attributable to better
Seasonality in most other markets is driven by the introduction of new model product mix and cost reduction measures.
year vehicles and derivatives. Furthermore, Western European markets tend
Automotive operations
to be impacted by summer and winter holidays, and the Chinese market tends
to be affected by the Lunar New Year holiday in either January or February, Automotive operations are our most significant segment, accounting for 99.4%
the PRC National Day holiday, and the Golden Week holiday in October. The and 99.3% of our total revenues in FY 2020-21 and FY 2019-20, respectively.
resulting sales profile influences operating results on a quarter-to-quarter In FY 2020-21, revenue from automotive operations before inter-segment
basis. eliminations was `2,48,181 crores compared to `2,59,292 crores in FY 2019-
20.
Other Operations
In addition to our automotive operations, we are also involved in other business FY 2020-21 FY 2019-20 Change %
activities, mainly information technology services. The Company’s revenue Total revenue ( ` in crores) 248,181 259,292 (4.3)
from other operations before inter-segment eliminations was `2,612 crores Earning before other 8,541 (43) 20,008
in FY 2020-21, a decrease of 14.3% from `3,047 crores in FY 2019-20. The income, interest and tax
decrease in revenue of Tata Technologies due to the COVID-19 pandemic. ( ` in crores)
Revenues from other operations represented 1.0% and 1.2% of total Earning before other 3.4 (0.0)
revenues, before inter-segment eliminations, in FY 2020-21 and FY 2019-20, income, interest and tax (%
respectively. to total revenue)
A. Operating Results Our automotive operations segment is further divided into four reporting
segments: Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land
All financial information discussed in this section is derived from our Audited
Rover and Vehicle financing.
Consolidated Financial Statements.
Revenue FY 2020-21
Revenue FY 2019-20
4,490
4,295
33,104
CV
36,329
CV
16,606 10,482
PV
PV
JLR
JLR
Financing
1,93,823 Financing
2,08,040

Earnings/(loss) Before Other Income, Earnings Before Other Income, Interest

Total Revenues ( ` crores)
Interest and Tax ( ` crores) and Tax (% of revenue)
FY 2020-21 FY 2019-20 FY 2020-21 FY 2019-20 FY 2020-21 FY 2019-20
Tata Commercial Vehicle 33,104 36,329 (305) (368) (0.9) (1.0)
Tata Passenger Vehicle 16,606 10,482 (1,564) (2,868) (9.4) (27.4)
Jaguar Land Rover 1,93,823 2,08,040 7,691 594 4.0 0.3
Vehicle Financing 4,490 4,295 2,794 2,855 62.2 66.5
Unallocable 284 216 (75) (256) (26.5) (118.7)
Intra- segment elimination (126) (71) - - - -
Total 2,48,181 2,59,292 8,541 (43)
In FY 2020-21, Jaguar Land Rover contributed 78% of our total year, as a result, Jaguar Land Rover wholesale volumes declined in
automotive revenue compared to 80% in FY 2019-20 (before intra- other regions including in Overseas markets (down 38.1% year-on-
segment elimination) and the remaining 22% was contributed by year), Europe (down 32.4%), North America (down 30.9%) and in the
Tata and other brand vehicles and Vehicle Financing in FY 2020- UK (down 26.0%). In addition to COVID-19 pandemic, other factors
21, compared to 20% in FY 2019-20. The following table sets forth impacting automotive industry sales during FY 2020-21 included
selected data from Tata and other brand vehicles (including vehicle Brexit uncertainty for the UK and Europe, although a trade agreement
financing) and Jaguar Land Rover in FY 2020-21 and FY 2019-20 and was reached between the UK and the EU in December 2020, and more
the percentage change from period to period (before intra-segment generally regulatory and emissions challenges as well as continuing
eliminations) are set forth in the table below. trade tensions and other geopolitical pressures. The following chart
sets forth our revenue from key geographical markets:
FY 2020-21 FY 2019-20 Change
( ` in crores) %
Tata and other brand 54,484 51,322 6.2 FY 2020-21
vehicles including vehicle
financing
Jaguar Land Rover 1,93,823 2,08,040 (6.8)
Intra-segment elimination (126) (71) 77.5
India
Total 2,48,181 2,59,291 (4.3%) Others, 36,491
14% India, 50,381
The Tata and other brand vehicles including vehicle financing consists 20% USA
of following categories:
China, 44,687 UK
FY 2020-21 FY 2019-20 Change
18%
( ` in crores) % USA, 46,947
EU excl UK
Commercial Vehicles 33,104 36,329 (8.9) 19%
Passenger Vehicles 16,606 10,482 58.4
EU excl China
Vehicle Financing 4,490 4,295 4.5 UK, 34,045
Unallocable 284 216 31.4 14% UK, 37,244
Total 54,484 51,322 6.2 Others
15%
Other operations
Our other operations business segment mainly includes information
technology services, machine tools and factory automation solutions.
The following table sets forth selected data regarding our other
operations for the periods indicated and the percentage change from
period to period (before inter-segment eliminations). FY 2019-20
FY 2020-21 FY 2019-20 Change %

Total revenue ( ` in crores) 2,612 3,047 (14.3)
Earning before other 319 382 (16.4)
India
income, interest and tax Others, 46,454,
India, 47,094,
(` in crores) 18%
18% USA
Earning before other 12.2% 12.5%
income, interest and tax
(% of revenue) China, 29,820, UK
11%
Geographical Breakdown USA, 52,029
EU excl UK
As a result of the COVID-19 pandemic in FY 2020-21, there is a reduction 20%
in revenue across most geographical markets except China and India, EU excl UK, China
In FY 2020-21 volume and percentage of revenues in China and India 43,228,
have improved from FY 2019-20 levels. China witnessed a double-digit 17% UK, 42,443,
Others
growth in volumes in FY 2020-21 as the region continued to recover 16%
strongly from the pandemic. However, as COVID-19 pandemic spread
globally, many government authorities were forced to introduce and
re-introduce strict social distancing measures over the course of the

The “Rest of Europe” market is geographic Europe, excluding the United The revenue of our Tata brand vehicles including vehicle finance increased
Kingdom and Russia. The “Rest of World” market is any regions not by 6.2% to `54,484 crores in FY 2020-21 from `51,322 crores in FY
included above. 2019-20, mainly due to increased volumes in passenger car segment. The
revenue from Tata commercial vehicle was `33,104 crores in FY 2020-
The following table sets forth selected items from our consolidated
21, compared to `36,329 crores in FY 2019-20, a decrease of 8.9%. The
statements of income for the periods indicated and shows these items revenue from Tata Passenger Vehicles was `16,606 crores in FY 2020-
as a percentage of total revenue: 21, compared to `10,482 crores in FY 2019-20, an increase of 58.4%. Our
revenues from sales of vehicles and spare parts manufactured in India
FY 2020-21 FY 2019-20
increased by 7.2% to `47,033 crores in FY 2020-21 from `43,865 crores
(%) (%) in FY 2019-20.
Revenue from operations 100.0 100.0
The revenue from Passenger Cars in India has increased by 105.9% to
Expenditure:
`5,832 crores in FY 2020-21 from `2,833 crores in FY 2019-20, Electric
Cost of material consumed (including 63.4 64.0 vehicle increased to `571 crores in FY 2020-21 from `152 crores in FY
change in stock) 2019-20 and Utility Vehicles increased by 56.7% to `6,534 crores in FY
Employee Cost 11.1 11.7 2020-21 from `4,169 crores in FY 2019-20. The increase in Passenger
Product development/Engineering 2.1 1.6 Vehicles was mainly on account of pent-up demand, better products and
expenses safety features of our New forever range of vehicles. The revenue from
Other expenses (net) 16.4 21.8 Commercial Vehicle in ILCVs category increased by 9.6% to `4,047 crores
Amount transferred to capital and other (5.1) (6.7) in FY 2020-21 from `3,693 crores in FY 2019-20. The SCVs and Pickups
accounts category in India increased by 26.1% to `4,824 crores in FY 2020-21 from
`3,826 crores in FY 2019-20. However, revenues from MHCVs category
Total Expenditure 87.8 92.4
decreased by 1.4% to `13,808 crores in FY 2020-21 from `14,006 crores
Profit before other income, Depreciation 12.2 7.6
in FY 2019-20 and CV Passenger Vehicles category revenue decreased
and amortization, Finance costs, Foreign
by 72.6% to `1,078 crores in FY 2020-21 from `3,936 crores in FY 2019-
exchange (gain)/loss, exceptional item and
20. The revenue of commercial vehicle at overall level decreased mainly
tax
due to the COVID-19 pandemic, lower freight utilizations, difficulties
Other Income 1.1 1.1 in obtaining financing and some hesitation due to rising costs for BS VI
Profit before Depreciation and 13.3 8.7 vehicles. There is a reduction in sales volume which was partially offset by
Amortization, Finance costs, Foreign increase in average selling price per unit under BS VI norms.
exchange (gain)/loss, exceptional item and
tax Revenue attributable to TDCV, increased marginally by 5.8% to `3,316
crores in FY 2020-21 from `3,134 crores in FY 2019-20. Domestic (South
Depreciation and Amortization 9.4 8.2
Korea) sales witnessed a 10.1% increase from 3,581 units in FY 2019-20
Finance costs 3.2 2.8 to 3,942 units in FY 2020-21 due to product range expansion. The export
Foreign exchange loss (net) (0.7) 0.7 market was severely impacted by COVID-19 and experienced a reduction
Exceptional Item (gain)/loss (net) 5.5 1.1 of 26.4% from 1,609 units in FY 2019-20 to 1,185 units in FY 2020- 21.
Profit/(loss) before tax (4.2) (4.1) Revenue from our Vehicle Financing operations increased by 4.5% to
Tax expense / (credit) 1.0 0.1 `4,490 crores in FY 2020-21, compared to `4,295 crores in FY 2019-20.
Profit/(loss) after tax (5.2) (4.2) This is mainly due to increase in average loan book and upfront recognition
Share of profits/(loss) of equity accounted (0.2) (0.4) of excess interest spread on the direct assignment transaction undertaken
investees (net) during FY 2020-21.
Minority Interest - - The revenue of our Jaguar Land Rover business decreased by
Profit/(loss) for the year (5.4) (4.6) 6.8% to `1,93,823 crores in FY 2020-21 from `2,08,040 crores in
EBITDA 12.2 8.5 FY 2019-20. This was partially offset by a favorable translation of
EBIT 2.6 (0.0) `14,994 crores from GBP to Indian rupees in FY 2020-21. Excluding
currency translation, the revenue of Jaguar Land Rover decreased by
EBITDA is defined to include the product development expenses charged 14.2% to GB£19,731 million in FY 2020-21 from GB£22,984 million in FY
to P&L and realised FX and commodity hedges but excludes the revaluation 2019-20. Jaguar Land Rover wholesale volumes (excluding China joint
of foreign currency debt, revaluation of foreign currency other assets venture) declined across all key regions in FY 2020-21, down 27.0% year
and liabilities, MTM on FX and commodity hedges, other income (except on year compared to FY 2019-20, except in China where wholesales grew
government grant) as well as exceptional items. 23.1% year-on-year. The reduction in revenue was much lower than the
decline in wholesales, reflecting the strong favorable sales mix, higher
EBIT is defined as reported EBITDA plus profit from equity accounted
average revenue per vehicle and much lower incentive spending during
investee less depreciation and amortization.
the year. Jaguar brand vehicles sales were 67,333 units in FY 2020-21
Revenue Analysis: from 1,25,820 units in FY 2019-20, a decrease of 46.5%, and Land Rover
Our total consolidated revenue from operations including finance revenue, vehicles sales from 3,50,132 units in FY 2019-20 to 2,80,299 units in FY
decreased by 4.3% to `2,49,795 crores in FY 2020-21 from `2,61,068 2020-21, a decrease of 19.9% (volumes excluding the China Joint Venture).
crores in FY 2019-20. Revenue from the sale of vehicle decreased Revenue from other operations (before inter-segment eliminations)
to `2,06,419 crores in FY 2020-21, compared to `2,18,983 crores, a decreased by 14.3% to `2,612 crores in FY 2020-21 compared to `3,047
decrease of 5.7%. We sold 8,37,783 vehicles in FY 2020-21, compared to crores in FY 2019-20. This is mainly on account of decrease in revenue of
9,61,463 vehicles in FY 2019-20. Tata Technologies due to the COVID-19 pandemic.

Cost and Expenses Employee Costs

Raw Materials, Components and Purchase of Products for Sale Our employee costs decreased by 9.2% in FY 2020-21 to `27,648 crores
(including change in inventories of finished goods and work-in- from `30,439 crores in FY 2019-20, including the foreign currency
progress) translation impact from GBP to Indian rupees as discussed below.
Material costs decreased by 5.3% to `1,58,292 crores in FY 2020-21 from Our permanent employee headcount decreased by 4.6% as at
`1,67,131 crores in FY 2019-20, in line with reduction in revenue. As a March 31, 2021 to 75,278 employees from 78,906 employees as at
percentage of revenue material costs are 63.4% in FY 2020-21, compared March 31, 2020, primarily due to voluntary early separations that
to 64.0% in FY 2019-20. commenced in third quarter of FY 2020-21 at Tata Motors and Jaguar
Material costs for Tata Commercial Vehicles and Tata Passenger Vehicles Land Rover and in FY 2019-20 at Tata Daewoo in FY 2019-20. The average
increased by 9.5% to `37,603 crores in FY 2020-21 from `34,353 crores in temporary headcount has increased to 28,291 employees in FY 2020-21
FY 2019-20, due to increased volumes. The material costs as a percentage from 19,169 employees in FY 2019-20, due to increase in productions,
of total revenue increased to 75.6% in FY 2020-21, compared to 73.4% mainly passenger vehicles.
in FY 2019-20, primarily due to a change in product mix and increase in The employee costs for Tata Commercial Vehicles and Tata Passenger
commodity prices specially steel and other precious metal. Vehicles decreased by 4.3% to `5,517 crores in FY 2020-21 from
For our India operations, material costs of Passenger Cars segment `5,767 crores in FY 2019-20. For our India operations, employee costs
increased to `5,274 crores in FY 2020-21, compared to `2,471 crores in decreased by 3.6% to `4,632 crores in FY 2020-21 from `4,807 crores in
FY 2019-20, electric vehicles increased to `504 crores in FY 2020-21, FY 2019-20, mainly due to reduction in permanent employee headcount,
compared to `142 crores in FY 2019-20 and Utility vehicles increased reduction in staff welfare expenses due to nationwide lockdown in Q1 and
by 57.3% to `5,271 crores in FY 2020-21, compared to `3,354 crores lower production in first quarter of FY 2020-21 at TML. The permanent
in FY 2019-20. The increase in material cost is mainly due to increased headcount decreased by 4.4% as at March 31, 2021 to 37,301 employees
sales volumes and increase price under BS VI. Material costs for ILCVs from 39,012 employees as at March 31, 2020 mainly due to voluntary
category increased by 15.4% to `3,119 crores in FY 2020-21, compared early separations commenced in third quarter of FY 2020-21 at Tata
to `2,702 crores in FY 2019-20 and for SCVs and Pickups increased Motors. Employee cost at Tata Motors Limited, the parent company,
by 33.0% to `3,917 crores in FY 2020-21, compared to `2,946 crores decreased by 3.9% to `4,213 crores in FY 2020-21, compared to `4,384
in FY 2019-20 mainly due to increase in volumes and increase in crores in FY 2019-20. The employee cost as a percentage of revenue
commodity prices. Material costs for MHCVs category decreased by decreased to 9.0% in FY 2020-21 from 10.0% in FY 2019-20, mainly due
4.7% to `10,191 crores in FY 2020-21, compared to `10,688 crores to increase in revenue.
in FY 2019-20 and for CV Passenger Vehicles category substantially Employee costs at TDCV were decreased to `687 crores in FY 2020-21,
decreased to `828 crores in FY 2020-21, compared to `3,222 crores in compared to `759 crores in FY 2019-20 primarily due to abolishment of
FY 2019-20 mainly due to decrease in volumes which was partially offset certain overtime and voluntary early separation that was given during FY
by increase in commodity prices. The material costs as a percentage 2020-21.
of revenue increased to 77.4% in FY 2020-21, compared to 75.5% in FY
2019-20. The employee costs at Jaguar Land Rover decreased by 10.1% to `20,873
crores (GB£2,141 million) in FY 2020-21 from `23,206 crores (GB£2,568
Material costs increased by 8.2% to `2,319 crores in FY 2020-21, million) in FY 2019-20, primarily due to average headcount reduction
compared to `2,144 crores in FY 2019-20 for TDCV, primarily due to of 5.8% (FY21 average 37,500 vs FY 20 average 39,800) and furlough
higher volumes, particularly in the domestic (South Korea) market. As grant of `1,824 crores (GB£188m) received under the UK governments
a percentage of total revenue, material cost increased to 69.9% in FY Coronavirus Job Retention Scheme. This decrease was partially offset by
2020-21, compared to 68.1% in FY 2019-20, primarily due to product mix an unfavourable foreign currency translation impact from GBP to Indian
(introduction of LCVs). rupees of `1,527 crores. The employee costs as a percentage of revenue
At our Jaguar Land Rover operations, material costs in FY 2020-21 decreased to 10.9% in FY 2020-21 from 11.2% in FY 2019-20 (in GBP
decreased by 9.1% to `1,20,335 crores, from `1,32,408 crores in FY terms).
2019-20. The decrease was partially offset by an unfavourable currency Product development/Engineering expenses
translation from GBP to Indian rupees of `9,102 crores. Excluding currency
Product development/Engineering expenses represent research costs
translation, material costs attributable to our Jaguar Land Rover operations
and costs pertaining to minor product enhancements, refreshes, and
decreased by 16.0% to GB£12,335 million in FY 2020-21 from GB£14,684
upgrades to existing vehicle models. These represented 2.1% and 1.6% of
million in FY 2019-20, mainly due to a 27.0% decrease in sales volume and
total revenues `5,227 crores and `4,188 crores for FY 2020-21 and FY
change in product mix. Material costs at our Jaguar Land Rover operations
2019-20, respectively.
as a percentage of revenue decreased to 62.5% in FY 2020-21, from 63.6%
in FY 2019-20 (in GBP terms).

Other Expenses
Other expenses decreased by 28.3% to `40,922 crores in FY 2020-21 from `57,087 crores in FY 2019-20. There was an unfavourable foreign
currency translation of GBP to Indian rupees of `2,493 crores. As a percentage of total revenues, these expenses decreased to 16.4% in FY 2020-
21 from 21.9% in FY 2019-20. The major components of expenses are as follows:
Percentage of Total Revenue

FY 2020-21 FY 2019-20
% Change FY 2020-21 FY 2019-20
( ` In crores)
Freight and transportation expenses 5,716 6,484 (11.8) 2.3 2.5
Works operation and other expenses 14,230 17,847 (20.3) 5.7 6.8
Publicity 4,385 7,614 (42.4) 1.8 2.9
Allowance for trade and other receivables and 979 763 28.3 0.4 0.3
finance receivables
Warranty and product liability expenses 7,609 10,885 (30.1) 3.0 4.2
Processing charges 965 1,070 (9.8) 0.4 0.4
Stores, spare parts, and tools consumed 1,279 1,501 (14.8) 0.5 0.6
Power and fuel 1,113 1,265 (12.0) 0.4 0.5
Information technology/computer expenses 2,720 2,372 14.7 1.1 0.9
Engineering expenses 3,308 6,598 (49.9) 1.3 2.5
MTM (gain)/loss on commodity derivatives (1,382) 688 300.9 (0.5) 0.3
Total 40,922 57,087 (28.3) 16.4 21.9
1. Freight and transportation expenses decreased by 11.8% to 5. Warranty and product liability expenses represented 3.0%
`5,716 crores in FY 2020-21. This is partially offset by an and 4.2% of our total revenues in FY 2020-21 and FY 2019-
unfavourable currency translation of `370 crores from GBP to 20, respectively. The warranty expenses at Jaguar Land Rover
INR. At Jaguar Land Rover freight and transportation expenses decreased to GB£706 million (3.6% of the revenue) in FY 2020-
decreased by 18.3% from GB£611 million in FY 2019-20 to 21, compared to GB£1,131 million (4.9% of revenue) in FY 2019-
GB£499 million in FY 2020-21, mainly due to lower sales volumes. 20, mainly due to increased retailer guidance, guided diagnostics
At Tata Motors standalone level, expenses decreased by 26.2% enhancement, proactive issue detection, prioritisation and
from `1,066 crores in FY 2019-20 to `787 crores in FY 2020-21 resolution coming from charge+ initiatives, significant quality
on account of lower production, mainly for commercial vehicles in improvements in vehicles and the implementation of other
first quarter of FY 2020-21 due to nationwide lockdown. business enhancement activities. For Tata Motors’ Indian
operations, these represent 0.9% and 1.2% of the revenue
2. Our works operation and other expenses represented 5.7%
for FY 2020-21 and FY 2019-20, respectively, due to quality
and 6.8% of total revenue in FY 2020-21 and FY 2019-20,
improvements and product mix.
respectively. Other expenses mainly relate to volume-related
expenses at Jaguar Land Rover and Tata Motors Limited. On 6. Engineering expenses decreased by 49.9 % to `3,308 crores in
absolute terms, the expenses decreased to `14,230 crores in FY FY 2020-21, compared to `6,598 crores in FY 2019-20. These
2020-21 from `17,847 crores in FY 2019-20, mainly on account expenses represents 1.3% and 2.5% of our total revenues in
of miscellaneous contract job/outsourcing expenses decreased FY 2020-21 and FY 2019-20, respectively and are attributable
due to the COVID-19 pandemic lockdown. mainly to decreased expenditure at Jaguar Land Rover. A
significant portion of these costs are capitalized and shown under
3. Publicity expenses were 1.8% and 2.9% of our total revenues the line item “expenditure capitalized” discussed below.
in FY 2020-21 and FY 2019-20, respectively. The publicity
expenses at Jaguar Land Rover decreased to GB£397 million 7. There has been MTM gain on commodity derivatives of `1,382
(2.0% of the revenue) in FY 2020-21, compared to GB£733 million crores in FY 2020-21, compared to loss of `688 crores in FY
(3.2% of revenue) in FY 2019-20. Marketing activity was limited 2019-20.
early in the year due to the ongoing impact of the COVID-19 Expenditure capitalized
pandemic, though routine product and brand campaigns
This represents employee costs, stores and other manufacturing
increased expenditure through to the end of March 31, 2021,
supplies and other work expenses incurred mainly toward product
particularly in China, US, and UK. In addition to routine product
development projects. Considering the nature of our industry, we
and brand campaigns, we incurred expenses relating to new
continually invest in the development of new products to address
product introduction campaigns in FY 2020-21, mainly the new
safety, emission, and other regulatory standards. The expenditure
Land Rover Defender at Jaguar Land Rover and the new Safari at
capitalized decreased by 26.6% to `12,849 crores in FY 2020-21
Tata Motors India operations.
from `17,503 crores in FY 2019-20. The decrease includes favourable
4. The allowances for finance receivables related to Vehicle foreign currency translation impact from GBP to Indian rupees of `852
Financing segment. These mainly reflect provisions for the crores pertaining to Jaguar Land Rover.
impairment of vehicle loans of `958 crores for FY 2020-21, Other income
compared to `660 crores in FY 2019-20. The increase was
There was a net gain of `2,643 crores in FY 2020-21, compared to
mainly on account of additional provisions carried on account
`2,973 crores in FY 2019-20, representing decrease of 11.1%.
of uncertainty involved due to the second wave of the COVID-19
pandemic. The allowances for trade receivables were `21 crores • Interest income decreased to `493 crores in FY 2020-21, compared
in FY 2020-21, compared to `104 crores in FY 2019-20, due to to `1,170 crores in FY 2019-20, mainly decreased short term
better collections. fixed deposit at both Tata Motors Limited and Jaguar Land Rover.

Further, at Tata Motors Limited, most of the dealers were Cash and USD and EUR in FY 2020-21. There is a gain of GB£182 million in FY
carry, reducing the credit period. 2020-21, compared to a loss of GB£137 million in FY 2019-20, due
to fluctuations in foreign currency exchange rates on derivatives
• Incentive from government has marginally decreased to `1,918
contracts that are not hedge accounted and natural hedges of debt,
crore in FY 2020-21, compared to `1,984 crores in FY 2019-20.
mainly reflecting a stronger U.S. dollar and Euro. Furthermore, this
Government incentive includes exports and other incentives of
also includes a loss on revaluation of other assets and liabilities of
`548 crores and `1,370 crores received by foreign subsidiaries on
GB£2 million in FY 2020-21, compared to a loss of GB£23 million
Tax credit on qualifying expenditure for research and development
in FY 2019-20.
in FY 2020-21.
• For India operations, we incurred a net exchange loss of `25 crores
• MTM gain on investments fair valued through profit or loss of
in FY 2020-21, compared to `237 crores in FY 2019-20, mainly
`20 crores in FY 2020-21, compared to loss of `389 crores in FY
attributable to foreign currency denominated borrowings.
2019-20, loss in FY 2019-20 was primarily driven by fair value
reduction of Lyft investment at Jaguar Land Rover. • There was a net exchange loss on revaluation of foreign currency
loans at our subsidiary TML Holdings Pte. Limited of `25 crores in
• Profit on sale of investments measured at fair value through profit
FY 2020-21, compared to `253 crores in FY 2019-20.
or loss is `194 crores in FY 2020-21, compared to `187 crores in
FY 2019-20. Exceptional Item (gain)/loss (net)
Depreciation and Amortization ( ` in crores)
Our depreciation and amortization expenses increased by 9.9% in FY FY 2020-21 FY 2019-20

2020-21, the breakdown of which is as follows: Employee separation cost 460 436
Defined benefit pension plan 85 -
( ` in crores)
amendment past service cost
FY 2020-21 FY 2019-20
Write off/provision (reversal) 114 (73)
Depreciation 10,873 10,610 for tangible/intangible assets
Amortization 11,502 9,699 (including under development)
Amortization of Leased Assets 1,172 1,116 Charge associated with change 14,994 -
(RTU) in JLR Strategy
Total 23,547 21,425 Impairment losses/(Reversal) in (1,182) 1,419
Passenger Vehicle Business
The increase in depreciation and amortization expenses is mainly due
to an unfavourable foreign currency translation from GBP to Indian Provision/(Reversal) for Onerous (663) 777
rupees of `1,420 crores. This is further increased due to Job 1 programs Contracts and related supplier
in the year, Velar and 20MY Range Rover & Range Rover sport at Jaguar claims
Land Rover and at TML by `203 crores due to Capitalization of Altroz Provision for costs of closure of (47) (66)
and BSVI projects. operation of a subsidiary
Impairment in subsidiaries - 353
Finance Cost (interest expenses)
Provision for loan given to a Joint - 25
Our interest expense (net of interest capitalized) increased by 11.8%
venture
to `8,097 crores in FY 2020-21 from `7,243 crores in FY 2019-20.
As a percentage of total revenues, interest expense represented Total 13,761 2,871
3.2% and 2.8% in FY 2020-21 and FY 2019-20, respectively. The Employee separation cost
interest expense (net) for Jaguar Land Rover was GB£251 million
During the year ended March 31, 2021, Tata Motors Limited, Jaguar
(`2,425 crores) in FY 2020-21, compared to GB£209 million
Land Rover and Tata Motors European Technical Centre PLC (TMETC)
(`1,880 crores) in FY 2019-20. The increase in interest expense
had announced a voluntary redundancy programme and accordingly
primarily reflects interest accrued on increased indebtedness which
had a charge of `1,404 crores. This is partially offset by Tata Daewoo
included the RMB5 billion China loan completed in June 2020, the
Commercial Vehicles has taken a reversal towards employee separation
US$700 million 7.750% 5-year senior notes issued in October 2020 and
cost of `54 crores during FY 2020-21, which was provided in previous
the US$650 million 5.875% 7-year senior notes issued in December
year.
2020. For Tata Commercial Vehicles and Tata Passenger Vehicles,
interest expense increased by 5.4% to `5,669 crores in FY 2020-21 Defined benefit pension plan amendment past service cost
from `5,379 crores in FY 2019-20, mainly due to higher borrowings Jaguar Land Rover had recognised a past service cost due to the
and lower interest capitalisation and warranty discounting. For the requirement to equalise male and female members’ benefits for the
Vehicle Financing business, interest expense decreased by 7.4% to inequalities within guaranteed minimum pension (‘GMP’) earned in
`2,851 crores in FY 2020-21 from `3,079 crores in FY 2019-20, mainly the year ended March 31, 2019. This assessment has been updated
due to lower cost of borrowings. during the year ended March 31, 2021 based on new information and
Foreign exchange (gain)/loss (net) accordingly, a charge of `85 crores (GBP 9 million) has been recognised.
We had a net foreign exchange gain of `1,732 crores in FY 2020-21, Write off/provision (reversal) for tangible/intangible assets
compared to loss of `1,739 crores in FY 2019-20. (including under development
• Jaguar Land Rover recorded an exchange gain of `1,787 crores Exceptional amount of `114 crores and `(73) crores is recognised during
in FY 2020-21, compared to loss of `1,252 crores in FY 2019- the year ended March 31, 2021 and 2020, respectively, related to write
20. There was a net exchange gain on senior notes and other off/(reversal) of provision for impairment (net) of certain property,
borrowings of GB£314 million in FY 2020-21, compared to a loss of plant and equipment, capital work-in-progress and intangibles under
GB£135 million in FY 2019-20, due to GBP strengthening against development.

Charge associated with change in JLR Strategy Tax expenses / (credit)
Project Reimagine was approved by the JLR board on February 11, 2021, Our income tax expenses is `2,542 crores in FY 2020-21, compared to
which targets the production of more sustainable and fully electric luxury `395 crores in FY 2019-20, resulting in consolidated effective tax rates
vehicles including the goal of having a fully electric fleet of luxury vehicles of 24.3% and 3.7%, for FY 2020-21 and FY 2019-20, respectively.
by the end of the decade and 100% of sales from pure battery electric
Tax rates applicable to individual entities decreased to 18.0% for
vehicles by 2036, as well as striving towards achieving net zero carbon
FY 2020-21, compared to 25.7% in FY 2019-20, mainly on account of few
emissions across its supply chain, among other environmentally driven
subsidiaries and Joint Operations opting for lower tax regime.
strategies by 2039. This revised strategy, particularly the cancellation of
the MLA-Mid architecture, resulted in a charge being recognised comprising There is significant increase in tax expense as referred to above due to
the following: a) Asset write-downs of GB£952 million (`9,606 crores) in the following reasons:
relation to models cancelled. b) Restructuring costs of GB£534 million
• During the year FY 2020-21, deferred tax assets not recognised of
(`5,388 crores) includes costs of GB£526 million (`5,312 crores) accruals
`3,682 crores (FY 2019-20: `3,192 crores) mainly comprises of Jaguar
to settle legal obligations on work performed to date and provisions for
Land Rover `2,719 crores (FY 2019-20 : `75 crores) and Tata Motors Ltd
redundancies and other third-party obligations and defined benefit past
`788 crores (FY 2019-20 : `2,922 crores) due to uncertainty of future
service cost of GB£8 million (`76 crores).
taxable profits. Further, the Minimum Alternate Tax credit of `72 crores
Impairment losses/(Reversal) in Passenger Vehicle Business (FY 2019-20: `22 crores) has not been recognised in the case of few
As at March 31, 2020, the Company assessed the recoverable value Subsidiaries and Joint Operations due to uncertainty of realization.
of Passenger vehicle business of Tata Motors Limited, which represent • During the year, there is tax charge on Undistributed Earnings of
a single cash-generating unit (CGU), due to refresh of its strategy in Subsidiaries amounting to `311 crores as compared to tax credits of
response to change in market conditions on account of various factors `86 crores arising out of losses in FY 2019-20.
(economic environment, demand forecasts etc.) including the COVID 19
pandemic. The recoverable value determined by Fair Value less Cost of • Additional cost in deduction for patent, research and product
Disposal (‘FVLCD’) was lower than the carrying value of the CGU and this development cost of `2 crores in FY 2020-21, compared to
resulted in an impairment charge of `1,419 crores for FY 2019-20. As at additional deduction of `282 crores in FY 2019-20, was mainly due to
March 31, 2021, the Company identified certain triggers for reversal of non-availability of weighted deduction u/s 35(2AB) of the Act on R&D
the previously recorded impairment based on both external and internal expenditure with effect from April 1, 2020, applicable for FY 2020-
indicators. Accordingly, the Company reassessed its estimates and 21, which was being claimed in Tata Motors Limited on a standalone
determined the recoverable value for this CGU considering the significant basis.
improvement in absolute and relative performance and outlook of the • During the year, Jaguar Land Rover has written down its tangible
business when compared with the assumed performance at the time assets under construction of `430 crores, which does not qualify for
when the impairment loss was recorded. Based on this reassessment, tax relief.
the Company has reversed the initially recognised impairment for this
CGU. Profit/(loss) after tax
Our consolidated net loss in FY 2020-21, excluding shares of non-
Provision for Onerous Contracts and related supplier claims
controlling interests, is `13,451 crores, increased from net loss of
During the year ended March 31, 2020, a provision had been recognized `12,071 crores in FY 2019-20. However, profit before interest and tax
for certain supplier contracts ranging from five to ten years, which had of `7,144 crore in FY 2020-21, compared to loss before interest and tax
become onerous, as the Company estimated that it will procure lower `555 crores in FY 2019-20. This was mainly the result of the following
quantities than committed and the costs will exceed the future economic factors:
benefit. As at March 31, 2021, the Company has reassessed the onerous
provision created and based on the revised volume outlook a reversal of • Earnings before other income (excluding Incentives), finance cost,
provision aggregating `777 crores have been accounted. During the year foreign exchange gain/(loss) (net), exceptional items and tax for
the Company has also made provision for estimated supplier claims of Jaguar Land Rover of `7,691 crores in FY 2020-21, compared
`114 crores, which are under negotiations with supplier. to profit of `594 crores in FY 2019-20. In FY 2020-21, Jaguar
Land Rover charged `15,350 crores as exceptional item of which
Provision for cost of closure of operation of a subsidiary `14,994 crores under Reimagine strategy in fourth quarter.
On July 31, 2018, we decided to cease current operations of Tata
• Earnings before other income (excluding Incentives), finance
Motors (Thailand) Ltd. Accordingly, the relevant restructuring cost of
cost, foreign exchange gain/(loss) (net), exceptional items and tax
`381 crores have been accounted during FY 2018-19. There is a reversal
for Vehicle Financing amounted to `2,794 crores in FY 2020-21,
of restructuring cost of `52 crores during FY 2020-21, compared to
compared to `2,855 crores in FY 2019-20.
`66 crores in FY 2019-20, basis actual cash outflow compared to
estimates done earlier. • Loss before other income (excluding Incentives), finance cost,
foreign exchange gain/(loss) (net), exceptional items and tax for
Provision for impairment in subsidiaries
Tata Commercial Vehicles amounted to `305 crores in FY 2020-21,
As a result of change in market conditions, the Company performed compared to earnings of `368 crores in FY 2019-20, primarily due
an impairment assessment for assets forming part of wholly owned to lower volumes and product mix.
subsidiaries Tata Motors European Technical Centre PLC (TMETC) and
Trilix S.r.l (Trilix). The recoverable amount of these assets was estimated • Loss before other income (excluding Incentives), finance cost,
to be lower than their carrying value and this resulted in an impairment foreign exchange gain/(loss) (net), exceptional items and tax for
charge of `297 crores and `56 crores in TMETC and Trilix, respectively Tata Passenger Vehicles amounted to `1,564 crores in FY 2020-
during the year ended March 31, 2020. 21, compared to `2,868 crores in FY 2019-20, due to increased
sales volume in cars and Utility Vehicle segment.
Provision for loan given to Joint venture
During the year ended March 31, 2020, we created provision for loans
given to certain Joint venture.
Share of profit/(loss) of equity-accounted investees and non- 2020-21 was loss of `363 crores, compared to loss of `1,016 crores in
controlling interests in consolidated subsidiaries, net of tax FY 2019-20. The decrease in losses was mainly due to increase in sales
volumes and better business performance.
In FY 2020-21, our share of equity-accounted investees reflected a loss
of `379 crores, compared to `1,000 crores in FY 2019-20. Our share The share of non-controlling interests in consolidated subsidiaries was
of profit (including other adjustments) in the China Joint Venture in FY decreased to `56 crores in FY 2020-21 from `96 crores in FY 2019-20.
B.BALANCE SHEET
Below is a discussion of major items and variations in our consolidated balance sheet as at March 31, 2021 and 2020, included elsewhere in this
annual report.
` in crores
As at As at
Change Translation of JLR Net Change
March 31, 2021 March 31, 2020
ASSETS
(a) Property, plant and equipment, right of use and 1,58,868 1,61,952 (3,085) 9,233 (12,318)
intangible assets
(b) Goodwill 804 777 27 - 27
(c) Investment in equity accounted investees 4,201 4,419 (218) 229 (447)
(d) Financial assets 1,28,648 98,922 29,726 4,688 25,038
(e) Deferred tax assets (net) 4,520 5,458 (938) 287 (1,225)
(f) Current tax assets (net) 1,869 1,295 574 58 516
(g) Other assets 7,907 11,647 (3,740) 349 (4,089)
(h) Inventories 36,089 37,457 (1,368) 2,185 (3,553)
(i) Assets classified as held-for-sale 221 194 27 - 27
TOTAL ASSETS 3,43,126 3,22,121 21,005 17,029 3,976
EQUITY AND LIABILITIES
EQUITY 56,820 63,892 (7,072) 3,805 (10,877)
LIABILITIES
(a) Financial liabilities: 2,34,453 2,12,456 21,997 10,019 11,978
(b) Provisions 26,455 25,066 1,389 1,699 (310)
(c) Deferred tax liabilities (net) 1,556 1,942 (386) 84 (470)
(d) Other liabilities 22,756 17,725 5,031 1,349 3,682
(d) Current tax liabilities (net) 1,086 1,040 46 73 (27)
TOTAL LIABILITIES 2,86,306 2,58,229 28,077 13,224 14,853
TOTAL EQUITY AND LIABILITIES 3,43,126 3,22,121 21,005 17,029 3,976
Our total assets were `3,43,126 crores and `3,22,121 crores as at Trade receivables (net of allowance for doubtful receivables) were
March 31, 2021 and 2020, respectively. The increase by 6.5% in `12,679 crores as at March 31, 2021, representing an increase of
assets as at March 31, 2021 considers a favourable foreign currency `1,506 crores or 13.5% over March 31, 2020. The increase was
translation from GBP into Indian rupees as described below. partially due to favourable foreign currency translation of `624 crores
from GBP to Indian rupees. Trade receivables at Tata and other brand
Our total current assets increased by `27,300 crores to `1,46,888 vehicles (including vehicle finance) increased by 23.6% to `3,833
crores or 22.8% as at March 31, 2021, compared to `1,19,587 crores crores as at March 31, 2021 from `3,102 crores as at March 31, 2020,
as at March 31, 2020. primarily on account of higher sales volume during the recovery phase
Cash and cash equivalents increased by 71.7% to `31,700 crores as after lockdown due to the COVID-19 pandemic. The trade receivables of
at March 31, 2021, compared to `18,468 crores as at March 31, 2020, Jaguar Land Rover were `8,501 crores as at March 31, 2021, compared
which also includes a favourable foreign currency translation of `1,592 to `7,586 crores as at March 31, 2020 and increase of 12.1%. The past
crores from GBP to Indian rupees. We hold cash and cash equivalents dues for more than six months (gross) decreased from `1,744 crores as
principally in Indian rupees, GBP, Chinese Renminbi, EURO and USD. at March 31, 2020 to `1,679 crores as at March 31, 2021. These mainly
represent dues from government-owned transport undertakings and
Out of cash and cash equivalents as at March 31, 2021, Jaguar Land
Passenger Vehicle dealers, for which we are pursuing recovery.
Rover held the GB£2,202 million equivalent of `22,190 crores, which
consists of surplus cash deposits for future use. As at March 31, 2021, inventories were at `36,089 crores, compared to
`37,457 crores as at March 31, 2020, a decrease of 3.7%. The decrease
As at March 31, 2021, we had short-term deposits of `14,346 crores,
in finished goods inventory was `2,319 crores from `29,632 crores as
compared to `14,829 crores as of March 31, 2020, a marginal decrease
at March 31, 2020 to `27,313 crores as at March 31, 2021, mainly due
of 3.3%, due to decrease in the value of deposits invested over a term of
to an increase in volumes at Tata Motors. This decrease was offset by a
three months or longer mainly at Jaguar Land Rover. favourable currency translation of `2,185 crores from GBP to Indian
As at March 31, 2021, we had finance receivables, including the non- rupees. In terms of number of days to sales, finished goods represented
current portion (net of allowances for credit losses), of `34,715 crores, 42 inventory days in sales in FY 2020-21, compared to 43 inventory days
compared to `31,079 crores as at March 31, 2020, an increase of in FY 2019-20.
11.7%, due to lower run down of loan book on account of a moratorium Our investments (current and non-current investments) increased to
in the first half of FY 2020-21 followed by a decent revival of pent- `20,419 crores as at March 31, 2021 from `11,890 crores as at March
up demand in the second half of FY 2020-21. We had also extended 31, 2020, representing an increase of 71.7%. Our investments mainly
Emergency Credit Line Guarantee Scheme loans to eligible customers comprise mutual fund of `19,051 crores as at March 31, 2021, compared
which had a one-year principal repayment moratorium. Gross finance to `10,862 crores as at March 31, 2020. Investments attributable to
receivables were `35,963 crores as at March 31, 2021, compared to Jaguar Land Rover were `16,095 crores as at March 31, 2021, compared
`31,730 crores as at March 31, 2020. Vehicle financing is integral to to `9,515 crores as at March 31, 2020, an increase of 48.2% mainly on
our automotive operations in India. account of mutual fund. Tata Motors Limited (Parent) on Standalone basis

has investments in mutual funds of `1,578 crores as at March 31, 2021, Accounts payable (including acceptances) were `76,040 crores as at
compared to `885 crores as at March 31, 2020. March 31, 2021, compared to `66,398 crores as at March 31, 2020, an
increase of 14.5%, reflecting an increase in operations and an unfavourable
Our other assets (current and non-current) decreased by 32.1% to `7,907
foreign currency translation of `4,195 crores from GBP to Indian rupees.
crores as at March 31, 2021 from `11,646 crores as at March 31, 2020. The
decrease is mainly attributable to pension assets which was recognized Other financial liabilities (current and non-current) were `37,411 crores
in FY 2019-20 for the surplus on the UK defined benefit pension scheme as at March 31, 2021, compared to `40,402 crores as at March 31, 2020
at Jaguar Land Rover consequent to changes in actuarial assumptions (net of an unfavourable currency translation impact of `1,441 crores),
causing the defined benefit schemes moved to a net liability position as at reflecting liabilities toward current maturities of long-term borrowings,
March 31, 2021 from net asset position as at March 31, 2020. vehicles sold under repurchase arrangements, derivative instruments,
and interest accrued but not due on loans and lease liabilities. Liability
Our other financial assets (current and non-current) increased to `11,088
towards current maturities of long-term borrowings increased to `21,129
crores as at March 31, 2021 from `9,336 crores as at March 31, 2020.
crores as at March 31, 2021 from `19,132 crores as at March 31, 2020
Derivative financial instruments (representing options and other hedging
arrangements, mainly related to the Jaguar Land Rover business) mainly due to higher repayment of long-term borrowings falling in
increased to `6,113 crores as at March 31, 2021 from `4,682 crores as FY 2021-22, compared to FY 2020-21. Liability toward vehicles sold
at March 31, 2020, predominantly due to the strengthening of the GBP under repurchasing arrangements decreased to `3,623 crores as at
compared to EURO and therefore the increasing fair value of derivative March 31, 2021 from `4,483 crores as at March 31, 2020, mainly due
contracts. This increase is partially offset by decrease in recoverable from to decrease in the repurchase business at Jaguar Land Rover and this
suppliers to `1,546 crores as at March 31, 2021 from `1,917 crores as at is partially offset by an unfavourable currency translation impact of
March 31, 2020. `260 crores. Derivative financial instruments (representing options
and other hedging arrangements, mainly related to Jaguar Land Rover)
Income tax assets (both current and non-current) increased by 44.3% to decreased by 40.6% to `4,480 crores as at March 31, 2021 from
`1,869 crores as at March 31, 2021 from `1,295 crores as at March 31, `7,536 crores as at March 31, 2020.
2020 mainly at Jaguar Land Rover.
Provisions (current and non-current) increased by 5.5% to `26,455 crores
Property, plants and equipment (net of depreciation) marginally increased as at March 31, 2021 from `25,066 crores as at March 31, 2020. This
by 2.3% from `77,883 crores as at March 31, 2020 to `79,640 crores as at increase is mainly due to restructuring provision of `1,952 crores made
March 31, 2021. The increase is partly due to a favourable foreign currency at Jaguar Land Rover under the Reimagine strategy towards settling legal
translation of `4,237 crores from GBP to Indian rupees. After adjusting for obligations on work performed to date and other third-party obligations
the foreign currency translation impact, a decrease of `2,480 crores is and an unfavourable foreign currency translation impact of `1,699 crores
mainly including depreciation charged during the year for property, plant from GBP to Indian rupees. Provisions for warranties decreased by
and equipment and lower addition during the year as compared to previous 3.6% or `693 crores to `18,604 crores as at March 31, 2021, compared
year. This decrease excluding translation is partially offset by reversal of to `19,297 crores as at March 31, 2020 mainly at Jaguar Land Rover
impairment charges taken in Passenger Vehicle business at Tata Motors primarily due to lower retail sales. Furthermore, provisions for residual
Limited. risk for Jaguar Land Rover decreased to `667 crores (GB£66 million) as
Goodwill as at March 31, 2021 was `804 crores, compared to at March 31, 2021, compared to `1,637 crores (GB£175 million) as at
`777 crores as at March 31, 2020. The increase was attributable to a March 31, 2020. This is driven primarily by the resilience and recovery
favourable translation impact pertaining to software consultancy and the observed in the US economy and secondary vehicle market across FY
services of our subsidiary, Tata Technologies Limited. 2020-21 following the anticipated impact of the COVID-19 pandemic as at
March 31, 2020, further supported by Jaguar Land Rover’s wider demand-
Intangible assets decreased by 7.0% from `69,195 crores as at led recovery.
March 31, 2020 to `64,360 crores as at March 31, 2021. This
decrease is mainly due to `7,279 crores impairment done under the Other liabilities (current and non-current) increased by 28.4% to
Reimagine strategy at Jaguar Land Rover business and amortization `22,756 crores as at March 31, 2021, compared to `17,725 crores as at
charge for the year. This decrease was partially offset by reversal of March 31, 2020. Employee benefit obligations increased to `4,092 crores
`545 crores impairment charges taken in Passenger Vehicle business as at March 31, 2021, compared to `342 crores as at March 31, 2020,
at Tata Motors Limited and a favourable foreign currency translation mainly pertaining to the Jaguar Land Rover pension plan, consequent to
of `4,104 crores from GBP to Indian rupees. As at March 31, 2021, changes in actuarial assumptions causing the defined benefit schemes to
there were product development projects in progress amounting to move to a net liability position as at March 31, 2021 from net asset position
`12,587 crores compared to `27,023 crores as at March 31, 2020. as at March 31, 2020.
The carrying value of investments in equity-accounted investees Our total debt was `1,35,905 crores as at March 31, 2021, compared to
decreased by 4.9% to `4,201 crores as at March 31, 2021, from `4,419 `1,18,811 crores as at March 31, 2020, an increase of 14.4%, including
crores as at March 31, 2020. The value of investments in equity-accounted an unfavourable currency translation of `4,438 crores from GBP to Indian
investees decreased mainly due to loss for the year FY 2020-21 at China rupees. Short-term debt (including the current portion of long-term debt)
Joint Venture. increased to `42,792 crores as at March 31, 2021, compared to `35,495
crores as at March 31, 2020. Long-term debt (excluding the current
A deferred tax liability (net) of `832 crores was recorded in our income
portion) increased by 11.8% to `93,113 crores as at March 31, 2021
statement and deferred tax asset of `280 crores in other comprehensive
from `83,316 crores as at March 31, 2020. Long-term debt (including the
income which mainly includes assets of `1,507 crores toward
current portion) increased by 11.5% to `1,14,242 crores as at March 31,
post-retirement benefits and liability of `1,175 million toward cash flow
2021, compared to `1,02,448 crores as at March 31, 2020.
hedges in FY 2020-21. The net deferred tax asset of `2,964 crores was
recorded as at March 31, 2021, compared to `3,516 crores as at March 31, Total equity was `56,820 crores as at March 31, 2021 and `63,892 crores as
2020. at March 31, 2020, respectively.

Equity attributable to shareholders of Tata Motors Limited decreased to In FY 2020-21, the net outflow in vehicle finance receivables was `4,387
`55,247 crores as at March 31, 2021, compared to `63,079 crores as at crores compared to inflow of `2,021 crores in FY 2019-20. For Tata
March 31, 2020. This decrease is mainly due to losses of `13,451 crores Commercial Vehicles and Tata Passenger Vehicles there was an inflow
and actuarial losses in pension reserve of `5,901 crores, offset by hedging of `4,226 crores in FY 2020-21 on account of changes in operating
reserve gain of `4,147 crores, currency translation reserve gain of `3,853 assets and liabilities, compared to `678 crores in FY 2019-20, which was
crores and securities premium of `2,556 crores pursuant to conversion of mainly attributable to an increase in trade payables and acceptances.
share warrants. For Jaguar Land Rover brand vehicles, there was a net outflow of cash
on account of changes in operating assets and liabilities accounting to
C. CASH FLOW
`527 crores in FY 2020-21, compared to inflows of `2,462 crores in
The following table sets forth selected items from consolidated cash flow FY 2019-20. This is mainly due to provisions in FY 2020-21 compared to
statement: FY 2019-20.
( ` in crores) Income tax paid has increased to `2,105 crores in FY 2020-21, compared
FY 2020-21 FY 2019-20 Change to `1,785 crores in FY 2019-20, which was primarily attributable to tax
Cash from operating activity 29,001 26,633 2,368 payments by Jaguar Land Rover’s foreign subsidiaries in their respective
Profit/(Loss) for the year (13,395) (11,975) tax jurisdictions.
Adjustments for cash flow from 44,593 35,328
Net cash used in investing activities totalled of `26,126 crores in
operations
FY 2020-21, compared to `34,170 crores for FY 2019-20, a decrease
Changes in working capital (93) 5,065
of `8,044 crores or 23.5%, mainly due to decrease in cash outflows on
Direct taxes paid (2,105) (1,785)
Cash used in investing activity (26,126) (34,170) 8,044 capital expenditure, both at Jaguar Land Rover and Tata Motors Limited.
Payment for property, plant and (19,855) (29,530) The following table sets forth a summary of our cash flow on property,
equipment and other intangible plants and equipment and intangible assets for the periods indicated.
assets (net)
Net investments, short term (6,719) (6,388) ( ` in crores)
deposit, margin money and loans FY 2020-21 FY 2019-20
given Tata Commercial Vehicles and 1,719 4,332
Dividend and interest received 447 1,748 Tata Passenger Vehicles
Net Cash from Financing 9,904 3,390 6,515 Jaguar Land Rover 18,123 25,139
Activities
Dividend Paid (including paid to (29) (57) Jaguar Land Rover achieved positive free cash flow of GB£185 million
minority shareholders) in FY 2020-21, after total investment spending of £2.3 billion. This is a
Interest paid (8,107) (7,518) significant improvement on the negative GB£759 million free cash flow in
Net Borrowings (net of issue 18,040 10,965 the prior year. In FY 2020-21, payments for capital expenditures at Jaguar
expenses) Land Rover decreased by 27.9% to `18,123 crores from `25,139 crores
Net increase / (decrease) in cash 12,778 (4,148) 16,926 in FY 2019-20. Investment spending in FY 2020-21 was GB£2.3 billion
and cash equivalent (11.9% of revenue), significantly lower than the GB£3.3 billion (14.3%
Cash and cash equivalent, end of 31,700 18,468 of revenue) in the prior fiscal year, due to continued Charge+ savings.
the year Of the GB£2.3 billion investment spending, £489 million was expensed
Free Cash flow* 1,452 (9,295) through profit and loss statement and the remaining GB£1.9 billion was
*Free cash flow means cash flow from operating activities less payment capitalised. Total research and development accounted for GB£1.2 billion
for property, plant and equipment and intangible assets, add proceeds (51.9%) of investment spending, while tangible and other intangible
from sale of property, plant and equipment less interest paid add interest assets accounted for the remaining GB£1.1 billion (48.1%). Further, in
received, add dividend from equity accounted investees of core auto FY 2020-21, payments for capital expenditures at Tata Commercial Vehicles
entities and less Investment in Equity Accounted investees of core auto and Tata Passenger Vehicles decreased to `1,719 crores from `4,332 crores
entities. in FY 2019-20. These capital expenditures are related to new products under
development.
Cash and cash equivalents increased by `13,232 crores in FY 2020-21 to
`31,700 crores from `18,468 crores in FY 2019-20, including a favourable Our net investment in short-term deposit margin moneys and loans
currency translation of `1,592 crores from GBP to Indian rupees. The increase resulted in an outflow of `6,719 crores in FY 2020-21, compared to `6,389
in cash and cash equivalents (excluding currency translation) resulted from crores in FY 2019-20. This is mainly due to higher investment of in FY
the changes to our cash flows in FY 2020-21 when compared to FY 2019-20 2020-21 towards mutual fund compared to FY 2019-20 which is partially
as described below. offset by higher realisation of fixed deposit in FY 2020-21, compared to
FY 2019-20.
Net cash provided by operating activities totalled `29,001 crores in
FY 2020-21, an increase of `2,368 crores, compared to `26,633 crores in Net cash inflow from financing activities totalled `9,904 crores in
FY 2019-20. The net loss is `13,395 crores in FY 2020-21, compared to FY 2020-21, compared to `3,390 crores in FY 2019-20. Net Borrowings (net
`11,975 crores in FY 2019-20. The cash flows from operating activities of issue expenses) done during FY 2020-21 of `18,057 crores, compared
before changes in operating assets and liabilities is of `31,198 crores in to `10,965 crores during FY 20219-20. For Tata Commercial Vehicles and
FY 2020-21, compared to `23,352 crores in FY 2019-20. The changes in Tata Passenger Vehicles excluding vehicle finance, the short-term debt
operating assets and liabilities resulted in a net outflow of `93 crores in FY (net) decreased by `3,864 crores, whereas long-term debt (net) increased
2020-21, compared to net inflow of `5,065 crores in FY 2019-20. by `2,054 crores, due to additional borrowings. There was an increase in
debt (short-term and long-term) of `7,188 crores in FY 2020-21 at Vehicle

Financing, compared to decrease of `3,271 crores in FY 2019-20. For to March 31, 2020. Lease obligations totalled GB£519 million in FY 2020-21
Jaguar Land Rover, short-term debt (excluding lease liabilities) increased to compared to GB£541 million in FY 2019-20.
GB£1,206 million in FY 2020-21 (GB£526 million in FY 2019-20), primarily
Interest paid in FY 2020-21 was `8,123 crores, compared to
because of the CNY 5 billion China loan completed in June 2020. Long-term
`7,518 crores in FY 2019-20. For Jaguar Land Rover, interest paid was
debt (excluding lease liabilities) increased to GB£4,972 million in FY 2019-20
`2,493 crores in FY 2020-21, compared to `1,863 crores in FY 2019-20
(GB£4,817 million in FY 2019-20), including the new US$700 million 5 year
primarily because of the higher indebtedness as well as lower yield on cash
and US$650 million 7 year unsecured bonds issued in third quarter of FY
balances, resulting from central banks interest rate cuts to help tackle the
2020-21, partially offset by a GB£300 million bond which matured in January
economic effects of COVID-19 pandemic. For Tata Commercial Vehicles and
2021 and GB£125 million of the UKEF backed loan which amortised over the
Tata Passenger Vehicles, interest paid was `2,735 crores in FY 2020-21,
course of the year as well as a favourable revaluation of foreign currency debt
compared to `2,568 crores in FY 2019-20. For Vehicle Financing, interest
as a result of the significantly stronger Pound at March 31, 2021 compared
paid was `2,892 crores in FY 2020-21, compared to `3,085 crores in FY
2019-20.
D. KEY FINANCIAL RATIOS
The details of significant changes (25% or more) in the key financial ratios in FY 2020-21 compared to FY 2019-20 is as follows:
FY FY Formula
Reason for change
2020-21 2019-20 used
Interest 1.10 0.04 EBIT / Interest expense Due to higher Earnings before other income (excluding Incentives), finance costs, foreign exchange gain/(loss) (net),
coverage exceptional items and tax at both Tata motors and Jaguar Land Rover, in FY 2020-21 compare to FY 2019-20, the
ratio (in interest coverage ratio is high.
times)
Debt 2.46 1.88 Debt (excluding leases)/ The consolidated gross debt has increased by 14.4% in FY 2020-21 compared to FY 2019-20. The net debt (net of
Equity shareholders’ equity cash and cash equivalent including bank balances, mutual fund and deposit with financial institution - current) equity
ratio ratio is increased by 7.3% to 1.25 as at March 31, 2021 compared to 1.16 as at March 31, 2020. Equity attributable
to shareholders of Tata Motors Limited decreased to `55,247 crores as at March 31, 2021, compared to `63,079
crores as at March 31, 2020. This decrease is mainly due to losses of `13,451 crores and actuarial losses in pension
reserve of `5,901 crores, offset by hedging reserve gain of `4,147 crores, currency translation reserve gain of
`3,853 crores and securities premium of `2,556 crores pursuant to conversion of share warrants.
E. LIQUIDITY AND CAPITAL RESOURCES debt instruments. We regularly monitor funding options available in the
We finance our capital expenditures and research and development debt and equity capital markets with a view to maintain financial flexibility.
investments through cash generated from operations, cash and cash See Note 41 to our audited consolidated financial statements included
equivalents, and debt and equity funding. We also raise funds through the elsewhere in this annual report for additional disclosures on financial
sale of investments, including divestments in stakes of subsidiaries on a instruments related to liquidity, foreign exchange and interest rate
selective basis. exposures and use of derivatives for risk management purposes.
The key element of the financing strategy is maintaining a strong financial The following table sets forth our short- and long-term debt position:
position that allows us to fund our capital expenditures and research and
development investments efficiently even if earnings are subject to short- ( ` in crores)
term fluctuations. Our treasury policies for liquidity and capital resources As of March 31, As of March 31,
are appropriate for automotive operations and are set through business 2021 2020
specific sensitive analysis and by benchmarking our competitors. These Short-term debt (excluding 21,663 16,363
are reviewed periodically by the Board. current portion of long-term
debt)
(i) Principal Sources of Funding Liquidity
Current portion of long-term 21,129 19,132
Our funding requirements are met through a mixture of equity, convertible debt
or non-convertible debt securities and other long- and short-term Long-term debt net of current 93,113 83,316
borrowings. We access funds from debt markets through commercial portion
paper programs, convertible and non-convertible debentures, and other
Total Debt 1,35,905 1,18,811

During FY 2020-21 and FY 2019-20, the effective weighted average interest rate on our long-term debt was 5.1% and 5.9% per annum, respectively.
The following table sets forth a summary of long-term debt (including current maturities of long-term borrowings) outstanding as of March 31,
2021.
Initial Amount repaid Outstanding

Principal Redeemable Interest during ( ` crores)
Details of Long-term debt Currency
amounts on Rate FY 2020-21
(millions) ( ` crores) 31-Mar-21 31-Mar-20
Non-convertible debentures ` Various 3,500 13,740 11,899

Collateralized debt obligations ` Various 1,965 2,974 4,230
Buyers credit from bank Various Various 1,100 3,375 3,975
Loan from banks / financial Various Various 7,497 40,958 37,051
institutions
Compulsory convertible Preference ` Various 458 337 789
shares
Senior Notes
Tata Motors Limited US$ 250 due 2024 5.750% 1,816 1,862
Tata Motors Limited US$ 300 due 2025 5.875% 2,181 2,270
Jaguar Land Rover US$ 500 due 2023 5.625% 3,646 3,775
Jaguar Land Rover GB£ 400 due 2023 3.875% 4,019 3,726
Jaguar Land Rover GB£ 400 due 2022 5.000% 4,023 3,725
Jaguar Land Rover US$ 500 due 2027 4.500% 3,876 4,235
TML Holdings Pte. Limited US$ 300 due 2021 5.750% 2,193 2,268
TML Holdings Pte. Limited GB£ 98 due 2023 4.000% 958 -
TML Holdings Pte. Limited US$ 300 due 2024 5.500% 2,176 -
Tata Motors Limited US$ 263 due 2020 4.625% 1,986 - 1,986
Jaguar Land Rover US$ 700 due 2025 7.750% 5,073 -
Jaguar Land Rover US$ 650 due 2028 5.875% 4,708 -
Jaguar Land Rover EU€ 500 due 2024 5.875% 4,266 4,139
Jaguar Land Rover GB£ 300 due 2021 2.750% 2,986 - 2,800
Total Long-term debt 19,492 1,14,242 1,02,448
The following table sets forth a summary of the maturity profile for our 2021 and 2020, respectively. Most of Jaguar Land Rover’s liquid assets
outstanding long-term debt obligations (including current maturities of are maintained in GBP, USD, EUR and RMB with smaller balances
long-term borrowings) as of March 31, 2021. maintained in other currencies to meet operational requirements in
those geographic regions.
Payments Due by Period1, 2 ` in crores
We expect total product and other investment spending to be around
Within one year 27,057
Rs. 28,900 crores in property, plants and equipment and product
After one year and up to two years 27,800 development during FY 2021-22.
After two year and up to five years 56,341
We will continue to invest in new products and technologies to meet
After five year and up to ten years 16,445
consumer demand and regulatory including to increase our range
Total 1,27,643 of electrified options (notably full battery electric) across our model
1. Including interest. range and on our vehicle architectures as recently announced as part
of our Reimagine strategy We expect to satisfy our investments out of
2. As at March 31, 2021, Jaguar Land Rover’s long-term debt obligations operating cash flows and additional funding through loans and other
were senior notes and bank loans of `56,484 crores. debt from time to time, as necessary but targeting a reduction in the
The following table sets forth our total liquid assets, namely cash and coming years to achieve a net cash position from FY 2024-25.
cash equivalents, short-term deposits and investments in mutual funds Auto Free Cash Flow (cash flow from operating activities less payment
and money market funds (under other Investment—Current): for property, plant and equipment and intangible assets add proceeds
( ` in crores)
from sale of property, plant and equipment less interest paid add
interest received, add dividend from equity accounted investees core
As of As of
March 31, 2021 March 31, 2020
auto and less investment in equity accounted investees of core auto
entities and less cash flow of TMF Group i.e., financing business) on
Total cash and cash equivalent 31,700 18,468
consolidated basis was positive at `5,317 crores compared to negative
Total short-term deposits 14,346 14,829 `12,676 crores in FY 2019-20. This is mainly on account of improved
Total mutual fund investments 19,051 10,862 operational and financial performance by reducing cost resultant into
Total liquid assets 65,097 44,159 positive free cash flow for FY 2020-21, compared to FY 2019-20.
These resources enable us to address business needs in the event of The following table provides information for the credit rating of Tata
changes in credit market conditions. Of the above liquid assets, Jaguar Motors Limited for short-term borrowing and long-term borrowing from
Land Rover held `48,184 crores and `34,273 crores as of March 31, the following rating agencies as of March 31, 2021: Credit Analysis &

Research Limited (“CARE”), Information and Credit Rating Agency of Share per Warrant, at a price of `150 per Warrant (‘Warrant Price’),
India Ltd. (“ICRA Limited” or “ICRA”), Credit Rating Information Services aggregating to `3,470 crores on a preferential basis to Tata Sons
of India Ltd. (“CRISIL Ltd” or “CRISIL”), Standard & Poor’s Ratings Group Private Limited. An amount equivalent to 25% of the Warrant Price was
(“S&P”) and Moody’s Investors Service (“Moody’s”). A credit rating is paid at the time of subscription and the balance 75% of the Warrant
not a recommendation to buy, sell or hold securities. A credit rating Price was payable by the Warrant holder against each Warrant at the
may be subject to withdrawal or revision at any time. Each rating should time of allotment of Ordinary Shares pursuant to exercise of the options
be evaluated separately of any other rating. The credit rating of Tata attached to Warrant(s) to subscribe to Ordinary Share(s) by June 2021.
Motors as at March 31, 2021 was as follows. The Company has fully utilised the amount of `3,892 crores towards
repayment of debt, and other general corporate purposes of the
Long-term Short-term Company and its subsidiaries.
Rating agency
borrowings borrowings
During the quarter and year ended March 31, 2021, on exercise of
CARE AA- / Stable A1+
options by Tata Sons Pvt Ltd and on receipt of the balance subscription
ICRA AA- / Stable A1+
money of `2,603 crores, the Company has fully converted
CRISIL AA- /Stable A1+ 23,13,33,871 convertible warrants into Ordinary Shares, that were
S&P B / Negative - issued during the year ended March 31, 2020. The Company has not
Moody’s B1 / Negative - utilised any of this amount as at March 31, 2021.
As at March 31, 2021, JLR’s rating was “B1”/ Negative by Moody’s, During FY 2019-20, the Tata Motors raised unsecured term loans
“B”/Negative by Standard & Poor’s. Subsequently, Moody’s revised amounting to `1,500 crores from Banks for general corporate purpose
the outlook of JLR to Stable and as of date of this annual report, credit and funding capital requirements. Tata Motors Limited raised unsecured,
rating of JLR stands at B1/Stable rated, listed NCD’s amounting to `1,000 crores for utilisation towards
capital expenditure including intangibles, refinancing of existing
As at March 31, 2021, for TMFHL and its subsidiaries, CRISIL, ICRA indebtedness and other general corporate purpose. In November 2019,
and CARE rating on long- term debt instruments and long-term bank Tata Motors Limited issued US$300 million bonds due 2025 at coupon
facilities stood at “AA -/ Stable”, rate of 5.875% for funding capital requirements and other permitted
Subsequently, S&P and Moody’s revised the outlook of Tata Motors use as per ECB guidelines.
Limited to Stable and as of the date of this annual report, the S&P credit During FY 2019-20, TMFHL and its subsidiaries, raised `2,270 crores by
rating of Tata Motors Limited stands at B / Stable and Moody’s credit issuing NCDs (including Sub Debt and Perpetual NCDs). Total issuance
rating stands at B1/Stable. through Sub Debt and Hybrid Perpetual NCDs was `550 crores. Bank
We believe that we have sufficient liquidity available to meet our borrowings including ECB’s continued to be a major source of funds for
planned capital requirements. However, our sources of funding could long-term borrowing and raised `4,320 crores during FY 2019-20.
be materially and adversely affected by an economic slowdown, In October 2019, Jaguar Land Rover Automotive PLC completed and
as was witnessed in FY 2008-09, arising due to COVID-19 or other drew down in full a GB£625 million five-year amortizing loan facility
macroeconomic factors in India, the United Kingdom, the United States, backed by a GB£500 million guarantee from UK Export Finance
Europe or China, which are beyond our control. A decrease in the (“UKEF”), GB£448 million of this loan remained outstanding at 31 March
demand for our vehicles could affect our ability to obtain funds from 2021, after GB£125 million of the loan amortized during FY 2020-21.
external sources on acceptable terms or in a timely manner. In addition, the Company signed a new GB£100 million working capital
facility for fleet buybacks in October 2019, fully drawn in November
The COVID-19 pandemic and resulting lockdowns may continue to
2019 (subsequently renewed and amended to a GB£113 million facility
impact our business. Given the significant uncertainties arising out of
with GB£110 million drawn at 31 March 2021).
the COVID-19 pandemic, we assessed the cash flow projections and
available liquidity for a period of eighteen months from the date of In November 2019, Jaguar Land Rover Automotive Plc issued EUR500
these financial statements. Based on this evaluation, our management million senior notes due in 2024 at a coupon of 5.875% per annum and
believes that the Company will be able to continue as a ‘going concern’ EUR300 million senior notes due in 2026 at a coupon of 6.875% per
in the foreseeable future. For further details kindly refer note 2 (e) in annum and an additional EUR200 million of senior notes in December
Significant accounting policies forming part of consolidated financial 2019 due in 2026 also at a coupon of 6.875% per annum (the EUR300
statement. million and EUR200 million senior notes due in 2026 are part of the
same series of senior notes). The proceeds were for general corporate
Our cash is located in various subsidiaries. The cash in some of these
purposes, including support for Jaguar Land Rover’s ongoing growth
jurisdictions, notably South Africa and Brazil, is subject to certain
and capital spending requirements.
restrictions on cash pooling, intercompany loan arrangements or
interim dividends. However, annual dividends are generally permitted, In November 2019, the US$500 million senior notes with a coupon
and we do not believe that these restrictions have, or are expected to of 4.250% issued by Jaguar Land Rover Automotive Plc in November
have, any impact on our ability to meet our cash obligations. 2014 matured and were fully repaid.
Long-term funding In March 2020, the US$500 million senior notes with a coupon of
To refinance our existing borrowings and support our long-term funding 3.500% issued by Jaguar Land Rover Automotive Plc in March 2015
matured and were fully repaid.
needs, we continued to raise funds during FY 2019-20 and FY 2020-21.
Details of major funding during FY 2019-20 through FY 2020-21 are During FY 2020-21, the Tata Motors raised unsecured term loans
provided below. amounting to `500 crores from Banks for general corporate purpose
and funding capital requirements.
During the year ended March 31, 2020, the Company has allotted
20,16,23,407 Ordinary Shares at a price of `150 per Ordinary Share During FY 2020-21, Tata Motors Limited raised `1,000 crores through
aggregating to `3,024 crores and 23,13,33,871 Convertible Warrants secured, rated, listed NCD’s. Tata Motors Limited also raised `3,000
(‘Warrants’), each carrying a right to subscribe to one Ordinary crores through secured term loan for utilization towards capital

expenditure including intangibles, refinancing of existing indebtedness March 2021. Under the terms of this facility receivables are accounted
and other general corporate purposes. as sold (through trade receivables in working capital) and therefore not
accounted as debt under Ind AS.
During FY 2020-21, Jaguar Land Rover (China) Investment Co. Ltd
signed a RMB 5 billion unsecured three-year revolving loan facility At March 31, 2021 the unutilised working capital limits for Tata Motors
with a syndicate of five Chinese banks (fully drawn as at March 31, Limited were at `6,826 crores. The unutilised revolving credit facility
2021) which is subject to an annual confirmatory review. In addition, amounted to `1,000 crores. For Jaguar Land Rover the unutilised
Jaguar Land Rover (China) Investment Co., Ltd entered into a small committed revolving credit facility of GB£1,935 million. In April 2021,
parts factoring facility in first quarter of FY 2020-21, of which RMB167 Jaguar Land Rover Automotive plc concluded negotiations with 20
million (GB£19 million equivalent) was drawn as at March 31, 2021. banks to extend £1.3 billion of its committed undrawn revolving credit
facility out to March 2024. In our opinion, our working capital facilities
In October 2020, Jaguar Land Rover Automotive Plc issued $700 and short-term borrowings are sufficient for the company’s present
million senior notes due in 2025 at a coupon of 7.75% per annum. In requirements.
December 2020, Jaguar Land Rover Automotive Plc issued US$650
million senior notes due 2028 at a coupon of 5.875%. The proceeds Loan Covenants
were for general corporate purposes. Some of our financing agreements and debt arrangements set limits on
and/or require prior lender consent for, among other things, undertaking
In January 2021, the GB£300 million senior notes with a coupon of
new projects, issuing new securities, changes in management, mergers,
2.750% issued by Jaguar Land Rover Automotive Plc in January 2017
sales of undertakings and investments in subsidiaries. In addition,
matured and were fully repaid.
certain negative covenants may limit our ability to borrow additional
During FY 2020-21, TML Holding Pte Limited has issued GB£98 million funds or to incur additional liens, and/or provide for increased costs in
Credit Enhanced Notes at a coupon rate of 4% and US$ 300 million case of breach. Certain financing arrangements also include financial
Senior notes at a coupon rate of 5.5%. The proceeds have been used covenants to maintain certain debt-to-equity ratios, debt-to-earnings
towards refinancing and meeting general corporate purposes. ratios, liquidity ratios, capital expenditure ratios and debt coverage
ratios.
During FY 2020-21, TMFHL and its subsidiaries, raised `4,836
crores by issuing debentures (including Hybrid and non-hybrid We monitor compliance with our financial covenants on an ongoing
Perpetual NCDs). Total issuance through Hybrid Perpetual NCDs basis. We also review our refinancing strategy and continue to plan
was `2,063 crores. Bank borrowings continued to be a major for deployment of long-term funds to address any potential non-
source for long-term borrowing and TMFHL and its subsidiaries compliance.
raised `6,891 crores during FY 2021. Out of this, ECB amounted to On June 30, 2020, we notified one of our Indian lenders in respect of
`110 crores. our `2,700 crores loan facility that as at June 30, 2020, the Company
We plan to refinance and raise long-term funding through borrowings had failed to maintain one of the financial ratios under the terms of the
or equity issuances, based on review of business plans, operating loan facility. The Company received confirmation from the lender that it
results and covenant requirements of our existing borrowings. has approved an increase in such threshold and has given waiver of the
Company’s failure to maintain the relevant financial ratio for FY 2020-
Short-term funding 21 and FY 2021-22. Further, the Company has received confirmation
We fund our short-term working capital requirements with cash from another lender on its `3,000 crores loan facility, that it has
generated from operations, overdraft facilities with banks, short- given a waiver of the Company’s failure to maintain this ratio before
and medium-term borrowings from lending institutions, banks and March 31, 2023.
commercial paper. The maturities of these short-term and medium-
Certain debt issued by Jaguar Land Rover is subject to customary
term borrowings and debentures are generally matched to particular
covenants and events of default, which include, among other things,
cash flow requirements. We had borrowings of `21,664 crores and
minimum liquidity requirement in the case of the UKEF facility (and
`16,363 crores as of March 31, 2021 and 2020, respectively.
the £1.3 billion extended RCF, drawable from July 2022, when the
Our working capital limit for our India operations is `10,000 crores. The current RCF matures), restrictions or limitations on the amount
working capital limit is secured by hypothecation of existing current of cash that may be transferred outside of the Jaguar Land Rover
assets of Tata Motors Limited, including stock of raw material, stock in Group in the form of dividends, loans or investments to TML and its
process, semi-finished goods, stores and spares not relating to plants subsidiaries. These are referred to as “restricted payments” in the
and machinery (consumable stores and spares), bills receivables relevant Jaguar Land Rover financing documentation. In general, the
and book debts, including vehicle financing receivables and all other amount of cash which may be transferred as restricted payments from
moveable current assets, except cash and bank balances, loans and the Jaguar Land Rover Group to the Company and its subsidiaries is
advances of Tata Motors Limited, both present and future. The working limited to 50% of its cumulative consolidated net income (as defined
capital limit is renewed annually for Tata Motors Limited. Tata Motors in the relevant financing documentation) from January 2011.
Limited currently has `1,000 crores revolving credit facility which As of March 31, 2021, the estimated amount that is available for
remained undrawn as of March 31, 2021. distributions was approximately GB£4.4 billion.
In December 2020 Jaguar Land Rover Limited renewed its GB£113 (ii) Capital Expenditures
million committed, secured revolving loan facility for fleet buybacks Capital expenditures totalled `18,729 crores and `31,222 crores
for another year, with GB£110 million drawn as at March 31, 2021. As during FY 2020-21 and FY 2019-20, respectively. Our automotive
at March 31, 2021, Jaguar Land Rover Limited had sold receivables operations accounted for most of such capital expenditures. We
of GB£278 million equivalent under the US$500 million committed currently plan to invest over `28,900 crores in FY 2021-22 in new
invoice discounting facility, which was renewed for another 2 years in products and technologies.

Our capital expenditures in India during FY 2020-21 related mostly to (i) may be impaired. If any such impairment exists, the recoverable amount
the introduction of new products, such as the Tata Altroz i-turbo, Tiago of an asset is estimated to determine the extent of impairment, if any.
XTA, Harrier XT and Nexon XM-S and Tata Safari (ii) the development Where it is not possible to estimate the recoverable amount of an individual
of planned future products and technologies, and (iii) quality and asset, we estimate the recoverable amount of the CGU to which the
reliability improvements aimed at reducing operating costs. asset belongs.
Total product and other investment for Jaguar Land Rover in FY 2020-21 Intangible assets with indefinite useful lives and intangible assets
was GB£2.3 billion, primarily reflecting the ongoing launch of the all-new not yet available for use are tested for impairment annually on each
Land Rover Defender, including the short wheelbase 90 and commercial
balance sheet date, or earlier if there is an indication that the asset may
derivatives, as well as the launch of new and refreshed 2021 model year
be impaired.
products, including the significant increase in electrified options across
our model range now consisting of 8 Plug in hybrids, 11 mild hybrids The recoverable amount is the higher of fair value less costs to sell and
and the all-electric Jaguar I-PACE. The investment spending in FY 2020- VIU. In assessing VIU, the estimated future cash flows are discounted
21 also supported the production of the new 3-litre 6-cylinder Ingenium to their present value using a pre-tax discount rate that reflects current
diesel engine manufactured at our engine manufacturing centre in market assessments of the time value of money and the risks specific
Wolverhampton and for upcoming product launches in FY 2021-22. to the asset for which the estimates of future cash flows have not been
We continue to focus on development of new products for our various adjusted.
markets. Through Jaguar Land Rover, we continue to make investments If the recoverable amount of an asset (or CGU) is estimated to be
in new technologies through its research and development activities
less than its carrying amount, the carrying amount of the asset
to develop products that meet the requirements of the premium
(or CGU) is reduced to its recoverable amount. If this occurs,
market, including developing sustainable technologies to improve fuel
an impairment loss is recognized immediately in the profit and
economy and reduce carbon dioxide emissions, such as the expansion
of electrification across 12 of Jaguar Land Rover’s 13 nameplates, loss account.
including eight plug-in hybrid and eleven mild hybrid models as well as Finance receivables
the all-electric Jaguar I-PACE.
We provide allowances for losses on portfolio of finance receivables
We intend to continue investing in our business units and research and on the basis of expected future collection from receivables. The future
development over the next several years, including capital expenditures collection are estimated on the basis of past collection trend which
for our ongoing projects, new projects, product development programs, are adjusted for changes in current circumstances as well as expected
mergers, acquisitions and strategic alliances in order to build and changes in collection based on expectations with respect to certain
expand our presence in the Passenger Vehicle and Commercial macro-economic factors, such as GDP growth, fuel price and inflation as
Vehicle categories. well as management judgement regarding qualitative factors, including
F. Critical Accounting Policies economic uncertainty, observable changes in portfolio performance,
The preparation of financial statements in conformity with Ind AS and other relevant factors.
requires management to make judgments, estimates and assumptions Capitalization of internally generated intangible assets
that affect the application of accounting policies and the reported
We undertake significant levels of research and development activity
amounts of assets, liabilities, income, expenses and disclosures of
contingent assets and liabilities as of the date of this annual report and for each vehicle program periodic review is undertaken. We apply
and the reported amounts of revenues and expenses for the years judgement in determining at what point in a vehicle programs lifecycle
presented. The actual results may differ from these estimates. that recognition criteria under accounting standards is satisfied.
Estimates and underlying assumptions are reviewed on an ongoing Product Warranty

basis and on each balance sheet date. Revisions to accounting estimates Vehicle warranties are provided for a specified period of time. Our
are recognized in the period in which the estimate is revised, and future vehicle warranty obligations vary depending upon the type of the
periods are affected. product, geographical location of its sale and other factors.
In particular, information about significant areas of estimation The estimated liability for vehicle warranties is recorded when the
uncertainty and critical judgments in applying accounting policies products are sold or when new warranty programs are initiated. These
that have the most significant effect on the amounts recognized in the
estimates are established using historical information on the nature,
financial statements are included in the following notes:
frequency and average cost of warranty claims and management
Impairment of Goodwill estimates regarding possible future warranty claims, customer
CGUs to which goodwill is allocated are tested for impairment annually goodwill and recall complains. The timing of outflows will vary
on each balance sheet date, or more frequently when there is an depending on when warranty claim will arise, being typically up to six
indication that the unit may be impaired. If the recoverable amount of years and for batteries in Electric Vehicles warranty period is typically
the CGU is less than the carrying amount of the unit, the impairment up to eight years.
loss is allocated first to reduce the carrying amount of any goodwill
We also have back-to-back contractual arrangements with our
allocated to that unit and then to the other assets of the unit pro rata
on the basis of carrying amount of each asset in the unit. Goodwill suppliers in the event that a vehicle fault is proven to be a supplier’s
impairment loss recognized is not reversed in subsequent period. fault. Estimates are made of the expected reimbursement claims based
upon historical levels of recoveries from supplier, adjusted for inflation
Impairment and applied to the population of vehicles under warranty as on balance
Property, plants and equipment and intangible assets sheet date. Estimated supplier reimbursements are recognized as
On each balance sheet date, we assess whether there is any indication that separate asset. Actual claims incurred in the future may differ from our
any property, plants and equipment and intangible assets with finite lives original estimates, which may materially affect warranty expenses.

Employee Benefits The Board takes responsibility for the overall process of risk
management throughout the organization. Through an Enterprise Risk
Employee benefit costs and obligations are dependent on assumptions
Management programme, our business units and corporate functions
used in calculating such amounts. These assumptions include salary
address risks through an institutionalized approach aligned to our
increases, discount rates, health care cost trend rates, benefits earned,
interest costs, expected return on plan assets, mortality rates and other objectives. This is facilitated by internal audit. The Business risk is
factors. managed through cross-functional involvement and communication
across businesses. The results of the risk assessment are presented
While we believe that the assumptions used are appropriate, differences to the senior management. The Risk Management Committee reviews
in actual experience or changes in assumptions may affect our employee business risk areas covering operational, financial, strategic and
benefit costs and obligations. regulatory risks.
Recoverability/recognition of deferred tax assets There have been no changes in our internal control over financial
Deferred tax assets and liabilities are recognized for the future tax reporting that occurred during the period covered by this annual
consequences of temporary differences between the carrying values of report that have materially affected, or are reasonably likely to
assets and liabilities and their respective tax bases, and unutilized business materially affect, our internal control over financial reporting.
loss and depreciation carryforwards and tax credits. Such deferred tax Although we have implemented various initiatives for continuous
assets and liabilities are computed separately for each taxable entity business operation in response to the COVID-19 pandemic, including
and for each taxable jurisdiction. Deferred tax assets are recognized to enabling most of our employees to telework, apart from those who
the extent that it is probable that future taxable income will be available need to work at their office for smooth operations, we believe these
against which the deductible temporary differences, unused tax losses, initiatives have not had a significant impact on our internal control
depreciation carryforwards and unused tax credits could be utilized. over financial reporting.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY During FY 2020-21, we assessed the effectiveness of the Internal
We have an adequate system of internal controls in place. We have Control over Financial Reporting and has determined that our
documented policies and procedures covering all financial and operating Internal Control over Financial Reporting as at March 31, 2021
functions. These controls have been designed to provide a reasonable is effective.
assurance regarding maintaining of proper accounting controls for
ensuring reliability of financial reporting, monitoring of operations, and HUMAN RESOURCES / INDUSTRIAL RELATIONS
protecting assets from unauthorized use or losses, compliances with We consider our human capital a critical factor to our success. Under
regulations. We have continued our efforts to align all our processes and the aegis of Tata Sons and the Tata Sons promoted entities, the
controls with global best practices. Company has drawn up a comprehensive human resource strategy,
which addresses key aspects of human resource development such
Some significant features of the internal control of systems are:
as:
• The Audit Committee of the Board of Directors, comprising of
independent directors and functional since August 1988, regularly • The code of conduct and fair business practices;
reviews the audit plans, significant audit findings, adequacy of internal • A fair and objective performance management system linked
controls, compliance with accounting standards as well as reasons for to the performance of the businesses which identifies and
changes in accounting policies and practices, if any; differentiates employees by performance level;
• Documentation of major business processes and testing thereof
• Creation of a common pool of talented managers across
including financial closing, computer controls and entity level controls,
Tata Sons and the Tata Sons promoted entities with a view to
as part of compliance programme towards Sarbanes-Oxley Act, as
increasing their mobility through job rotation among the entities;
required by the listing requirements at New York Stock Exchange;
• Evolution of performance-based compensation packages to
• An ongoing programme, for the reinforcement of the Tata Code of
attract and retain talent within Tata Sons and the Tata Sons
Conduct is prevalent across the organization. The Code covers integrity
promoted entities; and
of financial reporting, ethical conduct, regulatory compliance, conflicts
of interest’s review and reporting of concerns. • Development and delivery of comprehensive training programs
to impact and improve industry- and/or function-specific skills
• State-of-the-art Enterprise Resource Planning, supplier relations
management and customer relations management connect our as well as managerial competence.
different locations, dealers and vendors for efficient and seamless In line with the human resource strategy, the company has
information exchange. We also maintain a comprehensive information implemented various initiatives to build better organizational
security policy and undertakes continuous upgrades to our IT systems; capabilities that we believe will enable if to sustain competitiveness
• Detailed business plans for each segment, investment strategies, year- in the global marketplace. The Company’s focus is to attract talent,
on-year reviews, annual financial and operating plans and monthly retain the better and advance the best. Some of the initiatives to meet
monitoring are part of the established practices for all operating and this objective include:
service functions; • Build strategic partnerships with educational institutions
• A well-established, independent, multi-disciplinary Internal Audit team of repute to foster academia-based research and provide
operates in line with governance best practices. It reviews and reports avenues for employees to further their educational studies;
to management and the Audit Committee about compliance with • Enhance company’s image and desirability amongst the
internal controls and the efficiency and effectiveness of operations as
target engineering and management schools, to enable it to
well as the key process risks. The scope and authority of the Internal
attract the best;
Audit division is derived from the Internal Audit Charter, duly approved
by the Audit Committee; and Anti-fraud programmes including whistle • Foster diverse workforce to leverage the multiplicity of
blower mechanisms are operative across the Company. skillsets in all its operations;

• Skill development of all Blue collared workforce to enable functional academies is to strengthen knowledge, skills and expertise
them to effectively meet the productivity and quality with an in-depth approach, within respective function.
deliverables; and
The Product Leadership Academy and Operational Excellence Academy
• Training youth under Government of India’s National are designing and deploying the courses and learning programs for
Employment Enhancement Mission in our skill development our employees in Engineering and Operations functions, focused on
centers in all the plants. These trainees are given Automotive organization’s technical roadmap on Connected, Electric, Shared &
Skill Development Council certification, helping them get Safe vehicles (CESS).
gainful employment in the industry. Engaging trainees benefit
The Customer Excellence Academy delivers the capability building
the company to meet the cyclicality of demand as well.
not only for Tata Motors front end functions but also for our channel
We employed approximately 75,278 and 78,906 permanent employees partners. These training interventions are planned for Dealer Sales
as at March 31, 2021 and 2020, respectively. The average number of Agents to provide best in class experience to our customers.
flexible (temporary, trainee and contractual) employees for FY 2020-
Management education emphasizes on developing general
21, was approximately 28,291 (including joint operations) compared to
management and leadership skills. Tata Motors Academy also provides
19,169 in FY 2019-20.
executive education opportunities in the areas of B.Tech, M.Tech, and
The following table set forth a breakdown of persons employed by the Executive MBA.
Company’s business segments and by geographic location as at March
Keeping up with the digital age, the academy has also embarked upon a
31, 2021 and 2020.
decisive journey of digital learning for all its employees. These include
online learning and virtual classrooms, which augment the offering of
No. of Employees (Segment wise) functional as well as management education pillars.
70,766 Our annual Organizational & Talent Review process and Succession
67,356
planning exercise ensures healthy succession pipeline of critical and
leadership roles in the organization by enabling us identifying potential
candidates and enabling their development.
Skill Development
We continue our endeavour to deliver high quality products by
enhancing our craftsmanship and improving manufacturing and
assembly processes.
7,922 8,140
To meet technology disruptions and changing market dynamics, we
have developed the ‘Future of Workplace’ strategy, to build newer
Automotive Other skills such high voltage (electric vehicles, mechatronics (Industry 4.0),
2021 2020 auto electronics and vehicle communication in our workforce. We are
reskilling our permanent workforce into these newer technology areas,
simultaneously, we are working on creating ‘new age’ workforce, young
No. of Employees (Location wise) skilled, agile, digital inclined through our company’s flagship Full Time
Apprenticeship program (newer craftsman trades) and introduction of
the Bachelor of Vocational Education program.
39,012 39,894
37,286 37,992
We are now migrating from a trade-based training approach to a
process-based training approach, which emphasizes team members’
knowledge as related to their actual work, in addition to the general
trade-based skills, which are developed at training institutes. These
skills are very specific and not currently taught at the training
institutes. To accomplish this, we are implementing a fundamental
skills training initiative throughout organization. Its objective is to
address key employee performance issues, such as inconsistent
quality, poor craftsmanship, high frequencies of repair reworking and
India Abroad low productivity levels through training of front-line team members.
2021 2020 Diversity & Inclusion
Tata Motors is committed towards building diverse and inclusive
Talent Development workforce to position organization as equal opportunity employer. As
We are committed to the development of our employees to strengthen step towards increasing gender diversity on the shop floor, Tata Motors
their functional, managerial and leadership capabilities. We have a employed women blue collar workers at the Pune PV plant on 2nd
focused approach with the objective of addressing all capability gaps shift after initiating safety measures and compliance with statutory
and preparing our employees to adopt to the fast-changing external requirements. In our endeavour towards development of women
environment to meet the company’s strategic objectives. Tata Motors employees, “Project EVE” a comprehensive development platform for
Academy addresses development needs of various segments of our high potential women employees was launched. Employees who are
workforce through a structured approach. The Academy focuses on part of this program are working on challenging projects sponsored
three functional pillars – customer excellence, product leadership, and and mentored by the Executive Committee members of Tata Motors.
operational excellence and management education, all of which are Second Career Initiative Program (SCIP) is a platform that allows
aligned with the Company-level strategic objectives. The emphasis of women, who have taken a break from their career, due to personal
commitments, to restart their career. Tata Motors introduced Paternity

Leave and Adoption Leave for our gentlemen colleagues to support technology, engineering and mathematics) subjects as well as
parenthood. The Company employed 5.48% women employees in FY introducing successful female role models to girls as young as seven
2020-21 compared to 5.79% in FY 2019-20. to increase their interest in engineering.
Industrial Relations Each academic year Jaguar Land Rover runs a week-long career
We have labour unions for operative grade employees at all our plant immersion program specifically designed to encourage more young
across India, except at the Dharwad plant. The Company has generally female STEM talent to consider careers in Design, Engineering
enjoyed cordial relations with its employees at its factories and offices and Manufacturing. During 2019, 111 female students aged 15-18
and has received union support in the implementation of reforms that participated in this weeklong program across all of our sites. Eligible
impact safety, quality, cost erosion and productivity improvements students were encouraged to apply for available apprenticeship
across all locations. opportunities as part of the program deliverables. During the pandemic
they were also able to offer a virtual work experience program for
Employee wages are paid in accordance with wage agreements that young females providing 56 students with valuable career insight into
have varying terms (typically three to five years) at different locations. the processes followed from strategic concept through to development
The expiration dates of the wage agreements with respect to various and build of a vehicle. These interactive sessions were led by Jaguar
locations/subsidiaries are as follows: Land Rover Apprentices, Graduates and Young Professionals from
across the business.
Location/subsidiaries Wage Agreement valid until
Pune commercial vehicles August 31, 2021 For undergraduates, Jaguar Land Rover offers a Women in Engineering
Pune passenger vehicles March 31, 2022 Sponsorship Scheme aimed specifically at females studying engineering
at University. It offers three, six and fifteen-month paid placements and
Jamshedpur March 31, 2022
the students join every summer until they graduate. Based on placement
Mumbai December 31, 2021 performance, the aim is to convert to a graduate hire. They are also
Lucknow March 31, 2020* provided with a Jaguar Land Rover female engineering mentor. During
Pantnagar March 31, 2022 FY 2019-20, 13 females joined JLR on this program.
Sanand Passenger Vehicles September 30, 2020* Jaguar Land Rover has partnered with The Pipeline, an organisation
Jaguar Land Rover – UK Plants April 1, 2021* that delivers Executive Leadership Development programs designed
for senior females in business. Since 2015, 11 employees have
*Negotiation on-going
attended the topflight program and 57 employees have attended the
The wage agreements at our Lucknow location, Sanand location and Leadership Summit program. Both programmes offer learning from
Jaguar Land Rover have expired and negotiations are underway for world-class business leaders and contributors.
the new wage agreements. In the interim, the wages set forth in the
Within Manufacturing, Jaguar Land Rover runs an Emerging Leaders
previous wage agreements will continue until a new settlement is
program aimed at identifying and developing high potential talent
reached.
early in the pipeline. Since its inception in 2011, over 20 females have
The Company’s wage agreements link an employee’s compensation to completed this program and progressed into different or more senior
certain performance criteria that are based on various factors such as roles as a result. In March 2020, Jaguar Land Rover held its first female
quality, productivity, operating profit and an individual’s performance senior leader event, bringing together its most senior female leaders
and discipline. As far as possible, we aim for cost neutral settlements, from across the business to network and share experiences, contribute
by achieving the critical performance parameters of the business with to the development of its female leadership strategy and explore what
total employee involvement. We have generally received union support additional support would be required to enable females in Jaguar Land
in its implementation of reforms that impact quality, cost erosion and Rover to flourish and reach their full potential.
productivity improvements across all locations. We have signed
Jaguar Land Rover also has active employee led networks helping to
settlements with a variable pay as part of wage cost and have staggered
drive gender equality. The Women in Engineering and Allies (“WIE&A”)
the payment instead of one time pay to bring more cost effectiveness
membership has continued to steadily grow and in March 2020 they
on account of fixed pay.
held their annual conference. During this conference they kicked off
JAGUAR LAND ROVER their Allies Campaign which has focused on starting the conversation
Automotive apprenticeships of what it is like to be an ally and how to support women at work. They
plan to continue to roll out this training and raise awareness of this
Jaguar Land Rover has one of the largest apprenticeship programs in the
important inclusive behaviour.
UK automotive sector with 1,000 apprentices in development. Jaguar
Land Rover invests in and supports lifelong learning and development for The Mentoring scheme continued to run throughout 2019 / 2020,
its employees, including accredited apprenticeship programs delivered supporting both mentor and mentees in conversations around work,
through the Jaguar Land Rover Learning Academy. This includes JLR career satisfaction & personal development. The WIE&A network has
apprentice engineers and technicians developing their skills to help also continued to run regular networking lunches and was able to
support the delivery of Jaguar Land Rover’s Reimagine strategy. Jaguar switch to doing this virtually as the pandemic started.
Land Rover also supports the Automotive Engineering and Manufacturing
The Gender Equality Network (“GEN”) continued to grow its network
Trailblazer Group and leads the creation and development of Levels 3, 4
members during the last year, expanding across sites and functions
and 6 automotive related Apprenticeship.
in Jaguar Land Rover. It remains focused on creating role models for
Closing the gender gap employees by hosting regular interviews with senior women across
Inspiring young females into an automotive career the business. The GEN has also continued to run events and share
communications aimed at engaging employees with issues related to
Jaguar Land Rover focuses on promoting gender equality though
gender and diversity more widely.
school education programs to increase engagement in STEM (science,

Human Rights car sales may rise by 30% in the US, China and Europe. 55% of all new
car sales in Europe may be fully electrified by 2030.
Jaguar Land Rover’s Human Rights Policy sets out the commitment
to respect and comply with all relevant laws, rules and regulations Continued investment, by Jaguar Land Rover, in new products and
in the territories in which Jaguar Land Rover operates. These include technologies while balancing production with sales, is key for the
provisions addressing slavery, human trafficking, forced labour, child success of the Company.
labour and upholding each employee’s right to freedom of association.
IMMEDIATE AND SHORT TERM
Jaguar Land Rover has refreshed the assessment of slavery and
human trafficking risks related to our operations and continue to deem While there still seems to be uncertainty around the duration and
the risk to be low. the impact of COVID-19 pandemic, we anticipate demand situation to
continue to improve despite ongoing COVID-19 related lockdowns.
OUTLOOK After witnessing a decline in past two years, it is anticipated that
LONG TERM domestic Commercial Vehicles Industry (especially MHCV’s) will see
The automobile industry is supported by various factors such as improvement. Supply bottlenecks and commodity pressures remain
availability of skilled labour at low cost, robust R&D centres, and low- key concern area in the short term. Focus areas for Jaguar Land Rover
cost steel production. The industry also provides great opportunities for include the successful execution of the Reimagine strategy, including
investment and direct and indirect employment to skilled and unskilled the continued expansion of electrification across the model range,
labour. The Indian auto industry is expected to record strong growth in underpinned by the Refocus transformation programme. Management
2021-22, post recovering from effects of COVID-19 pandemic. India is is focused on cash and cost savings initiatives and focus on sustained
expected to be the world’s third-largest automotive market in terms of improvement in domestic business. Management is focused on
volume by 2026. significantly deleveraging the business and achieving net debt free
position in the next three years.
The Government of India has introduced vehicle scrappage policy,
under which recycling clusters may be established near ports. In The semiconductor shortage is expected to impact the automobile
scrappage policy, recycled material will be useful for the automobile industry well into 2021. An ongoing shortage in semiconductor supply
industry as it will reduce cost of manufacturing cars, buses, and is disrupting production of parts and vehicles around the world.
trucks, increasing India’s competitiveness in international markets. The supply bottleneck, which is caused by a combination of factors,
An incentive-based mechanism could make the scheme lucrative and including the impact of the COVID-19 pandemic on production in the
encourage people to scrap their old vehicles and replace them with first half of 2020 and on manufacturing investment, is affecting a
new ones. This scrappage policy will result in boosting demand for the number of major carmakers and their suppliers. The semiconductor
automotive sector. The Indian automotive industry has welcomed this shortages would continue to impact the volumes for the first half of
new proposal. FY 2021-22. However, semiconductor shortages are expected to
improve in the second half of FY 2021-22 as new capacity comes
Keeping in view the climate change commitments made by Government online. As the industry continues its shift toward electric vehicles and
of India during the COP21 Summit held at Paris to reduce emission autonomous vehicles, the importance of electronic components is
intensity by 33- 35% by 2030 from 2005 levels, it is pertinent to increasing. The chip shortage looks set to persist for some time yet.
introduce alternative means in the transport sector which can be With demand remaining high and little additional chip-making capacity
coupled with India’s rapid economic growth, rising urbanization, travel expected in the short term, the shortage is expected to last into at least
demand and country’s energy security. Electric mobility presents a next year.
viable alternative in addressing these challenges, when packaged
with innovative pricing solutions, appropriate technology and support The COVID-19 pandemic is expected to continue to impact tourism due
infrastructure and thus, has been on the radar of Government of India. to social distancing measures as well as mobility restrictions. Similarly
intercity travel via large intercity coach buses will also remain low.
Electric mobility will also contribute to balancing energy demand, Corporates allowing work from home to its staff and similar situation
energy storage and environmental sustainability. Electric vehicles is assumed for school segment, will severely impact the demand
could help diversify the energy needed to move people and goods for buses.
thanks to their reliance on the wide mix of primary energy sources
used in power generation, greatly improving energy security. Electric OPPORTUNITIES:
vehicles would also provide major contributions to keep the world on The Union Cabinet chaired by the Prime Minister has given its
track to meet its shared climate goals. approval to introduce the Production-Linked Incentive (PLI) Scheme
in the Automobile and Auto Components sectors for Enhancing India’s
Jaguar Land Rover has a strong product range that compete in various
Manufacturing Capabilities and Enhancing Exports – Atmanirbhar
segments, including the increased electrification of the product
Bharat. The PLI scheme has set target that PLI would result in additional
portfolio. New and refreshed products, including the new Land Rover
investment of `1 lakh crore over a five year period with potential for
Defender, and 2021 model year updates across the model range
additional employment generation of nearly 60 lakh jobs.
including the expansion of electrification now consisting of 8 Plug in
hybrids, 11 mild hybrids and the all-electric Jaguar I-PACE. With the One of the major announcements and much awaited policy introduction
advancement of technologies like AI (artificial intelligence), robotics was Vehicle Scrappage policy. The policy is aimed at reducing the
and IoT (Internet of Things), the automobile industry has made some population of old and defective vehicles, bringing down vehicular
significant leaps towards growth and development. The utopian air pollutants, improving road and vehicular safety. It will also help
image of future – with cars that run on eco-friendly fuel and can drive achieve better fuel efficiency, formalize the informal vehicle scrapping
themselves – isn’t too far away now. policy and boost the availability of low cost raw material for the
automotive, steel and electronics industry. Vehicles would be required
China could become the leading market for the transformation of the
to go through fitness test failing which or failing to get renewal of its
automotive industry. It is estimated that autonomous vehicles will
registration certificate may be declared as ‘end of life vehicle’.
account for 40% of the personal mileage driven in Europe in 2030. New

Vehicle owners will get scrap value for the old vehicle by the scrapping longitudinal architecture and electrified modular architecture (native
center, which is estimated at 4 to 6% of ex-show room price of a new BEV architecture) for Land Rover products and a BEV only architecture
vehicle. The state governments are advised to offer a road tax rebate dedicated to Jaguar and retain, right size, repurpose and reorganised
of up to 25% for personal vehicles and 15% for commercial vehicles. In Jaguar Land Rover global manufacturing and assembly footprint.
addition, registration fees may also be waived off for purchase of new Jaguar Land Rover’s Reimagine strategy is underpinned by the Refocus
vehicle against the scrapping certificate. transformation programme which is targeting 3% incremental EBIT
margin by FY 2025-26 to support double digit EBIT margin ambition.
It is estimated that 17 lakh MHCV are older than 15 years without a
valid fitness certificate which pollute the environment 10 to 12 times The aim is to make all Jaguar Land Rover nameplates in pure electric
more than fit vehicles. This initiative is believed to boost demand for form by end of the decade. The accelerated path towards electrification
automobiles in the coming years and will help the nation achieve its through Reimagine will contribute to the goal of becoming net zero
pollution emission targets. The government’s plan for strengthening carbon by 2039.
the public transport sector under PPP models with an outlay of
CAUTIONARY STATEMENT
`18,000 crores for operating 20,000 buses is encouraging for the
electric vehicle industry. The scheme could strengthen the electric Statements in the Management Discussion and Analysis describing our
vehicle industry if more number of e-buses could be supported through objective, projections, estimates and expectations may be “forward-
the scheme. looking statements” within the meaning of applicable securities laws
and regulations. Actual results could differ materially from those
Jaguar Land Rover new Reimagine strategy paves the way for a future expressed or implied. Important factors that could make a difference to
of modern luxury by design with quality and sustainability permeating our Company operations include, among others, economic conditions
through every facet of Jaguar Land Rover business. This strategy aims affecting demand/supply and price conditions in the domestic and
to launch Jaguar as a pure electric brand from 2025 by introducing the overseas markets in which we operate, changes in government
first Land Rover all electric model by 2024 with an additional five all regulations, tax laws and other statutes and incidental factors.
electric Land Rover models launched by 2026, Launch the modular

Risk Factors
Deterioration or uncertainty in global economic conditions Company has been, and may in the future be, adversely
could have a material adverse impact on Company’s business, affected by the COVID-19 pandemic, the duration and
sales and results of operations. economic, governmental and social impact of which is difficult
The automotive industry globally and Company could be materially to predict, and which may materially harm Company’s
affected by the general economic conditions and developments in business, prospects, financial condition and results
India and around the world and investors’ reaction to global economic of operations.
conditions and developments. COVID-19 pandemic and associated efforts to contain the spread of the
disease have caused significant disruption, volatility and uncertainty in
The automotive industry, in general, is cyclical, and economic
the Global economy including the automotive industry, and it is difficult
slowdowns in the recent past have affected the manufacturing sector in
to predict with certainty the full impact of the COVID-19 pandemic on
India, including automotive and related industries. Deterioration of key
Company’s business, financial condition and results of operations.
economic metrics, such as the growth rate, interest rates and inflation,
reduced availability of competitive financing rates for vehicles, Company’s operations have been impacted as a result of the COVID-19
implementation of burdensome environmental and tax policies, work pandemic. At various times over the course of FY 2020-21, mainly in Q1
stoppages and increase in freight rates and fuel prices could materially FY 2020-21 the Company and Jaguar Land Rover enacted temporary
and adversely affect Company’s automotive sales and results of plant shutdowns and implemented work-from-home protocols for
operations. Deterioration in key economic factors in countries where employees who were able to work remotely in various jurisdictions,
the Company has sales operations may result in a decrease in demand including India and the United Kingdom, to ensure public safety and
for Company’s automobiles. A decrease in demand could, in turn, cause to comply with government guidelines in various geographies. These
automobile prices and manufacturing capacity utilization rates to fall. shutdowns have caused and could continue to cause disruptions in
Company’s business and have negative effects on Company’s cash
The Company is a global organization, and is therefore vulnerable
flows, primarily because Company’s operations generate less revenue
to shifts in global trade and economic policies and outlook. Policies
during shutdowns while continuing to incur costs.
that result in countries withdrawing from trade pacts, increasing
protectionism and undermining free trade could substantially affect In recent months, there has been a significant resurgence in COVID-19
the Company’s ability to operate as a global business. Additionally, cases in India. In order to curb the spread of infections, several states
negative sentiments towards foreign companies among Company’s have imposed varying levels of travel restrictions, lockdowns of cities
overseas customers and employees could adversely affect Company’s and wider provinces, business closures and strict social distancing
sales as well as its ability to hire and retain talented people. A negative measures. These new measures have already caused disruption to the
shift in either policies or sentiment with respect to global trade and Company’s manufacturing operations in India. Localized lockdowns
foreign businesses could have a material adverse effect on Company’s have temporarily impacted supply chain while, in certain areas,
business, prospects, results of operations and financial condition. dealerships have been closed. As a result of COVID-19 pandemic, the
volumes for Indian business have reduced by 41% in April 2021, as
In the event global economic recovery is slower than expected, or if
compared to March 2021 and the Company is expecting a weaker first
there is any significant financial disruption, this could have a material
quarter of FY 2021-22 for its Indian business and expecting a sequential
adverse effect on Company’s cost of funding, portfolio of financing
recovery during the year as COVID-19 pandemic subsides and COVID-19
loans, business, prospects, results of operations, financial condition
pandemic related imposed restrictions are gradually eased.
and the trading price of the Company’s Shares and ADSs.
While there have been short-term challenges in demand as a result of
In July 2020, the United States-Mexico-Canada Agreement came into
COVID-19 pandemic and we anticipate recovery as economy unlocks,
force. Potential governmental actions related to tariffs or international
our passenger segment (buses) in Commercial Vehicles has been
trade agreements have the potential to adversely impact demand for
severely impacted with industry volumes reducing by more than 75%
Company’s products, costs, customers, suppliers and/or the North
in FY 2020- 21. There is a risk that this segment may take longer to
American economy or world economy or certain sectors thereof and,
show signs of recovery, as schools and educational centers may take
thus, its business.
longer to reopen or return to pre-pandemic attendance levels, and an
Company’s Jaguar Land Rover business has significant operations in the increasing number of office workplaces are extending work-from-home
United Kingdom, North America, continental Europe and China, as well arrangements or other flexible work arrangements.
as sales operations in markets across the globe. If automotive demand
In addition, the COVID-19 pandemic is also having an impact on the
softens because of lower or negative economic growth in key markets
health and well-being of the Company’s employees and some of the
or due to other factors, Jaguar Land Rover’s business, prospects,
Company’s employees have lost their lives as a result of the pandemic.
financial condition and results of operations could be materially and
This could impact the morale and well-being of Company’s employees
adversely affected as a result. In addition, , there is uncertainty as to
and it may be compelled to provide additional support to the families
whether changes to laws and policies governing international trade,
of those people who have lost their lives. For instance, the Company
tariffs and duties on foreign vehicle imports will be introduced, which
has continued its policy of making one-time payments representing 20
could have a material adverse effect on Jaguar Land Rover’s financial
months basic salary ( i.e. total monthly fixed pay excluding allowances
condition and results of operations.
and perquisites) and a monthly allowance representing 50% of basic
salary until superannuation to the families of employees who lost their

lives due to COVID-19. Various other initiatives have been announced, Write offs and Impairment of tangible and intangible assets
such as making payments to temporary (contractual) workforce in the may have a material adverse effect on Company’s results of
period of lockdowns and not deducting existing leaves but granting operations.
special leave for employees diagnosed with COVID-19. While the
Designing, manufacturing and selling vehicles is capital intensive and
Company has been engaging with the Unions and workmen on an
requires substantial investments in tangible and intangible assets
ongoing basis and they have been very collaborative during these
such as research and development, product design and engineering
challenging times, the Company may face challenges in its industrial
technology. Company reviews the value of its tangible and intangible
relations relating to the employee matters relating to the COVID-19
assets to assess on an annual basis or trigger events basis whether the
pandemic and the uncertainties involved.
carrying amount for an asset is less than the recoverable amount for
While there have been disruptions as a result of COVID-19 pandemic that asset. Such reviews are based on underlying cash-generating units
and semiconductor shortages, the Company is managing the situation (“CGUs”) (such as Commercial Vehicles, Passenger Vehicles, Jaguar
dynamically and plants are functioning with rigorous and clearly Land Rover and Vehicle Financing), either based on value in use (“VIU”)
defined health and safety protocols. The Supply arrangements for raw or fair value less cost of disposal of an asset. As a result of shifting
materials have been, and may continue to be, impacted as a result of the focus to the Reimagine strategy announced by Company’s Jaguar Land
COVID-19 pandemic. Company may be compelled to provide additional Rover business in February 2021 a total of GBP1,486 million (`14,994
support for its suppliers as a result of the COVID-19 pandemic. crores) exceptional charge was recorded in Q4 FY 2020-21 comprising
one-time non-cash write downs of around GBP 952 million (`9,606
The Company’s financial condition and results have also been affected
crores) for previously planned products that will not be completed and
as a result of the COVID-19 pandemic. As part of mitigating actions, the
approximately GBP 534 million (`5,388 crores) of other restructuring
Company implemented rigorous cost and capital expenditure control
costs. Company may bear further impairment losses in the future if
measures for its standalone business and achieved cumulative cash
the carrying amount of tangible and intangible assets exceeds the
and cost savings of `9,300 crores against targets of `6,000 crores in FY
recoverable amount, which could have a material adverse effect on its
2020-21 (based on analytically derived unaudited estimates comprising
business, prospects, financial condition and results of operations.
savings of `2,600 crores in investment spending, `4,500 crores in
working capital and `2,200 crores in cost and profits against targets Disruptions to the Company’s supply chains and shortages of
of `3,000 crores, `1,500 crores and `1,500 crores, respectively). essential raw materials may adversely affect its production
The Company continues to monitor the evolving COVID-19 pandemic and results of operations.
situation in India and undertake necessary steps for the rationalisation Company relies on third parties to source raw materials, parts and
of Capital expenditure and implementation of further cash improvement components used in the manufacture of its products. At the local level,
measures. Tata Motors Limited’s total product and other investment Company relies on smaller enterprises where the risk of insolvency
spending is expected to be in the range of Rs. 3,500 crores in FY is greater. Furthermore, for some parts and components, Company is
2021-22. JLR’s focus has been on conserving cash and prioritizing dependent on a single source. Company’s ability to procure supplies
capital expenditure on key products. As part of Jaguar Land Rover’s in a cost-effective and timely manner or at all is subject to various
Project Charge and Charge+ programs GBP2.5 billion of cost and factors, some of which are not within its control. In addition, there is
cash efficiencies (based on analytically derived unaudited estimates a risk that manufacturing capacity does not meet the sales demand
comprising of GBP0.4 billion in working capital, GBP1.0 billion in thereby compromising Company’s business performance. Given the
investment and GBP1.1 billion in cost and profits) were achieved in time frames and investments required for any adjustment to the supply
Fiscal 2021, leading to cumulative savings of GBP6 billion (based on chain, there is no near-term remedy for such a risk. While Company
analytically derived unaudited estimates comprising of GBP1.0 billion manages its supply chain as part of its supplier management process,
in working capital, GBP2.9 billion in investment and GBP2.1 billion in any significant problems or shortages of essential raw materials in the
cost and profits) over the duration of the Charge and Charge + programs future could adversely affect Company’s results of operations.
from Fiscal 2019 to Fiscal 2021. Capital expenditure guidance for JLR
in FY 2021-22 is around GBP2.5 billion with the refocus transformation The ongoing COVID-19 pandemic may lead to further disruptions in
program announced under the Reimagine strategy expected to continue the supply chains in India and globally. Company’s suppliers of critical
to maintain the financial discipline successfully deployed previously components are located across the world and some of them have
under Project Charge and Charge+. declared provisions related to force majeure under relevant contracts.
Thus, Company expects disruptions, at uncertain frequencies, in
Further, the COVID-19 pandemic and the resulting business disruptions operations at its global and Indian tier 1, 2 and 3 suppliers leading to
in several jurisdictions where the Company operates had and may inconsistent supplies.
continue to have a material adverse impact on its operations, liquidity,
business, financial conditions and/or credit ratings. Any future impact In response to the COVID-19 pandemic, various national, state, and
on Company’s business may take some time to materialize and local governments where Company and its suppliers operate issued
certain levels of disruption are expected for FY 2021-22. Even after decrees prohibiting certain businesses from continuing to operate and
the COVID-19 pandemic subsides, the Company may continue face certain workers from reporting to work. Those decrees have resulted
uncertainties regarding the potential impact of variants of COVID-19 in supply chain disruptions and higher absenteeism in Company’s
and sustainability of any economic recovery in the jurisdictions in facilities or the suppliers’ factories. It remains unclear how long these
which it operates, as well as experience an adverse impact to the decrees will remain in place, whether decrees will be re-imposed, what
Company’s business as a result of its global economic impact, including additional decrees may be instituted, and the impact they may have on
any recession that has occurred or may occur. Specifically, difficult the Company and its suppliers.
macroeconomic conditions, such as decreases in per capita income and The Company may be compelled to provide additional support for
level of disposable income, increased and prolonged unemployment or its suppliers as a result of the COVID-19 pandemic. The Company is
a decline in consumer confidence as a result of the COVID-19 pandemic working closely with its suppliers to monitor the risks by, among other
could have a continuing adverse effect on demand for Company’s matters, defining inventory maintenance norms, building safety stocks,
products, as well as limit or significantly reduce points of access to such exploring localization options and exploring alternative sources,
products. among others.

Deterioration in automobile demand and lack of access to sufficient which Company uses in the production of vehicle electronics. Rare earth
financial arrangements for Company’s supply chain could impair the metal prices and supply remain uncertain. China which is currently the
timely availability of components to its business. In addition, if one or largest producer of rare earths in the world has, in the past, limited the
more of the other global automotive manufacturers were to become export of rare earths from time to time.
insolvent, this would have an adverse impact on the supply chains
and may further adversely affect Company’s results of operations. If Company is unable to find substitutes for such raw materials or pass
Jaguar Land Rover is also exposed to supply chain risks relating to price increases on to customers by raising prices, or to safeguard the
lithium-ion cells, which are critical for its electric vehicle production. supply of scarce raw materials, the Company’s vehicle production,
Any disruption in the supply of battery cells from such suppliers could business and results from operations could be materially affected.
disrupt production of the JLR’s vehicles and delay the roll out of JLR’s The Company is also exposed to supply chain risks relating to
strategic initiatives, including Reimagine Strategy which envisions semiconductors and lithium-ion cells, which are critical for its electric
launch of the all-electric Land Rover model in 2024. The severity of vehicle production. Any disruption in the supply of auto chips, battery
this risk is likely to increase as the Company and other manufacturers charging systems or battery cells from such suppliers could disrupt
expand the production of electric vehicles and the demand for such production of the Company’s vehicles. The severity of this risk is likely
vehicles increases. to increase as the Company and other manufacturers increase electric
vehicle production.
Additionally, many major automotive companies have been
experiencing a shortage of semiconductors, used in the production While the Company continues to pursue cost reduction initiatives, an
of automobiles, charging stations and other components of electric increase in commodity prices and the prices of input materials could
vehicles. Jaguar Land Rover, like other automotive manufacturers, severely impact its profitability to the extent such increase cannot be
is currently experiencing some COVID-19 supply chain disruptions, absorbed by the market through price increases and/or could also have
including the global availability of semi-conductors, which is having an a negative impact on demand. For example, in recent months, there has
impact on its production schedules and ability to meet global demand been significant increase in price of raw materials, especially Steel. In
for some of its vehicles. As a result, Jaguar Land Rover has adjusted addition, because of intense price competition and fixed costs base,
production schedules for certain vehicles from April 26, 2021 and the Company may not be able to adequately address changes in commodity
manufacturing facilities at Castle Bromwich and Halewood are operating prices even if they are foreseeable.
a limited period of non-production until semiconductor supply pressures
ease. Any prolonged shortages in the semiconductor industry in future The Company manages these risks through the use of fixed supply
could affect Jaguar Land Rover’s business; in particular in the roll out contracts with tenor up to 12 months and the use of financial derivatives
of Jaguar Land Rover’s reimagine strategic initiative for expansion into pursuant to a defined hedging policy, where possible (see “—Exchange
electric vehicles, which use roughly four to six times the amount of rate and interest rate fluctuations and hedging arrangements could
semiconductors used in the average vehicle today. For the Company’s materially and adversely affect Company’s financial condition and
Indian operations, while the impact on production is relatively muted at results of operations.”). However, these arrangements may not
present, if the situation of semiconductor shortages continues, it could adequately protect the Company against these risks.
have adverse impact on production, which would materially affect the
Company’s business, financial condition and results of operations.
Intensifying competition could materially and adversely affect
Various mitigation steps such as close engagement with Semi- the Company’s business, prospects, financial condition and
conductor suppliers, evaluating alternate designs, aligning production results of operations.
and making changes in product configurations are being deployed. The global automotive industry is highly competitive, and competition
is likely to further intensify, particularly in the premium automotive
The Company has also entered into agreements for the purchase of
categories including from new industry entrants. Some of the
components from certain suppliers. If the Company procures lower
Company’s competitors based in the European Union may gain a
quantities than committed, it may have to record provisions towards
competitive advantage that would enable them to benefit from their
such contracts, thereby impacting its financial condition and results
access to the European Union single market. There is no assurance
of operations.
that the Company will be able to compete successfully in the global
Increases in commodities and input prices may have a material automotive industry in the future.
adverse effect on Company’s results of operations.
Company also faces strong competition in the Indian market
The Company purchases a wide range of raw materials to enable its
from domestic and foreign automobile manufacturers. Improving
production operations. In FY 2020-21 and FY 2019-20, the consumption
infrastructure and growth prospects in India, compared to those of other
of raw materials, components aggregates and purchase of products for
mature markets, have attracted a number of international companies
sale (including changes in inventory) constituted 62.9 % and 63.5%,
to India, either through joint ventures with local partners or through
respectively, of Company’s revenues. Prices of commodity items used
in manufacturing automobiles, including steel, aluminum, copper, zinc, independently owned operations in India. International competitors
rubber, platinum, palladium and rhodium, have become increasingly may bring with them international experience, global scale, advanced
volatile in recent years. Prices of commodity items such as steel, non- technology and significant financial resources. Consequently, domestic
ferrous metals, precious metals, rubber and petroleum products have competition is likely to further intensify in the future. Company has seen
generally risen in recent years and may significantly rise in the future. increased competition for its Commercial Vehicles business for several
years, and as a result, its market share has witnessed pressures. If the
The COVID-19 pandemic has a significant impact on the supply of Company’s market share in this segment is substantially impacted, it
precious metals as certain countries where such precious metals are will materially and adversely affect its business, prospects, financial
mined had prolonged lockdown. Thereafter increased demand for condition and results of operations. There is no assurance that the
personal mobility has created supply side constraint for these metals.
Company will be able to implement its future strategies in a way that will
In addition, the Company is exposed to the risk of contraction in the mitigate the effects of increased competition in the Indian automotive
supply, and a corresponding increase in the price of rare earth metals, industry.

In addition, if the Company’s competitors consolidate or enter into other and financial condition. In addition, there is a risk that the Company’s
strategic partnerships or joint ventures, they may be able to achieve greater quality standards can be maintained only by incurring substantial
economies of scale. Some of the Company’s competitors have formed costs for monitoring and quality assurance. A decrease in the quality
such strategic alliances in recent years. If the Company’s competitors of the Company’s vehicles (or public perception of such a decrease)
are able to benefit from the cost savings offered by consolidation or could damage the Company’s image and reputation as a premium
strategic partnerships, the Company’s competitiveness could be automobile manufacturer and materially affect the Company’s business,
adversely affected. Further, the Company’s growth strategy relies on prospects, financial condition and results of operations. Furthermore,
the expansion of its operations in less mature markets abroad, where non-traditional market participants and/or unexpected disruptive
it may face significant competition and higher than expected barriers innovations may disrupt the established business model of the industry
to entry. by introducing new technologies, distribution models and methods of
transportation
A significant reliance on key markets by both Tata Motors and
Jaguar Land Rover increases the risk of a negative impact There is also a risk that the capital invested on researching and
from reduced customer demand in those countries developing new technologies, including autonomous, connected and
The Company relies on certain key markets, including the United electrification technologies, or the capital invested in mobility solutions
Kingdom, China, North America, India and continental Europe, from to overcome and address future travel and transport challenges,
which it derives substantial portion of its revenues. A decline in demand will, to a considerable extent, have been spent in vain, because
for the Company’s vehicles in these major markets may, significantly the technologies developed or the products derived therefrom are
impact its business, financial condition and results of operations. For unsuccessful in the market or exhibit failures that are impracticable
example, adverse public perceptions towards diesel powered vehicles, or too costly to remedy or because competitors have developed better
resulting from emissions scandals and tax increases on diesel vehicles, or less expensive products. It is possible that the Company could then
have precipitated a sharp fall in diesel vehicle sales, primarily in the be compelled to make new investments in researching and developing
United Kingdom and the European Union. In addition, the Company’s other technologies to maintain its existing market share or to win back
strategy, which includes new product launches and expansion into the market share lost to competitors.
growing markets, may not be sufficient to mitigate a decrease in In addition, product development cycles can be lengthy, and there is no
demand for its products in mature markets in the future, which could assurance that new designs, including electric and hydrogen propelled
have a significant adverse impact on its financial performance. vehicles will lead to revenues from vehicle sales, or that the Company
The Company’s future success depends on its ability to satisfy will be able to accurately forecast demand for its vehicles, potentially
changing customer demands by offering innovative products leading to inefficient use of its production capacity. Additionally,
in a timely manner and maintaining product competitiveness the Company’s high proportion of fixed costs, due to its significant
and quality. investment in property, plants and equipment, further exacerbates the
risks associated with incorrectly assessing demand for its vehicles.
New technologies, climate change concerns, increases in fuel prices and
certain government regulations have resulted in changes in customer If the Company is unable to effectively implement or manage
preferences and have encouraged customers to look beyond standard its growth strategy and strategy to deliver competitive
purchasing factors (such as price, design, performance, brand image business efficiency, Company’s business, prospects, financial
and features). Customer preferences in certain more mature markets condition and results of operations could be materially and
have trended towards smaller and more fuel-efficient or electric and adversely affected.
environmentally friendly vehicles. Such consumer preferences could As part of Company’s growth strategy, the Company may open new
materially affect Company’s ability to sell premium Passenger Cars manufacturing, research or engineering facilities, expand existing
and large or medium-sized all-terrain vehicles at current or target facilities, add additional product lines or expand its businesses into new
volume levels, and could have a material adverse effect on Company’s geographical markets that feature higher growth potential than many
general business activity, net assets, financial position and results of the more mature automotive markets in developed countries.
of operations.
While Tata Motors Limited has undertaken robust turnaround actions,
A shift in consumer demand from SUVs toward compact and mid-size its future strategy focuses on accelerating the turnaround and achieving
Passenger Cars, whether in response to higher fuel prices or other a sustainable transformation by emphasizing on strong product
factors, could adversely affect Company’s profitability. Conversely, if development, sales enhancement, reducing costs and achieving bottom
the trend in consumer preferences for SUVs holds, the Company could line improvement. There are several key actions in progress, including
face increased competition from other carmakers as they adapt to the further developing design language, rationalizing supply base and
market and introduce their own SUV models, which could materially and building connected supply chain for better efficiencies, seeking for best
adversely impact the Company’s business, financial condition or results opportunities to make technology affordable, introducing new features
of operations. The Company’s operations may also be significantly for benefit of customers, driving manufacturing efficiencies, building
affected if it fails to develop, or experience delays in its planned roll a strong performance oriented culture and using data analytics and
out of fuel-efficient and electric vehicles and certain technologies leveraging on new technologies.
that reflect changing customer preferences and meet the specific
requirements of government regulations. The Company’s competitors In February 2021, Jaguar Land Rover also announced the new
may gain significant advantages if they are able to offer products Reimagine strategy including the introduction of the first all-electric
satisfying customer needs or government regulations earlier than Land Rover vehicle in 2024 followed by a further five Land Rover
the Company is able to, which could adversely affect the Company’s models with a full battery electric option by 2026. At the same time,
business, prospects, financial condition and results of operations. Jaguar will emerge as a pure-electric only brand from 2025. The
Reimagine Strategy also targets the production of more sustainable
Further, there is no assurance that the Company’s new models will and fully electric luxury vehicles including the ambitious goal of
meet its sales expectations, in which case the Company may be unable having a fully electric fleet of luxury vehicles by the end of the decade
to realize the intended economic benefits of its investments, which and 100% of sales from pure battery electric vehicles by 2036, as
would materially affect the Company’s business, results of operations well as striving toward achieving net zero carbon emissions across

its supply chain, among other environmentally driven strategies by Liquidity—Loan Covenant under Management Discussion and Analysis
2039. Expanding into electric vehicles with the goal of completely for more information.
phasing out Jaguar Land Rover’s pure internal combustion engine line
The Company is also subject to various types of restrictions or
of vehicles within the next ten years involves many risks, including
impediments on the ability of its companies in certain countries
rapidly changing consumer preferences and technological advances.
to transfer cash across its companies through loans or dividends.
The technology surrounding the engines, batteries, and charging times
These restrictions or impediments are caused by exchange controls,
of electric vehicles remains in its initial stages, and as such, it may not
withholding taxes on dividends and distributions and other similar
grow in the way that Company has predicted for its strategic initiatives
restrictions in the markets in which the Company operates. The
to be successful. For example, Jaguar Land Rover may not be able to
transfer of cash is also subject to certain restrictions on cash
develop sufficiently efficient batteries before its competitors or not at
pooling, intercompany loan arrangements or interim dividends in
all. As with most new technological advances, Jaguar Land Rover may
certain jurisdictions.
also face competition with dueling software and hardware technologies
in electric vehicles, which could lead to the dominance of one product Any credit ratings assigned to the Company or its debt securities may
in the market causing the extinction of the other. If Jaguar Land Rover not reflect the potential impact of all risks related to structural, market,
is unable to develop competitive models of electric vehicles or fails to additional risk factors discussed and other factors that may affect the
meet its projected timeline, its business, prospects, financial condition value of its debt securities. Credit rating agencies continually review
and results of operations could be adversely affected. Moreover, rapid the ratings they have assigned and their ratings may be subject to
technological growth and shifts in consumer demand for the latest revision, suspension or withdrawal by the rating agency at any time.
product could lead to electric vehicles being replaced by the next class A downgrade in the Company’s credit rating may negatively affect
of technologically advanced vehicles sooner than anticipated. If electric its ability to obtain future financing to fund its operations and capital
vehicles do not become the market standard, or are quickly phased out, needs, which may affect its liquidity. It may also increase the Company’s
Jaguar Land Rover may not recoup its costs associated with developing financing costs by increasing the interest rates of its outstanding debt
an all-electric fleet of Jaguar Land Rover vehicles. or the interest rates at which the Company is able to refinance existing
debt, incur additional debt or may require the Company to prepay part
Additionally, the Company faces a range of risks generally inherent in
of the outstanding debt. A credit rating is not a recommendation to buy,
its business strategies that could adversely affect its ability to achieve
sell or hold securities.
these objectives, including, but not limited to: the potential disruption
of its business; the uncertainty that it may not be able to meet or The Company’s production facilities are highly regulated
anticipate consumer demand; the uncertainty that a new business will and it may incur significant costs to comply with, or address
achieve anticipated operating results; the difficulty of managing the liabilities under, environmental, health and safety laws and
operations of a larger company; the difficulty of competing for growth regulations applicable to them.
opportunities with companies that have greater financial resources The Company’s production facilities are subject to a wide range of
than the Company has; and other similar operational and business increasingly strict environmental, health and safety requirements.
risks. More specifically, the Company’s international businesses face These requirements address, among other things, air emissions,
a range of risks and challenges, including, but not limited to: language wastewater discharges, releases into the environment, human exposure
barriers, cultural differences, inherent difficulties and delays in contract to hazardous materials, the storage, treatment, transportation and
enforcement and the collection of receivables under the legal systems disposal of wastes and hazardous materials, the investigation and
of foreign countries, the risk of non-tariff barriers, regulatory and clean-up of contamination, process safety and the maintenance of
legal requirements, environmental permits and other similar types of health and safety conditions in the workplace. Many of the Company’s
governmental consents, liquidity, trade financing or cash management operations require permits and controls to monitor or reduce pollution.
facilities, export and import restrictions, multiple tax regimes, foreign The Company has incurred, and will continue to incur, substantial
investment restrictions, foreign exchange controls and restrictions on on-going capital and operating expenditures to ensure compliance
repatriation of funds, other restrictions on foreign trade or investment with current and future environmental, health and safety laws and
sanctions imposed by the United States, the United Nations or other regulations or their more stringent enforcement. Violations of these
governments or authorities the burden of complying with a wide laws and regulations could result in the imposition of significant
variety of foreign laws and regulations and other similar operational fines and penalties, the suspension, revocation or non-renewal of the
and business risks. If Company is unable to manage risks related to Company’s permits, production delays or limitations, imprisonment,
its expansion and growth in new geographical markets and fails to or the closure of the Company’s plants. Other environmental, health
establish a strong presence in high growth markets, the Company’s and safety laws and regulations could impose restrictions or onerous
business, prospects, financial condition and results of operations could conditions on the availability or the use of raw materials the Company
be adversely affected. needs for its manufacturing process. Violations of such laws and
Company is exposed to liquidity risks, including risks related regulations may occur, among other ways, from errors in monitoring
to changes in its credit rating, which could adversely affect emissions of hazardous or toxic substances from the Company’s
the value of its debt securities, finance costs and its ability to vehicles or production sites into the environment, such as the Company’s
obtain future financing. use of incorrect methodologies or defective or inappropriate measuring
equipment, errors in manually capturing results, or other mistaken or
The Company’s main sources of liquidity are cash generated from
unauthorized acts of the Company’s employees, suppliers or agents.
operations, existing notes, external debt in the form of factoring
discount facilities and other revolving credit facilities. However, The Company’s manufacturing units must ensure compliance
conditions in credit markets could deteriorate (including as a result with various environmental statutes, including in India, the Water
of higher oil prices, excessive public debt, significant defaults, the (Prevention and Control of Pollution) Act, 1974, the Air (Prevention
COVID-19 pandemic or for any other reasons) and lower consumer and Control of Pollution) Act, 1981, the Environment Protection
demand may adversely affect both consumer demand and the cost Act, 1986 and the Hazardous and Other Wastes (Management and
and availability of finance for the Company’s business and operations. Transboundary Movement) Rules, 2016 as well as the rules and
See Liquidity and Capital Resources—Principal Sources of Funding regulations implemented under such legislation.

The Corporate Average Fuel Economy (“CAFÉ”) standards applicable formerly operated, regardless of whether Jaguar Land Rover caused
to M1 category vehicles required the Company to demonstrate CAFE the contamination or the activity causing the contamination was legal
compliance for the Company’s Passenger Vehicles, Commercial at the time it occurred. For example, some of Jaguar Land Rover’s
Vehicles and Electric Vehicles M1 models. Any non-compliance could buildings at its Solihull plant and other plants in the United Kingdom are
lead to penalties, product recalls and/or other punitive measures. TML undergoing an asbestos removal program in connection with ongoing
has successfully complied with the Phase 1 CAFE requirements for FY refurbishment and rebuilding. In Jaguar Land Rover’s overseas facilities
2017, FY 2018 and FY 2019. Through the use of the CAFE calculator, prior to purchase, it undertook studies that informed it of the presence
Company regularly monitors production volumes and process to ensure of contamination or otherwise in the ground prior to development. In
that organizational level CAFE compliance (which will require TML to Brazil, Jaguar Land Rover’s manufacturing site is adjacent to a facility
produce enough fuel-efficient models to compensate for those models (the “Itatiaia West” site), where organic solvent contamination of the
having higher CO2 emissions in g/km) is established at all times during ground had previously occurred. Jaguar Land Rover has purchased
the year. In addition, to support the Company’s compliance obligations, the Itatiaia West site and is currently progressing relevant permits
the Company’s overall product portfolio needs to be enhanced with the for operation and developing plans for further remediation of the
incorporation of electric and hybrid vehicles as well as the inclusion organic solvent contamination. The Itatiaia West site is listed on the
of environmental-friendly technological features in existing and Environmental Regulators site (Instituto Estadual do Ambiente) as
forthcoming models. contaminated. Some of these historical issues are being addressed in
conjunction with Jaguar Land Rover’s site development works whilst
In 2016, the Indian Ministry of Environment, Forests & Climate Change
others are subject to ongoing treatment regimes.
(“MoEFCC”) re-vamped several national level legislations governing
waste management, including the Plastic Waste Management Rules In connection with contaminated properties, as well as operations
2016, the Bio-Medical Waste (BMW) Management Rules 2016, e-waste generally, Company also could be subject to claims by government
Management Rules-2016 - and the Construction and Demolition (C&D) authorities, individuals and other third parties seeking damages for
Waste Management Rules 2016. All the Company’s plants have alleged personal injury or property damage or damage to natural
analyzed these new regulations for its applicability and aligned their resources resulting from hazardous substance contamination or
compliance practices accordingly. exposure caused by Company’s operations, facilities or products. The
discovery of previously unknown contamination, or the imposition of
The Company’s business and manufacturing processes result in the
new obligations to investigate or remediate contamination at Company’s
emission of greenhouse gases such as carbon dioxide. The Company
facilities, could result in substantial unanticipated costs. Company could
expects legal requirements to reduce greenhouse gases to become
be required to establish or substantially increase financial reserves for
increasingly more stringent and costly to address over time. For
such obligations or liabilities and, if the Company fails to accurately
example, the European Union Emissions Trading Scheme (“EU ETS”), a
predict the amount or timing of such costs, the related adverse impact
European Union-wide system in which allowances to emit greenhouse
on the Company’s business, prospects, financial condition or results of
gases are issued and traded, is now in Phase IV and currently applies
operations could be material.
to three manufacturing facilities in the United Kingdom, and for Jaguar
Land Rover’s Slovakia manufacturing facility. The free allocation of Company is subject to risks associated with the automobile
EUETS carbon allowances significantly reduces in Phase 4 of the financing business.
scheme (from start of 2021) and, as a result, the JLR will be required to The sale of Company’s Commercial Vehicles and Passenger Vehicles is
purchase an increased number of allowances, potentially at substantial heavily dependent on funding availability for Company’s customers. In
cost. This forecast is subject to evaluation by the United Kingdom post- recent years, rising delinquencies and early defaults have contributed
Brexit as it begins to design its own carbon market. In any event, there to a reduction in automobile financing, which, in turn, has had an adverse
will be a cost to purchase credits in Slovakia and that will be covered effect on funding availability for potential customers. This reduction
following EU ETS permit application and issue. in available financing may continue in the future and have a material
In the United Kingdom, the Climate Change Agreement (“CCA”) covers adverse effect on Company’s business, prospects, financial condition
Jaguar Land Rover’s three vehicle manufacturing plants and one of and results of operations.
its Special Operations facilities. Under the CCA, Jaguar Land Rover is Default by Company’s customers or inability to repay installments
required to deliver a 15% reduction in energy use per vehicle by 2020 as due could materially and adversely affect its business, prospects,
compared to the 2008 baseline. In addition, in the United Kingdom financial condition, results of operations and cash flows. In addition, any
Jaguar Land Rover is required to comply with the Streamlined Energy downgrade in Company’s credit ratings may increase its borrowing costs
and Carbon Reporting Scheme (“SECR”) which replaced reporting and restrict its access to the debt markets. Over time, and particularly
under the previous regime in 2020 and is compulsory for operations of in the event of any credit rating downgrade, market volatility, market
entities in the United Kingdom. disruption, regulatory changes or otherwise, the Company may need
The Best Available Techniques Reference Document (“BREF”) for Jaguar to reduce the amount of financing receivables it originates, which could
Land Rover’s paint shops has been under review and in 2019 changes severely disrupt Company’s ability to support the sale of its vehicles.
were proposed, including the lowering of permissible emissions to Transportation and logistics sector was facing significant headwinds
30g/m2. Although the United Kingdom has adopted all EU legislation, even before the COVID-19 pandemic, due to sluggish growth in freight
including any EU regulation, as it had effect in EU law immediately availability and rates. This was exacerbated on account of lockdowns
before Brexit, there can be no assurance that it will not deviate from the and other COVID-19 pandemic related measures introduced by local
EU standards in the future. In any event, Jaguar Land Rover’s paint shop and national governments. During the current financial year the
in Slovakia will need to meet this requirement. Government of India (the “GOI”) and Reserve Bank of India (the “RBI”)
Many of Jaguar Land Rover’s sites have an extended history of has announced several relief measures to ease the financial system
industrial activity. Jaguar Land Rover may be required to investigate stress resulting from the COVID-19 pandemic outbreak in India which
and remediate contamination at those sites, as well as properties it include

• Moratorium of six months for dues falling between March 1, 2020 Deterioration in the performance of any of the Company’s
to August 31, 2020; subsidiaries, joint ventures or affiliates could materially
• asset classification standstill benefit to over dues accounts where and adversely affect its results of operations and financial
moratorium has been granted; condition.
Company has made and may continue to make capital commitments to
• one-time restructuring allowed for eligible borrower accounts of
its subsidiaries, joint ventures and affiliates. If the business or operations
Micro, Small & Medium Enterprises without downgrade in asset
of any of these subsidiaries, joint ventures and affiliates deteriorate, the
classification;
value of Company’s investments may decline substantially. Company
However, such regulatory measures are temporary in nature and is also subject to risks associated with joint ventures and affiliates
intended as a one-time relief, and there remains a still considerable wherein it retains only partial or joint control.
uncertainty around the impact of the COVID-19 pandemic, especially
Jaguar Land Rover entered into a joint venture with Chery Automobile
due to recent resurgence of COVID-19 cases in India. This uncertainty
Company Ltd. (“Chery”) in China to develop, manufacture and sell
is reflected in the Company’s assessment of impairment loss allowance
certain Jaguar Land Rover vehicles and at least one own-branded
on its loans that are subject to a number of management judgements and
vehicle in China (the “China Joint Venture”). Additionally, in March 2018,
estimates. Company has held adequate provision for impairment loss
Jaguar Land Rover announced its strategic partnership with Waymo
allowance on its loans based on the historical experience, collection
LLC (“Waymo”) to develop the world’s first premium self-driving electric
efficiencies, internal assessment and other emerging forward looking
vehicle. In June 2019, Jaguar Land Rover announced a collaboration
factors on account of the pandemic. However, the actual impact may
with BMW to develop the next-generation Electric Drive Units to
vary due to prevailing uncertainties caused by the pandemic. The
support the advancement of electrification technologies. Jaguar Land
Company continues to closely monitor the macro economic factors
Rover may also decide to collaborate with other companies in order to
affecting its operations.
develop future technologies and initiatives, including but not limited
Jaguar Land Rover has consumer finance arrangements in place with to the dedicated BEV Jaguar architecture in the near future. Joint
Black Horse Limited (part of the Lloyds Banking Group) in the United ventures and strategic partnership projects, like Jaguar Land Rover’s
Kingdom, FCA Bank S.p.A. (a joint venture between Fiat Auto and Crédit joint venture in China, partnership with Waymo and collaboration with
Agricole) in major European markets and Chase Auto Finance in the BMW, may be developed pursuant to agreements over which it only has
United States and have similar arrangements with local providers in a partial or joint control.
number of other key markets. Any reduction in the supply of available
If the business or operations of any of these subsidiaries, joint ventures
consumer financing for the purchase of new vehicles or an increase in
and affiliates deteriorate, the value of Company’s investments may
the cost thereof would make it more difficult for some of its customers
decline substantially and may impact its overall financial position
to purchase its vehicles, which could put Jaguar Land Rover under
and liquidity. If there is a significant change in these relationships
commercial pressure to offer new (or expand existing) retail or dealer
(for example, if a co-owner changes or relationships deteriorate),
incentives to maintain demand for its vehicles, thereby materially and
Company’s success in the joint venture may be materially affected.
adversely affecting the its sales and results of operations. For example,
during the global financial crisis, several providers of customer finance Company is also subject to risks associated with Joint ventures and
reduced their supply of consumer financing for the purchase of new affiliates wherein Company retains only partial or joint control. If other
vehicles. Additionally, base interest rates in developed economies shareholders of a joint venture, who may have different business or
are low. As interest rates rise generally, market rates for new vehicle investment strategies than Company does or with whom Company
financing are expected to rise as well, which may make Company’s may have a disagreement or dispute, have the ability to block business,
vehicles less affordable to retail consumers or steer consumers to financial or management decisions, or Company’s investment in the
less expensive vehicles that tend to be less profitable for us, adversely project, or otherwise implement initiatives that may be contrary to
affecting Company’s business, prospects, financial condition and Company’s interests, Company’s future results and financial condition
results of operations. Additionally, if consumer interest rates increase may be materially affected.
substantially or if financial service providers tighten lending standards
The Company is subject to risks associated with product
or restrict their lending to certain classes of credit, consumers may
liability, warranties and recalls.
not desire to or be able to obtain financing to purchase or lease the
Company’s vehicles. An increase in interest rates due to tightening The Company is subject to risks and costs associated with product
monetary policy or for any other reason would result in increased costs liability, warranties and recalls in connection with performance,
for Company to the extent Company decides to absorb the impact of compliance or safety related issues affecting its vehicles. From time
such increase. As a result, a substantial increase in consumer interest to time, Company may be subject to investigations by governmental
rates or tightening of lending standards could have a material adverse authorities relating to safety and other compliance issues with
effect on the business, prospects, financial condition and results of its vehicles. In particular, as Company’s vehicles become more
operations. technologically advanced, Company is subject to risks related to
their software and operation, including Company’s advanced driver
Furthermore, Jaguar Land Rover offers residual value guarantees on assistance systems automation. The Company may be required to
the purchase of certain leases in some markets. The value of these expend considerable resources in connection with product recalls and
guarantees is dependent on used car valuations in those markets at the these resources typically include the cost of the part being replaced and
end of the lease, which is subject to change. Consequently, Jaguar Land the labor required to remove and replace the defective part. In addition,
Rover may be adversely affected by movements in used car valuations product recalls can cause Company’s consumers to question the safety
in these markets. or reliability of its vehicles, which may harm its reputation. Any harm
to Company’s reputation may result in a substantial loss of customers.
For example, Jaguar Land Rover commenced remediatory action in

connection with the Takata Corporation‘s passenger airbag safety that might result from market fluctuations in currency exposures.
recall announced in May 2015 in the United States by the National These hedging transactions can also result in substantial losses,
Highway Traffic System Administration (the “NHTSA”). Following the including, without limitation, when a counterparty does not perform
initial provision of GBP67.4 million, the provision held at the end of FY its obligations under the applicable hedging arrangement, there are
2020-21 with respect to the recall is GBP 29 million. currency fluctuations, the arrangement is imperfect or ineffective, or
Company’s internal hedging policies and procedures are not followed
Furthermore, the Company may also be subject to class actions or other
or do not work as planned.
large-scale lawsuits pertaining to product liability or other matters in
various jurisdictions in which the Company has a significant presence. In addition, because Company’s potential obligations under the financial
The use of shared components in vehicle production increases this risk hedging instruments are marked to market, Company may experience
because individual components are deployed in a number of different quarterly and annual volatility in its operating results and cash flows
models across the Company’s brands. Any costs incurred or lost sales attributable to its financial hedging activities.
caused by product liability, warranties and recalls could materially
Any of the above may have a material adverse effect on Company’s
affect Company’s business and reputation.
financial condition, results of operations and liquidity.
Exchange rate and interest rate fluctuations and hedging
Changes or uncertainty in respect of LIBOR and/or SONIA may
arrangements could materially and adversely affect the
affect some Company’s financing arrangements.
Company’s financial condition and results of operations.
Some of Company’s financing arrangements are, or may in the future be,
The Company’s operations are subject to risks arising from fluctuations
linked to LIBOR and/or SONIA (as defined below). LIBOR has been the
in exchange rates with reference to countries in which it operates. The
subject of recent national, international and other regulatory guidance
Company imports capital equipment, raw materials and components
and proposals for reform. As a result, GBP LIBOR will cease to exist from
from, manufacture vehicles in, and sell vehicles into, various countries,
January 1, 2022 while USD LIBOR will cease to exist from July 1, 2023. On
and therefore, the Company’s revenues and costs have significant
November 29, 2017, the Bank of England and the United Kingdom Financial
exposure to the relative movements of the GBP, the U.S. dollar, the
Conduct Authority (the “FCA”) announced that the market working group
Euro, the Russian Ruble, the Chinese Renminbi, the Singapore dollar,
on Sterling Risk-Free Rates would have an extended mandate to catalyze
the Japanese yen, the Australian dollar, the South African rand, the
a broad transition from LIBOR to the Sterling Over Night Index Average
Thai baht, the Korean won and the Indian rupee. Jaguar Land Rover
rate (“SONIA”) across sterling bond, loan and derivatives markets so that
is exposed to a strengthening British pound, since this would diminish
SONIA is established as the primary sterling interest rate benchmark
the sterling value of its overseas sales. Although a trade agreement
by the end of 2021. On April 23, 2018, the Bank of England took over
between the UK and European Union was agreed in December 2020
administration of SONIA and issued a series of reforms as part of its
and tariffs have been avoided to date, the United Kingdom’s exit
implementation as a replacement to LIBOR. From April 2018, the Bank
from the European Union has driven additional customs and other
of England has been setting the interest rate benchmark using SONIA,
administrative frictions that may persist and ultimately impact the UK
meaning that banks are no longer compelled by the FCA to submit LIBOR
economy, thereby causing further volatility in the value of the British
rates beyond 2021. On March 5, 2021, the FCA issued an announcement
pound, which could affect the Company’s Jaguar Land Rover business.
on the future cessation and loss of representativeness of the LIBOR
A significant proportion of JLR’s input materials and components and benchmarks, and announced March 5, 2021 as the spread adjustment
capital equipment are sourced overseas, in particular from Europe, and fixing date for all LIBOR tenors across all currencies These reforms and
therefore JLR has costs in, and significant exposure to the movement other pressures will cause LIBOR to disappear entirely following its
of, the Euro (specifically a strengthening of the Euro) and certain phase out period and have created disincentives for market participants
other currencies relative to the GBP (Jaguar Land Rover’s reporting to continue to administer LIBOR or may have other consequences which
currency), which may result in decreased profits to the extent these cannot be predicted.
are not fully mitigated by non-GBP sales. Moreover, the Company
Any of these reforms or pressures described above or any other
has outstanding foreign currency-denominated debt. The Company
changes to a relevant interest rate benchmark (including SONIA or any
has experienced and could in the future experience foreign exchange
alternative or successor benchmark rate) could affect the level of the
losses on obligations denominated in foreign currencies in respect of its
published rate, including to cause it to be higher, lower and/or more
borrowings and foreign currency assets and liabilities due to currency
volatile than it would otherwise be. With the discontinuation of LIBOR
fluctuations. The Company is exposed to changes in interest rates, as it
the rate of interest applicable to Company’s financing arrangements
has both interest-bearing assets (including cash balances) and interest
that are linked to LIBOR may be determined by applicable contractual
bearing liabilities, certain of which bear interest at variable rates
fall-back provisions, although such provisions have not been tested
(including Jaguar Land Rover’s $1 billion term loan facility, the UKEF
and may not operate as intended. Additionally, SONIA and/or any other
& commercial loan facilities and the United Kingdom fleet financing
alternative or successor benchmark rates are, or will be for a period of
facility), whereas the existing notes bear interest at fixed rates.
time, largely untested, and the use of SONIA and/or such alternative
Although the Company engages in managing its interest and foreign
or successor benchmark rates may have adverse consequences that
exchange exposure through use of financial hedging instruments, such
impact Company’s financing arrangements.
as forward contracts, swap agreements and option contracts, higher
interest rates and a weakening of the Indian rupee against major foreign More generally, any of the above matters could affect the amounts
currencies could significantly increase its cost of borrowing. available to the Company to meet Company’s obligations under the
Company’s financing arrangements and/or could have a material
Appropriate hedging lines for the type of risk exposures the Company is
adverse effect on the value or liquidity of, and the amounts payable
subject to may not be available at a reasonable cost, particularly during
under Company’s financing arrangements. Changes in the manner of
volatile rate movements, or at all. Moreover, there are risks associated
administration of LIBOR (or any alternative or successor benchmark
with the use of such hedging instruments. While hedging instruments
rates, including SONIA) could result in adjustment to the conditions
may mitigate Company’s exposure to fluctuations in currency exchange
applicable to some of Company’s financing arrangements or other
rates to a certain extent, Company potentially foregoes benefits

consequences as relevant to those financing arrangements. While Company’s strategy to grow the business through capital
Company may seek to amend the agreements related to its financing investments may not be successful or as successful as it
arrangements linked to LIBOR (or any alternative or successor expects.
benchmark rates, including SONIA), the Company may not be able
Company’s strategic priorities to grow its business include investing in
to amend such agreements before any of the risks disclosed hereby
new models and modular architectures and in autonomous, connected,
materialize or at all. No assurance can be provided that any other
electric as well as shared mobility services. Specifically, with the
relevant benchmark rate will continue to exist.
launch of the Reimagine strategy in February 2021, Jaguar Land
Potential changes to Company’s business through mergers, Rover is committed to investing significant resources in electric battery
acquisitions and divestments may have a material adverse technology and vehicles, in order to achieve its goal of net zero carbon
effect on its future results and financial condition emissions across its supply chain, products and operations by 2039.
The Company believes that its acquisitions provide it opportunities to Jaguar Land Rover’s annual total product and other investment spending
grow significantly in the global automobile markets including premium was GBP 2.3 billion in FY 2020-21 and is expected to be around GBP2.5
brands and products and provide it with access to technology, additional billion in FY 2020-22 and it is planning to launch the new Range Rover
capabilities and potential synergies. The Company regularly examines and Range Rover Sport on the new modular longitudinal architecture
a range of corporate opportunities, including suitable mergers, joint platform. Tata Motors Limited’s total product and other investment
ventures, acquisitions and divestments, with a view to determining spending was Rs. 2,586 crores for FY 2020-21 and is expected to be
whether those opportunities will enhance its strategic position and in the range of Rs. 3,500 crores in FY 2021-22. Tata Motors Limited
financial performance. However, the scale, scope and nature of the continues to monitor the evolving COVID-19 situation in India due to the
integration, management or separation required in connection with second wave and will undertake necessary steps for the rationalisation
such transactions present significant challenges, and the Company may of Capital expenditure , dynamically managing capital expenditure and
be unable to integrate, manage or separate the relevant subsidiaries, implementation of further cash improvement measures. For FY 2021-
divisions and facilities effectively within its expected schedule. A 22 , on a consolidated basis, Company expects to invest over Rs. 28,900
transaction may not meet the Company’s expectations and the realization crores in property, plant and equipment and product development
of the anticipated benefits may be blocked, delayed or reduced as a result Company aims to fund total product and other investment spending
of numerous factors, some of which are outside its control. with cash flows from operating activities supported by debt capital
markets activities and bank funding as required.
These corporate opportunities may involve risks, including unforeseen
contingent risks or latent business liabilities that may only become The targets described above represent Company’s current strategic
apparent after the transaction is completed. Integration or separation of objectives and do not constitute capital spending and earnings
an acquired or divested business can be complex and costly, sometimes projections or forecasts. These targets are based on a range of
including combining or separating relevant accounting and data expectations and assumptions regarding, among other things,
processing systems, and management controls, as well as managing Company’s present and future business strategies, volume growth,
relevant relationships with employees, customers, regulators, cost efficiencies, capital spending program and the environment in
counterparties, suppliers and other business partners. Integration which the Company operates, which may prove to be inaccurate. While
or separation efforts could also create inconsistencies in standards, the Company does not undertake to update its targets, it may change
controls, procedures and policies, as well as diverting management its targets from time to time. Actual results may differ materially from
attention and resources. Additionally, there can be no assurance that Company’s targets. Accordingly, there can be no assurance that the
employees, customers, counterparties, suppliers and other business Company will achieve any of its targets, whether in the short, medium
partners of newly acquired or retained businesses will remain or long term. The occurrence of one or more of the risks described in this
post-acquisition or post-divestment, and the loss of employees, “Risk Factors” section, many of which are beyond Company’s control
customers, counterparties, suppliers and other business partners may and could have an immediate impact on Company’s earnings and/or
adversely affect Company’s operations or results. the probability of which may be exacerbated in the medium to long
term, could materially affect Company’s ability to realize the targets
If Company is unable to manage any of the associated risks successfully, described above. In particular, Company’s capital spending target could
Company’s business, prospects, financial condition and results of be affected by investment needs arising from, among other factors,
operations could be materially and adversely affected. electrification, emissions compliance, driver assistance, connectivity
Moreover, there are risks relating to the completion of any particular and mobility trends. Company’s ability to achieve its targets may also
transaction occurring, including counterparty and settlement risk, or be materially impaired by negative geopolitical and macroeconomic
the non-satisfaction of any completion conditions (for example, relevant factors (see - “ Deterioration in global economic conditions could have
regulatory or third party approvals).Company acquired the Jaguar Land material adverse impact on Company’s business, sales and results of
Rover business from the Ford Motor Company (“Ford”) in June 2008, operation”), the competitive nature of Company’s industry, industry
and since then Jaguar Land Rover has become a significant part of trends, including market and competitive forces (such as higher
Company’s business, accounting for 78 % of Company’s total revenues incentives), new or the expansion of existing regulatory constraints,
in FY 2020-21. As a result of the acquisition, Company is responsible reduced customer demand for the Company’s vehicles, significant
for, among other things, the obligations and liabilities associated with increases in Company’s cost base, unexpected delays or failure in
the legacy business of Jaguar Land Rover. There can be no assurance implementing or realizing the benefits of Company’s investments and
that any legacy issues at Jaguar Land Rover or any other acquisition the the impact of its new capitalization policy
Company has undertaken in the past or will undertake in the future will The electric vehicle market and related opportunities may not
not have a material adverse effect on its business, financial condition evolve as anticipated.
and results of operations, as well as its reputation and prospects.
There is a global trend, particularly in developed markets, towards
increased use of electric vehicles (including hybrids) and policies
supporting vehicle electrification. The UK government has recently

announced that the phase-out date for the sale of new petrol and diesel diesel vehicles with software that will allow them to reduce emissions.
cars and vans has been brought forward to 2030 from the previous date Such actions by Company’s competitors may require it to undertake
of 2035, while the governments of other countries including Norway increased research and development spending. There is a risk that
and the Netherlands have announced goals of banning new petrol and these research and development activities, including retrofit software
diesel cars. The Indian Government has also been encouraging adoption upgrades, will not achieve their planned objectives or that competitors
of electric vehicles and is working closely with the industry to address or joint ventures set up by competitors will develop better solutions
challenges and accelerate the adoption of electric vehicles in India. As and will be able to manufacture the resulting products more rapidly, in
Company considers its strategy, it may over time increase its focus on larger quantities, with a higher quality and/or at a lower cost.
the production of electric vehicles, make more investments in this area
Coupled with increased consumer preferences for more
and position itself as a leading producer of electric vehicles. Sales of
environmentally-friendly and electric vehicles, failure to achieve
electric vehicles are hard to predict as consumer demand may fail to
Jaguar Land Rover’s planned objectives such as execution of Jaguar
shift in favour of electric vehicles and this market segment may remain
Land Rover’s Reimagine Strategy, or delays in developing fuel-efficient
small relative to the overall market for years to come. Consumers
products could materially affect its ability to sell premium Passenger
may remain or become reluctant to adopt electric vehicles due to the
Cars and large or medium-sized all-terrain vehicles at current
lack of fully developed charging infrastructure, long charging times or
or targeted volumes and could have a material adverse effect on
increased costs of purchase.
Company’s general business activity, net assets, financial position and
In March 2018, Jaguar Land Rover announced its strategic long-term results of operations. There is a risk that Company’s competitors will
partnership with Waymo to design, engineer and produce Jaguar develop better solutions and manufacture the resulting products more
I-PACE vehicles for Waymo’s autonomous vehicle mobility service. rapidly, in larger quantities, with a higher quality and/or at a lower cost.
However, there can be no assurance that the partnership will be
In addition, Company’s manufacturing operations and sales may be
successful in achieving its commercial objective or that Waymo will
subject to potential physical impacts of climate change, including
purchase the number of vehicles contemplated by its partnership or
changes in weather patterns and an increased potential for extreme
that Jaguar Land Rover’s next-generation Electric Drive Units will be
weather events, which could affect the manufacturing and distribution
successful. In June 2019, Jaguar Land Rover announced a collaboration
of the Company’s products, as well as the cost and availability of raw
with BMW to develop next-generation Electric Drive Units to support
materials and components. Moreover, the increased use of car sharing
the advancement of electrification technologies. As with Jaguar Land
services (e.g., Zipcar and DriveNow) and other innovative mobility
Rover’s partnership with Waymo, there can be no assurance that the
initiatives that facilitate access to alternative modes of transport, and
partnership will be successful in achieving its commercial objective.
the increased reliance on public transportation in certain places may
If the value proposition of electric vehicles fails to fully materialize,
reduce people’s dependency on private automobiles. Furthermore,
this could have a material adverse effect on Company’s business,
non-traditional market participants and/or unexpected disruptive
prospects, financial condition and results of operations. In February
innovations may disrupt the established business model of the industry
2021, Company’s Jaguar Land Rover business announced a change in
by introducing new technologies, distribution models and methods
direction under the Reimagine strategy whereby Jaguar would become
of transportation. A shift in consumer preferences away from private
a pure electric (100% Battery Electric Vehicle “BEV”) automotive
automobiles would have a material adverse effect on Company’s
brand from 2025. First Land Rover BEV product will be launched in
general business activity and on Company’s business, prospects,
2024 and further five Land Rover models offering BEV options will be
financial condition and results of operations.
launched by 2026. (total of 6 Land Rover models offering a BEV option).
Furthermore, approximately 60% of Jaguar Land Rover sales are Sustainability is being brought to the center of the Company’s business
expected to be pure BEV’s by 2030 rising to 100% by 2036. There can be strategy. There has been increased focus from various stakeholders
no assurance that the milestones set in Jaguar Land Rover’s Reimagine towards sustainable business practices. As a responsible business
strategy can be met on time, if at all, or that Jaguar Land Rover will be and being part of the Tata Group, Tata Motors Limited is committed to
successful in meeting consumer demands with its new and/or improved significantly reduce its GHG emissions to ultimately achieve net zero
products. If Jaguar Land Rover is unable to meet its BEV development emissions. The Company is working towards transitioning to improved
goals, this could have a material adverse effect on Company’s business, fuel efficiency of ICE vehicles across commercial and passenger
prospects, financial condition and results of operations. vehicles, increasing share of EVs in the product mix, significant
reduction in energy consumption and increased use of renewable
The Company is exposed to a broad range of climate-related
energy in Operations, along with Greening of the Supply Chain. With its
risks arising from both the physical and non-physical impacts
Reimagine strategy in place, Jaguar Land Rover’s aim is to achieve net
of climate change and related risks, which may materially
zero carbon emissions across its supply chain, products and operations
affect Company’s results of operations and the markets in
by 2039. If the Company is unable to achieve these objectives, it would
which it operates.
materially and adversely affect its business and reputation.
Over the past few years, the global market for automobiles, particularly
in established markets, has been characterized by increasing demand Underperformance of Company’s distribution channels may
for more environmentally-friendly vehicles and technologies. In light of adversely affect Company’s sales and results of operations.
the public discourse on climate change and volatile fuel prices, Company Company’s products are sold and serviced through a network of
faces more stringent government regulations, including the imposition authorized dealers and service centers across India and through a
of speed limits and higher taxes on SUVs or premium automobiles. network of distributors and local dealers in international markets. Any
Several jurisdictions, such as Norway, Germany, the United Kingdom, underperformance by or a deterioration in the financial condition of
France, the Netherlands, India and China, have announced their Company’s dealers or distributors could materially and adversely affect
intention to substantially reduce or eliminate the sale of conventionally Company’s sales and results of operations. In order to optimise market
fueled vehicles in their markets in the coming decades. performance, sales channels must be aligned to the buying habits of
Company’s customers, including through traditional showrooms but by
The emissions levels of diesel technologies have also become the focus
also embracing increasingly more innovative sales channels such as
of legislators in the United States and European Union and some of
virtual showrooms and online purchasing.
Jaguar Land Rover’s competitors have announced programs to retrofit

The COVID-19 pandemic enforced lockdowns across key regions have In recent years, the automotive industry has increasingly offered
adversely affected the financial performance of the Company’s dealers customers and dealers price reductions on vehicles and services to
in FY 2020-21 and may continue to affect them in the near future. stimulate demand for vehicles, which has led to increased price cost of
sales pressures and sharpened competition within the industry. Any of
If dealers or importers encounter financial difficulties and Company’s
the above may have a material adverse effect on Company’s revenue,
products and services cannot be sold or can be sold only in limited
financial condition and results of operations.
numbers, the sales of such dealers and importers may be adversely
affected. Additionally, if Company cannot replace the affected dealers Company may be adversely affected by labor unrest.
or importers with other franchises, the financial difficulties experienced All of Company’s permanent employees in India, other than officers
by such dealers or importers could have an indirect effect on Company’s and managers, and most of Company’s permanent employees in
vehicle deliveries. its automotive business in South Korea and the United Kingdom,
Consequently, Company could be compelled to provide additional including certain officers and managers, are members of labor unions
support for dealers and importers and, under certain circumstances, and are covered by wage agreements, where applicable, with those
may even take over their obligations to customers, which would labor unions.
adversely affect the Company’s financial position and results of In general, Company considers its labor relations with all of its
operations in the short-term. employees to be good. However, in the future Company may be subject
Furthermore, as part of Company’s global activities, it may engage to labor unrest, which may delay or disrupt its operations in the affected
with third-party dealers and distributors, whom it does not control, but regions, including impacting the acquisition of raw materials and parts,
who could nevertheless take actions that may have a material adverse the manufacture, sales and distribution of products and the provision
impact on Company’s reputation and business. The Company cannot of services. If work stoppages or lock-outs at Company’s facilities or
assure you that it will not be held liable for any activities undertaken at the facilities of its major vendors occur or continue for a long period
by such third parties. of time, Company’s business, prospects, financial condition and results
of operations may be materially and adversely affected. For example,
Jaguar Land Rover is more vulnerable to reduced demand during FY 2017-18, Company faced two standalone incidents of labor
for premium performance cars and all-terrain vehicles than unrest in India, one at its Jamshedpur plant and the other at its Sanand
automobile manufacturers with a more diversified product range. plant. Although these particular issues were amicably resolved, there
Jaguar Land Rover operates in the premium Passenger car and all- is no assurance that additional labor issues could not occur, or that any
terrain vehicles segments and provides a more limited range of models future labor issues will be amicably resolved.
than some of its competitors. Accordingly, Jaguar Land Rover’s
In addition, Jaguar Land Rover engages in bi-annual negotiations in
financial performance is linked to market conditions and consumer
relation to wage agreements, covering approximately 16,000 of its
demand in those market segments. Any downturn or reduction in the
unionized employees and a new labor agreement with the trade unions
demand for premium Passenger Cars and all-terrain vehicles, or any
is currently under negotiations. There is a risk, however, that future
reduced demand for Jaguar Land Rover’s most popular models in the
negotiations could escalate into industrial action ranging from “work to
geographic markets in which it operates could have a material adverse
rule” to a strike before a settlement is ultimately reached.
effect on Company’s performance and earnings.
Company is exposed to operational risks, including
A decline in retail customers’ purchasing power, consumer
cybersecurity risks, in connection with its use of information
confidence or corporate customers’ financial condition and
technology.
willingness to invest could materially and adversely affect
Company’s business. The Company is exposed to the risk of loss resulting from inadequate
or failed internal processes, people and systems or from external
Demand for vehicles for personal use generally depends on consumers’
events. This includes, among other things, losses that are caused by a
net purchasing power, their confidence in future economic developments
lack of controls within internal procedures, violation of internal policies
and changes in fashion and trends, while demand for vehicles for
by employees, disruption or malfunction of information technology
commercial use by corporate customers (including fleet customers)
(“IT”) systems, computer networks and telecommunications systems,
primarily depends on the customers’ financial condition, their willingness
mechanical or equipment failures, human error, natural disasters,
to invest and available financing. The economic slowdown caused by
security breaches or malicious acts by third parties (including, for
the COVID-19 pandemic is also likely to affect consumer sentiment and
example, hackers), whether affecting Company’s systems or affecting
demand in the short term. A decrease in potential customers’ disposable
those of third party providers. The Company is generally exposed to
income or, financial flexibility, reductions in the availability of consumer
risks in the field of information technology, since unauthorized access to
financing or used car valuations or an increase in the cost of financing
or misuse of data processed on its IT systems, human errors associated
may have a negative impact on demand for Company’s products. A weak
therewith or technological failures of any kind could disrupt Company’s
macroeconomic environment, combined with restrictive lending and a
operations, including the manufacturing, design and engineering
low level of consumer sentiment generally, may reduce consumers’ net
processes. In particular, as vehicles become more technologically
purchasing power and lead existing and potential customers to refrain
advanced and connected to the internet, Company’s vehicles may
from purchasing new vehicles, defer a purchase further or purchase a
become more susceptible to unauthorized access to their systems.
smaller model with less equipment at a lower price.
As a business with complex manufacturing, research, procurement,
(see “—Deterioration or uncertainty in global economic conditions sales and marketing and financing operations, Company is exposed to a
could have a material adverse impact on Company’s business, sales and variety of operational risks and, if the protection measures put in place
results of operations.”).A deteriorating macroeconomic environment prove insufficient (especially given the harsher sanctions imposed
may disproportionately reduce demand for luxury vehicles. It also under the new General Data Protection Regulation (Regulation (EU)
could lead to reluctance by corporate customers to invest in vehicles for 2016/679) (the “GDPR”)), Company’s results of operations and financial
commercial use and/or to lease vehicles, resulting in a postponement of condition could be materially adversely affected. In addition, Company
fleet renewal contracts. would likely experience negative press and reputational impacts.
Cybersecurity incidents could lead to loss of productivity, negative

impact on Company’s reputation, and, in extreme cases, material effect on Company’s business, as well as the market for securities of
financial loss due to business disruptions. Indian companies, including the Company’s Shares and ADSs. Such
incidents could also create a greater perception that investment in
Company’s business and prospects could suffer if it loses one
Indian companies involves a higher degree of risk and could have a
or more key personnel or if it is unable to attract and retain its
material adverse effect on Company’s business, prospects, results
employees.
of operations and financial condition, and also the market price of the
Company’s business and future growth depend largely on the skills of Company’s Shares and ADSs.
its workforce, including executives,officers, and automotive designers
and engineers. Autonomous driving, connected technologies, Company’s business is seasonal in nature and a substantial
electrification and shared mobility trends are redefining conventional decrease in its sales during certain quarters could have a
Auto business creating tremendous disruption and digital innovations material adverse impact on its financial performance.
are driving new business models. The Company’s business requires The sales volumes and prices for Company’s vehicles are influenced in
an engaged workforce with core capabilities in new and emerging skill part by the cyclicality and seasonality of demand.
areas and a collaborative and innovative culture for its transformation
In the Indian market, demand for Company’s vehicles generally peaks
to be successful. If the Company fails to develop new and flexible
between January and March each year, although there is a general
skills and capabilities within its workforce, or fails to hire appropriate
decrease in demand during February in the lead-up to the release of
talent, its business will lose the ability to remain flexible in a dynamic
the Indian annual fiscal budget. Demand is generally leaner between
automotive industry, which is key to delivering innovative products and
April and July and picks up again in the festival season from September
services. The loss of the services of one or more of key personnel could
to November, with a decline in December as customers defer purchases
impair its ability to implement its business strategy. Any prolonged
to the following year.
inability to continue to attract, retain or motivate Company’s workforce
could materially and adversely affect Company’s business, financial Company’s Jaguar Land Rover business is impacted by the biannual
condition, results of operations and prospects. registration of vehicles in the United Kingdom where the vehicle
registration number changes every March and September, which leads
Company may be adversely impacted by political instability,
to an increase in sales during these months, and, in turn, impacts the
wars, terrorism, multinational conflicts, natural disasters and
resale value of vehicles. Most other markets, such as the United States,
epidemics
are influenced by the introduction of new-model-year products, which
Company’s products are exported to a number of geographical markets, typically occurs in the autumn of each year. Furthermore, in the United
and Company plans to further expand its international operations in the States, there is some seasonality in the purchasing pattern of vehicles in
future. Consequently, Company is subject to various risks associated the northern states for Jaguar where there is a concentration of vehicle
with conducting its business both within and outside its domestic sales in the spring and summer months and for Land Rover, where the
market and its operations in markets abroad may be subject to political trend for purchasing 4x4 vehicles is concentrated in the autumn and
instability, wars, terrorism, civil disturbances, regional or multinational winter months. Markets in China tend to experience higher demand for
conflicts, natural disasters and extreme weather, fuel shortages, vehicles around the Lunar New Year holiday, the National Day holiday
epidemics and pandemics (such as the ongoing COVID-19 pandemic). and the Golden Week holiday in October. In addition, demand in Western
Any disruption of the operations of Company’s manufacturing, design, European automotive markets tends to be softer during the summer
engineering, sales, corporate and other facilities could materially and winter holidays. Jaguar Land Rover’s cash flows are impacted by
and adversely affect its business, prospects, financial condition and the seasonal shutdown of four of their manufacturing plants in the
results of operations. In addition, conducting business internationally, United Kingdom (including the Engine Manufacturing Center (“EMC”) at
especially in emerging markets, exposes the Company to additional Wolverhampton) during the Easter, summer and winter holidays.
risks, including adverse changes in economic and government policies,
unpredictable shifts in regulation, inconsistent application of existing Restrictive covenants in Company’s financing agreements
laws and regulations, unclear regulatory and taxation systems and could limit its operations and financial flexibility and
divergent commercial and employment practices and procedures. If any materially and adversely impact its financial condition, results
of these events were to occur, there can be no assurance that Company of operations and prospects.
would be able to shift its manufacturing, design, engineering, sales, Some of Company’s financing agreements and debt arrangements
corporate and other operations to alternate sites in a timely manner, or set limits on and/or requires it to, among other matters, obtain lender
at all. Any deterioration in international relations, especially between consent pledging assets as security. In addition, certain financial
India and its neighboring countries, may result in investor concern covenants may limit Company’s ability to borrow additional funds or
regarding regional stability. Any significant or prolonged disruption or to incur additional liens. In the past, Company has been able to obtain
delay in Company’s operations related to these risks could materially required lender consent for such activities. However, there can be no
and adversely affect Company’s business, prospects, financial condition assurance that the Company will be able to obtain such consents in the
and results of operations. See – “Company has been, and may in the future. On June 30, 2020, Company notified one of its Indian lenders
future be, adversely affected by the COVID-19 pandemic, the duration in respect of its `2,700 crores loan facility that as at June 30, 2020,
and economic, governmental and social impact of which is difficult to the Company had failed to maintain one of the financial ratios under the
predict, which may materially harm Company’s business, prospects, terms of the loan facility. The Company received confirmation from the
financial condition and results of operations”. lender that it has approved an increase in such threshold and has given
waiver of the Company’s failure to maintain the relevant financial ratio
Terrorist attacks, civil disturbances, regional conflicts and other acts
for FY 2020-21 and FY 2021-22. Further, the Company has received
of violence, particularly in India, may disrupt or otherwise adversely
confirmation from another lender on its `3,000 crores loan facility,
affect the markets in which the Company operates its business and its
that it has given a waiver of the Company’s failure to maintain this
profitability. India has from time to time experienced social and civil
ratio before March 31, 2023. If Company’s liquidity needs or growth
unrest and hostilities and adverse social, economic or political events,
plans require such consents and such consents are not obtained in
including terrorist attacks and local civil disturbances, riots and armed
the future, Company may be forced to forego or alter its plans, which
conflict with neighboring countries. Events of this nature in the future
could materially and adversely affect its business, prospects, financial
could influence the Indian economy and could have a material adverse
In addition, in the event Company breaches these covenants, the 31, 2020. This change was primarily driven by an increase in pension
outstanding amounts due under such financing agreements could liabilities as a result of lower discount rates and higher inflation rate
become due and payable immediately and/or result in increased costs. assumptions applied, compared to the prior year.
A default under one of these financing agreements may also result in
Company may be materially and adversely affected by the
cross-defaults under other financing agreements and the outstanding
divulgence of confidential information.
amounts under such other financing agreements becoming due and
payable immediately. Defaults under one or more of Company’s Although Company has implemented policies and procedures to protect
financing agreements could have a material adverse effect on its confidential information, such as key contractual provisions, future
business, prospects, financial condition and results of operations. projects, financial information and customer records, such information
may be divulged as a result of internal leaks, hacking, other threats
Future pension obligations may prove more costly than from cyberspace or other factors. If confidential information is divulged,
currently anticipated and the market value of assets in the Company could be subject to claims by affected parties, regulatory
Company’s pension plans could decline. penalties, negative publicity and loss of proprietary information, all
The Company provides post-retirement and pension benefits to its of which could have an adverse and material impact on Company’s
employees, including defined benefit plans. The Company’s pension reputation, business, financial condition, results of operations and cash
liabilities are generally funded. However, lower returns on pension flows.
fund assets, changes in market conditions, interest rates or inflation
Company’s business could be negatively affected by the
rates, and adverse changes in other critical actuarial assumptions,
actions of activist shareholders.
may impact its pension liabilities or assets and consequently increase
funding requirements. Further, any changes in government regulations, Certain shareholders of the Company may from time to time advance
may adversely impact the pension benefits payable to the employees, shareholder proposals or otherwise attempt to effect changes at
which could materially decrease Company’s net income and cash flows. the Company, influence elections of the directors of the Company
(“Directors”) or acquire control over its business. Company’s success
The Indian Parliament has approved the Code on Social Security, depends on the ability of its current management team to operate and
2020 which would impact the contributions by the company towards manage effectively. Campaigns by shareholders to effect changes at
Provident Fund and Gratuity. The Ministry of Labour and Employment publicly listed companies are sometimes led by investors seeking to
has released draft rules for the Code on Social Security, 2020 on increase short-term shareholder value by advocating corporate actions
November 13, 2020, and has invited suggestions from stakeholders, such as financial restructuring, increased borrowing, special dividends,
which are under active consideration by the Ministry. The Company will stock repurchases or even sales of assets or the entire company, or
assess the impact and its evaluation once the subject rules are notified by voting against proposals put forward by the board of directors of
and the Company will give appropriate impact in its financial statements the Company (the “Board”) and its management. If faced with actions
in the period in which, the Code becomes effective and the related rules by activist shareholders, the Company may not be able to respond
to determine the financial impact are published. effectively to such actions, which could be disruptive to its business.
Jaguar Land Rover provides post-retirement and pension benefits Company relies on licensing arrangements with Tata Sons
to its employees, some of which are defined benefit plans. As part of Private Limited to use the “Tata” brand. Any improper use of
Jaguar Land Rover’s strategic business review process, Jaguar Land the associated trademarks by Company’s licensor or any other
Rover closed its defined benefit pension plans to new joiners as of third parties could materially and adversely affect Company’s
April 19, 2010. All new Jaguar Land Rover employees in its United business, financial condition and results of operations.
Kingdom operations from April 19, 2010 have joined a new defined
Company’s rights to its trade names and trademarks are a crucial factor
contribution pension plan. Under the arrangements with the trustees
in marketing its products. Establishment of the “TATA” word mark and
of the defined benefit pension schemes, an actuarial valuation of the
logo mark in and outside India is material to Company’s operations. The
assets and liabilities of the schemes is undertaken every three years
Company has licensed the use of the “TATA” brand from its Promoter,
in order to determine cash funding rates. As a result of the April 2018
Tata Sons Private Limited (“Tata Sons”). If Tata Sons, or any of its
valuation process, a funding deficit of GBP554 million was disclosed
subsidiaries or affiliated entities, or any third party uses the trade name
and Jaguar Land Rover agreed to a schedule of contributions with the
“TATA” in ways that adversely affect such trade name or trademark,
trustee which, together with the expected investment performance of
Company’s reputation could be affected, which, in turn, could have
the assets of the schemes, is expected to eliminate the deficit by 2028.
a material adverse effect Company’s business, prospects, financial
Cash contributions towards the deficit will be GBP60 million each
year until FY 2020-24 followed by GBP25 million each year until the
financial year ending March 31, 2028. In addition, Jaguar Land Rover Inability to protect or preserve Company’s intellectual
will make up payments deferred (from April 2020 to June 2020) due property could materially and adversely affect its business,
to the COVID-19 pandemic over FY 2020-22. The revised schedule of financial condition and results of operations.
contributions also reflects the reduced ongoing cost of benefit accrual Company owns or otherwise has rights in respect of a number of patents
of approximately 22% for FY 2019-20 and approximately 21% for FY and trademarks relating to the products it manufactures. In connection
2020-21 and Fiscal 2022 following changes implemented on April 5, with the design and engineering of new vehicles and the enhancement
2017 (compared to a previous rate of approximately 31%). The 2021 of existing models, Company seeks to regularly develop new technical
statutory valuation process has started and is expected to be completed designs and innovations. The Company also uses technical designs that
by June 30, 2022. As of March 31, 2021, on an accounting basis, Jaguar are the intellectual property of third parties with such third parties’
Land Rover’s United Kingdom defined benefit pension deficit was GBP consent. These patents, trademarks and licenses have been of value
387 million, compared to a surplus of GBP 380 million as of March in the growth of the Company’s business and may continue to be of

value in the future. Although the Company does not regard any of its Any failures or weaknesses in Company’s internal controls
businesses as being dependent upon any single patent or related group could materially and adversely affect its financial condition
of patents, any material inability to protect such intellectual property and results of operations.
generally, or the illegal breach of some or a significant amount of its
In connection with the Company’s assessment of internal control
intellectual property rights, may have a materially adverse effect on
over financial reporting for FY 2019-20, it concluded that there was
its operations, business and/or financial condition. The Company may
a material weakness pertaining to the design of controls to validate
also be affected by restrictions on the use of intellectual property rights
the accuracy parameters used to prepare information used in the
held by third parties, and it may be held liable for the infringement of
operation of various process level and management review controls.
the intellectual property rights of others in its products. Moreover,
Company believes that this material weakness has been remediated in
intellectual property laws of some foreign countries may not protect
FY 2020-21. Although Company has instituted remedial measures to
the Company’s intellectual property rights to the same extent as U.S. or
address the material weakness identified and continually reviews and
United Kingdom laws.
evaluate its internal control systems to allow management to report on
Jaguar Land Rover may incur significant costs to comply with, the sufficiency of the Company’s internal controls, the Company cannot
or face civil and criminal liability for infringements of, the assure you that it will not discover additional weaknesses in its internal
European General Data Protection Regulation. controls over financial reporting. Further, the Company’s management
The European Union’s General Data Protection Regulation (the “GDPR”) continually improves, simplifies and rationalizes the Company’s internal
came into force in 2018. The GDPR is a uniform framework setting control framework where possible within the constraints of existing IT
out the principles for legitimate data processing. The new regime systems. However, any additional weaknesses or failure to adequately
may impose a substantially higher compliance burden on the Jaguar remediate the existing weakness could materially and adversely affect
Land Rover and limit its rights to process personal data, lead to cost Company’s financial condition or results of operations and/or its ability
intensive administration processes, oblige it to provide the personal to accurately report its financial condition and results of operations in a
data that it records to customers in a form that would require additional timely and reliable manner.
administrative processes or require substantial changes in its IT Company’s insurance coverage may not be adequate to
environment. Additionally, there are much greater sanctions in case of protect it against all potential losses to which it may be
violations of the GDPR requirements compared to the previous regime. subject, which may have a material adverse effect on its
These sanctions depend on the nature of the infringed provision and business, financial condition and results of operations.
may consist of civil liabilities and criminal sanctions. The Company’s
Company believes that the insurance coverage it maintains adequately
failure to implement and comply with the GDPR could significantly
covers the normal risks associated with the operation of its business,
affect its reputation and relationships with its customers and suppliers,
there is a risk that certain claims under Company’s insurance policies
and civil and criminal liabilities for the infringement of data protection
may not be honored fully or timely, or would result in insufficient
rules could have a significant negative effect on its financial position.
insurance coverage or significantly higher insurance premiums in the
Some of Company’s vehicles make use of lithium-ion battery future. Such matters could materially affect Company’s business,
cells, which have been observed in some non-automotive prospects financial condition and results of operations.
applications to catch fire or vent smoke and flames, and such
Political and Regulatory Risks
events have raised concerns, and future events may lead to
additional concerns, about the safety of the batteries used in
automotive applications. New or changing laws, regulations and government policies
The battery packs that Company uses, and expects to continue to use, regarding increased fuel economy, reduced greenhouse gas
in its electric vehicles make use of lithium-ion cells. On rare occasions, and other emissions, vehicle safety and taxes, tariffs or fiscal
lithium-ion cells can rapidly release the energy they contain in a manner policies may have a significant impact on Company’s business.
that can ignite nearby materials as well as other lithium-ion cells. The Company is subject to extensive governmental regulations
regarding vehicle emission levels, noise, safety and levels of pollutants
In addition, Jaguar Land Rover stores a significant number of lithium ion
generated by its production facilities. The Company expects the
cells at various warehouses and at some of its manufacturing facilities.
number and extent of legal and regulatory requirements and its related
While the Company has designed its battery packs to passively costs of compliance to continue to increase significantly in the future.
contain any single cell’s release of energy without spreading to In Europe and the United States, for example, governmental regulation
neighbouring cells, there can be no assurance that a field or testing is primarily driven by concerns about the environment (including
failure of its vehicles will not occur. Furthermore, while Company has greenhouse gas emissions), fuel economy, energy security and vehicle
implemented safety procedures related to the handling of the cells at safety. In particular, the increasingly stringent regulatory environment
its manufacturing plants, there can be no assurance that a safety issue in the Company’s industry, particularly with respect to vehicle emission
or fire related to the cells will not occur. Any such incidents may cause regulations, is leading to heightened regulatory scrutiny and more
serious damage or injury may disrupt the operation of its facilities. In investigations into vehicle manufacturers. Jaguar Land Rover may also
addition, any field or testing vehicle failure, even if such incident does be subject to randomized testing and similar inquiries by regulatory
not involve Company’s vehicles, could subject it to lawsuits, product authorities with a focus on emissions and environmental performance.
recalls, redesign efforts or negative publicity, all of which could have a In China, increasingly stringent tailpipe emissions and other regulations
material impact on Company’s business, prospects, financial condition have been introduced by the Chinese government in the short-to-
and operating results. medium term future to reduce greenhouse gas emissions and improve
air quality standards. Requirements to optimize vehicles in line with

these governmental actions could significantly affect Company’s plans selling vehicles in contravention of the standards specified in the Act,
for global product development and may result in substantial costs, or required by the government to recall their vehicles.
including significant fines and penalties in cases of non-compliance.
Commencing July 1, 2017, the Government of India, in conjunction
These requirements may also result in limiting the types and amounts
with the state governments, effected comprehensive changes to
of vehicles the Company sells and where it sells them, which may affect
the Indian taxation regime, which, among other matters introduced
Company’s revenue.
a comprehensive national goods and services tax (“GST”) regime to
To comply with current and future environmental norms, the Company subsume a large number of central government and state government
may have to incur additional capital expenditures and research and taxes into one unified tax structure. It is a dual GST with central
development expenditures to upgrade products and manufacturing government and state government simultaneously levying it on the
facilities, install new emission controls or reduction technologies and common base. The tax is called Central GST, if levied by the central
purchase or otherwise obtain allowances to emit greenhouse gases, government; state union territory GST, in instances where the state or
which may have an impact on its cost of production. If the Company is union territory levies the tax; and integrated GST, in instances where
unable to develop commercially viable technologies or otherwise attain the GST is levied on the inter-state supply of goods and services. While
compliance within the time frames set by new standards, the Company both the central and state governments have publicly announced that
could face significant civil penalties or be forced to restrict product all committed incentives will be protected following the implementation
offerings drastically to remain in compliance. For example, in the United of the GST, given the limited availability of information or alignment of
States, manufacturers are subject to substantial civil penalties if they industrial policy of various state government to cover GST or to protect
fail to meet federal CAFE standards. These penalties are calculated the quantum of incentive available to industries in pre-GST regime, the
at US$5.50 for each tenth of a mile below the required fuel-efficiency Company is unable to provide any assurance as to this or any other
level for each vehicle sold in a model year in the U.S. market up to and aspect of the tax regime, or guarantee that the implementation of GST
including the 2021 model year vehicles. Beginning with the 2022 model will not materially or adversely affect its business, prospects, financial
year vehicles, the rate is expected to increase to $14.00, to be followed condition and results of operations.
by index-linked annual increases thereafter. Since 2010, Jaguar Land
Imposition of any additional taxes and levies designed to limit the use
Rover has paid total penalties of US$46 million for its failure to meet
of automobiles and changes in corporate and other taxation policies,
CAFE standards. In addition, as at March 31, 2021, a provision of GBP75
as well as changes in export and other incentives given by various
million was held to face the possible fine from European and United
governments or import or tariff policies, could adversely affect the
Kingdom regulators for failing to meet emission reduction targets.
demand for Jaguar Land Rover vehicles and its results of operations.
Further, post-Brexit, United Kingdom emissions will be calculated
separately from European emissions as a result of which there is a In addition, the United Kingdom announced that, from April 2020, a 2%
possibility of increased penalties. Since 2011, Jaguar Land Rover has digital services tax could be imposed on the United Kingdom revenue
purchased approximately US$109 million in credits from third party of digital services businesses (such as social media networks, search
original equipment manufacturers (“OEMs”) to offset its NHTSA, EPA and engines and online marketplaces) In particular, the digital service tax
California Air Resources Board (“CARB”) penalties. Additionally, Jaguar applies to businesses if their worldwide revenue from digital activities
Land Rover expects to buy approximately US$12 million in credits in is more than GBP 500 million and more than GBP 25 million of this
FY 2020-21 from third party OEMs to offset its expected NHTSA and revenue is derived from United Kingdom users.. As a response to this
EPA penalties for model year 2019 vehicles. Jaguar Land Rover could proposal, the United States Treasury indicated that such digital services
incur a substantial increase in these penalties, including as a result of tax could have a discriminatory effect on U.S. multinational digital
increases in CAFE civil penalties to adjust for inflation. Additionally, companies and warned that the United States could take retaliatory
Jaguar Land Rover expects to continue incurring approximately GBP12 actions, such as in the form of a tax on United Kingdom car exports
million in FY 2020-21 for credit purchases in China and Jaguar Land to the United States, should the new digital services tax be imposed.
Rover expects those annual costs to rise going forward, primarily as a Moreover, any countermeasures to such additional tariffs by regional
result of increasing costs of new energy vehicle Credits. Jaguar Land or global trading partners, including the European Union and China,
Rover’s Reimagine strategy aims to expand their pure battery electric could slow down global economic growth and decrease global demand
offering from 2024, which supports JLR’s aim to reach fleet CO2 for automobiles and automobile components. Furthermore, in recent
compliance with consideration for global measures to support net zero years, Brazil has increased import duty on foreign vehicles, along with
ambitions as well as forecast stringent CO2 / Greenhouse gas (“GHG”) related exemptions provided certain criteria are met.
regulations including the proposed ban on the sale of vehicles powered
Regulations in the areas of investments, taxes and levies may also
solely by internal combustion engine from 2030 allowing continuation
have a materially adverse impact on Indian securities, including the
of Plug-in Hybrid Electric (PHEV) vehicles, and the total ban of all
Company’s Shares and ADSs.
internal combustion engines including PHEV from 2035 in the United
Kingdom and similar initiatives by other governments. Any future potential or real unexpected change in law could have a
material adverse effect on Company’s business prospects, results of
Moreover, safety and environmental standards may at times impose
operations and financial condition.
conflicting imperatives, which would pose engineering challenges and,
among other things, increase Company’s costs. While the Company is Company may be affected by competition laws in India and
pursuing the development and implementation of various technologies any adverse application or interpretation of the Competition
in order to meet the required standards in the various countries in which Act could adversely affect its business.
it sells its vehicles, the costs of compliance with these standards could The Indian Competition Act, 2002 (the “Competition Act”) oversees
be significant to Jaguar Land Rover operations and may materially practices having an appreciable adverse effect on competition (“AAEC”)
and adversely affect its business, prospects, financial condition and in a given relevant market in India. Under the Competition Act, any
results of operations. The Motor Vehicle (Amendment) Act 2019 has formal or informal arrangement, understanding or action in concert,
been published on August 9, 2019. This Act addresses vehicle recalls, which causes or is likely to cause an AAEC, is considered void and
road safety, traffic management and accident insurance, among other results in imposition of substantial penalties. All agreements entered
matters. The Act imposes civil and criminal liability on manufacturers into by the Company could be within the purview of the Competition

Act. Furthermore, any agreement among competitors which directly or Compliance with new or changing corporate governance and
indirectly involves determination of purchase or sale prices, limits or public disclosure requirements adds uncertainty to Company’s
controls production, sharing the market by way of geographical area compliance policies and increases its costs of compliance
or number of subscribers in the relevant market or directly or indirectly
results in bid-rigging or collusive bidding is presumed to have an AAEC The Company is subject to a complex and continuously changing
in the relevant market in India and is considered void. The Competition regime of laws, rules, regulations and standards relating to accounting,
Act also prohibits abuse of a dominant position by any enterprise. corporate governance and public disclosure, including the Sarbanes-
Oxley Act of 2002 and U.S. Securities and Exchange Commission (the
In 2011, the Government of India brought into force the combination “SEC”) regulations, Securities and Exchange Board of India (the “SEBI”)
regulation (merger control) provisions under the Competition Act.. regulations, New York Stock Exchange (the “NYSE”) listing rules, and the
These provisions require acquisitions of shares, voting rights, assets Companies Act, as well as Indian stock market listing regulations. New
or control or mergers or amalgamations that cross the prescribed or changed laws, rules, regulations and standards may lack specificity
asset- and turnover-based thresholds to be mandatorily notified to and be subject to varying interpretations. Under applicable Indian laws,
and pre-approved by the Competition Commission of India (the “CCI”). for example, remuneration packages may, in certain circumstances,
Additionally, in 2011, the CCI issued the Competition Commission of require shareholders’ approval. New guidance and revisions may be
India (Procedure for Transaction of Business Relating to Combinations) provided by regulatory and governing bodies, which could result in
Regulations, 2011 (as amended), which sets out the mechanism for continuing uncertainty and higher costs of compliance. The Company
the implementation of the merger control regime in India. CCI has is committed to maintaining high standards of corporate governance
extraterritorial powers and can investigate any agreements, abusive and public disclosure. However, the Company’s efforts to comply with
conduct or combination occurring outside India if such agreement, evolving regulations have resulted in, and are likely to continue to result
conduct or combination has an AAEC in India. in, increased general and administrative expenses and a diversion of
In 2011, complaints were filed with the CCI against certain automakers management resources and time. In addition, there can be no guarantee
on the ground that the genuine spare parts of automobiles manufactured that the Company will always succeed in complying with all applicable
by the OEMs were not made freely available in the open market in India laws, regulations and standards.
and, accordingly, anti-competitive practices were carried out by the The Companies Act has effected significant changes to the existing
OEMs for being indulged in anti-competitive practices. CCI ordered Indian company law framework, such as in the provisions related
investigation on the same. Later on, the Director General (DG) expanded to the issue of capital, disclosures in offering documents, corporate
the scope of investigation to other car manufacturers operating in India, governance, accounting policies and audit matters, related party
including Tata Motors Limited. transactions, class action suits against companies by shareholders
In 2014, the CCI held that the automobile manufacturers, including Tata or depositors, prohibitions on loans to directors and insider trading,
Motors Limited, had indulged in anti-competitive practices and imposed including restrictions on derivative transactions concerning a company’s
a penalty of 2% of their total turnover in India. Tata Motors Limited was securities by directors and key managerial personnel. The Companies
ordered to pay a penalty of `1,346.46 crores within a period of 60 days Act may subject the Company to higher compliance requirements,
of the receipt of order. Tata Motors challenged the order of CCI in Delhi increase its compliance costs and divert management’s attention.
High Court on constitutional issues. In 2019, the High Court allowed the The Company is also required to spend, in each financial year, at least
Writ petitions partly by striking down Section 22(3) of the Competition 2% of its average net profits during the three immediately preceding
Act. Also in 2019, the Supreme Court, extended the relief that was financial years, calculated for Tata Motors Limited on a standalone
granted by Delhi High Court during the pendency of the matter before it. basis under Ind AS, toward corporate social responsibility activities.
As of the date of this annual report, the matter remains to be listed for Furthermore, the Companies Act imposes greater monetary and other
further proceedings in due course. liability on the Company and its Directors for any non-compliance.
Due to limited relevant jurisprudence, in the event that the Company’s
In another matter, two of the Company’s ex-dealers filed information interpretation of the Companies Act differs from, or contradicts
with the CCI alleging that the Company engaged in anti-competitive with, any judicial pronouncements or clarifications issued by the
practices by colluding with its finance subsidiaries (TMFL and Government of India in the future, the Company may face regulatory
TMFSL) and abused its dominance in the market. In May 2021, the actions or be required to undertake remedial steps. In addition, some
CCI issued an order directing the director general of the CCI to initiate of the provisions of the Companies Act overlap with other existing laws
an investigation against TML, but did not otherwise make any final or and regulations (such as corporate governance provisions and insider
binding observations or determinations (including with respect to any trading regulations issued by SEBI). SEBI promulgated the SEBI (Listing
possible penalties or fines) with regard to the allegations. As of the date Obligations and Disclosure Requirements) Regulations, 2015 (the
of this annual report on, the Company has not received any notice or “Listing Regulations”) which are applicable to all Indian companies with
query from the director general of the CCI. As of the date of this annual listed securities. Pursuant to the Listing Regulations, the Company is
report , Company is preparing internally to respond to any queries from required to establish and maintain a vigilance mechanism for Directors
the director general of the CCI. and employees to report their concerns about unethical behavior,
The Company’s business, prospects, financial condition and results actual or suspected fraud or violation of the Company’s code of conduct
of operations would be materially and adversely affected by the (the “Tata Code of Conduct”) or ethics policy under the Company’s
application or interpretation of any provision of the Competition Act, whistleblower policy (the “Whistleblower Policy”), to implement
or any enforcement proceedings initiated by the CCI, or any adverse increased disclosure requirements for price sensitive information and to
publicity that may be generated due to scrutiny or prosecution by the conduct detailed director familiarization programs and comprehensive
CCI or if any prohibition or substantial penalties are levied under the disclosures thereof, in accordance with the Listing Regulations. . While
Competition Act. the Company has been able to comply with such requirements to date,

it cannot assure you that it will be able to maintain compliance with than 50% of its equity interest is beneficially owned by non-resident
such requirements in the future. Furthermore, the Company cannot persons. The non-resident equity shareholding in the Company may,
currently determine the impact of certain provisions of the Companies in the near future, exceed 50%, thereby resulting in the Company
Act and the revised SEBI corporate governance standards. Any increase being considered as being “owned” by non-resident entities under
in Company’s compliance requirements or associated costs may have the Consolidated FDI Policy. In such an event, any investment by the
a material and adverse effect on the Company’s business, prospects, Company in existing subsidiaries, associates or joint ventures and new
financial condition and results of operations. subsidiaries, associates or joint ventures will be considered as indirect
foreign investment and shall be subject to various requirements
The Company is subject to risks associated with legal
specified under the Consolidated FDI Policy, including sectoral limits,
proceedings and governmental investigations, including
approval requirements and pricing guidelines, as may be applicable.
potential adverse publicity as a result thereof.
The Company is and may be involved from time to time in civil, labor, Furthermore, as part of the Company’s automotive business, it supplies,
administrative or tax proceedings arising in the ordinary course of and has in the past supplied, vehicles to Indian military and paramilitary
business. It is not possible to predict the potential for, or the ultimate forces and in the course of such activities has obtained an industrial
outcomes of, such proceedings, some of which may be unfavorable license from the Department of Industrial Policy. The Consolidated FDI
to the Company. In such cases, the Company may incur costs and policy applies different foreign investment restrictions to companies
any mitigating measures (including provisions taken on its balance based upon the sector in which they operate. While the Company
sheet) adopted to protect against the impact of such costs may not be believes it is an automobile company by virtue of the significance of its
adequate or sufficient. In addition, adverse publicity surrounding legal automobile operations, in the event that foreign investment regulations
proceedings, government investigations or allegations may also harm applicable to the defense sector (including under the Consolidated FDI
the Company reputation and brands. Policy) are made applicable to the Company, it may face more stringent
foreign investment restrictions and other compliance requirements
Furthermore, any regulatory action taken or penalties imposed by compared to those applicable to it presently, which, in turn, could
regulatory authorities may have significant adverse financial and materially affect the Company’s business, prospects, financial condition
reputational consequences on Company’s business and have a material and results of operations.
adverse effect on Company’s results of operations and financial
condition. Company requires certain approvals or licenses in the
ordinary course of business, and the failure to obtain or
In any of the geographical markets in which the Company retain them in a timely manner, or at all, could materially and
operates, it could be subject to additional tax liabilities. adversely affect its operations.
Evaluating and estimating the Company’s provision and accruals for its The Company requires certain statutory and regulatory permits,
taxes requires significant judgement. The Company operates in multiple licenses and approvals to carry out its business operations The
geographical markets and its operations in each market are susceptible Company’s ability to obtain such permits, licenses and approvals
to additional tax assessments and audits. The Company’s collaborations depends, among other matters, on the information it provides as
with business partners are similarly susceptible to such tax assessments. part of the application processes, as well as the internal review and
Authorities may engage in additional reviews, inquiries and audits that consideration processes of the various issuing agencies. While the
disrupt the Company’s operations or challenge its conclusions regarding Company makes every effort to obtain the necessary permits, licenses
tax matters. Any resulting tax assessment may be accompanied by or approvals, and their renewals, it cannot assure you that it will receive
a penalty (including revocation of a benefit or exemption from tax) or them in a timely manner, or at all.
additional fee for failing to make the initial payment.
In addition, there is a risk that any approvals, licenses, registrations and
The Company’s tax rates may be affected by earnings estimation permits issued to the Company would be suspended or revoked in the
errors, losses in jurisdictions that do not grant a related tax benefit, event of non-compliance or alleged non-compliance by the Company
changes in currency rates, acquisitions, investments, or changes in with any terms or conditions thereof, or pursuant to any regulatory action.
laws, regulations, or practices. Additionally, government fiscal or
political pressures may increase the likelihood of adverse or aggressive Any of the above could materially and adversely affect the Company’s
interpretations of tax laws or regulations or the imposition of arbitrary business, prospects, financial condition and results of operations.
or onerous taxes, interest charges and penalties. Tax assessments Risks Associated with Investments in an Indian Company
may be levied even where Company considers its practices to be
Political changes in the Government of India could delay and/
in compliance with tax laws and regulations. Should the Company
or affect the further liberalization of the Indian economy and
challenge such taxes or believe them to be without merit, it may
materially and adversely affect economic conditions in India,
nonetheless be required to pay them. These amounts may be materially
generally, and the Company’s business, in particular.
different from the Company’s expected tax assessments and could
additionally result in expropriation of assets, attachment of additional The Company’s business could be significantly influenced by economic
securities, liens, imposition of royalties or new taxes and requirements policies adopted by the Government of India. Since 1991, successive
for local ownership or beneficiation. governments have pursued policies of economic liberalization and
financial sector reforms. The Government of India has at various times
The Company may have to comply with more stringent foreign announced its general intention to continue India’s current economic
investment regulations in India in the event of an increase in and financial liberalization and deregulation policies. However,
shareholding of non-residents or if it is considered as engaged protests against such policies, which have occurred in the past, could
in a sector in which foreign investment is restricted. slow the pace of liberalization and deregulation. The rate of economic
Indian companies, that are owned or controlled by non-resident liberalization could change, and specific laws and policies affecting
persons, are subject to investment restrictions specified in the foreign investment, currency exchange rates and other matters
Consolidated Foreign Direct Investment Policy (“Consolidated FDI affecting investment in India could change as well.
Policy”). Under the Consolidated FDI Policy issued in 2017, an Indian
company is considered to be “owned” by non-resident persons if more

The Government of India has traditionally exercised and continues to affect the prices of securities in India, including the Company’s Shares,
exercise influence over many aspects of the economy. The Company’s which may in turn affect the price of the Company’s ADSs. In addition,
business and the market price and liquidity of the Company’s Shares and the governing bodies of the stock exchanges in India have from time to
ADSs may be affected by interest rates, changes in policy, taxation, social time imposed restrictions on trading in certain securities, limitations
and civil unrest and other political, economic or other developments in or on price movements and margin requirements. Furthermore, from time
affecting India. to time, disputes have occurred between listed companies and stock
exchanges and other regulatory bodies, which in some cases may have
Any significant change in the Government of India’s economic
had a negative effect on market sentiment.
liberalization and deregulation policies could disrupt business and
economic conditions in India generally, and could have a material There may be a differing level of regulation and monitoring of the Indian
adverse effect on the Company’s business, prospects, financial condition securities markets and the activities of investors, brokers and other
and results of operations. participants, compared to the United States. For example, while SEBI
has prescribed regulations and guidelines in relation to disclosure
Any downgrading of India’s debt rating by a domestic or
requirements, insider dealing and other matters relevant to the Indian
international rating agency could negatively impact the
securities market, there may, still be less publicly available information
Company’s business.
about Indian companies than for United States domestic companies.
Any adverse revisions to India’s credit ratings for domestic and
international debt by rating agencies could adversely impact the Investors may have difficulty enforcing judgments against the
Company’s ability to raise additional financing, as well as the interest Company or its management.
rates and other commercial terms at which such additional financing is The Company is a public limited company incorporated in India. The
available. This could have a material adverse effect on the Company’s majority of the Company’s Directors and executive officers are residents
financial results, business prospects, ability to obtain financing for of India and substantially all of the assets of those persons and a
capital expenditures and the price of the Company’s Shares and ADSs. substantial portion of the Company’s assets are located in India. As a
result, it may not be possible for you to effect service of process within
The Company may be materially and adversely affected by
the United States upon those persons or it may be difficult to effect
Reserve Bank of India policies and actions.
service of process within the United States on the Company. In addition,
The Indian stock exchanges are vulnerable to fluctuations based on you may be unable to enforce judgments obtained in courts of the United
changes in monetary policy formulated by the RBI. The Company can States against those persons outside the jurisdiction of their residence,
make no assurance about future market reactions to RBI announcements including judgments predicated solely upon U.S. federal securities laws.
and their impact on the price of the Company’s Shares and ADSs. Moreover, it is unlikely that a court in India would award damages on the
Furthermore, the Company’s business could be significantly impacted same basis as a foreign court if an action were brought in India or enforce
were the RBI to make major alterations to monetary or fiscal policy. foreign judgments if it viewed the amount of damages as excessive or
Certain changes, including the changes to interest rates, could negatively inconsistent with public policy.
affect the Company’s sales and consequently its revenue, which could
have a material adverse effect on the Company’s business, prospects, Section 44A of the Indian Code of Civil Procedure, 1908, as amended
financial condition and results of operations. While the RBI has initiated (the “Civil Code”) provides that where a foreign judgment has been
several relief measures over the course of 2020, such as providing rendered by a superior court (within the meaning of the section) in any
moratorium on loans, relaxing provisioning norms towards certain loans country or territory outside of India which the Government of India has
and taking other measures to enhance liquidity for NBFCs, there remains by notification declared to be a reciprocating territory, such foreign
a considerable uncertainty evolving around the COVID-19 pandemic judgment may be enforced in India by proceedings in execution as if the
and further relief measures and policy actions may be needed to assist judgment had been rendered by an appropriate court in India. However,
economic recovery. the enforceability of such judgments is subject to the exceptions set forth
in Section 13 of the Civil Code.
Rights of shareholders under Indian law may be more limited
than under the laws of other jurisdictions. Section 44A of the Civil Code is applicable only to monetary decrees
not being in the nature of amounts payable in respect of taxes or other
The memorandum and articles of association of the Company (the
charges of a similar nature or in respect of fines or other penalties and
“Articles of Association”) and Indian law govern the Company’s corporate
does not include arbitration awards.
affairs. Legal principles relating to these matters and the validity of
corporate procedures, directors’ fiduciary duties and liabilities, and If a judgment of a foreign court is not enforceable under Section 44A of
shareholders’ rights may differ from those that would apply to a company the Civil Code as described above, it may be enforced in India only by
incorporated in another jurisdiction. Shareholders’ rights under Indian a suit filed upon the judgment, subject to Section 13 of the Civil Code
law may not be as extensive as shareholders’ rights under the laws of and not by proceedings in execution. Accordingly, as the United States
other countries or jurisdictions, including the United States. You may has not been declared by the Government of India to be a reciprocating
also have more difficulty in asserting your rights as a shareholder of the territory for the purposes of Section 44A, a judgment rendered by a court
Company than you would as a shareholder of a corporation organized in in the United States may not be enforced in India except by way of a suit
another jurisdiction. filed upon the judgment.
The market value of your investment may fluctuate due to the The suit must be brought in India within three years from the date
volatility of the Indian securities market. of the judgment in the same manner as any other suit filed to enforce
Stock exchanges in India, including BSE Limited (the “BSE”) have, in the a civil liability in India. Generally, there are considerable delays in the
past, experienced substantial fluctuations in the prices of their listed resolution of suits by Indian courts.
securities. Such fluctuations, if they continue or recur, could affect the A party seeking to enforce a foreign judgment in India is required to obtain
market price and liquidity of the securities of Indian companies, including prior approval from the RBI, under the Foreign Exchange Management
the Company’s Shares and in turn the Company’s ADS’s. These problems Act, 1999 (“FEMA”) to repatriate any amount recovered pursuant to such
have included temporary exchange closures, broker defaults, settlement enforcement. Any judgment in a foreign currency would be converted into
delays and strikes by brokers. Volatility in other stock exchanges, Indian rupees on the date of judgment and not on the date of payment.
including, but not limited to, those in the United Kingdom and China, may
Risks Associated with the Company’s Shares and ADSs books of the depositary are closed, or at any time if the Company or the
depositary deem it advisable to do so because of any requirement of
Fluctuations in the exchange rate between the Indian rupee
law or of any government or governmental body, or under any provision
and the U.S. dollar may have a material adverse effect on the
of the deposit agreement (as defined below), or for any other reason.
market value of the Company’s ADSs and Shares, independent
of the Company’s operating results. Moreover, pursuant to Indian regulations, the Company is required to
The exchange rate between the Indian rupee and the U.S. dollar has offer its shareholders preemptive rights to subscribe for a proportionate
been volatile in the past and may materially fluctuate in the future. number of Shares to maintain their existing ownership percentages
Fluctuations in the exchange rate between the Indian rupee and the prior to the issue of new Shares. These rights may be waived by a
U.S. dollar may affect, among others things, the U.S. dollar equivalents resolution passed by at least 75% of the shareholders of the Company
of the price of the Company’s Shares in Indian rupees as quoted on present and voting at a general meeting. ADS holders may be unable
stock exchanges in India and, as a result, the market price of the ADSs. to exercise preemptive rights for subscribing to these new Shares
Such fluctuations may also affect the U.S. dollar equivalent of any cash unless a registration statement under the Securities Act is effective
dividends in Indian rupees received on the Shares represented by the or an exemption from the registration requirements is available to us.
ADSs and the U.S. dollar -equivalent of the proceeds in Indian rupee of The Company’s decision to file a registration statement would be based
a sale of Shares in India. on the costs, timing, potential liabilities and the perceived benefits
associated with any such registration statement and the Company does
Holders of ADSs have fewer rights than shareholders and not commit that it would file such a registration statement. If any issue
must act through the depositary to exercise those rights. of securities is made to the shareholders of the Company in the future,
Although ADS holders have a right to receive any dividends declared such securities may also be issued to the depository, which may sell
in respect of the Shares underlying the ADSs, they cannot exercise such securities in the Indian securities market for the benefit of the
voting or other direct rights as a shareholder with respect to the Shares holders of ADSs. There can be no assurance as to the value, if any, the
underlying the ADSs. Citibank, N.A. as depository (the “depositary”) depositary would receive upon the sale of such rights or securities.
is the registered shareholder of the deposited Shares underlying the To the extent that ADS holders are unable to exercise preemptive
Company’s ADSs, and only the depositary may exercise the rights of rights, their proportionate ownership interest in the company would
shareholders in connection with the deposited Shares. The depositary be reduced.
will notify ADS holders of upcoming votes and arrange to deliver the
The Government of India’s regulation of foreign ownership
Company’s voting materials to ADS holders only if requested by the
could materially reduce the price of the ADSs.
Company. The depositary will try, insofar as practicable, subject to
Indian laws and the provisions of the Articles of Association, to vote Foreign ownership of Indian securities is regulated and is partially
or have its agents vote the deposited securities as instructed by the restricted. In addition, there are restrictions on the deposit of Shares
ADS holders. If the depositary receives voting instructions in time into the Company’s ADS facilities. ADSs issued by companies in certain
from an ADS holder which fails to specify the manner in which the emerging markets, including India, may trade at a discount to the market
depositary is to vote the Shares underlying such ADS holder’s ADSs, price of the underlying Shares, in part because of the restrictions on
such ADS holder will be deemed to have instructed the depositary to foreign ownership of the underlying Shares and in part because
vote in favor of the items set forth in such voting instructions. If the ADSs are sometimes perceived to offer less liquidity than underlying
depositary does not receive timely instructions from an ADS holder, Shares that can be traded freely in local markets by both local and
such ADS holder shall be deemed to have instructed the depositary international investors.
to give a discretionary proxy to a person designated by us, subject to There are restrictions on daily movements in the price of
the conditions set forth in the deposit agreement. If requested by the the Shares, which may constrain a shareholder’s ability to
Company, the depositary is required to represent all Shares underlying sell, or the price at which a shareholder can sell, Shares at a
ADSs, regardless of whether timely instructions have been received particular point in time.
from such ADS holders, for the sole purpose of establishing a quorum
The Shares are subject to a daily circuit breaker imposed by stock
at a meeting of shareholders.
exchanges in India on publicly listed companies that includes the
In addition, in your capacity as an ADS holder, you will not be able to Company, which does not allow transactions causing volatility in the
examine the Company’s accounting books and records, or exercise price of the Shares above a certain threshold. This circuit breaker
appraisal rights. Registered holders of the Company’s Shares operates independently from the index-based market-wide circuit
withdrawn from the depositary arrangements will be entitled to vote breakers generally imposed by SEBI on Indian stock exchanges. The
and exercise other direct shareholder rights in accordance with Indian percentage limit on the Company’s circuit breaker is set by the stock
law. However, a holder may not know about a meeting sufficiently in exchanges in India based on the historical volatility in the price and
advance to withdraw the underlying Shares in time. Furthermore, an trading volume of the Company’s Shares. The stock exchanges in
ADS holder may not receive voting materials, if the Company does not India are not required to inform the Company of the percentage limit
instruct the depositary to distribute such materials, or may not receive of the circuit breaker from time to time, and may change it without the
such voting materials in time to instruct the depositary to vote. Company’s knowledge. This circuit breaker effectively acts to limit
the upward and downward movements in the price of the Company’s
ADSs are transferable on the books of the depositary. However, the
Shares. As a result of this circuit breaker, the Company cannot make any
depositary may close its transfer books at any time or from time to
assurance regarding the ability of the shareholders of the Company to
time when it deems expedient in connection with the performance of
sell their Shares or the price at which such shareholders may be able to
its duties. In addition, the depositary may refuse to deliver, transfer or
sell their Shares. With effect from April 1, 2018, any gain realized on
register transfers of ADSs generally when the Company’s books or the
the sale of the Shares will be subject to capital gains tax in India.

REPORT ON CORPORATE GOVERNANCE
COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCE the performance of the Company with the objective of creating long-term
As a Tata Company, the Company’s philosophy on Corporate Governance value for the Company’s stakeholders. As on date of this report, the Board
is founded upon a rich legacy of fair, ethical and transparent governance comprises of 8 Directors, out of which 7 Directors (87.50%) are Non-Executive
practices, many of which were in place even before they were mandated Directors. The Company has a Non-Executive Chairman and 4 Independent
by adopting the highest standards of professionalism, honesty, integrity Directors (’IDs’), including 2 women IDs, comprise half of the total strength
and ethical behaviour. As a global organisation, the Corporate Governance of the Board. All IDs have confirmed in accordance with Regulation 25(8)
practices followed by the Company and its subsidiaries are compatible of the SEBI Listing Regulations that they meet the independence criteria as
with international standards and best practices. Through the Governance mentioned under Regulation 16(1)(b) of the SEBI Listing Regulations and
mechanism in the Company, the Board along with its Committees undertakes Section 149 of the Act and the rules framed thereunder. The IDs have further
its fiduciary responsibilities to all its stakeholders by ensuring transparency, stated that they are not aware of any circumstance or situation, which exist
fairplay and independence in its decision making. or may be reasonably anticipated, that could impair or impact their ability to
discharge their duties with an objective, independent, judgment and without
The Company has adopted the Tata Code of Conduct for its employees, any external influence. The Company has received confirmation from all
including the Managing and Executive Directors, which encompasses an the existing IDs of their registration on the Independent Directors Database
appropriate mechanism to report any concern pertaining to non-adherence to maintained by the Institute of Corporate Affairs pursuant to Rule 6 of the
the said Code. In addition, the Company has adopted a Code of Conduct for its
Companies (Appointment and Qualification of Directors) Rules, 2014. Based
Non-executive Directors which includes a Code of Conduct for Independent
on the disclosures received from all the IDs and as determined at the meeting
Directors, as specified under Schedule IV of the Act and Regulation 26(3)
held on May 18, 2021, the Board is of the opinion that the IDs fulfill the
of the SEBI Listing Regulations. Pursuant to Regulation 26(5) of the SEBI
conditions of Independence as specified in the Act, NYSE listing manual and
Listing Regulations, all members of senior management have confirmed that
SEBI Listing Regulations and are independent of the Management.
there are no material, financial and commercial transactions wherein they
have a personal interest that may have a potential conflict with the interest All the Directors have made necessary disclosures regarding their
of the Company at large. Pursuant to Regulation 26(3) of the SEBI Listing directorships as required under Section 184 of the Act and on the Committee
Regulations, all the Board members and senior management of the Company positions held by them in other companies. None of the Directors on the
as on March 31, 2021 have affirmed compliance with their respective Company’s Board hold the office of Director in more than 20 companies,
Codes of Conduct. A Declaration to this effect, duly signed by the CEO & including 10 public companies and none of the Directors of the Company
MD is reproduced at the end of this Report on Corporate Governance. The are related to each other. None of the IDs serve as IDs in more than 7 listed
Corporate Governance mechanism is further strengthened with adherence entities and none of the IDs are Whole-time Directors / Managing Directors
to the Tata Business Excellence Model, as a means to drive excellence in any listed entity. In accordance with Regulation 26 of the SEBI Listing
and the Balanced Scorecard methodology, for tracking progress on long- Regulations, none of the Directors are members in more than 10 committees
term strategic objectives and the adoption of the Tata Code of Conduct or act as chairperson of more than 5 committees [the committees being, Audit
for Prevention of Insider Trading and the Code of Corporate Disclosure Committee and Stakeholders’ Relationship Committee] across all public
Practices (Insider Trading Code), pursuant to the provisions of Regulations limited companies in which he/she is a Director. All Non-Independent Non-
8 and 9 under the SEBI (Prohibition of Insider Trading) Regulations, 2015. Executive Directors (‘NINEDs’) are liable to retire by rotation.
The Company has also adopted the Governance Guidelines on Board
The required information, including information as enumerated in Regulation
Effectiveness based on best practices from both within and outside the
17(7) read together with Part A of Schedule II of the SEBI Listing Regulations
Tata Companies. The Company is in full compliance with the requirements
is made available to the Board of Directors, for discussions and consideration
of Corporate Governance under the Securities and Exchange Board of India
at Board Meetings.
(Listing Obligations and Disclosure Requirements), Regulations, 2015 (‘SEBI
Listing Regulations’). The Company’s Depositary Programme is listed on Pursuant to Regulation 27(2) of the SEBI Listing Regulations, the Company
the New York Stock Exchange (NYSE) and the Company also complies with also submits a quarterly compliance report on Corporate Governance to the
US regulations as applicable to Foreign Private Issuers (non-US companies Indian Stock Exchanges, including details on all material transactions with
listed on a US Exchange) which cast upon the Board of Directors and the Audit related parties, within 15 days from the close of every quarter. The CEO &
Committee, onerous responsibilities to improve the Company’s operating and MD and the CFO have certified to the Board on inter alia, the accuracy of the
financial efficiencies. Risk management and the internal control process are financial statements and adequacy of internal controls for financial reporting,
focus areas that continue to meet the progressive governance standards. in accordance with Regulation 17(8) read together with Part B of Schedule II
The Company has instated a comprehensive, robust, IT-enabled compliance of the SEBI Listing Regulations, pertaining to CEO and CFO certification for the
management system for tracking, managing and reporting on compliances Financial Year ended March 31, 2021.
with all laws and regulations applicable to the Company. The Management
on a quarterly basis presents before the Board of Directors a status report on During the year under review, 9 Board Meetings were held on May 15,
regulatory compliances, as applicable to the Company. 2020, June 15, 2020, July 31, 2020, September 16, 2020, October 27,
2020, December 17, 2020, January 29, 2021, February 12, 2021 and March
BOARD OF DIRECTORS 15, 2021. The agenda papers for the Board and Committee meetings are
The Board of Directors is the apex body constituted by shareholders, for disseminated electronically on a real-time basis, by uploading them on a
overseeing the Company’s overall functioning. It provides strategic direction, secured online application, thereby eliminating circulation of printed agenda
leadership and guidance to the Company’s management as also monitors papers.

The following table, illustrates the composition of the Board, Director’s attendance at Board Meetings held during the financial year under review and at the
last AGM, number of Directorships held in other listed public companies, total number of committee positions held in other public companies, their shareholding
in the Company’s shares or other convertible instruments and names of other listed entities in which Directorship is held, including category of Directorships,
as at March 31, 2021 :
No. of No. of Holding in

Name of No. of Committee
Board Attendance Directorships Company’s
Director, Director positions in other Directorships in other listed entities
Meetings at the in other public shares & other
Identification Number & public companies (2) (Category of Directorship)
attended last AGM companies (1) convertible
Category
in the year (C) (M) (C) (M) instruments
Mr N Chandrasekaran 9 Yes 6 - - - 2,00,000 Tata Chemicals Ltd. (NINED)(C)
DIN: 00121863 Ordinary Tata Consumer Products Ltd. (formerly Tata
NINED (C) Shares Global Beverages Limited) (NINED) (C)
Tata Consultancy Services Ltd. (NINED) (C)
Tata Steel Ltd. (NINED) (C)
The Tata Power Co. Ltd. (NINED) (C)
The Indian Hotels Co. Ltd. (NINED) (C)
Mr Om Prakash Bhatt 9 Yes - 4 2 4 - Hindustan Unilever Ltd. (ID)
DIN: 00548091 Tata Consultancy Services Ltd. (ID)
ID Tata Steel Ltd. (ID)
Aadhar Housing Finance Ltd. (Debt listed
entity) (ID)
Ms Hanne Sorensen 8 Yes - 1 - 1 - Tata Consultancy Services Ltd. (ID)
DIN: 08035439
ID
Ms Vedika Bhandarkar 9 Yes - 5 3 5 - Tata Investment Corporation Limited (ID)
DIN: 00033808 Tata Motors Finance Solutions Ltd. (Debt
ID listed entity) (ID)
Tata Motors Finance Ltd. (Debt listed entity)
(ID)
TMF Holdings Ltd. (Debt listed entity) (ID)
Mr Kosaraju V Chowdary 4 NA - 3 - 4 - Reliance Industries Limited (NINED)
DIN: 08485334 CCL Products (India) Limited (ID)
ID(3) Divi's Laboratories Limited (ID)
Mr Mitsuhiko Yamashita 5 NA - - - - - -
DIN: 08871753
NINED(4)
Mr Thierry Bolloré 5 NA - - - - - -
DIN: 08935293
NINED(5)
Dr Ralf Speth 4 Yes - - - - - -
DIN: 03318908
NINED(6)
Mr Guenter Butschek 9 Yes - 1 - - - -
DIN: 07427375
CEO & MD
Table Key: (C) - Chairperson; (M) – Member; NINED – Non-Independent Non-Executive Director; ID-Independent Director; CEO & MD – Chief Executive
Officer & Managing Director
(1) Excludes directorship in the Company, private companies, foreign companies, Section 8 companies.
(2) Pertains to memberships/chairpersonships of the Audit Committee and Stakeholders’ Relationship Committee in other Indian public companies as per Regulation
26(1)(b) of the SEBI Listing Regulations.
(3) Appointed as an ID of the Company with effect from October 27, 2020.
(4) Appointed as an ID of the Company with effect from September 16, 2020, but underwent change in designation to NINED with effect from October 27, 2020.
(5) Appointed as a NINED of the Company with effect from October 27, 2020.
(6) Ceased to be a NINED of the Company on October 27, 2020 and the Number of Directorships, Committee positions and shareholding details are as on the date
of his cessation.

The Company uses the facility of video conferencing, permitted skill-domain mix of the Board and is supported by the Group Human
under Section 173(2) of the Act read together with Rule 3 of the Resources in this regard.
Companies (Meetings of Board and its Powers) Rules, 2014, thereby
Key Board Skills, Expertise and Competencies: As on March 31, 2021
saving resources and cost to the Company as well as the valued
the Board comprises qualified members who bring in the required skills,
time of the Directors. Due to the exceptional circumstances caused
competence and expertise to enable them to effectively contribute
by the COVID-19 Pandemic and consequent relaxations granted by
in deliberations at Board and Committee meetings. The below matrix
MCA and SEBI, all meetings in FY 2020-21 were held through Video
summarizes a mix of skills, expertise and competencies expected to
Conferencing (‘VC’).
be possessed by our individual directors, which are key to corporate
Board Effectiveness Evaluation: Pursuant to provisions of Regulation governance and Board effectiveness:
17(10) of the SEBI Listing Regulations and the provisions of the Act,
an annual Board effectiveness evaluation was conducted on June 9, Key Board Skills / Expertise / Competencies
2020 for FY19-20 and on March 15, 2021 for FY 2020-21, involving Entrepreneur / Extended entrepreneurial / leadership experience
the following: Leadership for a significant enterprise, resulting in a practical
understanding of organizations, processes, strategic
i. Evaluation of IDs, in their absence, by the entire Board was planning, and risk management. Demonstrated
undertaken, based on their performance and fulfillment of the strengths in developing talent, planning succession,
independence criteria prescribed under the Act and SEBI Listing and driving change and long-term growth.
Regulations; and
Engineering and Engineering and the development of new
ii. Evaluation of the Board of Directors, its Committees and individual Technology technologies involving application of scientific and
Directors, including the role of the Board Chairman. mathematical knowledge to design and operation of
objects, systems, and processes to help the Company
IDs’ meeting in accordance with the provisions of Section 149(8) read
solve problems and reach its goals.
with Schedule IV of the Act and Regulation 25(3) and 25(4) of the
SEBI Listing Regulations was convened on June 9, 2020 and March Financial Expertise Education and experience as an Auditor or Public
15, 2021, mainly to review the performance of NINEDs, Whole-time Accountant or a principal financial officer, comptroller
Directors (‘WTDs’) and the Chairman as also the Board as a whole for or principal accounting officer or holding a position
FY 2019-20 and FY 2020-21, respectively and the flow of information involving performance of similar functions.
between the Board and the Management. All IDs were present at the Global Exposure Experience in driving business success in markets
said meetings. around the world, with an understanding of diverse
business environments, economic conditions,
The Nomination and Remuneration Committee (‘NRC’) of the Board of
cultures, and regulatory frameworks, and a broad
the Company has devised a policy for performance evaluation of the
perspective on global market opportunities.
individual Directors, Board and its Committees, which includes criteria
Automobile A significant background in automotive or similar
for performance evaluation. Pursuant to the provisions of the Act and
Industry industries, resulting in knowledge of how to anticipate
Regulation 17(10) of the SEBI Listing Regulations, the Board has carried
Experience market trends, generate disruptive innovation and
out an annual performance evaluation of its own performance and the
extend or create new business models.
Directors as well as Committees of the Board. The Board’s performance
was evaluated based on inputs received from all the Directors, Board’s Diversity Representation of gender, ethnic, geographic,
composition and structure, effectiveness of the Board, performance cultural, or other perspectives that expand the
of the Committees, processes and information provided to the Board, Board’s understanding of the needs and viewpoints
etc. The NRC has also reviewed the performance of the Individual of our customers, partners, employees, governments,
Directors based on their knowledge, level of preparation and effective and other stakeholders worldwide.
participation in meetings, understanding of their roles as Directors, etc. Mergers and Experience or record of leading growth through
Acquisitions acquisitions and other business combinations, with
For further details pertaining to the same kindly refer to the Board’s
the ability to assess ‘build or buy’ decisions, analyze
Report.
the fit of a target with the Company’s strategy and
Board Diversity: To ensure that a transparent Board nomination process culture, accurately value transactions, and evaluate
is in place, that encourages diversity of thought, experience, knowledge, operational integration plans.
perspective, age and gender, the Board has adopted a Diversity Policy, Board Service and Service on other public company boards, to develop
formulated by the NRC, wherein it is expected that the Board has an Governance insights about maintaining board and management
appropriate blend of functional and industry expertise. At present, our accountability, protecting shareholder interests, and
8 member Board of Directors, comprises of 1 Executive Director, 3 Non- observing appropriate governance practices.
Independent Non-Executive Directors and 4 Independent Directors, out Sales and Experience in developing strategies to grow sales
of which 2 are Women Directors, While recommending appointment Marketing and market share, build brand awareness and equity,
of a director, the NRC considers the manner in which the function and enhance brand reputation.
and domain expertise of the individual could contribute to the overall

Automobile
Entrepreneur / Engineering & Financial Global Mergers & Board Service & Sales &
Name of Director Industry Diversity
Leadership Technology Expertise Exposure Acquisitions Governance Marketing
Experience
Mr Natarajan Chandrasekaran √ √ √ √ √ √ √ √ -
Mr Om Prakash Bhatt √ - √ √ - √ √ √ -
Ms Hanne Sorensen √ - √ √ √ √ √ √ √
Ms Vedika Bhandarkar √ - √ √ √ - √ √ √
Mr Kosaraju V Chowdary √ - √ - - √ √ √ -
Mr Mitsuhiko Yamashita √ √ - √ √ √ √ - -
Mr Thierry Bolloré √ √ - √ √ √ √ √ √
Dr Ralf Speth √ √ - √ √ √ √ √ √
Mr Guenter Butschek √ √ - √ √ √ √ √ √
Familiarisation Programme: Pursuant to the provisions of Regulation 25(7) and Regulation 46 of the SEBI Listing Regulations, kindly refer to the
Company’s website https://investors.tatamotors.com/pdf/familiarisation-programme-independent-directors.pdf for details of the familiarisation
programme for IDs on their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model
of the Company and related matters.
THE COMMITTEES OF THE BOARD ii. Review the statement of uses/applications of funds by major
Given below is the composition and the terms of reference of various category and the statement of funds utilized for purposes other
Board constituted Committees, inter alia including the details of meetings than as mentioned in the offer document / prospectus / notice
held during the year and attendance thereat. All Committee decisions are and the report submitted by the monitoring agency monitoring the
taken, either at the meetings of the Committee or by passing of circular utilization of proceeds of a public or rights or private placement
resolutions. The Company Secretary acts as the secretary for all Board issue, and make appropriate recommendations to the Board to take
constituted Committees. The Chairperson of each Committee briefs the up steps in this matter. These reviews are to be conducted till the
Board on significant discussions at its meetings. During the financial money raised through the issue has been fully spent.
year all recommendations made by the various Committees have been iii. Review with the management, statutory auditor and internal
accepted by the Board. The minutes of the meetings of all Committees of auditor, adequacy of internal control systems, identify weakness or
the Board are placed before the Board for noting. deficiencies and recommending improvements to the management.
AUDIT COMMITTEE iv. Recommend the appointment/removal of the statutory auditor,
The Audit Committee functions according to its Charter that defines cost auditor, fixing audit fees and approving non-audit/consulting
its composition, authority, responsibility and reporting functions in services provided by the statutory auditors’ firms to the
accordance with Section 177 of the Act, Regulation 18(3) read with Company and its subsidiaries; evaluating auditors’ performance,
Part C of Schedule II of the SEBI Listing Regulations and US regulations qualifications, experience, independence and pending proceedings
applicable to the Company and is reviewed from time to time. Whilst, relating to professional misconduct, if any.
the terms of reference is available on the Company’s website https://
v. Review the adequacy of internal audit function, including the
investors.tatamotors.com/pdf/audit_committee_charter.pdf, given
structure of the internal audit department, staffing and seniority of
below is a gist of the responsibilities of the Audit Committee, after
the chief internal auditor, coverage and frequency of internal audit,
incorporating therein the regulatory changes mandated under the
appointment, removal, performance and terms of remuneration of
Listing Regulation:
the chief internal auditor.
i. Reviewing with the management, quarterly/annual financial
vi. Discuss with the internal auditor and senior management,
statements before submission to the Board, focusing primarily on:
significant internal audit findings and follow-up thereon.
- The Company’s financial reporting process and the disclosure vii. Review the findings of any internal investigation into matters
of its financial information, including earnings, press release, involving suspected fraud or irregularity or a failure of internal
to ensure that the financial statements are correct, sufficient control systems of a material nature and report the matter to the
and credible; Board.
- Reports on the Management Discussion and Analysis of viii. Discuss with the statutory auditor before the audit commences, the
financial condition, results of Operations and the Directors’ nature and scope of audit, as well as conduct post-audit discussions
Responsibility Statement; to ascertain any area of concern.
- Major accounting entries involving estimates based on ix. Review the functioning of the Vigil Mechanism under the Whistle-
exercise of judgment by Management; Blower policy of the Company.
- Compliance with accounting standards and changes in x. Review the financial statements and investments made by
accounting policies and practices as well as reasons thereof; subsidiary companies and subsidiary oversight relating to areas
such as adequacy of the internal audit structure and function of the
- Draft Audit Report, qualifications, if any and significant
subsidiaries, their status of audit plan and its execution, key internal
adjustments arising out of audit;
audit observations, risk management and the control environment.
- Scrutinise inter corporate loans and investments; and
xi. Look into reasons for any substantial defaults in payment to the
- Disclosures made under the CEO and CFO certification and depositors, debenture holders, shareholders (in case of non-
payment of declared dividend) and creditors, if any.
- Approval or any subsequent modification of transactions with
related parties, including omnibus related party transactions.

xii. Review the effectiveness of the system for monitoring compliance expressing an opinion on the conformity of those financial statements
with laws and regulations. with accounting principles generally accepted in India.
xiii. Approve the appointment of CFO after assessing the qualification, The Audit Committee reviews on a quarterly basis the confirmation of
experience and background etc. of the candidate. independence made by the Auditors, as also approves of the fees paid
to the Auditors by the Company, and its subsidiaries as per the Policy for
xiv. To approve and review policies in relation to the implementation of
Approval of Services to be rendered by Auditors. The said Policy is also
the Tata Code of Conduct for Prevention of Insider Trading and Code
available on our website https://www.tatamotors.com/investors/pdf/
of Corporate Disclosure Practices (”Code”) to note the dealings by
auditfee-policy.pdf. The Company rotates its Audit partner responsible
Designated Persons in securities of the Company and to provide
for its Audit every 5 years, apart from the statutory requirement of
directions on any penal action to be initiated, in case of any violation
rotating the Audit Firm every 10 years, to ensure independence in the
of the Code.
audit function.
The Committee comprises 4 members, all being IDs, who are financially
NOMINATION AND REMUNERATION COMMITTEE (NRC)
literate and have relevant finance and/or audit exposure. Ms Vedika
Bhandarkar, being the Chairperson of the Audit Committee is also the The NRC of the Company functions according to its terms of reference,
Financial Expert under the applicable Indian and US Regulations. The that defines its objective, composition, meeting requirements, authority
quorum of the Committee is two members or one-third of its members, and power, responsibilities, reporting and evaluation functions in
whichever is higher, with atleast two IDs. The Chairman of the Audit accordance with Section 178 of the Act and SEBI Listing Regulations.
Committee also attended the last AGM of the Company. Members of the The suitably revised terms of reference enumerated in the Committee
Audit Committee meeting meet the Auditors before the financial results Charter, after incorporating therein the regulatory changes mandated
meeting. During the period under review, 9 Audit Committee meetings under the SEBI Listing Regulations, are as follows:
were held on May 15, 2020, June 9, 2020, June 15, 2020, July 24, 2020, - Recommend the set up and composition of the Board and
July 31, 2020, a two-day meeting on October 26-27, 2020, December 16, its Committees including the “formulation of the criteria for
2020, a two-day meeting on January 28-29, 2021 and February 10, 2021. determining qualifications, positive attributes and independence of
The composition of the Audit Committee and attendance of its Members at a director”. The Committee periodically reviews the composition of
its meetings held during the year is as follows: the Board with the objective of achieving an optimum balance of
size, skills, independence, knowledge, age, gender and experience.
Name of the Member No. of No. of
Category Meetings held Meetings
- Support the Board in matters related to the setup, review and
during tenure attended refresh of the Committees.
Ms Vedika Bhandarkar ID 9 9 - Devise and review a policy on Board diversity.
(Chairperson)
- Recommend the appointment / reappointment or removal of
Mr Om Prakash Bhatt ID 9 9 Directors, in accordance with the criteria laid down, including IDs
Ms Hanne Sorensen ID 9 8 on the basis of their performance evaluation report.
Mr K V Chowdary (1) ID 2 2
- Recommend on voting on resolutions for appointment and
(1)
Appointed as a Member of the Audit Committee with effect from January 4, 2021. remuneration of Directors on the Boards of its material subsidiary
companies and provide guidelines for remuneration of Directors on
The Committee meetings are held at the Company’s Corporate
material subsidiaries.
Headquarters or at its plant locations and are attended by the CEO & MD,
CFO, Senior Management, Company Secretary, Head - Internal Audit, - Identify and recommend to the Board appointment or removal of
Statutory Auditors and Cost Auditors on a need based basis. The Business Key Managerial Personnel (’KMP’) and Senior Management of
and Operation Heads are invited to the meetings, as and when required. the Company in accordance with the criteria laid down. In case of
The Head - Internal Audit reports directly to the Audit Committee to ensure appointment of CFO the Committee shall identify persons, to the
independence of the Internal Audit function. During the year Mr Yamashita, Audit Committee and the Board of Directors of the Company.
as an invitee, has attended all Audit Committee Meetings, where Financial
- Carry out evaluation of every Director’s performance and support
Results have been approved.
the Board, its Committees and individual Directors, including
The Committee relies on the expertise and knowledge of the management, “formulation of criteria for evaluation of Independent Directors and
the internal auditor and the statutory auditor, in carrying out its the Board”.
oversight responsibilities. It also uses external expertise, if required. The
- Oversee the performance review process for the KMP and
management is responsible for the preparation, presentation and integrity
Senior Management of the Company with a view that there is an
of the Company’s financial statements, including consolidated statements,
appropriate cascading of Company’s goals and targets and on an
accounting and financial reporting principles. The management is also
annual basis, review the performance of the Directors, KMP and
responsible for internal control over financial reporting and all procedures
Senior Management and recommend their remuneration.
are designed to ensure compliance with accounting standards, applicable
laws and regulations as well as for objectively reviewing and evaluating - Recommend the Remuneration Policy for Directors, KMP, Senior
the adequacy, effectiveness and quality of the Company’s system of Management and other employees.
internal controls.
- Review matters related to voluntary retirement and early
B S R & Co. LLP, Chartered Accountants (ICAI Firm Registration No.101248 separation schemes for the Company.
W/W – 100022), the Company’s Statutory Auditor, is responsible
- Oversee familiarization programmes for Directors.
for performing an independent audit of the Financial Statements and

- Oversee HR philosophy, HR and people strategy and efficacy of no profits / inadequate profits to pay certain fixed remuneration
HR practices including those for leadership development, rewards to their Non-Executive Directors and Independent Directors, in
and recognition, talent management and succession planning accordance with the provisions of Schedule V of the Act.
(specifically for the Board, KMP and Senior Management).
In view of the valuable services being rendered by the said Directors to
- Implement and administer any Employees Stock Option Scheme(s) the Company, as recommended by the NRC, the Board of Directors at
approved by the Board and to establish, amend and rescind any their meeting held on May 18, 2021 approved payment of remuneration
rules and regulations relating to the Scheme(s), and to make to the Non-Executive Directors and Independent Directors of the
any other determinations that it deems necessary or desirable in Company in accordance with the limits provided under Schedule V of
connection with the Scheme. the Act in case of no profits / inadequate profits for a three year period
commencing from April 1, 2020 to be distributable in accordance with
The NRC comprises 2 IDs and 1 NINED. The Chairperson of the NRC also
the directions given by the Board of Directors and shall be in addition
attended the last Annual General Meeting of the Company. During the
to the sitting fees payable to the Directors for attending the meetings of
period under review, 6 NRC meetings were held on June 15, 2020, July
the Board or Committee thereof or for any other purpose whatsoever
15, 2020, September 16, 2020, October 27, 2020, February 12, 2021 and
as may be decided by the Board, and reimbursement of expenses for
March 15, 2021. The requisite quorum was present for all the meetings.
participation in the Board and other meetings.
The composition of the NRC and attendance of its Members at its
Accordingly, it is proposed to pay Remuneration to Non-Executive
meetings held during the year is as follows:
Directors, including Independent Directors of the Company, to be
Name of the Member determined by the Board of Directors for each of such Non-Executive
No. of Meetings No. of Meetings Director for each financial year and distributed between such Directors
Category
held during tenure attended
in such a manner as the Board of Directors may from time to time
Mr Om Prakash Bhatt ID 6 6 determine within the overall maximum limit of (a) 1% (one percent)
(Chairperson) of the net profits of the Company for that financial year computed in
Ms Hanne Sorensen ID 6 6 accordance with the provisions of Section 198 of the Act; or (b) upto
an amount of `24 lakhs plus 0.01% of the effective capital in excess
Mr N Chandrasekaran NINED 6 6
of `250 crores, whichever is lower, for FY2020-21, FY2021-22 and
FY2022-23.
Remuneration Policy
The Remuneration Policy of the Company is designed to create a high- The resolution approving the above proposal is being placed for
performance culture. It enables the Company to attract, retain and approval of the Members in the Notice for this AGM. The Remuneration
motivate employees to achieve results. Our business model promotes to the Non-Executive Directors for FY 2020-21 is payable subject to
customer centricity and requires employee mobility to address project shareholders’ approval.
needs. The remuneration policy supports such mobility through pay • The performance evaluation criteria for Non-executive Directors,
models that are compliant to local regulations. In each country where including IDs, is determined by the NRC. An indicative list of factors that
the Company operates, the remuneration structure is tailored to the were evaluated include participation and contribution by a director,
regulations, practices and benchmarks prevalent in the automotive commitment, effective deployment of knowledge and expertise,
industry. For further details on Remuneration Policy for Directors, KMP effective management of relationship with stakeholders, role in Board
and other employees, drafted in accordance with the provisions of the constituted committees, integrity and maintenance of confidentiality
Act and the SEBI Listing Regulations, kindly refer to https://investors. and independence of behaviour and judgement.
tatamotors.com/pdf/directors-appointment-remuneration.pdf.
• A sitting fee of `60,000/- for attendance at each meeting of the Board,
The Company pays remuneration by way of salary, benefits, perquisites Audit Committee, NRC and for IDs Meeting; `20,000/- for attendance
and allowances (fixed component) and commission (variable component) at each meeting of Stakeholders’ Relationship Committee; Safety,
to its MD. Annual increments are recommended by the NRC within the Health & Sustainability Committee, the Corporate Social Responsibility
salary scale approved by the Board and Members and are effective April Committee, Risk Management Committee and other special need based
1, each year. committees, is paid to its Members (excluding Managing Director and
The Board of Directors, on the recommendation of the NRC, decides the Executive Director) and also to Directors attending by invitation. The
commission payable to the MD out of the profits for the financial year sitting fees paid/payable to the Non Whole-time Directors is excluded
and within the ceilings prescribed under the Act, based on the Board whilst calculating the limits of remuneration in accordance with
evaluation process considering the criteria such as the performance of Section 197 of the Act. The Company also reimburses out-of-pocket
the Company as well as that of the MD. expenses to Directors attending meetings held at a city other than the
one in which the Directors reside. As a policy, the Chairman abstains
Remuneration of Directors: from receiving commission / remuneration from the Company. In lines
Non-Executive Directors with the internal guidelines of the Company, no payment is made
• The remuneration by way of commission to the Non-Executive towards commission / remuneration to Non-Executive Directors
Directors is decided by the Board of Directors and distributed to of the Company, who are in full time employment of any other Tata
them based on their participation and contribution at the Board Company.
and Committee meetings and performance evaluation by the Given below are the Remuneration and Sitting Fees payable / paid by the
Board. Recently, the Ministry of Corporate Affairs has notified Company to Non-Executive Directors during FY 2020-21:
the amendments to Sections 149(9) and 197(3) of the Act by the
Companies (Amendment) Act, 2020 to enable companies faced with

(` in lakhs) The NRC, reviews and recommends to the Board the changes in the
Sitting managerial remuneration, generally being increment in basic salary
Name Remuneration(1) and commission/incentive remuneration of the CEO & MD on a yearly
Fees
Mr N Chandrasekaran (2) - 9.00 basis. This review is based on the Balanced Score Card that includes
the performance of the Company and the individual director on certain
Mr Om Prakash Bhatt 45.00 16.00
defined qualitative and quantitative parameters such as volumes,
Ms Hanne Sorensen 40.00 16.20 EBITDA, market share, cashflows, cost reduction initiatives, safety,
Ms Vedika Bhandarkar 45.00 13.00 strategic initiatives and special projects as decided by the Board vis-a-
Mr Kosaraju V Chowdary (3) 20.00 4.40 vis targets set in the beginning of the year. This review also takes into
Mr Mitsuhiko Yamashita (4) 20.00 5.20 consideration the benchmark study undertaken by reputed independent
Mr Thierry Bolloré (5) (7) - - agencies on comparative industry remuneration practices.
Dr Ralf Speth (6) (7) - - Whereas the basic salary of the CEO & MD is fixed for his entire tenure,
Total 170.00 63.80 the variable portion of the CEO & MD’s remuneration consists of incentive
remuneration in the form of performance linked bonus and long-term
(1) Payable subject to shareholders’ approval at the 76th AGM of the Company. incentive. The target performance linked bonus would be €550,000/- per
(2) As a Policy, Mr N Chandrasekaran has abstained from receiving remuneration annum upto a maximum of €825,000/- per annum. With the objective of
from the Company. achieving long-term value creation, through retention and continuity in
leadership, a long term incentive plan is provided with a value intended
(3) Appointed as an ID of the Company with effect from October 27, 2020. target of €550,000/- per annum upto a maximum of €825,000/-
(4) Appointed as an ID of the Company with effect from September 16, 2020, but per annum.
underwent change in designation to NINED with effect from October 27, 2020. The Members at the 71st AGM of the Company held on August 9, 2016,
(5) Appointed as a NINED of the Company with effect from October 27, 2020. had vide passing of Special Resolution, approved the appointment
and terms of remuneration of Mr Butschek as the CEO & MD of the
(6) Ceased to be the NINED of the Company with effect from October 27, 2020. Company, for a period of 5 years, commencing from February 15, 2016
(7) Dr. Speth and Mr Bolloré are not paid any remuneration or sitting fees upto February 14, 2021. Thereafter, the Members at the 75th AGM
for attending Board meetings of the Company in view of their role as Chief held on August 25, 2020, had vide passing of a Special Resolution,
Executive Officer and Director of Jaguar Land Rover Automotive PLC. approved payment of minimum remuneration to the CEO & MD in view
of inadequacy of profits/losses as calculated under the provisions of
Some of the aforementioned Directors are also on the Board of the Section 198 of the Act, for FY 2019-20 and FY 2020-21 (upto February
Company’s subsidiaries and associates, in a non-executive capacity 14, 2021), which remuneration is within the prescribed limits.
and are paid remuneration and sitting fees. Other than the above and
their shareholding in the Company, the Non-Executive Directors The Board of Directors, based on the recommendations of the NRC, has
have no pecuniary relationship or transactions with the Company, its on February 12, 2021 approved of the re-appointment of Mr Butschek
subsidiaries and associates. as the CEO & MD with effect from February 15, 2021 upto a tenure of
June 30, 2021 on similar and conditions of remuneration as was paid/
Managing and Executive Director payable to him during his tenure (of February 15, 2016 to February
The remuneration paid to the CEO & MD is commensurate with industry 14, 2021) and have recommended the same to the Members of the
standards and Board level positions held in similar sized companies, Company in the Notice of the forthcoming 76th AGM of the Company,
taking into consideration the individual responsibilities shouldered by which forms a part of this Annual Report. The addendum to his existing
him and is in accordance with the terms of appointment approved by the agreement with effect from February 15, 2021 in respect of the said
Members, at the time of his appointment. re-appointment is available for inspection, as per the terms mentioned
in the Notice of this AGM.
Given below are certain details pertaining to the terms of appointment and payment of Managerial Remuneration to Mr Guenter Butschek, the CEO
& MD for FY2020-21, for more details on this subject matter kindly refer to the Notice of the forthcoming 76th AGM of the Company:
(` in Lakhs)
Remuneration Paid Remuneration Proposed (1)
Particulars / Payable for FY February 15, 2021 April 1, 2021 to
2020-21 to March 31, 2021 June 30, 2021
Basic Salary 285.55 35.69 70.60
Benefits, Perquisites and Allowances (includes payment in lieu of pension) 1,318.43 164.80(2) 320.49(2)
Commission, Bonus and Performance Linked Incentive Remuneration -(3) -(3) 235.32(4)
Retirement Benefits(5) 171.33 21.42 42.36
Total Remuneration 1,775.31(6) 221.91 668.77
Less: Permissible Deductions under Schedule V 18.25 3.34 -
Total Remuneration under Schedule V 1,757.06 218.57 -
Less: Permissible Limit Payable by a Company with inadequate profits 240.39 30.05 -
Waiver of Excess Remuneration Paid/ Payable 1,516.67(7) 188.52 -
Profit/(Loss) as per Section 198 (2,83,292.05) - -

(1) Amount shall be paid/payable subject to shareholders’ approval at the 76th AGM of the Company.
(2) Certain Perquisites and Allowances are based on realistic assumptions.
(3) Performance and Long Term Incentive Plan (LTIP) for FY 2020-21, which will be accrued post approval by the Board of Directors. The remuneration for February
15, 2021 to March 31,2021 is pro-rated basis the amount for FY 2020-21.
(4) Estimated at €550,000 on achievement of performance target at 100%. The Agreement provides a range from €550,000 to €825,000 each for performance bonus
and LTIP. The remuneration is denominated in € converted into ` on the date of payment. The Foreign Exchange rate for all future payments of remuneration is
assumed at a constant of 1€=`85.57 (rate as on the date of payment for March 2021). The remuneration for FY 2021-22 is estimated on a similar basis as FY 2020-
21 but is pro-rated for a period of 3 months, that is upto June 30, 2021.
(5) Comprises contribution to Provident Fund and Gratuity as per the Rules of the Company.
(6) There is no change in the ` denominated remuneration of Mr Butschek, except for his performance linked bonus and long term Incentives, during the five financial
years. The change in amount is mainly on account of foreign exchange conversion into Rupees (Euro rate fluctuates from `80.82 on April 1, 2018 to `85.57 on
March 31, 2021). The exchange rates used for remuneration are conversion rate on the date of actual payment.
(7) No waiver is required for Remuneration paid from April 1, 2020 to February 14, 2021 as shareholders had already approved in AGM held in August 2020
Remuneration of Mr Butschek has been subjected to peer level benchmarks management. The Company strives to maintain an appropriate balance of
with the help of survey conducted by Aon Hewitt, an independent global skills and experience, within the organization and the Board, in an endeavor
compensation consultant. The proposed remuneration is commensurate to introduce new perspectives, whilst maintaining experience and continuity.
with the prevailing level for position of Business Leaders of global
By integrating workforce planning with strategic business planning, the
automobile companies who are nationals of US or Europe and serve as
Company deploys the necessary financial and human resources to meet its
CEO/MD which represents suitable talent market for the incumbent. The
objectives. Succession planning and elevation within the organization, fuel the
table below illustrates the requisite comparative data of the CEO/ MD
ambitions of its talent force, to earn future leadership roles. The NRC have at
remuneration in the global automotive companies:
their meetings held on June 15, 2020, February 12, 2021 and March 15, 2021
Total Cost to Company (‘TCC’) with Long Term Incentive reviewed the succession planning of the Board and Senior Management.
(` in lakhs)
STAKEHOLDERS’ RELATIONSHIP COMMITTEE (SRC)
10th Percentile 25th Percentile Median 75th Percentile 90th Percentile
The SRC functions in accordance with Section 178 of the Act and Regulation
2,570 2,989 5,110 8,765 10,063 20 read with Part D of Schedule II of the SEBI Listing Regulations. The
(Data Source: Aon Hewitt Executive Compensation Team) suitably revised terms of reference enumerated in the Committee Charter,
after incorporating therein the regulatory changes mandated under the SEBI
The terms of appointment with respect to the severance notice period and Listing Regulations, are as follows:
fees payable to Mr Butschek, the CEO & MD, is as reproduced below:
- Approve issue of duplicate certificates for securities and transmission
• The Contract with the CEO & MD may be terminated earlier, without of securities.
any cause by either giving to the other party 6 months’ notice of such
- Resolve grievances of security holders of the Company, including
termination or the Company paying 6 months’ remuneration which shall
complaints related to transfer/transmission of shares, non-receipt
be limited to provision of basic salary, benefits, perquisites and allowances
of annual report, non-receipt of declared dividends, issue of new/
(including Living Allowance) and any pro-rated incentive remuneration,
duplicate certificates, general meetings, etc.
in lieu of such notice. Additionally, in case of termination initiated by the
Company before the end of the term for reasons other than Tata Code of - Review measures taken for effective exercise of voting rights by
Conduct (“TCoC”), the CEO & MD shall be entitled to severance pay for a shareholders.
period of 12 months or balance term of the agreement whichever is less - Review adherence to the service standards adopted by the Company
and which shall be limited to provision of basic salary, living allowance in respect of various services being rendered by the Registrar & Share
and any pro-rated incentive remuneration. Transfer Agent.
• This appointment may not be terminated by the Company without notice - Review various measures and initiatives taken by the Company for
or payment in lieu of notice except for reasons of breach of TCoC. In case reducing the quantum of unclaimed dividends and ensuring timely
of breach of TCoC, the CEO & MD shall not be entitled to severance. receipt of dividend warrants/annual reports/statutory notices by the
shareholders of the Company.
• In the event the CEO & MD is not in a position to discharge his official duties
- Oversee statutory compliance relating to all securities including
due to any physical or mental incapacity, he shall be entitled to receive
dividend payments and transfer of unclaimed amounts to the Investor
notice pay and the severance as mentioned above and this contract shall
Education and Protection Fund and claims made by members /
stand terminated.
investors from the said fund.
The Directors of the Company are not eligible to receive employee stock - Review movements in shareholding and ownership structures of the
options and have accordingly not participated in the Employee Stock Option Company.
Scheme 2018 of the Company.
- Conduct a Shareholders’ Satisfaction Survey to ascertain the level of
Retirement Policy for Directors satisfaction amongst shareholders.
As per the retirement age policy adopted by the Company, the Managing - Suggest and drive implementation of various investor-friendly
and Executive Directors retire at the age of 65 years. The retirement age for initiatives.
NINEDs is 70 years and for IDs is 75 years as per the Governance Guidelines - Carry out any other function as is referred by the Board from time to time
on Board Effectiveness. or enforced by any statutory notification / amendment or modification
Succession Planning as may be applicable.
The NRC works with the Board on the leadership succession plan to The SRC comprises 2 IDs and the CEO & MD. The Chairperson of the SRC also
ensure orderly succession in appointments to the Board and in the senior attended the last Annual General Meeting of the Company. During the period

under review, 3 SRC meetings were held on August 25, 2020, October 27, documents, sending notices to Stock Exchange and issue of duplicate
2020 and February 10, 2021. The requisite quorum was present for all the certificates/transmission of shares after approval from the Company.
meetings. However, all these cases have been attended to within the statutory
limit of 30 days.
The composition of the SRC and attendance of its Members at its
meetings held during the year is as follows: There were no pending share transfers pertaining to the Financial Year
ended March 31, 2021.
No. of Meetings No. of Meetings
Name of the Member Category On recommendations of the SRC, the Company has taken various
Ms Vedika Bhandarkar ID 3 3 investor friendly initiatives like organising Shareholders’ visit to the
(Chairperson) Company’s Works at Pune, sending reminders to investors who have
Ms Hanne Sorensen ID 3 3 not claimed their dues, sending nomination forms, etc.
Mr Guenter Butschek CEO & MD 3 3
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE
Compliance Officer The Committee is constituted by the Board in accordance with the Act to:
Mr Hoshang K Sethna, Company Secretary, who is the Compliance a. Formulate and recommend to the Board, a Corporate Social
Officer. His contact details are:- Tata Motors Limited, Bombay House, Responsibility Policy which shall indicate the activities to be
24, Homi Mody Street, Mumbai - 400 001, India. undertaken by the Company as specified in Schedule VII of the
Tel: 91 22 6665 7824, Email: [email protected] Act;
Complaints or queries relating to the shares and/or debentures can be b. Recommend the amount of expenditure to be incurred on the
forwarded to the Company’s Registrar and Share Transfer Agents – M/s activities referred to in clause (a); and
TSR Darashaw Consultants Private Limited at [email protected], c. Monitor the Corporate Social Responsibility Policy of the
whereas complaints or queries relating to the public fixed deposits can Company from time to time.
be forwarded to the Registrars to the Fixed Deposits Scheme – M/s
TSR Darashaw Consultants Private Limited at tmlfd@tsrdarashaw. The CSR Policy is uploaded on the Company’s website https://investors.
com. TSRDL is the focal point of contact for investor services in order tatamotors.com/pdf/csr-policy.pdf as required under the provisions of
to address various FD related matters mainly including repayment / Section 135 of the Act and Rule 9 of the Companies (Corporate Social
revalidation, issue of duplicate FD receipts / warrants, TDS certificates, Responsibility Policy) Rules, 2014.
change in bank details/ address and PAN corrections. In view of increase The CSR Committee comprises 3 IDs and the CEO & MD. The Chairperson
in the correspondence, TSRDL have increased their investor interface of the CSR Committee also attended the last Annual General Meeting
strength (telephone and counter departments) and have taken other of the Company. During the period under review, 2 CSR Committee
steps for rendering speedy and satisfactory services to the FD holders. meetings were held on June 8, 2020 and February 26, 2021. The
The status on the total number of investor complaints during FY 2020- requisite quorum was present for all the meetings.
21 is as follows: The composition of the CSR Committee and attendance of its Members
at its meetings held during the year is as follows:
Type Nos.
Complaints regarding non-receipt of dividend, shares lodged for 8 No. of Meetings No. of Meetings
transfer Name of the Member Category
Complaints received from the shareholders through SEBI and 10 Mr Om Prakash ID 2 2
other statutory bodies and resolved Bhatt (Chairperson)
Complaints redressed out of the above 18 Ms Vedika ID 2 2
Pending complaints as on March 31, 2021 0 Bhandarkar
Other queries received from shareholders and replied 2,769 Mr K V Chowdary (1) ID 1 1
All letters received from the investors are replied to and the response Mr Guenter CEO & MD 2 2
time for attending to investors’ correspondence during FY 2020-21 is Butschek
shown in the following table: (1) Appointed as a Member of the CSR Committee with effect from January 4,
2021.
Particulars Number %
Total number of correspondence received during FY 2,787 100.00 RISK MANAGEMENT COMMITTEE (RMC)
2020-21 The Committee is constituted and functions as per Regulation 21 of
Replied within 1 to 4 days of receipt 1,000 35.88 the SEBI Listing Regulations to frame, implement and monitor the
Replied within 5 to 7 days of receipt 449 16.11
risk management plan for the Company. The suitably revised terms of
Replied within 8 to 15 days of receipt 913 32.76
reference enumerated in the Committee Charter, after incorporating
Replied after 15 days of receipt (1) 361 12.95
Received in last week of March 2021 but not replied 64 2.30 therein the regulatory changes mandated under the SEBI (Listing
to due to the lock-down on account of COVID-19 Obligations and Disclosure Requirements) (Amendment) Regulations,
pandemic. These have been replied in April 2021 2018, are as follows:
(1)
These correspondence pertained to court cases which involved retrieval - Review the Company’s risk governance structure, risk assessment
of case files, cases involving retrieval of very old records, co-ordination and risk management policies, practices and guidelines and
with the Company/Advocates etc, partial documents awaited from the procedures, including the risk management plan.
Investors, cases involving registration of legal documents, executed
- Review and approve the Enterprise Risk Management (ERM)
documents received for issue of duplicate certificates and transmission
framework.
of shares without legal representation which involved checking of the

- Review the Company’s risk appetite and strategy relating to key THE SAFETY, HEALTH AND SUSTAINABILITY COMMITTEE (SHS)
risks, including product risk and reputational risk, cyber security
The Committee reviews Safety, Health and Sustainability practices. The terms
risk, commodity risk, risks associated with the financial assets
of reference of the Committee include the following:
and liabilities such as interest risk, credit risk, liquidity exchange
rate funding risk and market risk, as well as the guidelines, - to take a holistic approach to safety, health and sustainability matters in
policies and processes for monitoring and mitigating such risks. decision making;
- Oversee Company’s process and policies for determining - to provide direction to Tata Motors Group in carrying out its safety,
risk tolerance and review management’s measurement and health and sustainability function;
comparison of overall risk tolerance to established levels.
- to frame broad guidelines/policies with regard to safety, health and
- Review and analyze risk exposure related to specific issues, sustainability;
concentrations and limit excesses and provide oversight of risk
- to oversee the implementation of these guidelines/policies; and
across organization.
- to review the safety, health and sustainability policies, processes and
- Review compliance with enterprise risk management policy,
systems periodically and recommend measures for improvement from
monitor breaches / trigger trips of risk tolerance limits and direct
time to time.
action.
The Members of the SHS comprise of 1 ID, 1 NINED and the CEO & MD.
- Nurture a healthy and independent risk management function in
The Chairperson of the SHS also attended the last Annual General
the Company.
Meeting of the Company. During the period under review, 3 SHS
- Carry out any other function as is referred by the Board from time meetings were held on June 8, 2020, September 15, 2020 and February
to time. 9, 2021. The requisite quorum was present for all the meetings.
The Committee operates as per its Charter approved by the Board and The composition of the SHS and attendance of its Members at its
within the broad guidelines laid down in it. The Company has a Risk meetings held during the year is as follows:
Management Policy in accordance with the provisions of the Act and
SEBI Listing Regulations. It establishes various levels of accountability No. of No. of
Name of the Member Category Meetings held Meetings
and overview within the Company, while vesting identified managers
during tenure attended
with responsibility for each significant risk.
Ms Hanne Sorensen ID 3 3
The Board takes responsibility for the overall process of risk (Chairperson)
management in the organisation. Through Enterprise Risk Mr Mitsuhiko NINED 1 1
Management Programme, business units and corporate functions Yamashita (1)
address opportunities and the attendant risks with an institutionalized
Mr Guenter Butschek CEO & MD 3 3
approach aligned to the Company’s objectives. The business risk is
managed through cross-functional involvement and communication (1) Appointed as a Member of the SHS with effect from September 16, 2020.
across businesses. The results of the risk assessment are thoroughly
CODE OF CONDUCT
discussed with the Senior Management before being presented to
the RMC. Whilst the Tata Code of Conduct is applicable to all Whole-time Directors
and employees of the Company, the Board has also adopted the Tata Code
The Members of the RMC comprise of 1 ID, 1 NINED, the CEO & MD and of Conduct for NINEDs and IDs as specified under Schedule IV of the Act
Tata Motors Group Chief Financial Officer. The Chairperson of the RMC and Regulation 26(3) of the SEBI Listing Regulations. The detailed Codes of
also attended the last Annual General Meeting of the Company. During Conduct are respectively available on the website of the Company at https://
the period under review, 3 RMC meetings were held on June 8, 2020, www.tatamotors.com/wp-content/uploads/2015/10/09042523/tata-
September 15, 2020 and February 9, 2021. The requisite quorum was code-of-conduct1.pdf and https://investors.tatamotors.com/pdf/ned-id.pdf.
present for all the meetings. Pursuant to Regulation 26(5) of the SEBI Listing Regulations, all members
The composition of the RMC and attendance of its Members at its of senior management have confirmed that there are no material, financial
meetings held during the year is as follows: and commercial transactions wherein they have a personal interest that may
have a potential conflict with the interest of the Company at large. Pursuant
No. of Meetings No. of to Regulation 26(3) of the SEBI Listing Regulations, all the Board members
Name of the Member Category held during Meetings and senior management of the Company as on March 31, 2021 have affirmed
tenure attended compliance with their respective Codes of Conduct. A Declaration to this
Ms Hanne Sorensen ID 3 3 effect, duly signed by the CEO & MD is reproduced at the end of this Report.
(Chairperson) Furthermore, pursuant to the provisions of Regulations 8 and 9 under the
Mr Mitsuhiko Yamashita (1) NINED 1 1 SEBI (Prohibition of Insider Trading) Regulations, 2015 the Company has
Mr Guenter Butschek CEO & MD 3 3 adopted and endeavors adherence to the Tata Code of Conduct for Prevention
of Insider Trading and the Code of Corporate Disclosure Practices. Kindly
Mr P B Balaji Group CFO 3 2
refer to the Company’s website https://investors.tatamotors.com/pdf/
(1) Appointed as a Member of the RMC with effect from September 16, 2020. CodeCorporateDisclosure.pdf for the detailed Code of Corporate Disclosure
Policy of the Company.

GENERAL BODY MEETINGS

Annual General Meeting (AGM)
Date of AGM Year Special Resolutions passed Venue and Time
August 25, 2020 2019-20 • Approval and ratification for payment of Minimum Remuneration to Due to COVID-19 Virus Pandemic
Mr Guenter Butschek (DIN: 07427375), Chief Executive Officer and held through video conferencing
Managing Director for FY 2019-20. (‘VC’) /other audio visual means
(‘OAVM’) at 2:00 p.m. (IST)
• Approval for payment of Minimum Remuneration to Mr Guenter
Butschek (DIN: 07427375), Chief Executive Officer and Managing
Director in case of no/inadequacy of profits during FY 2020-21.
July 30, 2019 2018-19 Nil Birla Matushri Sabhagar, 19, Sir
August 3, 2018 2017-18 • Private placement of Non-Convertible Debentures / Bonds Vithaldas Thackersey Marg, Mumbai
- 400020 at 3:00 p.m. (IST)
• Tata Motors Limited Employees Stock Option Scheme 2018 and grant
of stock options to the Eligible Employees under the Scheme
There were no special resolutions proposed to be passed through Postal Ballot during FY 2020-21 or at the forthcoming AGM.
Hon’ble National Company Law Tribunal Convened Secured Creditors Meeting
Secured Creditors Meeting was convened during the financial year, pursuant to the Orders of the Hon’ble National Company Law Tribunal (NCLT),
Mumbai Bench dated January 4, 2021 and corrigendum dated January 13, 2021 in the matter of Scheme of Arrangement between Tata Motors
Limited (‘the Transferor Company’) and TML Business Analytics Services Limited (‘the Transferee Company’) and their respective shareholders
(‘Scheme’) The details of this meeting are as given below:
Date of Meeting Special Resolution Outcome Venue & Time

March 5, 2021 Approval to the Scheme of Arrangement between Tata Motors Resolution was unanimously passed Due to the COVID-19 Pandemic
Limited and TML Business Analytics Services Limited and their by the Secured Creditors. held through VC / OAVM at
respective shareholders. 2:30 p.m. (IST)
Hon’ble National Company Law Tribunal Convened Equity Shareholders Meeting

Equity Shareholders Meeting was convened during the financial year, pursuant to the Orders of the Hon’ble National Company Law Tribunal (NCLT),
Mumbai Bench dated January 4, 2021 and corrigendum dated January 13, 2021 in the matter of Scheme of Arrangement between Tata Motors
Limited (‘the Transferor Company’) and TML Business Analytics Services Limited (‘the Transferee Company’) and their respective shareholders
(‘Scheme’) The details of this meeting are as given below:
Date of Meeting Special Resolution Outcome Venue & Time

March 5, 2021 Approval to the Scheme of Arrangement between Tata Motors Resolution was unanimously passed Due to the COVID-19 Pandemic
Limited and TML Business Analytics Services Limited and their by the Equity Shareholders. held through VC / OAVM at
respective shareholders. 3:30 p.m. (IST)
All resolutions moved at the General Meetings and at the NCLT convened location and investment horizon. Financial Results, Statutory Notices,
meeting held in the last year, were passed by means of electronic voting, by Press Releases and Presentations made to the institutional investors/
the requisite majority of members. analysts after the declaration of the quarterly, half-yearly and annual
results are submitted to NSE, BSE, NYSE and SGX as well as uploaded on
MEANS OF COMMUNICATION
the Company’s website on a regular basis. The Company also issues press
The Company recognizes communication as a key element to the overall releases from time to time.
Corporate Governance framework, and therefore emphasizes on
prompt, continuous, efficient and relevant communication to all external Website: The Company’s website is a comprehensive reference on
constituencies. its leadership, management, vision, policies, corporate governance,
sustainability and investor relations. The Members can access the details
Financial Results: The Quarterly, Half Yearly and Annual Results are of the Board, the Committees, Policies, Board committee Charters,
regularly submitted to the National Stock Exchange of India Limited (NSE), financial information, statutory filings, Shareholding information, details of
BSE Limited (BSE), New York Stock Exchange (NYSE) and the Singapore unclaimed dividend and shares transferred / liable to be transferred to IEPF,
Stock Exchange (SGX) as well as uploaded on the Company’s website and frequently asked questions, etc. In addition, various downloadable forms
are published in newspapers, namely the Indian Express, Financial Express required to be executed by the shareholders have also been provided on the
and the Loksatta (Marathi). Additionally, the results and other important website of the Company.
information are also periodically updated on the Company’s website (www.
tatamotors.com) in the “Investors” section. Annual Report: The information regarding the performance of the Company
is shared with the shareholders vide the Annual Report. The Annual Reports
Investors / Analyst Meets: The Company hosts calls or meetings with for FY 2020-21 are being sent to all members who had registered their email
institutional investors on request. Post the quarterly results, an analyst ids for the purpose of receiving documents / communication in electronic
meet / call is organized which provides a platform for the Management mode with the Company and / or Depository Participants. The Annual
to answer questions and provide clarifications to investors and analysts. Reports are also available in the “Investors” section on the Company’s
The Company continues to interact with all types of funds and investors in website https://www.tatamotors.com/investors/annual-reports/
order to have a diversified shareholder base both in terms of geographical

Electronic Communication: The Company had during FY 2020-21 sent FINANCIAL CALENDAR (TENTATIVE)
various communications including Annual Reports, by email to those
shareholders whose email addresses were registered with the Company / Financial Year April 1 to March 31
Depositories. In support of the ‘Green Initiative’ the Company encourages Results for the Quarter ending
Members to register their email address with their Depository Participant or June 30, 2021 On or before August 14, 2021
the Company, to receive soft copies of the Annual Report, Notices and other September 30, 2021 On or before November 14, 2021
information disseminated by the Company, on a real-time basis without any
December 31, 2021 On or before February 14, 2022
delay.
March 31, 2022 On or before May 30, 2022
Scores: A centralised web based complaints redress system ‘Scores’ Date of Book Closure Not applicable.
which serves as a centralised database of all complaints received, enables
Date of Dividend payment No dividend is announced and recommended
uploading of Action Taken Reports by the concerned companies and online
by the Board for FY 2020-21.
viewing by the investors of actions taken on complaint and its current status.
LISTINGS
Green Initiative: All agenda papers for the Board and Committee meetings
are disseminated electronically on a real-time basis, by uploading them on The Company’s shares are listed on the BSE Ltd. (BSE) and the National
a secured online application. Stock Exchange of India Ltd. (NSE). The following are the details of the
Company’s shares:
GENERAL INFORMATION FOR MEMBERS
The Corporate Identity Number (CIN) allotted to the Company by the Type Ordinary Shares ‘A’ Ordinary Shares
Ministry of Corporate Affairs (MCA) is L28920MH1945PLC004520. ISIN INE155A01022 IN9155A01020
ANNUAL GENERAL MEETING BSE – Stock Code 500570 570001
NSE – Stock Code TATAMOTORS TATAMTRDVR
Date and Time Friday, July 30, 2021 at 3:00 p.m. (IST)
BSE – Address Phiroze Jeejeebhoy Towers, Dalal Street,
Venue In view of the continuing COVID-19 pandemic, the Ministry Mumbai 400 001; www.bseindia.com
of Corporate Affairs (‘MCA’) has vide its circular dated May
NSE – Address “Exchange Plaza”, Bandra Kurla Complex,
5, 2020 read with circulars dated April 8, 2020, April 13,
Bandra (E), Mumbai 400051; www.nseindia.com
2020, and January 13, 2021 (collectively referred to as
‘MCA Circulars’) and SEBI Circular dated May 12, 2020 The holders of ‘A’ Ordinary Shares are entitled to receive a dividend for
and January 15, 2021 (collectively referred to as ‘SEBI any financial year at five percentage points more than the aggregate
Circulars’) permitted the holding of the Annual General rate of dividend declared on Ordinary Shares for that financial year but
Meeting through video-conferencing / other audio visual are entitled to one vote for every ten ‘A’ Ordinary Shares held as per the
means (‘VC / OAVM’), without the physical presence of terms of its issue and the Articles of Association.
the Members at a common venue. In compliance with the
The Company has paid Annual Listing fees for FY 2020-21 to all
provisions of the Act, MCA Circulars and SEBI Circulars,
the Stock Exchanges (both domestic and international) where the
the AGM of the Company is being held through VC / OAVM.
Company’s securities are listed.
For details please refer to the Notice this AGM.
Attention is also drawn to foreign listing and listing of debt securities
As required under Regulation 36(3) of the SEBI Listing Regulations and of the Company as mentioned below, under the head ”Outstanding
Secretarial Standard 2, details of Director seeking re-appointment at Securities”.
this AGM are given in the Annexure to the Notice of the forthcoming
AGM.
MARKET INFORMATION
Market price data - monthly high/low of the closing price and trading volumes on BSE/NSE depicting liquidity of the Company’s Ordinary Shares
and ‘A’ Ordinary Shares on the said exchanges is given hereunder:-
Ordinary Shares ‘A’ Ordinary Shares

BSE NSE BSE NSE
Month
High Low No. of High Low High Low No. of High Low No. of
No. of Shares
(`) (`) Shares (`) (`) (`) (`) Shares (`) (`) Shares
April 2020 93.10 65.30 66364119 93.25 65.30 1172960711 39.80 29.60 8915761 39.75 29.55 90401719
May 2020 87.25 80.65 53041662 87.20 80.65 1137196293 36.30 33.80 4664779 36.35 33.75 67425224
June 2020 115.50 89.60 124558628 115.45 89.55 2061612730 48.10 38.90 9935536 48.05 38.90 142648950
July 2020 109.05 100.70 70852022 109.05 100.75 1236388047 43.20 37.45 5762662 43.25 37.50 100914858
August 2020 144.35 111.40 104701749 144.25 111.45 1866040897 55.30 39.35 35660786 55.05 39.35 271120205
September 2020 151.75 122.80 76508747 151.85 122.80 1583888897 66.45 50.70 17979246 66.55 50.70 233517107
October 2020 144.85 127.00 77216650 144.75 126.95 1287652030 65.10 54.30 9355521 65.05 54.20 114643370
November 2020 180.25 132.85 86659810 180.35 132.85 1284628508 78.20 55.05 12076416 78.15 54.95 158065341
December 2020 186.30 164.55 75390441 186.35 164.55 1191039967 78.50 67.70 8853122 78.60 67.55 126853223
January 2021 290.45 186.45 183133100 290.60 186.50 3110819324 113.45 76.40 22197884 113.55 76.45 347382860
February2021 335.85 279.75 144505279 335.95 279.60 2011804897 135.70 111.85 13120151 135.90 111.90 164632958
March 2021 348.50 285.50 85959250 348.50 285.55 1453847016 142.05 125.75 5952028 142.20 125.60 87312005

The Performance of the Company’s Stock Price vis-à-vis Sensex, Auto Index and American Depository Receipt (ADR):
Month Ordinary Shares (`) 'A' Ordinary Shares (`) BSE Sensex (`) Auto Index (`) ADR Price (US$)
April 2020 74.77 34.27 30966.01 12,128.16 4.87
May 2020 83.88 35.28 31294.25 12,927.99 5.60
June 2020 102.18 42.77 34,262.88 14,916.13 6.77
July 2020 105.22 40.53 37,030.64 16,149.42 7.07
August 2020 125.54 45.01 38,346.59 17,579.07 8.44
September 2020 141.23 59.84 38,378.98 17,881.12 9.53
October 2020 134.06 58.16 40,115.39 18,020.72 9.13
November 2020 155.04 65.38 43,011.38 18,900.57 10.62
December 2020 179.58 75.11 46,211.84 20,639.28 12.23
January 2021 240.17 95.39 48,580.33 22,489.93 16.69
February 2021 322.48 128.89 50,782.82 24,154.00 22.00
March 2021 314.68 133.58 50,100.65 23,157.65 21.49
The monthly high and low of the Company’s ADRs is given below: (iv) New Delhi: Plot No.2/42, Sant Vihar, Ansari Road,
Daryaganj, New Delhi – 110 002.
(in US $)
Month High Low Tel : 011 – 23271805, Fax : 011 – 23271802,
April 2020 6.21 4.29 e-mail : [email protected]
May 2020 6.21 5.31 (v) Ahmedabad: Agent of TSRDL – Shah Consultancy Services
June 2020 7.64 5.93 Pvt. Limited: 3-Sumathinath Complex, Pritam Nagar Akhada
July 2020 7.30 6.66 Road, Ellisbridge, Ahmedabad -380 006.
August 2020 9.77 7.43 Tel: 079-2657 6038, e-mail: [email protected]
September 2020 10.33 8.31 For Fixed Deposits: the investors are requested to correspond with the
October 2020 9.85 8.65 Registrars to the Fixed Deposits Scheme – TSR Darashaw Consultants
November 2020 12.18 8.92
Private Limited at the same addresses as mentioned above or send an
December 2020 12.68 11.15
e-mail at [email protected]. Tel : 022-6656 8484
January 2021 19.90 13.10
February 2021 23.02 19.14 For Rights Issue related matters: The Company launched a Rights Issue
March 2021 23.96 19.66 vide Letter of offer dated March 30, 2015 and Members are requested
to correspond with Link Intime India Private Limited, the Registrar to the
Each Depositary Receipt represents 5 underlying Ordinary Shares of face
Issue, for addressing any pre-Issue/ post-Issue related matter, including
value of `2/- each.
all grievances relating to the ASBA process. Contact details: C-13,
REGISTRAR AND TRANSFER AGENTS Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai 400
For share related matters, Members are requested to correspond with 078; Tel: (91 22) 6171 5400 / 9167779196 /97; Fax: (91 22) 2596 0329;
the Company’s Registrar and Transfer Agents – M/s TSR Darashaw Website: www.linkintime.co.in; Email: [email protected];
Consultants Private Limited quoting their Folio No./DP ID & Client ID at Contact Person: Mr Sachin Achar / Mr Sumeet Deshpande.
the following addresses: SHARE TRANSFER SYSTEM
1. For transfer lodgement, delivery and correspondence: TSR All transfer, transmission or transposition of securities, are conducted
Darashaw Consultants Private Limited, Unit: Tata Motors Limited, in accordance with the provisions of Regulation 40, Regulation 61 and
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli Schedule VII of the SEBI Listing Regulations read together with SEBI
(West), Mumbai – 400083. Tel: 022-6656 8484; Fax: 022- 6656 Circulars SEBI/HO/MIRSD/RTAMB/CIR/P/2020/166 dated September 7,
8494; e-mail: [email protected] ; website: www.tcplindia.co.in 2020 and SEBI/HO/MIRSD/RTAMB/CIR/P/2020 /236 dated December 2,
2020.
2. For the convenience of investors based in the following cities,
transfer documents and letters will also be accepted at the All requests for transfer and/or demateriliasation of securities held in
following branches/agencies of TSR Darashaw Consultants physical form, should be lodged with the office of the Company’s Registrar
Private Limited: & Share Transfer Agent, TSR Darashaw Consultants Private Limited,
Mumbai or at their branch offices or at the registered office of the Company
(i) Bangalore: 503, Barton Centre, 5th Floor, 84, Mahatma
for dematerialisation.
Gandhi Road, Bangalore – 560 001.
Securities lodged for transfer at the Registrar’s address are normally
Tel: 080 – 25320321, Fax: 080 – 25580019, e-mail:
processed within 15 days from the date of lodgment, if the documents
[email protected]
are clear in all respects. All requests for dematerialization of securities
(ii) Jamshedpur: Bungalow No.1, “E” Road, Northern Town, are processed and the confirmation is given to the depositories within 15
Bistupur, Jamshedpur – 831 001. days. The Executives of the Registrar are empowered to approve transfer
of shares and debentures and other investor related matters. Grievances
Tel: 0657 – 2426616, Fax: 0657 – 2426937, email :
received from investors and other miscellaneous correspondence on
[email protected]
change of address, mandates, etc. are processed by the Registrars within
(iii) Kolkata: Tata Centre, 1st Floor, 43, Jawaharlal Nehru Road, 15 days.
Kolkata – 700 071.
The following compliances pertain to share transfers, grievances, etc.:
Tel: 033 – 22883087, Fax: 033 – 22883062, e-mail:
(1) Pursuant to Regulation 7(3) of the SEBI Listing Regulations,
[email protected]
certificates are filed with the stock exchanges on half yearly basis

by the Compliance Officer and the representative of the Registrar for transfer, sub-division, consolidation, renewal, exchange or
and Share Transfer Agent for maintenance of an appropriate share endorsement of calls/ allotment monies.
transfer facility.
Transfer of unclaimed / unpaid amounts / shares to the Investor Education
(2) Pursuant to Regulation 13 of the SEBI Listing Regulations, a and Protection Fund (IEPF):
statement on pending investor complaints is filed with the stock
(i) Pursuant to Sections 124 and 125 of the Act read with the IEPF
exchanges and placed before the Board of Directors on a quarterly
(Accounting, Audit, Transfer and Refund) Rules, 2016 (“IEPF Rules”),
basis.
all unclaimed/unpaid dividend, application money, debenture
(3) Pursuant to Regulation 39(3) of the SEBI Listing Regulations, interest and interest on deposits as well as principal amount of
information regarding loss of share certificates and issue of the debentures and deposits, sale proceeds of fractional shares,
duplicate certificates, are submitted to the stock exchanges within 2 redemption amount of preference shares, etc. pertaining to the
days of the Company receiving the information. Company remaining unpaid or unclaimed for a period of 7 years from
the date they became due for payment, have to be transferred to the
(4) Pursuant to Regulation 40(9) of the SEBI Listing Regulations, the
IEPF Authority, established by the Central Government.
Company obtains a half-yearly certificate from the Practicing
Company Secretary certifying that, the RTA has issued all share Furthermore, the IEPF Rules mandate companies to transfer shares
certificates within 30 days of the date of lodgment for transfer, sub- of shareholders whose dividends remain unpaid / unclaimed for
division, consolidation, renewal, exchange or endorsement of calls/ a period of 7 consecutive years to the demat account of the IEPF
allotment monies and this certificate is simultaneously filed with the Authority. The said requirement does not apply to shares in respect
Indian Stock Exchanges pursuant to Regulation 40(10) of the SEBI of which there is a specific order of the Court, Tribunal or Statutory
Listing Regulations. Authority, restraining any transfer of shares.
(5) A Company Secretary-in-Practice carries out a Reconciliation In light of the aforesaid provisions, the Company has during the
of Share Capital Audit on a quarterly basis, as per Regulation 76 year under review, transferred to IEPF the unclaimed dividends,
of the Securities and Exchange Board of India (Depositories and outstanding for 7 consecutive years of the Company. Further, shares
Participants) Regulations, 2018 read with SEBI Circular No. D&CC / of the Company, in respect of which dividends have not been claimed
FITTC/Cir- 16/2002 dated December 31, 2002, to reconcile the total for 7 consecutive years or more, have also been transferred to the
admitted capital with depositories viz National Securities Depository demat account of the IEPF Authority.
Limited (NSDL) and Central Depository Services Limited (CDSL) and
The details of the unclaimed dividends and shares transferred to
the total issued and listed capital. The audit confirms that the total
IEPF during FY 2020-21 are as follows:
issued/paid up capital is in agreement with the aggregate of the total
number of shares in physical form and the total number of shares in Number of shares
dematerialized form (held with NSDL and CDSL). Amount of unclaimed transferred
Financial Year dividend transferred
(6) Pursuant to Regulation 61(4) read together with Regulation 40(9) Ordinary ‘A’ Ordinary
(`)
Shares Shares
of the SEBI Listing Regulations, a Certificate by the Company
Secretary-in-Practice is filed with the stock exchanges within one 2012-13 1,55,73,105 4,71,207 3,367
month from the end of each half of the financial year, certifying that Total 1,55,73,105 4,71,207 3,367
all certificates are issued within thirty days of the date of lodgement
The members who have a claim on the above dividends and shares may claim the same from the IEPF Authority by submitting an online application
in the prescribed web-Form No.IEPF-5 available on the website www.iepf.gov.in and send a physical copy, duly self-certified, of the said Form and
acknowledgement along with requisite documents, as enumerated in the Instruction Kit, to the Company. No claims shall lie against the Company in
respect of the dividend/shares so transferred. The Members/Claimants can file only one consolidated claim in a financial year as per the IEPF Rules.
Considering the above, there are no shares lying in the suspense account of the Company under Regulation 39(4) of the SEBI Listing Regulations.
The Company strongly recommends shareholders to encash / claim their respective dividend within the period given below from the Company’s
Registrar and Share Transfer Agents:
Last date for Unclaimed Dividend (as on 31.03.2021) (`)

Financial Year Date of Declaration
claiming dividend Ordinary Shares ‘A’ Ordinary Shares
2013-14 July 31, 2014 August 30, 2021 1,60,64,052.00 1,88,790.00
2014-15 No dividend was declared - -
2015-16 August 9, 2016 September 8, 2023 29,27,290.00 1,28,230.00
Whilst the Company’s Registrar has already written to the Members, and Transfer Agents, at the earliest. Members may refer to the Refund
Debenture holders and Depositors informing them about the due dates for Procedure for claiming the aforementioned amounts transferred to the
transfer to IEPF for unclaimed dividends/interest payments, attention of IEPF Authority as detailed on http://www.iepf.gov.in/IEPF/refund.html.
the stakeholders is again drawn to this matter through the Annual Report.
Mr Hoshang K Sethna, Company Secretary, is the IEPF Nodal Officer. His
The data on unpaid / unclaimed dividend and other unclaimed monies is
contact details are - Tata Motors Limited, Bombay House, 24, Homi Mody
also available on the Company’s website at https://www.tatamotors.com/
Street, Mumbai - 400 001, India. Tel: 91 22 6665 7824 Email: nodalofficer.
investor/iepf/. Investors who have not yet encashed their unclaimed/
[email protected]
unpaid amounts are requested to correspond with the Company’s Registrar

(ii) Upto March 31, 2021, the Company has transferred `44,25,72,848.34 to IEPF, including the following amounts during the year.
FY 2020-21
Particulars
(`)
Unpaid dividend amounts of the Company 1,55,73,105.00
Application moneys received for allotment of any securities and due for refund -
Unpaid matured deposit with the Company 36,90,000.00
Unpaid matured debentures with the Company -
Interest accrued on application money due for refund, unpaid matured deposits and debentures with the Company 2,66,455.00
Sale proceeds of fractional shares arising out of issuance of bonus shares, merger and amalgamation -
Redemption amount of preference shares -
Grants and donation -
Others -
Total 1,95,29,560.00
DISTRIBUTION OF SHAREHOLDING AS AT MARCH 31, 2021
Ordinary Shares
No. of Shares No. of shareholders
Range of Shares No. of Physical Demat % of No. of Physical Demat
% of Capital
Shares Form (%) Form (%) Capital Holders Form (%) Form (%)
1 – 500 156,521,113 0.09 4.62 4.71 1,939,201 0.94 91.29 92.23
501 – 1,000 63,988,824 0.07 1.86 1.93 84,968 0.16 3.88 4.04
1,001 – 2,000 62,526,438 0.10 1.78 1.88 43,103 0.11 1.94 2.05
2,001 – 5,000 76,477,582 0.12 2.18 2.30 24,520 0.06 1.10 1.16
5,001 -10,000 46,648,392 0.06 1.35 1.41 6,651 0.02 0.30 0.32
10,001-1,00,000 83,919,860 0.08 2.45 2.53 3,584 0.01 0.16 0.17
Above 1,00,001 2,830,225,556 0.06 85.18 85.24 569 0.00 0.03 0.03
Total 3,320,307,765 0.58 99.42 100.00 2,102,596 1.30 98.70 100.00
‘A’ Ordinary Shares

No. of Shares No. of shareholders
Range of Shares No. of Physical Demat % of No. of Physical Demat
% of Capital
Shares Form (%) Form (%) Capital Holders Form (%) Form (%)
1 – 500 24,827,632 0.01 4.87 4.88 209,902 0.26 83.30 83.56
501 – 1,000 14,784,740 0.01 2.90 2.91 18,746 0.01 7.45 7.46
1,001 – 2,000 15,816,252 0.00 3.11 3.11 10,569 0.01 4.20 4.21
2,001 – 5,000 23,417,278 0.00 4.61 4.61 7,242 0.00 2.88 2.88
5,001 -10,000 18,178,727 0.00 3.57 3.57 2,477 0.00 0.99 0.99
10,001-1,00,000 51,869,387 0.00 10.20 10.20 2,004 0.00 0.80 0.80
Above 1,00,001 359,608,880 0.00 70.72 70.72 258 0.00 0.10 0.10
Total 508,502,896 0.02 99.98 100.00 251,198 0.28 99.72 100.00
COMBINED SHAREHOLDING PATTERN (ORDINARY & ‘A’ ORDINARY SHARES)
i) Category-wise Share Holding
No. of Shares held at the beginning of the year i.e. No. of Shares held at the end of the year i.e.
% Change
01.04.2020 31.03.2021
Category of Shareholders during the
% of Total % of Total
Demat Physical Total Demat Physical Total year
Shares Shares
(A) Promoters
(1) Indian
(a) Individuals / Hindu Undivided Family 0 0 0 0 0 0 0 0 0
(b) Central Government / State 0 0 0 0 0 0 0 0 0
Governments(s)
(c) Bodies Corporate 1,336,765,206 0 1,336,765,206 37.16 1,579,887,957 0 1,579,887,957 41.26 4.1
(d) Financial Institutions / Banks 0 0 0 0 0 0 0 0 0
(e) Any Other (Trust) 0 0 0 0 0 0 0 0 0
Sub-Total (A) (1) 1,336,765,206 0 1,336,765,206 37.16 1,579,887,957 0 1,579,887,957 41.26 4.1
(2) Foreign 0 0
(a) Individuals (Non-Resident Individuals / 0 0 0 0 0 0 0 0 0
Foreign Individuals)
(b) Bodies Corporate 0 0 0 0 0 0 0 0 0
(c) Institutions 0 0 0 0 0 0 0 0 0
(d) Qualified Foreign Investor 0 0 0 0 0 0 0 0 0
(e) Any Other (specify) 0 0 0 0 0 0 0 0 0
Sub-Total (A) (2)
Total Shareholding of Promoter and Promoter 1,336,765,206 0 1,336,765,206 37.16 1,579,887,957 0 1,579,887,957 41.26 4.1
Group (A)

No. of Shares held at the beginning of the year i.e. No. of Shares held at the end of the year i.e.
% Change
01.04.2020 31.03.2021
Category of Shareholders during the
% of Total % of Total
Demat Physical Total Demat Physical Total year
Shares Shares
(B) Public Shareholding
(1) Institutions
(a) Mutual Funds / UTI 356,045,589 71,340 356,116,929 9.9 289,237,886 61,790 289,299,676 7.56 -2.34
(b) Financial Institutions / Banks 12,101,131 248,470 12,349,601 0.34 1,901,757 241,890 2,143,647 0.06 -0.29
(c) Central Government / State 27,901,140 2,013,905 29,915,045 0.83 27,901,140 2,013,905 29,915,045 0.78 -0.05
Government(s)
(d) Venture Capital Funds 0 0 0 0 0 0 0 0 0
(e) Alternate Investment Funds 4,511,059 0 4,511,059 0.13 9,622,100 0 9,622,100 0.25 0.13
(f) Insurance Companies 217,654,126 800 217,654,926 6.05 197,015,296 800 197,016,096 5.15 -0.9
(g) Foreign Institutional Investors 424,011 23,940 447,951 0.01 109,992 23,940 133,932 0 -0.01
(h) Foreign Venture Capital Investors 0 0 0 0 0 0 0 0 0
(i) Qualified Foreign Investor 0 0 0 0 0 0 0 0 0
(j) Any Other (specify)
(j-i) Foreign Portfolio Investors (Corporate) 664,737,012 0 664,737,012 18.48 577,112,949 0 577,112,949 15.07 -3.4
(j-ii) Foreign Bodies - DR 395,469 0 395,469 0.01 372,144 0 372,144 0.01 0
(j-iii) Foreign Nationals - DR 991 0 991 0 199 0 199 0 0
(j-iv) Foreign Institutional Investors - DR 0 0 0 0 0 0 0 0 0
(j-v) Provident Funds/ Pension Funds 0 0 0 0 20,909,663 0 20,909,663 0.55 0.55
(j-vi) LLP -DR 0 0 0 0 0 0 0 0 0
Sub-Total (B) (1) 1,283,770,528 2,358,455 1,286,128,983 35.75 1,124,183,126 2,342,325 1,126,525,451 29.42 -6.33
(2) Non-Institutions
(a) Bodies Corporate 22,210,749 407,985 22,618,734 0.63 31,029,209 399,930 31,429,139 0.82 0.19
(b) Individuals - 0
i Individual shareholders holding nominal 478,415,319 15,051,337 493,466,656 13.72 536,015,173 14,298,273 550,313,446 14.37 0.66
share capital upto `1 lakh
ii Individual shareholders holding nominal 34,527,106 334,975 34,862,081 0.97 131,189,396 334,975 131,524,371 3.44 2.47
share capital in excess of `1 lakh
(c) Qualified Foreign Investor 0 0 0 0 0 0 0 0 0
(d) Any Other
(d-i) NBFCs registered with RBI 59,140 0 59,140 0 270,478 0 270,478 0.01 0.01
(d-ii) Non Resident Indians 28,348,896 2,062,710 30,411,606 0.85 29,662,733 2,015,305 31,678,038 0.83 -0.02
(d-iii) Clearing Member 39,508,931 0 39,508,931 1.1 15,328,696 0 15,328,696 0.4 -0.7
(d-iv) Trust 25,787,392 1,750 25,789,142 0.72 3,104,846 1,750 3,106,596 0.08 -0.64
(d-v) OCBs/Foreign Cos 0 0 0 0 0 0 0 0 0
(d-vi) QIB - Insurance Regd. with IRDA 2,496,096 0 2,496,096 0.07 0 0 0 0 -0.07
(d-vii) IEPF Suspense A/C 4,576,850 0 4,576,850 0.13 5,031,324 0 5,031,324 0.13 0
Sub-total (B) (2) 635,930,479 17,858,757 653,789,236 18.17 751,631,855 17,050,233 768,682,088 20.08 1.9
Total Public Shareholding (B) = (B)(1)+(B)(2) 1,919,701,007 20,217,212 1,939,918,219 53.92 1,875,814,981 19,392,558 1,895,207,539 49.5 -4.43
TOTAL (A)+(B) 3,256,466,213 20,217,212 3,276,683,425 91.08 3,455,702,938 19,392,558 3,475,095,496 90.76 -0.32
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group
(2) Public 320,773,115 20,250 320,793,365 8.92 353,694,915 20,250 353,715,165 9.24 0.32
GRAND TOTAL (A)+(B)+(C) 3,577,239,328 20,237,462 3,597,476,790 100 3,809,397,853 19,412,808 3,828,810,661 100 0
ii) Top 10 Shareholders as on March 31, 2021:

Sr. Number of Equity Percentage of
Name of the Shareholder
No. Shares held holding
1 Tata Sons Private Limited 1,490,625,082 38.93
2 Life Insurance Corporation of India 138,645,433 3.62
3 ICICI Prudential Value Discovery Fund 79,264,669 2.07
4 HDFC Trustee Company Limited - HDFC Tax Saverfund 54,059,061 1.41
5 Jhunjhunwala Rakesh Radheshyam 42,750,000 1.12
6 SBI-ETF Nifty 50 36,668,836 0.96
7 Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds 33,148,221 0.87
8 Government Pension Fund Global 32,379,818 0.85
9 UTI - Nifty Exchange Traded Fund 26,881,373 0.70
10 Kuwait Investment Authority Fund 26,262,383 0.69
Note: Shareholding of Top 10 is consolidated based on Permanent Account Number of the shareholder.

DEMATERIALISATION OF SHARES
The Company’s Ordinary and ‘A’ Ordinary Shares are tradable compulsorily in electronic form. The electronic holding of the shares as on March 31,
2021 through the National Securities Depository Limited (NSDL) and the Central Depository Services Limited (CDSL) are as follows:
Ordinary Shares (%) ‘A’ Ordinary Shares (%)

Particulars
2021 2020 2021 2020
NSDL 93.38 94.26 85.04 91.48
CDSL 6.04 5.09 14.94 8.49
Total 99.42 99.35 99.98 99.97
OUTSTANDING SECURITIES
Outstanding Depositary Receipts/Warrants or Convertible instruments, conversion / maturity date and likely impact on equity as on March 31,
2021 are as follows:
• Depositary Receipts: The Company has 7,07,43,033 ADRs listed on the New York Stock Exchange as on March 31, 2021. Each Depository
Receipt represents 5 underlying Ordinary Shares of `2/- each.
Listing on Foreign Stock Exchange New York Stock Exchange (NYSE)

Security Type ADRs
ISIN US8765685024
Stock Code / Ticker TTM
Address NYSE, 20 Broad Street, New York, NY 10005
Overseas Depositary Domestic Custodian

Citibank N.A., 388 Greenwich Street, 14th Floor, Citibank N.A., Trent House, 3rd Floor, G-60,
New York, NY 10013 Bandra Kurla Complex, Bandra (East), Mumbai
400 051
• Senior Unsecured Notes: The details of outstanding Senior Unsecured Notes aggregating US$ 550 million, are given hereunder:
Issue Size Yield per Date of

Security Type ISIN Date of Maturity Listing
(US$) annum (%) Issue
Senior Unsecured Notes XS2079668609 300,000,000 5.875% November 20, 2019 May 20, 2025 Singapore Stock Exchange
Senior Unsecured Notes XS1121908211 250,000,000 5.750% October 30, 2014 October 30, 2024
During the FY 2020-21 4.625% Senior Unsecured Notes, bearing ISIN XS1121907676 and with an issue size of US$262,532,000 were
redeemed upon attaining maturity on April 30, 2020.
• For details pertaining to outstanding warrants and other convertible instruments issued by the Company, kindly refer to point no. (viii) under
the “Disclosures” section of this Corporate Governance Report.
• The following Non-Convertible Debentures are listed on NSE and BSE under Wholesale Debt Market segment*:
Principal Amount
Series No. Stock Exchange Listing ISIN Yield to Maturity (%) Date of Maturity
(` in crores)
E26B NSE INE155A08191 300 9.81 August 20, 2024
E26C NSE INE155A08209 200 9.77 September 12, 2024
E26E NSE & BSE INE155A08233 400 9.60 October 29, 2022
E26F NSE & BSE INE155A08241 400 9.35 November 10, 2023
E26G NSE & BSE INE155A08258 300 9.02 December 10, 2021
E27B NSE & BSE INE155A08282 300 8.40 May 26, 2021
E27E NSE & BSE INE155A08316 300 7.50 October 20, 2021
E27F NSE & BSE INE155A08324 500 7.71 March 3, 2022
E27G NSE & BSE INE155A08332 500 7.84 September 27, 2021
E27H NSE & BSE INE155A08340 500 7.50 June 22, 2022
E27I (Tranche II) NSE & BSE INE155A08365 500 7.40 June 29, 2021
E28A (Tranche I) NSE & BSE INE155A08381 200 9.27 June 30, 2023
E28 A (Tranche II) NSE & BSE INE155A08373 200 9.31 September 29, 2023
E28A (Tranche III) NSE & BSE INE155A08399 100 9.54 June 28, 2024
E28B (Tranche I) NSE & BSE INE155A08407 250 8.50 December 30, 2026
E28B (Tranche II) NSE & BSE INE155A08415 250 8.50 January 29, 2027
E29A NSE & BSE INE155A07284 1000 8.80 May 26, 2023
*Detailed information on the above debentures is included in the ‘Notes to Accounts’.
During the year, the following Non-Convertible Debentures (NCDs) were redeemed:
• 9.90% E23A Series of NCDs (ISIN: INE155A08043) of `150 crores on May 7, 2020;
• 9.75% E23B Series of NCDs (ISIN: INE155A08050) of `100 crores on May 24, 2020;
• 9.70% E23C Series of NCDs (ISIN: INE155A08068) of `150 crores on June 18, 2020;
• 9.73% E26D (Option II) Series of NCDs (ISIN: INE155A08225) of `400 crores on October 1, 2020; and
• 7.28% E27I (Tranche 1) Series of NCDs (ISIN: INE155A08357) of `500 crores on July 29, 2020.
Debenture Trustee: Vistra ITCL (India) Limited, situated at the IL&FS Financial Centre, 7th Floor, Plot C- 22, G Block, Bandra Kurla Complex, Bandra (E),
Mumbai 400051, are the debenture trustees for all the aforementioned NCD’s issued by the Company. They may be contacted at Tel.: +91 22 2659 3333,
Fax: + 91 22 2653 3297, Email id: [email protected].
PLANT LOCATIONS SUBSIDIARY COMPANIES

Location Range of Products Produced During FY 2020-21, as per the provisions of Regulations 16 and 24 of
Pimpri, Pune – 411 018; Medium and Heavy the SEBI Listing Regulations, Ms Hanne Sorensen, ID is on the Boards of
Chikhali, Pune – 410 501; Commercial Vehicles Jaguar Land Rover Automotive plc, Jaguar Land Rover Limited and Jaguar
Chinchwad, Pune – 411 033 (M&HCVs), Intermediate & Land Rover Holdings Limited, which have been identified as material
Light Commercial Vehicles unlisted subsidiary companies.
(ILCVs), Small Commercial In addition to the above, Ms Vedika Bhandarkar, ID is on the Boards of
Vehicles – Pickups (SCVs), Tata Motors Finance Limited, Tata Motors Finance Solutions Limited
Winger (Vans), Utility Vehicles and TMF Holdings Limited, which have been identified as strategically
(UVs) and Cars important subsidiary companies.
Jamshedpur – 831 010 Intermediate Commercial
Vehicles (ICVs) and M&HCVs The Company adopted a Policy for Determining Material Subsidiaries
Chinhat Industrial Area, Dewa ICVs, M&HCVs and LCVs of the Company, pursuant to Regulation 16(1)( c) of the SEBI Listing
Road,Chinhat, Lucknow – 226 019 Regulations. This policy is available on the Company’s website at https://
Plot No. 1, Sector 11 and Plot No. 14, SCVs investors.tatamotors.com/pdf/material.pdf, pursuant to Regulation 46(2)
Sector 12, I.I.E., Pantnagar, District of the SEBI Listing Regulations.
Udhamsingh Nagar, Uttarakhand – 263
145 The Audit Committee also has a meeting wherein the CEO and CFO of
Revenue Survey No. 1, Village Cars subsidiary companies make a presentation on significant issues in audit,
Northkotpura, Tal, Sanand, Dist. internal control, risk management, etc. Significant issues pertaining to
Ahmedabad – 380 015 subsidiary companies are also discussed at Audit Committee meetings
KIADB Block II, Belur Industrial Area, SCVs, LCVs, ICVs, M&HCVs, of the Company.
Mummigatti Post, Dharwad – 580 011 Electric Vehicles and Buses
The minutes of the subsidiary companies are placed before the Board
ADDRESS FOR CORRESPONDENCE of Directors of the Company on a quarterly basis and the attention of
For Investor Queries the Directors is drawn to significant transactions and arrangements
Retail / HNI Investors Institutional Investors entered into by the subsidiary companies. The performance of its
Mr H K Sethna, Company Secretary Mr V B Somaiya, Head (Treasury subsidiaries is also reviewed by the Board periodically.
& Investor Relations) The Company is compliant with other requirements under Regulation 24
Bombay House,24, Homi Mody Street, 3rd floor, Nanavati Mahalaya,18, of the SEBI Listing Regulations with regard to its subsidiary companies.
Homi Mody Street,
Mumbai - 400 001, INDIA Mumbai - 400 001, INDIA
DISCLOSURES
Phone : 91-22- 6665 7824 Phone : 91-22-6665 8282 i. Details of transactions with related parties as specified in
E-Mail : [email protected] E-Mail : [email protected] Indian Accounting Standards (IND AS 24) have been reported in
For Fixed Deposit, Rights Issue and other Share related queries the Financial Statements. During the year under review, there
Kindly refer details mentioned herein above under the head “Registrar was no transaction of a material nature with any of the related
and Transfer Agents” parties, which was in conflict with the interests of the Company.
The Audit Committee takes into consideration the management
CREDIT RATINGS representation and an independent audit consultant’s report,
Credit ratings obtained along with revisions thereto during FY 2020-21, whilst scrutinizing and approving all related party transactions,
for all debt instruments in India and abroad: from the perspective of fulfilling the criteria of meeting arms’
length pricing and being transacted in the ordinary course of
Credit Rating business. During the period, all transactions with related parties
Rating Agency Period
Short-Term Long-Term entered into by the Company were in the ordinary course of
CARE Ratings As on April 1, 2020 CARE A1+ CARE AA- / business and on an arm’s length basis, were approved by the Audit
Limited Negative Committee. The detailed Policy on Related Party Transactions
March 17, 2021 CARE A1+ CARE AA- / is available on the website of the Company at https://investors.
Stable tatamotors.com/pdf/rpt-policy.pdf.
CRISIL As on April 1, 2020 CRISIL A1+ CRISIL AA- /
ii. The Company has complied with various rules and regulations
Negative
prescribed by the Stock Exchanges, Securities and Exchange
March 15, 2021 CRISIL A1+ CRISIL AA- /
Board of India (‘SEBI’) or any other statutory authority relating
Stable
to the capital markets during the last 3 years. No penalties or
ICRA Limited As on April 1, 2020 ICRA A1+ ICRA AA- /
strictures have been imposed by them on the Company except as
Negative
mentioned below:
February 16, 2021 ICRA A1+ ICRA AA- /
Stable The Securities and Exchange Board of India vide order dated
MOODY’s Investors As on April 1, 2020 Ba3 / Watch March 6, 2018, had issued directions for the Company to conduct
Service Negative an internal inquiry into the leakage of information relating to its
June 18, 2020 B1 / Negative financial results for the quarter ended December 2015.
Standard & Poor's As on April 1, 2020 B+ / Negative The Company has taken various steps to strengthen and improve
April 2, 2020 B / Stable communications within the Company and amongst designated
November 4, 2020 B / Negative employees, too prevent leakages and to restrict communication
of Unpublished Price Sensitive Information to restricted few trading in the Company’s securities. Kindly also refer to details
and that too with encrypted password protected files. These disclosed in point (ii) above.
steps have been communicated to SEBI assuring them that the
v. The Company has complied with all the mandatory requirements of
highest degree of importance was accorded to strict adherence
Corporate Governance as specified in sub-paras (2) to (10) of Part
of all applicable regulatory and legal requirements at Tata
C of Schedule V of the SEBI Listing Regulations and disclosures on
Motors Limited. There has been no further communication after
compliance with corporate governance requirements specified in
November 20, 2020.
Regulations 17 to 27 have been included in the relevant sections
iii. In accordance with the provisions of the Act and Regulation of this report.
22 of the SEBI Listing Regulations the Company has in place a
vi. The Company also fulfilled the following non-mandatory
Vigil Mechanism and a Whistle-Blower Policy duly approved
requirements as specified in Part E of the Schedule II of the SEBI
by the Audit Committee which provides a formal mechanism for
Listing Regulations:
all Directors and employees of the Company to approach the
Management of the Company (Audit Committee in case where the • Maintenance of Chairman’s office: The Non-Executive
concern involves the Senior Management) and make protective Chairman has a separate office which is not maintained by
disclosures to the Management about unethical behaviour, actual the Company.
or suspected fraud or violation of the Company’s Code of Conduct
• Shareholder Rights: The half-yearly financial performance
or Ethics policy. The disclosures reported are addressed in the
of the Company is sent to all the Members whose e-mail IDs
manner and within the time frames prescribed in the Policy. The
are registered with the Company / Depositories. The results
Company affirms that no director or employee of the Company
are also available on the Company’s website https://www.
has been denied access to the Audit Committee Chairperson.
tatamotors.com/investors/results-press-releases/
The Company has revised the Whistle-Blower Policy to insert
• Modified opinion in Audit Report: During the year under
updation of the new channel details (toll free numbers and
review, there was no audit qualification in the Auditors’
web-portal), addition of a reference of Apex Ethics Committee at
Report on the Company’s financial statements. The
relevant places and restructuring of some clauses to bring in more
Company continues to adopt best practices to ensure a
clarity and the revised policy was approved by the Board at its
regime of unqualified financial statements.
meeting held on October 27, 2020. Kindly refer to the Company’s
website https://investors.tatamotors.com/pdf/whistle-blower- • Reporting of Internal Auditor: The Chief Internal Auditor
policy.pdf for the detailed Whistle-Blower Policy of Company. reports to the Audit Committee of the Company, to ensure
independence of the Internal Audit function.
iv. Prevention of Insider Trading Code: In accordance with the
Securities and Exchange Board of India (Prohibition of Insider vii. Commodity price risk or foreign exchange risk and hedging
Trading) Regulations, 2015, (‘SEBI Insider Trading Regulations’) activities:
the Board of Directors of the Company has during the year revised
During the FY 2020-21 the Company had managed the foreign
the adopted the Tata Code of Conduct for Prevention of Insider
exchange and commodity price risk and hedged to the extent
Trading and the Code of Corporate Disclosure Practices (‘Insider
considered necessary. The Company enters into forward
Trading Code’) in order to align the same with recent amendments
contracts for hedging foreign exchange and commodity exposures
in the SEBI Insider Trading Regulations. All the Directors,
against exports and imports. The details of foreign currency and
employees and third parties such as auditors, consultants etc.
commodity exposure are disclosed in Note No.42(c)(i)(a), 42(c)(iv)
who could have access to the UPSI of the Company are governed
and 42(c)(v) to the Standalone Financial Statements.
by this Insider Trading Code. The trading window is closed during
the time of declaration of results and occurrence of any material a. Total exposure of the Company to commodities: `11,038
events as per the Insider Trading Code. Mr P B Balaji, the Group crore
CFO, is the Compliance Officer, responsible for setting forth
b. Exposure of the Company to various Commodities:
procedures and implementation of the Insider Trading Code for
Exposure in ` Exposure in quantity % of such exposure hedged through commodity derivatives

Commodity Name towards a particular terms towards a particular Domestic Market International Market
Total
commodity commodity OTC Exchange OTC Exchange
Raw Material (majorly `10,220 crores Note 1 - - - - -
Steel)
Aluminum, Copper & Lead `818 crores 0.04 Million Metric Tons - - - - -
Notes: (1). Mixture of commodities having different Unit of measurements; (2). Above values are estimates; and (3). Exposure given above is
relating to direct materials only.
c. Commodity risks faced by the Company during the year and During the year ended March 31, 2020, the Company had allotted
measures adopted to combat the same: 20,16,23,407 Ordinary Shares at a price of `150 per Ordinary
Share aggregating to `3,024.35 crores and 23,13,33,871
FY 2020-21 saw major demand supply imbalance, leading to
Convertible Warrants (‘Warrants’), each carrying a right to
spike in commodity prices, impacting the industry as a whole.
subscribe to one Ordinary Share per Warrant, at a price of `150
The Company is running comprehensive campaigns to offset the
per Warrant (‘Warrant Price’), aggregating to `3,470.00 crores
impact of such cost pressures.
on a preferential basis to Tata Sons Private Limited. An amount
viii. Details of utilization of funds raised through preferential equivalent to 25% of the Warrant Price was paid at the time of
allotment or qualified institutions placement as specified under subscription and the balance 75% of the Warrant Price was
Regulation 32 (7A) payable by the Warrant holder against each Warrant at the time of

allotment of Ordinary Shares pursuant to exercise of the options Directors including IDs, Officers, Managers and Employees of
attached to Warrant(s) to subscribe to Ordinary Share(s) by June the Company for indemnifying any of them against any liability in
2021.The Company has fully utilised the amount of `3,891.85 respect of any negligence, default, misfeasance, breach of duty
crores towards repayment of debt, and other general corporate or breach of trust for which they may be guilty in relation to the
purposes of the Company and its subsidiaries. Company.
During the quarter and year ended March 31, 2021, on exercise of xi. The Company and its Subsidiaries on a consolidated basis have
options by Tata Sons Private Limited and on receipt of the balance paid `79.721 crores to the Statutory Auditors and to all entities in
subscription money of `2,602.51 crores, the Company has fully their network firm. For details please refer to the Note No. 37 in
converted 23,13,33,871 convertible warrants into Ordinary the Consolidated Financial Statements.
Shares, that were issued during the year ended March 31, 2020.
xii. Pursuant to the provisions of the Sexual Harassment of Women at
The Company has not utilised any of this amount as at March 31,
Workplace (Prevention, Prohibition and Redressal) Act, 2013, the
2021.
Company has established an appropriate mechanism for dealing
ix. None of the Directors of the Company have been debarred or with complaints in relation to Sexual Harassment of Women at
disqualified from being appointed or continuing as directors of Workplace, in accordance with its Policy on Prevention of Sexual
companies by the Securities and Exchange Board of India or the Harassment at Workplace (‘POSH’). For disclosure regarding the
Ministry of Corporate Affairs or any such statutory authority. A number of complaints filed, disposed of and pending, please refer
Certificate to this effect, duly signed by the Practicing Company to the Board’s Report.
Secretary is annexed to this Report.
xiii. The Company is in compliance with the disclosures required to be
x. As per the provisions of the Act and in compliance with Regulation made under this report in accordance with Regulation 34(3) read
25(10) of the Listing Regulations, the Company has taken a together with Schedule V(C) to the SEBI Listing Regulations.
Directors and Officers Liability Insurance (D&O) on behalf of all
xiv. Appropriate information has been placed on the Company’s website pursuant to clauses (b) to (i) of sub-regulation (2) of Regulation 46 of the
SEBI Listing Regulations.
Information on the Company’s website, regarding key policies, codes and charters, adopted by the Company:
Name of Policy, Code or

Brief Description Web Link
Charter
Terms of Appointment of IDs Relevant extracts form the appointment letter issued to IDs detailing the broad https://investors.tatamotors.com/pdf/Terms-of-
terms and conditions of their appointment. Appointment-ID.pdf
Board Committees The composition of various committees of the Board https://www.tatamotors.com/about-us/leadership/
Tata Code of Conduct Represents the values and core principles that guide the conduct of every Tata
business. The Code lays down the ethical standards that Tata colleagues need to
observe in their professional lives.
a) For Whole-time Directors & Employees
b) For NINEDs and IDs https://www.tatamotors.com/wp-content
uploads/2015/10/09042523/tata-code-of-conduct1.pdf
https://investors.tatamotors.com/pdf/ned-id.pdf
Whistleblower Policy (Vigil The Whistleblower policy has been formulated for Directors and employees of https://investors.tatamotors.com/pdf/whistle-blower-
Mechanism)(1) the Company to report concerns about unethical behavior, actual or suspected policy.pdf
fraud or violation of the Tata Code of Conduct.
Policy on Related Party The Company has in place a Policy on Related Party Transactions setting out: https://investors.tatamotors.com/pdf/rpt-policy.pdf
Transactions (2) (a) the materiality thresholds for related parties; and (b) the manner of dealing
with transactions between the Company and related parties, including omnibus
approvals by Audit Committee based on the provisions of the Act and Regulation
23 of the SEBI Listing Regulations.
Policy for determining Material This policy is determine material subsidiaries and material non-listed Indian https://investors.tatamotors.com/pdf/material.pdf
Subsidiaries(1) subsidiaries of the Company and to provide governance framework for them.
Familiarisation Programme For IDs through various programmes/ presentations. https://investors.tatamotors.com/pdf/familiarisation-
programme-independent-directors.pdf
Unpaid Dividend Account Details Statement of unclaimed and unpaid amounts to be transferred to the IEPF. https://www.tatamotors.com/investors/iepf/
Corporate Social Responsibility The policy outlines the Company’s strategy to bring about a positive impact on https://investors.tatamotors.com/pdf/csr-policy.pdf
Policy society through programmes focusing on Health, Education, Employability and
Environment interventions for relevant target groups, ensuring diversity and
giving preference to needy and deserving communities inhabiting urban India.
Audit Committee Charter Inter alia outlines the terms of reference, composition, quorum, meeting https://investors.tatamotors.com/pdf/audit_committee_
requirements, authority and responsibility of the Audit Committee of the charter.pdf
Company.
Policy for Approval of Services to For the Audit Committee to oversee the services rendered by the Auditors to the https://www.tatamotors.com/investors/pdf/auditfee-
be rendered by the Auditors Tata Motors Group and the payment for the said services so as to ensure that the policy.pdf
Auditors function in an independent manner.
Policy on determination of This policy pursuant to the Regulation 30 of the SEBI Listing Regulations applies https://investors.tatamotors.com/pdf/materiality.pdf
Materiality for Disclosure of Event to disclosures of material events affecting the Company and its subsidiaries. This
/ Information policy is in addition to the Company’s corporate policy.

Name of Policy, Code or

Brief Description Web Link
Charter
Content Archiving Policy The policy pursuant to the Regulation 9 of the SEBI Listing Regulations provides https://investors.tatamotors.com/pdf/content-archiving-
guidelines for archiving corporate records and documents as statutorily required policy.pdf
by the Company.
Code of Corporate Disclosure This policy is aimed at providing timely, adequate, uniform and universal https://investors.tatamotors.com/pdf/
Practices (2) dissemination of information and disclosure of Unpublished Price Sensitive CodeCorporateDisclosure.pdf
Information outside the Company in order to provide accurate and timely
communication to our shareholders and the financial markets.
Dividend Distribution Policy This policy pursuant to the Regulation 43A of the SEBI Listing Regulations https://investors.tatamotors.com/pdf/dividend-
outlines the financial parameters and factors that are to be considered whilst distribution-policy.pdf
declaring dividend.
Remuneration Policy This policy formulates the criteria for determining qualifications, competencies, https://investors.tatamotors.com/pdf/directors-
positive attributes and independence for the appointment of a director (executive appointment-remuneration.pdf
/ non-executive) and also the criteria for determining the remuneration of the
directors, key managerial personnel, senior management and other employees.
(1) Revised in line with the requirements under the SEBI Listing Regulations.
(2) Revised in line with the requirements under the SEBI Insider Trading Regulations.
On behalf of the Board of Directors

N Chandrasekaran
Chairman
Mumbai, May 18, 2021 (DIN: 00121863)

DECLARATION BY THE CEO UNDER REGULATION 26(3) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015 REGARDING ADHERENCE TO THE CODE OF CONDUCT
Pursuant to Regulation 26(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board Members and the Senior Management
personnel of the Company have affirmed compliance to their respective Codes of Conduct, as applicable to them for the Financial Year ended March 31, 2021.
For Tata Motors Limited
Guenter Butschek
CEO & MD
Mumbai, May 18, 2021 (DIN: 07427375)
CEO/CFO CERTIFICATION IN RESPECT OF FINANCIAL STATEMENTS AND CASH FLOW STATEMENT (PURSUANT TO
REGULATION 17 (8) OF SEBI (LISTING OBLIGATIONS & DISCLOSURE REQUIREMENTS), REGULATIONS, 2015 FOR THE
FINANCIAL YEAR ENDED MARCH 31, 2021
We have reviewed the Financial Statements and the Cash Flow Statement for the year ended March 31, 2021 and we hereby certify and confirm to the best
of our knowledge and belief the following:
a. The Financial Statements and Cash Flow statement do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading.
b. The Financial Statements and the Cash Flow Statement together present a true and fair view of the affairs of the Company and are in compliance with
existing accounting standards, applicable laws and regulations.
c. There are no transactions entered in to by the Company during the year ended March 31, 2021 which are fraudulent, illegal or violative of Company’s
Code of Conduct.
d. We accept responsibility for establishing and maintaining internal controls for Financial Reporting and we have evaluated the effectiveness of
these internal control systems of the Company pertaining to financial reporting. Deficiencies noted, if any, are discussed with the Auditors and Audit
Committee, as appropriate, and suitable actions are taken to rectify the same.
e. There have been no significant changes in the above-mentioned internal controls over financial reporting during the relevant period.
f. That there have been no significant changes in the accounting policies during the relevant period.
g. We have not noticed any significant fraud particularly those involving the, management or an employee having a significant role in the Company’s
internal control system over Financial Reporting
For Tata Motors Limited
Guenter Butschek P B Balaji

CEO & MD Tata Motors Group
Mumbai, May 18, 2021 DIN: 07427375 Chief Financial Officer
PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON CORPORATE GOVERNANCE
TO THE MEMBERS OF
TATA MOTORS LIMITED
We have examined the compliance of the conditions of Corporate Governance by Tata Motors Limited (‘the Company’) for the year ended on March 31,
2021, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation 46 and para C, D & E of Schedule V of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited to a review of procedures
and implementation thereof, as adopted by the Company for ensuring compliance with the conditions of Corporate Governance. It is neither an audit nor an
expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made by the Directors and the
Management and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India warranted due to the
spread of the COVID-19 pandemic, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing
Regulations for the year ended on March 31, 2021.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
Management has conducted the affairs of the Company.
Practising Company Secretaries
P. N. PARIKH
Partner
FCS: 327 CP: 1228
Mumbai, May 18, 2021 UDIN: F000327C000338159

PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON DIRECTORS NON-DISQUALIFICATION
To,
The Members
TATA MOTORS LIMITED
Bombay House,
24, Homi Mody Street,
Mumbai 400001
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of TATA MOTORS LIMITED having
CIN L28920MH1945PLC004520 and having registered office at Bombay House, 24, Homi Mody Street, Mumbai 400001 (hereinafter referred to
as ‘the Company’), produced before me/us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read
with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the
portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers and considering the relaxations
granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India warranted due to the spread of the COVID-19 pandemic,
We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31st March, 2021
have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India,
Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. Date of Appointment

Name of Director DIN
No. in Company*
1. Natarajan Chandrasekaran 00121863 17/01/2017
2. Om Prakash Bhatt 00548091 09/05/2017
3. Hanne Birgitte Breinbjerg Sorensen 08035439 03/01/2018
4. Vedika Bhandarkar 00033808 26/06/2019
5. Veerayya Chowdary Kosaraju 08485334 27/10/2020
6. Mitsuhiko Yamashita 08871753 16/09/2020
7. Thierry Yves Henri Bollore 08935293 27/10/2020
8. Guenter Karl Butschek 07427375 15/02/2016
* the date of appointment is as per the MCA Portal.
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company.
Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the
Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Practising Company Secretaries
P. N. PARIKH
Partner
FCS: 327 CP: 1228
Mumbai, May 18, 2021 UDIN: F000327C000338170

Standalone
Independent Auditors’ Report
TO THE MEMBERS OF TATA MOTORS LIMITED SAs are further described in the Auditor’s Responsibilities for the Audit of the
Report on the Audit of the Standalone Financial Statements Standalone Financial Statements section of our report . We are independent of
the Company in accordance with the Code of Ethics issued by the Institute of
Opinion Chartered Accountants of India together with the ethical requirements that are
We have audited the standalone financial statements of Tata Motors Limited (“the relevant to our audit of the standalone financial statements under the provisions
Company”), which comprise the standalone balance sheet as at 31 March 2021, of the Act and the Rules thereunder, and we have fulfilled our other ethical
and the standalone statement of profit and loss (including other comprehensive responsibilities in accordance with these requirements and the Code of Ethics.
income), standalone statement of changes in equity and standalone statement We believe that the audit evidence obtained by us along with the consideration of
of cash flows for the year then ended , and notes to the standalone financial audit report of the other auditor referred to in “ Other Matter” paragraph below,
statements, including a summary of the significant accounting policies and other is sufficient and appropriate to provide a basis for our opinion on the standalone
explanatory information and includes two joint operations consolidated on a financial statements.
proportionate basis.
Emphasis of matter
In our opinion and to the best of our information and according to the explanations We draw your attention to Note 2(d) to these standalone financial statements,
given to us, and based on the consideration of report of other auditor on separate which describes the economic and social consequences/disruption the Company
financial statements of one joint operation as was audited by the other auditor, is facing as a result of COVID-19 which is impacting supply chains/consumer
the aforesaid standalone financial statements give the information required by demand/financial markets/commodity prices/personnel available for work.
the Companies Act, 2013 (“Act”) in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India, Key Audit Matters
of the state of affairs of the Company as at 31 March 2021, and loss and other Key audit matters are those matters that, in our professional judgement, were
comprehensive income, changes in equity and its cash flows for the year ended of most significance in our audit of the standalone financial statements of the
on that date . current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole, and in forming our opinion thereon,
Basis for Opinion and we do not provide a separate opinion on these matters.
We conducted our audit in accordance with the Standards on Auditing (SAs)
specified under section 143(10) of the Act. Our responsibilities under those
Description of Key Audit Matter
Key audit matter How the matter was addressed in our audit
Assessment of indicators of impairment reversal of property, plant and equipment and intangible assets of the passenger vehicles cash generating unit
The Company periodically assesses if there are any triggers In view of the significance of the matter we applied the following audit procedures in this area, among others to obtain
for reversal of previously recognised impairment loss in sufficient appropriate audit evidence
respect of its passenger vehicle cash generating unit (CGU).
Test of Controls:
In making this determination , the Company considers both
• We evaluated the design and tested the operating effectiveness of the key control over the assessment of
internal and external sources of information to determine
indicators of impairment reversal.
whether there is an indicator of impairment reversal and,
accordingly , whether the recoverable amount of the CGU
needs to be estimated.
An impairment loss accounted in earlier years is reversed Test of Details:
if the recoverable amount is higher than the carrying value.
The recoverable amount is determined based on the higher of • We assessed internal and external sources of information used by the Company to determine that there are
value in use (VIU) and fair value less costs to sell (FVLCS) . As indicators of impairment reversal.
at 31 March 2021, the Company determined the recoverable
amount of this CGU to be `14,169 crores, being the FVLCS, • In performing the above assessment we have examined:
and reversed the impairment loss. After reversal of the − The growth in total industry volume in current year and growth estimates as per industry forecasts.
impairment loss, the carrying value of net assets for this CGU − The increase in share price of the Company during the current year and the market capitalisation attributable
was `7,750 crores as at 31 March 2021. to the passenger vehicles CGU.
− The improvement in sales multiple as per analyst report as compared to previous year.
This assessment of indicators of impairment reversal is − The growth in the sales volume of the Company in the current year.
considered to be a key audit matter due to the significant − The increase in market share of the Company in the current year as compared to previous year.
judgment required to assess the internal and external − The improvement in the contribution margin earned by the Company.
sources of information.
• We also assessed changes in the estimates used to determine the CGU’ s recoverable amount.
(Refer notes 2(q) and 6(a) of the standalone financial • We involved valuation professionals with specialized skills and knowledge who assisted in evaluating the
statements. principles used in selection of comparable companies and assessing the CGU’ s enterprise value (i.e. FVLCS) based
on comparable companies ‘ enterprise value to sales multiple.
• We performed a sensitivity analysis over the enterprise value to sales multiple to assess the impact on the
recoverable amount.

Other Information As part of an audit in accordance with SAs , we exercise professional

The Company’s management and Board of Directors are responsible for judgment and maintain professional skepticism throughout the audit. We
the other information. The other information comprises the information also:
included in the Company’s annual report, but does not include the • Identify and assess the risks of material misstatement of the
financial statements and our audi tors’ report thereon. standalone financial statements, whether due to fraud or error,
Our opinion on the standalone financial statements does not cover design and perform audit procedures responsive to those risks,
the other information and we do not express any form of assurance and obtain audit evidence that is sufficient and appropriate to
conclusion thereon. provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
In connection with our audit of the standalone financial statements, our from error, as fraud may involve collusion, forgery, intentional
responsibility is to read the other information and, in doing so, consider omissions, misrepresentations , or the override of internal control.
whether the other information is materially inconsistent with the
standalone financial statements or our knowledge obtained in the audit • Obtain an understanding of internal control relevant to the audit
or otherwise appears to be materially misstated. If, based on the work in order to design audit procedures that are appropriate in the
we have performed, we conclude that there is a material misstatement circumstances. Under section 143(3)(i) of the Act, we are also
of this other information, we are required to report that fact. We have responsible for expressing our opinion on whether the company
nothing to report in this regard. has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls
Management’s and Board of Directors’ Responsibility for the .
Standalone Financial Statements
The Company’s Management and Board of Directors are responsible • Evaluate the appropriateness of accounting policies used and the
for the matters stated in section 134(5) of the Act with respect to the reasonableness of accounting estimates and related disclosures in
preparation of these standalone financial statements that give a true the standalone financial statements made by the Management and
and fair view of the state of affairs, profit/loss and other comprehensive Board of Directors.
income, changes in equity and cash flows of the Company including its • Conclude on the appropriateness of the Management and Board of
joint operations , in accordance with the accounting principles generally Directors use of the going concern basis of accounting in preparation
accepted in India, including the Indian Accounting Standards (Ind AS) of standalone financial statements and, based on the audit evidence
specified under section 133 of the Act. The respective Management obtained, whether a material uncertainty exists related to events
and Board of Directors of the Company and its joint operations are or conditions that may cast significant doubt on the Company‘s
responsible for maintenance of adequate accounting records in ability to continue as a going concern. If we conclude that a material
accordance with the provisions of the Act for safeguarding of the assets uncertainty exists, we are required to draw attention in our auditor’s
of the respective company and for preventing and detecting frauds and report to the related disclosures in the standalone financial
other irregularities; selection and application of appropriate accounting statements or, if such disclosures are inadequate, to modify our
policies; making judgments and estimates that are reasonable and opinion. Our conclusions are based on the audit evidence obtained
prudent; and design, implementation and maintenance of adequate up to the date of our auditor’s report. However, future events or
internal financial controls that were operating effectively for ensuring conditions may cause the Company (including its joint operations) to
accuracy and completeness of the accounting records , relevant to the cease to continue as a going concern.
preparation and presentation of the standalone financial statements
that give a true and fair view and are free from material misstatement , • Evaluate the overall presentation, structure and content of the
whether due to fraud or error, which have been used for the preparation standalone financial statements, including the disclosures, and
of the standalone financial statements by the Management and Directors whether the standalone financial statements represent the
of the Company, as aforesaid . underlying transactions and events in a manner that achieves fair
presentation.
In preparing the standalone financial statements, the respective
Management and Board of Directors of the Company and its joint • Obtain sufficient appropriate audit evidence regarding the financial
operations are responsible for assessing the ability of each company to information of the Company and its joint operations to express an
continue as a going concern, disclosing, as applicable, matters related to opinion on the standalone financial statements, of which we are
going concern and using the going concern basis of accounting unless the independent auditors. We are responsible for the direction,
the Board of Directors either intends to liquidate the company or to cease supervision and performance of the audit of financial information
operations, or has no realistic alternative but to do so. of the Company and such joint operation included in the standalone
annual financial results of which we are the independent auditors.
The respective Board of Directors of the Company and its joint operations For the other joint operation included in the standalone financial
is also responsible for overseeing the financial reporting process of each statements, which has been audited by other auditor, such other
company. auditor remains responsible for the direction, supervision and
Auditor’s Responsibilities for the Audit of the Standalone performance of the audit carried out by them. We remain solely
Financial Statements responsible for our audit opinion. Our responsibilities in this regard
Our objectives are to obtain reasonable assurance about whether the are further described in section titled ‘ Other Matter’ in this audit
standalone financial statements as a whole are free from material report.
misstatement, whether due to fraud or error, and to issue an auditor’s We believe that the audit evidence obtained by us along with the
report that includes our opinion. Reasonable assurance is a high level of consideration of audit report of the other auditor referred to in the Other
assurance, but is not a guarantee that an audit conducted in accordance Matter paragraph below, is sufficient and appropriate to provide a basis
with SAs will always detect a material misstatement when it exists. for our audit opinion on the standalone financial statements .
Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected We communicate with those charged with governance of the Company
to influence the economic decisions of users taken on the basis of these and such other entities included in the standalone financial statements of
standalone financial statements. which we are the independent auditors regarding, among other matters,

Standalone
the planned scope and timing of the audit and significant audit findings, c) The standalone balance sheet, the standalone
including any significant deficiencies in internal control that we identify statement of profit and loss (including other
during our audit. comprehensive income), the standalone statement of
changes in equity and the standalone statement of cash
We also provide those charged with governance with a statement
flows dealt with by this Report are in agreement with
that we have complied with relevant ethical requirements regarding
the relevant books of account.
independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence , d) In our opinion, the aforesaid standalone financial
and where applicable, related safeguards. statements comply with the Ind AS specified under
section 133 of the Act.
From the matters communicated with those charged with governance,
we determine those matters that were of most significance in the e) On the basis of the written representations received
audit of the standalone financial statements of the current period and from the directors as on 31 March 2021 taken on record
are therefore the key audit matters. We describe these matters in our by the Board of Directors and the report of the statutory
auditors’ report unless law or regulation precludes public disclosure auditors of the joint operations , none of the directors of
about the matter or when, in extremely rare circumstances, we determine the Company and its joint operations is disqualified as
that a matter should not be communicated in our report because the on 31 March 2021 from being appointed as a director in
adverse consequences of doing so would reasonably be expected to terms of Section 164(2) of the Act.
outweigh the public interest benefits of such communication.
f) With respect to the adequacy of the internal financial
Other Matter controls with reference to financial statements of the
We did not audit the financial statements of one joint operation included Company and its joint operations which are companies
in the standalone financial statements of the Company, whose financial incorporated in India and the operating effectiveness of
statements reflect total assets (before consolidation adjustments) such controls, refer to our separate Report in “Annexure
of `8,039.78 crores as at 31 March 2021, total revenue (before B”.
consolidation adjustments) of `8,010.01 crores and net profit after
(B) With respect to the other matters to be included in the
tax (before consolidation adjustments) of `577.76 crores and net cash
Auditors‘ Report in accordance with Rule 11 of the Companies
inflows (before consolidation adjustments) amounting to `720.67 crores
(Audit and Auditors) Rules, 2014, in our opinion and to the
for the year ended 31 March 2021, as considered in the standalone
best of our information and according to the explanations
financial statements. These financial statements have been audited by
given to us and based on the consideration of the report of
other auditor whose report has been furnished to us by the management
the other auditor on separate financial statements of a joint
and our opinion on the standalone financial statements, in so far as it
operation, as noted in the “Other Matter” paragraph:
relates to the amounts and disclosures included in respect of this joint
operation, and our report in terms of sub-section (3) of Section 143 of the i. The standalone financial statements disclose the
Act, in so far as it relates to the aforesaid joint operation is based solely impact of pending litigations as at 31 March 2021
on the audit report of the other auditor. on the financial position of the Company and its joint
operations - Refer Note 39 to the standalone financial
Our opinion on the standalone financial statements, and our report on
statements;
Other Legal and Regulatory Requirements below, is not modified in
respect of the above matter with respect to our reliance on the work done ii. Provision has been made in the standalone financial
and the report of the other auditor. statements, as required under the applicable law or
Ind AS, for material foreseeable losses, on long-term
Report on Other Legal and Regulatory Requirements
contracts including derivative contracts - Refer Note 49
1. As required by the Companies (Auditors’ Report) Order, 2016 (“the
(iii) to the standalone financial statements;
Order”) issued by the Central Government in terms of section
143 (11) of the Act, we give in the “ Annexure A” a statement on iii. There has been no delay in transferring amounts to
the matters specified in paragraphs 3 and 4 of the Order for the the Investor Education and Protection Fund by the
Company (excluding its joint operations), to the extent applicable. Company or its joint operations incorporated in India
during the year ended 31 March 2021;
2. (A) As required by Section 143(3) of the Act, based on our audit
and on the consideration of report of the other auditor on iv. The disclosures in the standalone financial statements
separate financial statements of a joint operation, as were regarding holdings as well as dealings in specified bank
audited by the other auditor as noted in the “Other Matter” notes during the period from 8 November 2016 to 30
paragraph, we report, to the extent applicable, that: December 2016 have not been made in these financial
statements since they do not pertain to the financial
a) We have sought and obtained all the information and
year ended 31 March 2021.
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit. ( C) With respect to the matter to be included in the Auditors ‘
Report under section 197(16):
b) In our opinion , proper books of account as required
by law have been kept by the Company and its joint We draw your attention to Note 44 to the standalone
operations so far as it appears from our examination of financial statements for the year ended 31 March 2021
those books and the report of the other auditor. according to which the re-appointment of the CEO and

Managing Director for the period 15 February 2021 to 30 Companies Act, 2013. The Ministry of Corporate Affairs has
June 2021 and the remuneration for this period are subject to not prescribed other details under Section 197(16) which are
approval of the shareholders, which the Company proposes required to be commented upon by us.
to obtain in the forthcoming Annual General Meeting, in
Further, with respect to the joint operations included in the
accordance with the provisions of the Companies Act, 2013.
standalone financial statements, based on the reports of
Accordingly, the managerial remuneration aggregating `2.22
statutory auditors of such joint operations, we understand
crores paid to the CEO and Managing Director of the Company
that the joint operations are private limited companies and
for the period from 15 February 2021 to 31 March 2021,
accordingly matters to be included in Auditor’ s report under
calculated on a proportionate basis, exceeds the prescribed
section 197(16) are not applicable for such joint operations.
limits under Section 197 read with Schedule V to the Act, by
`1.89 crores. This amount excludes Performance and Long
Term Incentives , which will be accrued post determination
For B S R & Co. LLP
and approval by the Board of Directors of the Company,
Chartered Accountants
and such amounts will also exceed the prescribed limits.
Firm’s Registration No: 101248W/W-100022
Further, the Company is also in the process of obtaining
Central Government approval since the CEO and Managing
Director is a non-resident. We draw attention to Note 36(d) Shiraz Vastani
to the standalone financial statements for the year ended 31 Partner
March 2021 according to which the remuneration payable Membership No. 103334
to non executive independent directors aggregating `1.70 UDIN -21103334AAAAAW6929
crores is subject to approval of the shareholders, which
Place: Pune
the Company proposes to obtain in the forthcoming Annual
Date: 18 May 2021
General Meeting, in accordance with the provisions of the

Standalone
Annexure A to the Independent Auditors’ Report – 31 March 2021
With reference to the Annexure referred to in paragraph 1 in Report on (vi) The maintenance of cost records has been specified by the Central
Other Legal and Regulatory Requirements of the Independent Auditor’s Government under Section 148(1) of the Companies Act, 2013 in
Report to the members of the Company on the Standalone financial respect of the products manufactured by the Company. We have
statements for the year ended 31 March 2021, we report that: broadly reviewed the books of account maintained by the Company
pursuant to the rules prescribed by the Central Government for
(i) (a) The Company has maintained proper records showing full
maintenance of cost records under section 148(1) of the Companies
particulars, including quantitative details and situation of
Act, 2013 in respect of manufacture of products and are of the
fixed assets.
opinion that prima facie, the prescribed accounts and records have
(b) The Company has a regular program of physical verification been made and maintained . However, we have not made a detailed
of its fixed assets by which its fixed assets are verified in a examination of the cost records with a view to determine whether
phased manner over a period of three years. In our opinion, they are accurate or complete.
this periodicity of physical verification is reasonable having
(vii) (a) According to the information and explanations given to
regard to the size of the Company and the nature of its
us and on the basis of our examination of the records of
fixed assets. According to the information and explanations
the Company, amounts deducted / accrued in the books of
given to us, no material discrepancies were noticed on such
account in respect of undisputed statutory dues including
verification of fixed assets.
Provident fund, Employees’ state insurance, Income tax,
(c) According to the information and explanations given to us, the Duty of customs, Goods and services tax and other material
records examined by us and based on the examination of the statutory dues have generally been regularly deposited
registered sale deed /transfer deed /conveyance deed /court during the year by the Company with the appropriate
orders approving schemes of arrangements /amalgamations authorities, except for Provident fund dues referred to in
provided to us, we report that, the title deeds, comprising note 39 to the financial statements. We are informed by the
all the immovable properties of land and buildings which Company that the Employee’s State Insurance Act, 1948 is
are freehold, are held in the name of the Company as at the applicable only to certain locations of the Company. With
Balance Sheet date. In respect of immovable properties that regard to the contribution under the Employee’s Deposit
have been taken on lease and disclosed as Right of Use assets Linked Insurance Scheme, 1976 (the scheme), the Company
in the standalone financial statements, the lease agreements has sought exemption from making contribution to the
are in the name of the Company , where the Company is the scheme since it has its own Life Cover Scheme. The Company
lessee in the agreement. has made an application on August 31, 2020 seeking an
extension of exemption from contribution to the Scheme for a
(ii) The inventory including inventory lying with third parties, except
period of 3 years approval of which is awaited. We are further
goods-in-transit, has been physically verified by the management
informed by the Company that they have filed for surrender
during the year. In our opinion , the frequency of such verification is
of exemption available to its Pension Trust effective 1
reasonable and adequate in relation to the size of the Company and
October 2019. We draw attention to note 20(ii) to the financial
the nature of its business. The discrepancies noticed on verification
statements which more fully explains that pending approval
between the physical stocks and the book records were not
of the application for surrender filed, the contributions to
material and have been properly dealt with in the books of account.
the Pension scheme amounting to `73.47 crores, from 1
(iii) According to information and explanations given to us, the October 2019 to 31 March 2021, have been deposited by
Company has granted loans, secured or unsecured , to companies, the Company in a restricted fixed deposit. As explained to us,
firms or other parties covered in the Register maintained under the Company does not have dues on account of Sales Tax,
Section 189 of the Companies Act, 2013, in respect of which: Service Tax, Value Added Tax and Duty of Excise.
a) The terms and conditions of the grant of such loans are, in our According to the information and explanations given to us,
opinion, prima facie, not prejudicial to the Company’s interest. no undisputed amounts payable in respect of Provident fund,
Employees’ state insurance, Income tax, Duty of customs,
b) The schedule of repayment of principal and payment of
Goods and services tax and other material statutory dues
interest has been stipulated and repayments or receipts
were in arrears as at 31 March 2021, for a period of more
of principal amounts and interest have been regular as per
than six months from the date they became payable . We
stipulations or as renegotiated.
draw attention to note 39 to the financial statements which
c) There is no amount overdue for more than 90 days at the more fully explains the matter regarding non-payment of
Balance Sheet date. provident fund contribution pursuant to Supreme Court
judgement dated 28 February 2019 and also to note 20(ii)
(iv) According to the information and explanations given to us, the
to the financial statements which more fully explains that
Company has complied with provisions of section 185 and 186
pending approval of the application for surrender filed, the
of the Companies Act, 2013 in respect of grant of loans, making
contributions to the Pension scheme from 1 October 2019
investments and providing guarantees and securities, as applicable.
to 31 March 2021, have been deposited by the Company in a
(v) According to the information and explanations given to us, the restricted fixed deposit.
Company has not accepted any deposits during the year. In
respect of unclaimed deposits , the Company has complied with
the provisions of section 73 to 76 of the Act and the rules framed
thereunder.
(b) According to the information and explanations given to us, there are no dues of Income tax, Sales tax, Service tax, Value added tax, Goods
and services tax, Duty of customs and Duty of excise which have not been deposited by the Company with appropriate authorities on
account of any disputes except for the following:
Amount Amount paid under Forum where dispute is

Name of the statute Nature of dues Period to which the amount relates
(` crores) protest* (` crores) pending
Income Tax Act, 1961 Income tax 2.78 2.78 1982-83, 1991-92 and 1995-96 High Court
107.62 107.62 2003-04, 2005-06 to 2011-12 Income Tax Appellate
and erstwhile Tata Finance Limited Tribunal
1997-98 to 1999-2000
137.41 137.38 2012-13 to 2015-2016 and Commissioner of Income
erstwhile Tata Motors Drivelines Tax Appeals
Limited 2015-16
Central Excise Act, Duty of excise 42.95 0.15 1991 - 92, 1992-93, 1993-94, High Court
1944 2002-2003, 2005-06, 2006-07,
2009-10, 2010-2011, 2011-12
608.04 25.12 1991-92, 1992-93, 1994-95, 1996- The Custom, Excise and
97, 1997-98 and 1999-2000 to Service Tax Appellate
2017-18 Tribunal
7.54 0.27 1984-85, 1999-2000 to 2017-18 Appellate Authority
upto Commissioner’s
level
Finance Act, 1994 Service tax 1,086.69 10.79 2004-05 to 2013-14 High Court
147.86 6.22 2004-05 to 2017-18 The Custom, Excise and
Service Tax Appellate
Tribunal
Sales Tax Sales tax 13.18 - 1995-96 Supreme Court
281.49 50.49 1984-85 to 1988-89, 1990-91, High Court
1992-93, 2001-02 to 2005-06,
2007-08 to 2016-17.
458.54 16.76 1983-84, 1985-86, 1989-90,1998- Sales Tax Tribunal
99, 2000-01 and 2004-05 to
2015-16
778.22 28.51 1979-80, 1986-87, 1989-90 to Appellate Authority
2017-18 upto Commissioner’s
level
Customs Act, 1962 Duty of customs 3.90 3.90 2011-12 Supreme Court
7.49 3.11 2008-09 High Court
Goods and Services Goods and 0.12 0.12 2018-19 The Goods and Services
Tax Services Tax Tax Appellate Tribunal
0.67 0.23 2017-18 to 2020-21 Appellate Authority
upto Commissioner’s
level
* includes refunds adjusted by the authorities.

(viii) In our opinion and according to the information and explanations (xi) According to the information and explanations given to us
given to us, the Company has not defaulted in repayment of loans or and based on our examination of the records of the Company,
borrowings to banks and dues to debenture holders. The Company the Company has paid/provided for managerial remuneration
did not have any outstanding dues to any financial institution or in accordance with the requisite approvals mandated by the
government during the year. provisions of Section 197 read with Schedule V of the Act for
the year ended 31 March 2021, except that the re-appointment
(ix) In our opinion and according to the information and explanations
of the CEO and Managing Director for the period 15 February
given to us, the Company has not raised money by way of further
2021 to 30 June 2021 and the remuneration for this period is
public offer (including debt instruments) during the year and
subject to approval of the shareholders, which the Company
the term loans taken by the Company have been applied for the
proposes to obtain in the forthcoming Annual General Meeting,
purpose for which they were raised.
in accordance with the provisions of the Companies Act, 2013.
(x) According to the information and explanations given to us, no Accordingly, the managerial remuneration aggregating `2.22
fraud by the Company and no material fraud on the Company by crores paid to the CEO and Managing Director of the Company for
its officers or employees has been noticed or reported during the the period from 15 February 2021 to 31 March 2021, calculated
course of our audit. on a proportionate basis, exceeds the prescribed limits under

Standalone
Section 197 read with Schedule V to the Companies Act, 2013, by Act. Out of the total money raised aggregating `2,602.51 crores,
`1.89 crores. This amount excludes Performance and Long Term `Nil has been utilized till 31 March 2021 (also refer note [2l(h)]
Incentives, which will be accrued post determination and approval to the standalone financial statements). Pending utilization , the
by the Board of Directors of the Company, and such amounts will funds aggregating to `2,602.51 crores were used for purposes
also exceed the prescribed limits. Further, the Company is also other than for which they were raised by temporarily investing in
in the process of obtaining Central Government approval since mutual funds and fixed deposits .
the CEO and Managing Director is a non-resident. The Company
(xv) According to the information and explanations given to us,
has also provided for the remuneration payable to non-executive
the Company has not entered into any non-cash transactions
independent directors aggregating `1.70 crores which is subject
with directors or persons connected with them during the year.
to approval of the shareholders, which the Company proposes to
According ly, paragraph 3(xv) of the Order is not applicable to the
obtain in the forthcoming Annual General Meeting, in accordance
Company.
with the provisions of the Companies Act, 2013.
(xvi) In our opinion and according to the information and explanations
(xii) In our opinion and according to the information and explanations
given to us, the Company is not required to register under section
given to us, the Company is not a Nidhi Company as per the Act.
45-IA of the Reserve Bank oflndia Act, 1934.
Accordingly, paragraph 3(xii) of the Order is not applicable to the
Company.
(xiii) In our opinion and according to the information and explanations For B S R & Co. LLP
given to us, all transactions with related parties are in compliance Chartered Accountants
with section 177 and 188 of the Act and the details, as required by Firm’s Registration No: 101248W/W-100022
the applicable accounting standards have been disclosed in the
standalone financial statements.
Shiraz Vastani
(xiv) According to the information and explanations given to us and on Partner
the basis of our examination of the records of the Company, the Place: Pune Membership No. 103334
Company has made preferential allotment of equity shares during Date: 18 May 2021 UDIN -21103334AAAAAW6929
the year in compliance with the requirements of Section 42 of the

Annexure B to the Independent Auditors’ Report 31 March 2021
Report on the internal financial controls with reference to the aforesaid We believe that the audit evidence we have obtained and the audit evidence
standalone financial statements under Clause (i) of Sub-section 3 of obtained by the other auditor of a joint operation in terms of their report
Section 143 of the Companies Act, 2013 referred in the Other Matter paragraph below, is sufficient and appropriate
to provide a basis for our audit opinion on the internal financial controls with
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal and Regulatory
reference to financial statements.
Requirements’ section of our report of even date)
Meaning of Internal Financial controls with Reference to
Opinion
Financial Statements
We have audited the internal financial controls with reference to financial
A company’s internal financial controls with reference to financial statements
statements of Tata Motors Limited (“ the Company”) as of 31 March 2021
is a process designed to provide reasonable assurance regarding the
in conjunction with our audit of the standalone financial statements of the
reliability of financial reporting and the preparation of financial statements
Company for the year ended on that date which includes internal financial
for external purposes in accordance with generally accepted accounting
controls with reference to financial statements of the Company‘s joint
principles. A company’s internal financial controls with reference to financial
operations which are companies incorporated in India.
statements include those policies and procedures that
In our opinion, the Company and its joint operations which are companies
(1) pertain to the maintenance of records that, in reasonable detail ,
incorporated in India, have, in all material respects, adequate internal
accurately and fairly reflect the transactions and dispositions of the
financial controls with reference to financial statements and such internal
assets of the company;
financial controls were operating effectively as at 31 March 2021, based
on the internal financial controls with reference to financial statements (2) provide reasonable assurance that transactions are recorded as
criteria established by the Company and its joint operations considering necessary to permit preparation of financial statements in accordance
the essential components of internal control stated in the Guidance Note on with generally accepted accounting principles, and that receipts and
Audit of Internal Financial Controls Over Financial Reporting issued by the expenditures of the company are being made only in accordance with
Institute of Chartered Accountants oflndia (the “Guidance Note” ). authorisations of management and directors of the company; and
Management’s Responsibility for Internal Financial Controls (3) provide reasonable assurance regarding prevention or timely
The respective Company’ s management and the Board of Directors are detection of unauthorised acquisition, use, or disposition of the
responsible for establishing and maintaining internal financial controls company’s assets that could have a material effect on the standalone
based on the internal financial controls with reference to financial financial statements .
statements criteria established by the respective companies considering
Inherent Limitations of Internal Financial controls with
the essential components of internal control stated in the Guidance Note.
Reference to Financial Statements
These responsibilities include the design, implementation and maintenance
Because of the inherent limitations of internal fmancial controls with
of adequate internal financial controls that were operating effectively
reference to fmancial statements , including the possibility of collusion or
for ensuring the orderly and efficient conduct of its business, including
improper management override of controls, material misstatements due
adherence to the respective company’s policies, the safeguarding of its
to error or fraud may occur and not be detected . Also, projections of any
assets, the prevention and detection of frauds and errors, the accuracy
evaluation of the internal fmancial controls with reference to standalone
and completeness of the accounting records, and the timely preparation of
fmancial statements to future periods are subject to the risk that the internal
reliable financial in formation, as required under the Companies Act, 2013
financial controls with reference to standalone financial statements may
(hereinafter referred to as “the Act”).
become inadequate because of changes in conditions, or that the degree of
Auditors’ Responsibility compliance with the policies or procedures may deteriorate.
Our responsibility is to express an opinion on the Company’s internal
Other Matter
financial controls with reference to financial statements based on our audit.
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and
We conducted our audit in accordance with the Guidance Note and the
operating effectiveness of the internal financial controls with reference
Standards on Auditing, prescribed under section 143(10) of the Act, to the
to standalone financial statements in so far as it relates to one joint
extent applicable to an audit of internal financial controls with reference to
operation, which is a company incorporated in India, is based solely on the
financial statements. Those Standards and the Guidance Note require that
corresponding report of the other auditor.
we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls For B S R & Co. LLP
with reference to financial statements were established and maintained and Chartered Accountants
whether such controls operated effectively in all material respects. Firm’s Registration No: 101248W/W-100022
Our audit involves performing procedures to obtain audit evidence about
the adequacy of the internal financial controls with reference to financial Shiraz Vastani
statements and their operating effectiveness. Our audit of internal financial Partner
controls with reference to financial statements included obtaining an Place: Pune Membership No. 103334
understanding of such internal financial controls, assessing the risk that Date: 18 May 2021 UDIN -21103334AAAAAW6929
a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the standalone financial
statements , whether due to fraud or error.

Standalone
Balance Sheet
(` in crores)
As at As at
Notes
March 31, 2021 March 31, 2020
I. ASSETS
(1) NON-CURRENT ASSETS
(a) Property, plant and equipment 3 (a) 19,153.47 18,870.67
(b) Capital work-in-progress 3 (b) 1,400.82 1,755.51
( c) Right of use assets 4 768.59 669.58
(d) Goodwill 99.09 99.09
(e) Other intangible assets 5 (a) 6,401.95 5,568.64
(f) Intangible assets under development 5 (b) 1,605.64 2,739.29
(g) Investments in subsidiaries, joint ventures and associates 7 15,147.26 15,182.29
(h) Financial assets
(i) Investments 8 967.65 548.57
(ii) Loans and advances 10 126.05 138.46
(iii) Other financial assets 12 1,631.83 1,512.96
(i) Non-current tax assets (net) 715.31 727.97
(j) Other non-current assets 14 1,187.41 1,208.08
49,205.07 49,021.11
(2) CURRENT ASSETS
(a) Inventories 16 4,551.71 3,831.92
(b) Financial assets
(i) Investments 9 1,578.26 885.31
(ii) Trade receivables 17 2,087.51 1,978.06
(iii) Cash and cash equivalents 19 2,365.54 2,145.30
(iv) Bank balances other than (iii) above 20 1,953.40 1,386.89
(v) Loans and advances 11 185.42 232.14
(vi) Other financial assets 13 1,745.06 1,546.56
( c) Assets classified as held for sale 49 (iv) 220.80 191.07
(d) Other current assets 15 1,166.89 1,371.51
15,854.59 13,568.76
TOTAL ASSETS 65,059.66 62,589.87
II. EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 21 765.81 719.54
(b) Other equity 18,290.16 17,668.11
19,055.97 18,387.65
LIABILITIES
(1) NON-CURRENT LIABILITIES
(a) Financial liabilities
(i) Borrowings 23 16,326.77 14,776.51
(ii) Lease liabilities 593.74 522.24
(iii) Other financial liabilities 25 659.64 854.74
(b) Provisions 27 1,371.94 1,769.74
( c) Deferred tax liabilities (net) 266.50 198.59
(d) Other non-current liabilities 30 533.55 269.58
19,752.14 18,391.40
(2) CURRENT LIABILITIES
(i) Borrowings 24 2,542.50 6,121.36
(iii) Trade payables
(a) Total outstanding dues of micro and small enterprises 167.23 101.56
(b) Total outstanding dues of creditors other than micro and small enterprises 7,947.78 8,000.69
(iv) Acceptances 7,873.12 2,741.69
(v) Other financial liabilities 26 4,255.57 5,976.35
(b) Provisions 28 1,043.54 1,406.75
( c) Current tax liabilities (net) 37.84 31.49
(d) Other current liabilities 31 2,287.50 1,347.63
26,251.55 25,810.82
TOTAL EQUITY AND LIABILITIES 65,059.66 62,589.87
See accompanying notes to financial statements

In terms of our report attached For and on behalf of the Board
For B S R & Co. LLP
Chartered Accountants N CHANDRASEKARAN [DIN: 00121863] GUENTER BUTSCHEK [DIN: 07427375]
Firm’s Registration No: 101248W/W-100022 Chairman CEO and Managing Director
Place- Mumbai Place- Austria
SHIRAZ VASTANI VEDIKA BHANDARKAR [DIN: 00033808] P B BALAJI

Partner Director Group Chief Financial Officer
Membership No. 103334 Place- Mumbai Place- Mumbai
UDIN: 21103334AAAAAW6929
Place- Pune H K SETHNA [FCS: 3507]
Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021
Statement of Profit and Loss
(` in crores)
Year ended Year ended
Notes
March 31, 2021 March 31, 2020
Revenue from operations
Revenue 46,559.39 43,485.76
Other operating revenue 472.08 442.41
I. Total revenue from operations 32 47,031.47 43,928.17
II. Other Income 33 842.96 1,383.05
III. Total Income (I+II) 47,874.43 45,311.22
IV. Expenses
(a) Cost of materials consumed 30,010.61 26,171.85
(b) Purchases of products for sale 5,490.67 5,679.98
(c) Changes in inventories of finished goods, work-in-progress and products for sale (69.02) 722.68
(d) Employee benefits expense 34 4,212.99 4,384.31
(e) Finance costs 35 2,358.54 1,973.00
(f) Foreign exchange loss (net) 1.67 239.00
(g) Depreciation and amortisation expense 3,681.61 3,375.29
(h) Product development/Engineering expenses 907.64 830.24
(i) Other expenses 36 5,801.90 7,720.75
(j) Amount transferred to capital and other accounts 37 (817.53) (1,169.46)
Total Expenses (IV) 51,579.08 49,927.64
V. Profit/(loss) before exceptional items and tax (III-IV) (3,704.65) (4,616.42)
VI. Exceptional items
(a) Employee separation cost 215.97 2.69
(b) Write off/provision (reversal) for tangible/intangible assets (including under development) 38 114.00 (73.03)
(c) Provision/(reversal) for loan given to/investment and cost of closure in subsidiary 123.36 385.62
companies/joint venture (net)
(d) Impairment losses/(reversal) in passenger vehicle business 6 (a) (1,182.41) 1,418.64
(e) Provision/(reversal) for Onerous Contracts and related supplier claims 6 (b) (663.00) 777.00
VII. Profit/(loss) before tax (V-VI) (2,312.57) (7,127.34)
VIII. Tax expense (net) 29
(a) Current tax 82.31 33.05
(b) Deferred tax 0.56 129.24
Total tax expense 82.87 162.29
IX. Profit/(loss) for the year from continuing operations (VII-VIII) (2,395.44) (7,289.63)
X. Other comprehensive income/(loss):
(A) (i) Items that will not be reclassified to profit and loss:
(a) Remeasurement losses on defined benefit obligations (net) (23.62) (105.32)
(b) Equity instruments at fair value through other comprehensive income 365.84 (115.72)
(ii) Income tax credit/(expense) relating to items that will not be reclassified to profit and (8.60) 33.71
loss
(B) (i) Items that will be reclassified to profit and loss - gains/(losses) in cash flow hedges 168.12 (294.19)
(ii) Income tax credit/(expense) relating to items that will be reclassified to profit and (58.75) 102.80
loss
Total other comprehensive income/(loss), net of taxes 442.99 (378.72)
XI. Total comprehensive income/(loss) for the year (IX+X) (1,952.45) (7,668.35)
XII. Earnings/(loss) per share (EPS) 40
(A) Ordinary shares (face value of `2 each) :
(i) Basic ` (6.59) (21.06)
(ii) Diluted ` (6.59) (21.06)
(B) ‘A’ Ordinary shares (face value of `2 each) :
(i) Basic ` (6.59) (21.06)
(ii) Diluted ` (6.59) (21.06)

For B S R & Co. LLP

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021

Standalone
Cash Flow Statement
(` in crores)
March 31, 2021 March 31, 2020
Cash flows from operating activities:
Profit/(loss) for the year (2,395.44) (7,289.63)
Adjustments for:
Depreciation and amortisation expense 3,681.61 3,375.29
Allowances for trade and other receivables 102.69 65.35
Inventory write down (net) 45.58 84.50
Provision/(reversal) for loan given to/investment and cost of closure in subsidiary companies/joint venture 123.36 385.62
(net)
Employee separation cost 188.20 -
Impairment losses/(reversal) in passenger vehicle business (1,182.41) 1,418.64
Provision/(reversal) for Onerous Contracts and related supplier claims (663.00) 777.00
Share-based payments 9.04 4.70
Marked-to-market loss/(gain) on investments measured at Fair value through profit and loss (5.20) 0.43
Write off/provision (reversal) for tangible/intangible assets (including under development) 114.00 (73.03)
(Profit)/Loss on sale of assets (net) (including assets scrapped/written off) (126.09) 168.04
Profit on sale of investments at FVTPL (net) (72.80) (70.16)
Tax expense (net) 82.87 162.29
Finance costs 2,358.54 1,973.00
Interest income (196.24) (483.72)
Dividend income (20.45) (241.22)
Foreign exchange (gain)/loss (net) (83.44) 182.32
4,356.26 7,729.05
Cash flows from operating activities before changes in following assets and liabilities 1,960.82 439.42
Trade receivables (141.51) 1,168.02
Loans and advances and other financial assets (175.97) 53.29
Other current and non-current assets 34.11 22.78
Inventories (765.37) 730.01
Trade payables and acceptances 4,964.54 (2,688.95)
Other current and non-current liabilities 1,075.59 (1,165.05)
Other financial liabilities 31.69 201.38
Provisions (240.33) (122.95)
Cash generated from/(used in) operations 6,743.57 (1,362.05)
Income taxes paid (net) (63.25) (92.54)
Net cash from/(used in) operating activities 6,680.32 (1,454.59)
Cash flows from investing activities:
Payments for property, plant and equipments (1,162.95) (2,748.60)
Payments for other intangible assets (693.35) (1,919.98)
Proceeds from sale of property, plant and equipments 178.36 155.16
Investments in Mutual Fund (purchased)/sold (net) (614.95) 358.87
Investments in subsidiary companies - (467.00)
Sale of business to subsidiary company 10.30 25.82
Purchase of unquoted investment- others (57.60) -
Purchase of stake in joint venture (0.02) -
Loan given to subsidiary companies/payment for costs of closure in subsidiary companies (56.59) (7.79)
Sale of quoted investment- others 4.36 -
Increase in short term inter corporate deposit (net) (30.00) (10.07)

Cash Flow Statement
(` in crores)
March 31, 2021 March 31, 2020
Deposits/restricted deposits with financial institution (1,000.00) (1,000.00)
Realisation of deposits with financial institution 750.00 750.00
Deposits/restricted deposits with banks (3,342.52) (3,419.37)
Realisation of deposits/restricted deposits with banks 2,849.64 2,851.53
Interest received 153.55 471.35
Dividend received 20.45 241.22
Net cash used in investing activities (2,991.32) (4,718.86)
Cash flows from financing activities
Proceeds from issue of shares/conversion of warrants (net of issue expenses) 2,602.51 3,888.79
Proceeds from long-term borrowings (net of issue expenses) 4,667.65 4,781.55
Repayment of long-term borrowings (4,562.91) (1,124.93)
Proceeds from Option settlement of long term borrowings 35.01 190.90
Repayment of matured fixed deposits (0.48) (6.75)
Proceeds from short-term borrowings 4,068.21 9,178.61
Repayment of short-term borrowings (5,874.81) (8,003.51)
Net change in other short-term borrowings (with maturity up to three months) (1,785.86) 1,311.36
Repayment of lease liabilities (including interest) (192.32) (193.63)
Dividend paid (1.56) (3.52)
Interest paid [including discounting charges paid, `438.43 crores (March 31, 2020 `371.57 crores)] (2,427.35) (2,269.66)
Net cash from/(used in) financing activities (3,471.91) 7,749.21
Net increase in cash and cash equivalents 217.09 1,575.76
Cash and cash equivalents as at April 1, (opening balance) 2,145.30 487.40
Effect of foreign exchange on cash and cash equivalents 3.15 82.14
Cash and cash equivalents as at March 31, (closing balance) 2,365.54 2,145.30
Non-cash transactions:
Liability towards property, plant and equipment and other intangible assets purchased on credit/deferred 410.15 403.02
credit

For B S R & Co. LLP

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021

182
Statement of Changes in Equity
FOR THE YEAR ENDED MARCH 31, 2021
|
A. EQUITY SHARE CAPITAL
(` in crores)
Particulars
Balance as at April 1, 2020 719.54
Proceeds from issue of shares 46.27
Balance as at March 31, 2021 765.81
B. OTHER EQUITY (REFER NOTE 22)

(` in crores)
Particulars Securities Share Money Capital Debenture Capital Retained Other components of equity Total other
premium based received redemption redemption reserve (on earnings Equity Hedging Cost of equity
payments against reserve reserve merger)/(sale instruments reserve hedging
reserve Share of business)
76th Integrated Annual Report 2020-21

through OCI reserve
Warrants (net)
Balance as at April 1, 2020 22,194.89 13.14 867.50 2.28 1,038.84 (359.37) (5,821.83) (56.00) (168.55) (42.79) 17,668.11
Loss for the year - - - - - - (2,395.44) - - - (2,395.44)
Other comprehensive income/(loss) for the year - - - - - - (14.44) 348.06 67.38 41.99 442.99
Total comprehensive loss for the year - - - - - - (2,409.88) 348.06 67.38 41.99 (1,952.45)
Share-based payments - 9.04 - - - - - - - - 9.04
Issue of shares pursuant to preferential allotment/ 3,423.74 - (867.50) - - - - - - - 2,556.24
conversion of share warrants
Realised gain on investments held at fair value - - - - - - 4.36 (4.36) - - -
through Other comprehensive income
Sale of business to a subsidiary company [refer - - - - - 9.22 - - - - 9.22
note 49 (vi)]
Transfer from debenture redemption reserve - - - - (134.40) - 134.40 - - - -
Balance as at March 31, 2021 25,618.63 22.18 - 2.28 904.44 (350.15) (8,092.95) 287.70 (101.17) (0.80) 18,290.16

For B S R & Co. LLP

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021
Standalone
Statement of Changes in Equity
FOR THE YEAR ENDED MARCH 31, 2020

(` in crores)
Particulars
Integrated Report (1-67)
B. OTHER EQUITY (REFER NOTE 22)

(` in crores)
Particulars Securities Share Money Capital Debenture Capital Retained Other components of equity Total other
premium based received redemption redemption reserve (on earnings Equity Hedging Cost of equity
payments against reserve reserve merger)/ instruments reserve hedging
reserve Share (sale of through OCI reserve
Warrants business)
(net)
Balance as at April 1, 2019 19,213.93 8.44 - 2.28 1,085.94 (359.37) 1,489.77 62.26 (26.40) 6.45 21,483.30
Profit for the year - - - - - (7,289.63) - - - (7,289.63)
Other comprehensive income/(loss) for the year - - - - - (69.07) (118.26) (142.15) (49.24) (378.72)
Total comprehensive income/(loss) for the year - - - - - (7,358.70) (118.26) (142.15) (49.24) (7,668.35)
Share-based payments - 4.70 - - - - - - - - 4.70
Statutory Reports (68-169)
Issue of Share warrants - - 867.50 - - - - - - - 867.50

Issue of shares pursuant to preferential allotment 2,980.96 - - - - - - - - - 2,980.96
(net of issue expenses of `3.08 crores) and proceeds
from issue of shares held in abeyance
Transfer from debenture redemption reserve - - - - (47.10) - 47.10 - - - -
Balance as at March 31, 2020 22,194.89 13.14 867.50 2.28 1,038.84 (359.37) (5,821.83) (56.00) (168.55) (42.79) 17,668.11

For B S R & Co. LLP

Financial Statements (170-367)

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021

|
183
Standalone
NOTES FORMING PART OF FINANCIAL STATEMENTS
1. BACKGROUND AND OPERATIONS the Going Concern Assessment Period and considers the
Tata Motors Limited referred to as (“the Company” or “Tata estimated on-going impact of the COVID-19 global pandemic
Motors”), designs, manufactures and sells a wide range of and a cautious view of the impact of near-term supply chain
automotive vehicles. The Company also manufactures engines challenges related to global semi-conductor shortages.
for industrial and marine applications. It also accounts for other end-market and operational
factors throughout the Going Concern Assessment Period.
The Company is a public limited Company incorporated and The base case assumes continued recovery in industry
domiciled in India and has its registered office at Mumbai, India. volumes based upon external industry forecasts. This has
As at March 31, 2021, Tata Sons Pvt Limited, together with its been further sensitized using more severe but plausible
subsidiaries owns 46.33% of the Ordinary shares and 7.66% scenarios considering external market commentaries and
of ‘A’ Ordinary shares of the Company, and has the ability to other factors impacting the global economy and automotive
significantly influence the Company’s operations. industry. Management do not consider more extreme
These standalone financial statements were approved by the scenarios than the ones assessed to be plausible.
Board of Directors and authorised for issue on May 18, 2021. Certain lenders of the Company have also waived the
2. SIGNIFICANT ACCOUNTING POLICIES compliance with specific covenants under their loan
a. Statement of compliance agreements, with one of the lenders extending the waiver
These financial statements have been prepared in until March 31, 2023 and the other lender extending the
accordance with Ind AS as notified under the Companies waiver until March 31, 2022. Tata Sons Private Limited, as
(Indian Accounting Standards) Rules, 2015 read with promoter of the Company, will provide financial support to
Section 133 of the Companies Act, 2013 (the “Act”). help the Company meet its liquidity needs and covenants
under the borrowing agreements with lenders until at least
b. Basis of preparation March 31, 2023 or the completion of the Company’s plan to
The financial statements have been prepared on historical subsidiarize its Passenger Vehicles business into a separate
cost basis except for certain financial instruments which are subsidiary through a scheme of arrangement, whichever is
measured at fair value at the end of each reporting period as earlier.
explained in the accounting policies below.
In evaluating the forecasts, the Company has taken into
Joint operations consideration both the sufficiency of liquidity to meet
Certain of the Company’s activities, are conducted through obligations as they fall due as well as potential impact on
joint operations, which are joint arrangements whereby compliance with financial covenants during the forecast
the parties that have joint control of the arrangement period. These forecasts indicate that, based on cash
have rights to the assets, and obligations for the liabilities, generated from operations, the existing funding facilities
relating to the arrangement. As per Ind AS 111 - Joint and support from Tata Sons Private Limited, the Company
arrangements, in its separate financial statements, the will have sufficient liquidity to operate and discharge its
Company being a joint operator has recognised its share of liabilities as they become due, without breaching any
the assets, liabilities, income and expenses of these joint relevant covenants and the need for any mitigating actions.
operations incurred jointly with the other partners, along
with its share of income from the sale of the output and Based on the evaluation described above, management
any assets, liabilities and expenses that it has incurred in believes that the Company has sufficient financial
relation to the joint operation. resources available to it at the date of approval of these
financial statements and that it will be able to continue as a
Although not required by Ind ASs, the Company has ‘going concern’ in the foreseeable future and for a period of
provided in note 49 additional information of Tata Motors at least September 30, 2022.
Limited on a standalone basis excluding its interest in its
two Joint Operations viz. Tata Cummins Private Limited and d. Use of estimates and judgments
Fiat India Automobiles Private Limited. The preparation of financial statements in conformity with
Ind AS requires management to make judgments, estimates
c. Going concern and assumptions, that affect the application of accounting
The Company’s financial statements have been prepared on policies and the reported amounts of assets, liabilities and
a going concern basis. disclosures of contingent assets and liabilities at the date
The Company has performed an assessment of its financial of these financial statements and the reported amounts
position as at March 31, 2021 and forecasts of the Company of revenues and expenses for the years presented. Actual
for a period of eighteen months from the date of these results may differ from these estimates.
financial statements (the ‘Going Concern Assessment Estimates and underlying assumptions are reviewed at
Period’ and the ‘Foreseeable Future’). each balance sheet date. Revisions to accounting estimates
In developing these forecasts, the Company has modelled are recognised in the period in which the estimate is revised
a base case, which has been further sensitised using severe and in future periods affected.
but plausible downside scenarios. The base case covers

In particular, information about significant areas of The Company recognises revenues on the sale of
estimation uncertainty and critical judgments in applying products, net of discounts, sales incentives, customer
accounting policies that have the most significant effect bonuses and rebates granted, when products are
on the amounts recognised in the financial statements are delivered to dealers or when delivered to a carrier for
included in the following notes: export sales, which is when control including risks and
rewards and title of ownership pass to the customer.
i) Note 3, Note 5 and Note 6 - Property, plant and
equipment and Intangible assets- useful life and The Company offers sales incentives in the form of
impairment variable marketing expense to customers, which
vary depending on the timing and customer of any
ii) Note 29 - Recoverability/recognition of deferred tax
subsequent sale of the vehicle. This sales incentive
assets
is accounted for as a revenue reduction and is
iii) Note 27 and 28 - Provision for product warranty constrained to a level that is highly probable not to
reverse the amount of revenue recognised when any
iv) Note 47- Assets and obligations relating to employee
associated uncertainty is subsequently resolved.
benefits
The Company estimates the expected sales incentive
v) Estimation of uncertainties relating to the global by market and considers uncertainties including
health pandemic from COVID-19. competitor pricing, ageing of retailer stock and local
market conditions.
The World Health Organisation in February 2020
declared COVID-19 as a pandemic. Covid-19 pandemic The consideration received in respect of transport
has rapidly spread throughout the world, including India. arrangements for delivering of vehicles to the
Governments in India and across the world have taken customers are recognised net of their costs within
significant measures to curb the spread of the virus revenues in the income statement.
including imposing mandatory lockdowns and restrictions
Revenues are recognised when collectability of the
in activities. Consequently, Company’s manufacturing
resulting receivable is reasonably assured.
plants and offices had to be closed down/operate under
restrictions for a considerable period of time during the ii) Sale of services- maintenance service and extended
year. Lockdowns/restrictions have impacted the Company warranties for commercial and passenger vehicles
operationally including on commodity prices, supply chain
Income from sale of maintenance services and
matters (including semiconductor supplies) and consumer
extended warranties are recognised as income over
demand. More recently, the next wave of the pandemic
the relevant period of service or extended warranty.
has impacted India and the Company is monitoring the
situation closely taking into account the increasing level of When the Company sells products that are bundled
infections in India and across the world and directives from with maintenance service or extended period of
the various Governments. Management believes that it has warranty, such services are treated as a separate
taken into account all the possible impacts of known events performance obligation only if the service or warranty
arising from COVID-19 pandemic in the preparation of the is optional to the customer or includes an additional
financial results including but not limited to its assessment service component. In such cases, the transaction
of Company’s liquidity and going concern, recoverable price allocated towards such maintenance service
values of its property, plant and equipment, intangible or extended period of warranty is recognised as a
assets, intangible assets under development and the net contract liability until the service obligation has been
realisable values of other assets. However, given the effect met.
of these lockdowns and restrictions on the overall economic
The Company operates certain customer loyalty
activity and in particular on the automotive industry, the
programs under which customer is entitled to reward
impact assessment of COVID-19 on the abovementioned
points on the spend towards Company’s products. The
financial statement captions is subject to significant
reward points earned by customers can be redeemed
estimation uncertainties due to its nature and duration and,
to claim discounts on future purchase of certain
accordingly, the actual impacts in future may be different
products or services. Transaction price allocated
from those estimated as at the date of approval of these
towards reward points granted to customers is
financial statements. The Company will continue to monitor
recognised as a deferred income liability and
any material changes to future economic conditions and
transferred to income when customers redeem their
consequential impact on its financial statements.
reward points.
Revenue recognition
Sales of services include certain performance
The Company generates revenue principally from-
obligations that are satisfied over a period of time.
i) Sale of products- commercial and passenger vehicles Any amount received in advance in respect of such
and vehicle parts performance obligations that are satisfied over a

Standalone
period of time is recorded as a contract liability and vary depending on when warranty claim will arise, being
recorded as revenue when service is rendered to typically up to six years. The Company also has back- to-
customers. back contractual arrangement with its suppliers in the event
that a vehicle fault is proven to be a supplier’s fault.
Refund liabilities comprise of obligation towards customers
to pay for discounts and sales incentives. Estimates are made of the expected reimbursement claim
based upon historical levels of recoveries from supplier,
e. Government Grants and Incentives
adjusted for inflation and applied to the population of
Other income includes export and other recurring and
vehicles under warranty as on Balance Sheet date. Supplier
non-recurring incentives from Government (referred as
reimbursements are recognised as separate asset.
“incentives”).
Provision for onerous obligations
Government grants are recognised when there is a
A provision for onerous contracts is recognized when the
reasonable assurance that the Company will comply with
expected benefits to be derived by the Company from a
the relevant conditions and the grant will be received.
contract are lower than the unavoidable costs of meeting
Government grants are recognised in the statement of profit its obligations under the contract. It is recognized when the
and loss, either on a systematic basis when the Company Company has entered into a binding legal agreement for the
recognises, as expenses, the related costs that the grants purchase of components from suppliers that exceeds the
are intended to compensate or, immediately if the costs have benefits from the expected future use of the components
already been incurred. Government grants related to assets and the Company sells the finished goods using the
are deferred and amortised over the useful life of the asset. components at a loss.
Government grants related to income are presented as an
h. Foreign currency
offset against the related expenditure, and government
These financial statements are presented in Indian rupees,
grants that are awarded as incentives with no ongoing
which is the functional currency of Tata Motors Limited.
performance obligations to the Company are recognised as
Transactions in foreign currencies are recorded at the
income in the period in which the grant is received.
exchange rate prevailing on the date of transaction. Foreign
f. Cost recognition currency denominated monetary assets and liabilities are
Costs and expenses are recognised when incurred and re-measured into the functional currency at the exchange
are classified according to their nature. Expenditure are rate prevailing on the balance sheet date. Exchange
capitalized where appropriate, in accordance with the policy differences are recognised in the statement of Profit and
for internally generated intangible assets and represents Loss except to the extent, exchange differences on foreign
employee costs, stores and other manufacturing supplies, currency borrowings which are capitalized when they are
and other expenses incurred for construction and product regarded as an adjustment to interest costs.
development undertaken by the Company.
i. Income taxes
Material and other cost of sales as reported in the statement Income tax expense comprises current tax and deferred
of profit and loss is presented net of the impact of realised tax. Income tax expense is recognised in the statement of
foreign exchange relating to derivatives hedging cost Profit and Loss except when they relate to items that are
exposures. recognised outside of profit and loss (whether in other
comprehensive income or directly in equity), in which case
g. Provisions
tax is also recognised outside profit and loss. Current
A provision is recognised if, as a result of a past event, the
income taxes are determined based on respective taxable
Company has a present legal or constructive obligation
income of each taxable entity.
that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle the Deferred tax assets and liabilities are recognised for
obligation. When the effect of the time value of money is the future tax consequences of temporary differences
material, provisions are determined by discounting the between the carrying values of assets and liabilities and
expected future cash flows using a pre-tax rate that reflects their respective tax bases, and unutilised business loss
current market assessments of the time value of money and and depreciation carry-forwards and tax credits. Such
the risks specific to the liability. deferred tax assets and liabilities are computed separately
for each taxable entity. Deferred tax assets are recognised
Product warranty expenses
to the extent it is probable that future taxable income
The estimated liability for product warranties is recognised
will be available against which the deductible temporary
when products are sold or when new warranty programmes
differences, unused tax losses, depreciation carry-forwards
are initiated. These estimates are established using
and unused tax credits could be utilised. The carrying
historical information on the nature, frequency and average
amount of deferred tax assets is reviewed at each reporting
cost of warranty claims and management estimates
date and reduced to the extent that it is no longer probable
regarding possible future warranty claims, customer
that sufficient taxable profits will be available to allow all or
goodwill and recall complaints. The timing of outflows will
part of the asset to be recovered.

Deferred tax assets and liabilities are measured based on Depreciation is provided on the Straight Line Method (SLM)
the tax rates that are expected to apply in the period when over the estimated useful lives of the assets considering
the asset is realised or the liability is settled, based on the tax the nature, estimated usage, operating conditions, past
rates and tax laws that have been enacted or substantively history of replacement, anticipated technological changes,
enacted by the balance sheet date. Current and deferred manufacturers’ warranties and maintenance support.
tax assets and liabilities are offset when there is a legally Taking into account these factors, the Company has
enforceable right to set off current tax assets against current decided to retain the useful life hitherto adopted for various
tax liabilities and when they relate to income taxes levied categories of property, plant and equipments, which are
by the same taxation authority and the Company intends different from those prescribed in Schedule II of the Act.
to settle its current tax assets and liabilities on a net basis.
Estimated useful lives of assets are as follows:
Deferred tax liabilities on taxable temporary differences
arising from investments in subsidiaries, branches and Estimated
associated companies and interests in joint arrangements useful life (years)
are not recognised if the Company is able to control the Buildings, Roads, Bridge and culverts 4 to 60
timing of the reversal and it is probable that the temporary
Plant, machinery and equipment 8 to 20
difference will not reverse in the foreseeable future
Computers and other IT assets 4 to 6
j. Cash and cash equivalents Vehicles 4 to 10
Cash and cash equivalents comprises cash on hand, demand
Furniture, fixtures and office appliances 5 to 15
deposits and highly liquid investments with an original
maturity of up to three months that are readily convertible The useful lives is reviewed at least at each year end.
into cash and which are subject to an insignificant risk of Changes in expected useful lives are treated as change in
changes in value. accounting estimates.
k. Earnings per share Depreciation is not recorded on capital work-in-progress
Basic earnings per share has been computed by dividing until construction and installation are complete and the
net income by the weighted average number of shares asset is ready for its intended use.
outstanding during the year. Partly paid up shares are
An item of property, plant and equipment is derecognized on
included as fully paid equivalents according to the fraction
disposal. Any gain or loss arising from derecognition of an
paid up. Diluted earnings per share has been computed
item of property, plant and equipment is included in profit or
using the weighted average number of shares and dilutive
loss when it is derecognized.
potential shares, except where the result would be anti-
dilutive. n. Other intangible assets
Intangible assets purchased are measured at cost or
l. Inventories
fair value as on the date of acquisition less accumulated
Inventories are valued at the lower of cost and net realisable
amortisation and accumulated impairment, if any.
value. Cost of raw materials, components and consumables
are ascertained on a moving weighted average basis. Amortisation is provided on a straight-line basis over
Cost, including fixed and variable production overheads, estimated useful lives of the intangible assets as per details
are allocated to work-in-progress and finished goods below:
determined on a full absorption cost basis. Net realisable
value is the estimated selling price in the ordinary course Estimated
amortisation period
of business less estimated cost of completion and selling
expenses. Technological know-how 8 to 10 years
Software 4 years
m. Property, plant and equipment
Property, plant and equipment are stated at cost of The amortisation period for intangible assets with finite
acquisition or construction less accumulated depreciation useful lives is reviewed at least at each year-end. Changes in
and accumulated impairment, if any. expected useful lives are treated as changes in accounting
estimates.
Freehold land is measured at cost and is not depreciated.
Internally generated intangible asset
Cost includes purchase price, non-recoverable taxes
Research costs are charged to the statement of Profit and
and duties, labour cost and direct overheads for self-
Loss in the year in which they are incurred.
constructed assets and other direct costs incurred up to the
date the asset is ready for its intended use. Product development costs incurred on new vehicle
platform, engines, transmission and new products are
Interest cost incurred for constructed assets is capitalised
recognised as intangible assets, when feasibility has
up to the date the asset is ready for its intended use, based
been established, the Company has committed technical,
on borrowings incurred specifically for financing the asset
financial and other resources to complete the development
or the weighted average rate of all other borrowings, if no
and it is probable that asset will generate future economic
specific borrowings have been incurred for the asset.
benefits.

Standalone
The cost of an internally generated intangible asset is the • The Company has the right to operate the asset; or
sum of directly attributable expenditure incurred from the
• The Company designed the asset in a way that
date when the intangible asset first meets the recognition
predetermines how and for what purposes it will be
criteria to the completion of its development.
used.
Interest cost incurred is capitalised up to the date the asset
At inception or on reassessment of a contract that contains a
is ready for its intended use, based on borrowings incurred
lease component, the Company allocates the consideration
specifically for financing the asset or the weighted average
in the contract to each lease component on the basis of their
rate of all other borrowings if no specific borrowings have
relative stand-alone prices.
been incurred for the asset.
The Company recognises a right-of-use asset and a lease
Product development costs is amortised over the life of the
liability at the lease commencement date. The right-of-use
related product, being a period of 24 months to 120 months.
asset is initially measured at cost, which comprises of the
Product development expenditure is measured at cost less initial amount of the lease liability adjusted for any lease
accumulated amortisation and accumulated impairment, if payments made at or before the commencement date, plus
any. Amortisation is not recorded on product engineering in any initial direct costs incurred and an estimate of costs to
progress until development is complete. dismantle and remove the underlying asset or to restore
the underlying asset or the site on which it is allocated,
Derecognition of intangible assets
less any lease incentives received. The right-of-use asset is
An item of intangible assets is derecognized on disposal or subsequently amortised using the straight-line method over
when fully amortized and no longer in use. Any gain or loss the shorter of the useful life of the leased asset or the period
arising from derecognition of an item of intangible assets is of lease. If ownership of the leased asset is automatically
included in profit or loss when it is derecognized. transferred at the end of the lease term or the exercise of
a purchase option is reflected in the lease payments, the
o. Goodwill
right-of-use asset is amortised on a straightline basis over
Cash generating units to which goodwill is allocated are
the expected useful life of the leased asset.
tested for impairment annually at each balance sheet date,
or more frequently when there is an indication that the unit The lease liability is initially measured at the present value
may be impaired. If the recoverable amount of the cash of the lease payments that are not paid at commencement
generating unit is less than the carrying amount of the unit, date, discounted using the interest rate implicit in the lease
the impairment loss is allocated first to reduce the carrying or, if that rate cannot be readily determined, the Company’s
amount of any goodwill allocated to that unit and then to incremental borrowing rate. Generally, the Company uses
the other assets of the unit pro rata on the basis of carrying its incremental borrowing rate as a discount rate. The lease
amount of each asset in the unit. Goodwill impairment loss liability is measured at amortised cost using the effective
recognised is not reversed in subsequent period. interest method. It is re measured when there is a change in
future lease payments.
p. Leases
At inception of a contract, the Company assesses whether Lease payments include fixed payments, i.e. amounts
a contract is, or contain a lease. A contract is, or contains, expected to be payable by the Company under residual
a lease if the contract conveys the right to control the use value guarantee, the exercise price of a purchase option if
of an identified asset for a period of time in exchange for the Company is reasonably certain to exercise that option
consideration. To assess whether a contract conveys the and payment of penalties for terminating the lease if the
right to control the use of an identified asset, the Company lease term considered reflects that the Company shall
assesses whether: exercise termination option. The Company also recognises
a right of use asset which comprises of amount of initial
• The contract involves the use of an identified asset –
measurement of the lease liability, any initial direct cost
this may be specified explicitly or implicitly, and should
incurred by the Company and estimated dilapidation costs.
be physically distinct or represent substantially all of
the capacity of a physically distinct asset. If the supplier Payment made towards short term leases (leases for which
has a substantive substation right, then the asset is not non-cancellable term is 12 months or lesser) and low value
identified; assets (lease of assets worth less than `0.03 crore) are
recognised in the statement of Profit and Loss as rental
• The Company has the right to substantially all of the
expenses over the tenor of such leases.
economic benefits from the use of the asset throughout
the period of use; and q. Impairment
At each balance sheet date, the Company assesses
• The Company has the right to direct the use of the asset.
whether there is any indication that any property, plant
The Company has this right when it has the decision
and equipment and intangible assets with finite lives may
making rights that are most relevant to changing how
be impaired. If any such impairment exists the recoverable
and for what purposes the asset is used. In rare cases
amount of an asset is estimated to determine the extent of
where the decision about how and for what purpose the
impairment, if any. Where it is not possible to estimate the
asset is used is predetermined, the Company has the
recoverable amount of an individual asset, the Company
right to direct the use of the asset if either:
estimates the recoverable amount of the cash-generating of providing the pension benefits would not exceed
unit to which the asset belongs. 15% of salary.
Intangible assets not yet available for use, are tested for During the year ended March 31, 2015, the employees
impairment annually at each balance sheet date, or earlier, covered by this plan were given a one-time option to
if there is an indication that the asset may be impaired. exit from the plan prospectively. Furthermore, the
employees who opted for exit were given one- time
Recoverable amount is the higher of fair value less costs
option to withdraw accumulated balances from the
to sell and value in use. In assessing value in use, the
superannuation plan.
estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current The Company maintains a separate irrevocable trust
market assessments of the time value of money and the for employees covered and entitled to benefits.
risks specific to the asset for which the estimates of future The Company contributes up to 15% or `1,50,000
cash flows have not been adjusted. whichever is lower of the eligible employee’s salary
to the trust every year. The Company recognises such
If the recoverable amount of an asset (or cash-generating
contribution as an expense when incurred and has no
unit) is estimated to be less than its carrying amount, the
further obligation beyond this contribution.
carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is iii) Bhavishya kalyan yojana (BKY)
recognised immediately in the statement of Profit and Loss. Bhavishya Kalyan Yojana is an unfunded defined
benefit plan for employees of Tata Motors Limited. The
An asset or cash-generating unit impaired in prior years is
benefits of the plan include pension in certain cases,
reviewed at each balance sheet date to determine whether
payable up to the date of normal superannuation had
there is any indication of a reversal of impairment loss
the employee been in service, to an eligible employee
recognized in prior years.
at the time of death or permanent disablement, while
r. Employee benefits in service, either as a result of an injury or as certified
by the appropriate authority. The monthly payment
i) Gratuity
to dependents of the deceased/disabled employee
Tata Motors Limited and its Joint operations have
under the plan equals 50% of the salary drawn at
an obligation towards gratuity, a defined benefit
the time of death or accident or a specified amount,
retirement plan covering eligible employees. The
whichever is greater. Tata Motors Limited account
plan provides for a lump-sum payment to vested
for the liability for BKY benefits payable in the future
employees at retirement, death while in employment
based on an actuarial valuation.
or on termination of employment of an amount
equivalent to 15 to 30 days salary payable for each (iv) Provident fund and family pension
completed year of service. Vesting occurs upon In accordance with Indian law, eligible employees
completion of five years of service. Tata Motors of Tata Motors Limited and its Joint operations are
Limited makes annual contributions to gratuity funds entitled to receive benefits in respect of provident fund,
established as trusts. Tata Motors Limited account for a defined contribution plan, in which both employees
the liability for gratuity benefits payable in the future and the Company make monthly contributions at
based on an actuarial valuation. a specified percentage of the covered employees’
salary (currently 12% of employees’ salary). The
ii) Superannuation
contributions, as specified under the law, are made
Tata Motors Limited have two superannuation plans,
to the provident fund and pension fund set up as
a defined benefit plan and a defined contribution plan.
an irrevocable trust by Tata Motors Limited for its
An eligible employee on April 1, 1996 could elect to be
employees. The interest rate payable to the members
a member of either plan.
of the trust shall not be lower than the statutory rate
Employees who are members of the defined of interest declared by the Central Government under
benefit superannuation plan are entitled to benefits the Employees Provident Funds and Miscellaneous
depending on the years of service and salary drawn. Provisions Act, 1952 and shortfall, if any, shall be
The monthly pension benefits after retirement range made good by the Company. The liability in respect
from 0.75% to 2% of the annual basic salary for each of the shortfall of interest earnings of the Fund is
year of service. Tata Motors Limited account for determined on the basis of an actuarial valuation.
superannuation benefits payable in future under the
Given the investment pattern prescribed by the
plan based on an actuarial valuation.
authorities, most investments of provident fund have
With effect from April 1, 2003, this plan was amended historically been in debt securities, thereby giving
and benefits earned by covered employees have been secure returns. However, due to a ratings downgrade
protected as at March 31, 2003. Employees covered and potential bond default of some of the companies,
by this plan are prospectively entitled to benefits the total liability of principal and interest guarantee
computed on a basis that ensures that the annual cost has been actuarially valued as a defined benefit.

Standalone
(v) Post-retirement medicare scheme s. Share based payments

Under this unfunded scheme, employees of Tata The Company recognises compensation expense relating
Motors Limited receive medical benefits subject to to share based payments in accordance with Ind AS 102
certain limits on amounts of benefits, periods after Share-based Payment. Stock options granted by the
retirement and types of benefits, depending on Company to its employees are accounted as equity settled
their grade and location at the time of retirement. options. Accordingly, the estimated fair value of options
Employees separated from the Company as part of an granted that is determined on the date of grant, is charged
Early Separation Scheme, on medical grounds or due to statement of Profit and Loss on a straight line basis over
to permanent disablement are also covered under the the vesting period of options which is the requisite service
scheme. Tata Motors Limited account for the liability period, with a corresponding increase in equity.
for post-retirement medical scheme based on an
t. Dividends
actuarial valuation.
Any dividend declared by Tata Motors Limited is based
(vi) Compensated absences on the profits available for distribution as reported in the
The Company provides for the encashment of statutory financial statements of Tata Motors Limited
leave or leave with pay subject to certain rules. The (standalone) prepared in accordance with Generally
employees are entitled to accumulate leave subject Accepted Accounting Principles in India or Indian GAAP or
to certain limits, for future encashment. The liability Ind AS. Indian law permits the declaration and payment
is provided based on the number of days of unutilised of dividend out of profits for the year or previous financial
leave at each balance sheet date on the basis of an year(s) as stated in the statutory financial statements of
independent actuarial valuation. Tata Motors Limited (Standalone) prepared in accordance
with Generally Accepted Accounting Principles in India, or
(vii) Remeasurement gains and losses
Ind AS after providing for depreciation in accordance with
Remeasurement comprising actuarial gains and
the provisions of Schedule II to the Companies Act.
losses, the effect of the asset ceiling and the
return on assets (excluding interest) relating to However, in the absence or inadequacy of the said profits, it
retirement benefit plans, are recognised directly may declare dividend out of free reserves, subject to certain
in other comprehensive income in the period in conditions as prescribed under the Companies (Declaration
which they arise. Remeasurement recorded in other and Payment of Dividend) Rules, 2014. Accordingly, in
comprehensive income is not reclassified to statement certain years the net income reported in these financial
of Profit and Loss. statements may not be fully distributable. The amount
available for distribution is `Nil as at March 31, 2021 (` Nil
Actuarial gains and losses relating to long-term
as at March 31, 2020)
employee benefits are recognised in the statement of
Profit and Loss in the period in which they arise. u. Segments
The Company primarily operates in the automotive business.
(viii) Measurement date
The automotive business comprises two reportable
The measurement date of retirement plans is March
segments i.e. commercial vehicles and passenger vehicles.
31.
w. Investments in subsidiaries, Joint Ventures and
The present value of the defined benefit liability and
Associates
the related current service cost and past service cost
Investments in subsidiaries, Joint Ventures and Associates
are measured using projected unit credit method.
are measured at cost as per Ind AS 27 – Separate Financial
The present value of the post-employment benefit Statements.
obligations depends on a number of factors, it is
x. Financial instruments
determined on an actuarial basis using a number of
i) Recognition:
assumptions. The assumptions used in determining
A financial instrument is any contract that gives rise to
the net cost/(income) for pensions include the
a financial asset of one entity and a financial liability
discount rate, inflation and mortality assumptions.
or equity instrument of another entity.
Any changes in these assumptions will impact upon
the carrying amount of post-employment benefit Financial instruments are recognised on the balance
obligations. Key assumptions and sensitivities for post sheet when the Company becomes a party to the
employment benefit obligations are disclosed in note contractual provisions of the instrument.
47

Initial measurement outstanding and that are held within a business model
Initially, a financial instrument is recognised at its whose objective is to hold such assets in order to
fair value. Transaction costs directly attributable to collect such contractual cash flows as well as to sell
the acquisition or issue of financial instruments are the financial asset, are classified in this category.
recognised in determining the carrying amount, if it Subsequently, these are measured at fair value, with
is not classified as at fair value through profit or loss. unrealised gains or losses being recognised in other
Transaction costs of financial instruments carried at comprehensive income apart from any expected credit
fair value through profit or loss are expensed in profit losses or foreign exchange gains or losses, which are
or loss. recognised in profit or loss.
Subsequently, financial instruments are measured Financial assets at fair value through profit and loss:
according to the category in which they are classified. Financial assets are measured at fair value through
profit and loss unless it is measured at amortised cost
Classification and measurement – financial or at fair value through other comprehensive income
assets on initial recognition. The transaction costs directly
Classification of financial assets is based on the attributable to the acquisition of financial assets and
business model in which the instruments are held as liabilities at fair value through profit and loss are
well as the characteristics of their contractual cash immediately recognised in profit and loss.
flows. The business model is based on management’s
intentions and past pattern of transactions. Financial Classification and measurement – financial liabilities:
assets with embedded derivatives are considered in Financial liabilities are classified as subsequently
their entirety when determining whether their cash measured at amortised cost unless they meet the
flows are solely payment of principal and interest. The specific criteria to be recognised at fair value through
Company reclassifies financial assets when and only profit or loss.
when its business model for managing those assets Other financial liabilities are measured at amortised
changes cost using the effective interest method. Subsequent
Financial assets are classified into three to initial recognition, these are measured at fair value
categories with gains or losses being recognised in profit or loss.
Financial assets at amortised cost: Financial assets Equity instruments: An equity instrument is any
having contractual terms that give rise on specified contract that evidences residual interests in the
dates to cash flows that are solely payments of assets of the Company after deducting all of its
principal and interest on the principal outstanding liabilities. Equity instruments issued by the Company
and that are held within a business model whose are recorded at the proceeds received, net of direct
objective is to hold such assets in order to collect such issue costs.
contractual cash flows are classified in this category.
Subsequently, these are measured at amortised Financial liabilities at fair value through profit and
cost using the effective interest method less any loss: Derivatives, including embedded derivatives
impairment losses. separated from the host contract, unless they are
designated as hedging instruments, for which hedge
Equity investments at fair value through other accounting is applied, are classified into this category.
comprehensive income (Equity instruments): These These are measured at fair value with changes in fair
include financial assets that are equity instruments value recognised in the statement of Profit and Loss.
and are designated as such upon initial recognition
irrevocably. Subsequently, these are measured at Financial guarantee contracts: These are initially
fair value and changes therein are recognised directly measured at their fair values and, are subsequently
in other comprehensive income, net of applicable measured at the higher of the amount of loss allowance
income taxes. determined or the amount initially recognised less,
the cumulative amount of income recognised.
Dividends from these equity investments are
recognised in the statement of Profit and Loss when Other financial liabilities: These are measured at
the right to receive payment has been established. amortised cost using the effective interest method.
When the equity investment is derecognised, the ii) Determination of fair value:
cumulative gain or loss in equity is transferred to Fair value is the price that would be received to sell
retained earnings. an asset or paid to transfer a liability in an orderly
transaction between market participants at the
Financial assets at fair value through other measurement date, regardless of whether that price
comprehensive income (Debt instruments): Financial is directly observable or estimated using another
assets having contractual terms that give rise valuation technique.
on specified dates, to cash flows that are solely
payments of principal and interest on the principal

Standalone
The fair value of a financial instrument on initial forward looking and are measured in a way that is
recognition is normally the transaction price (fair unbiased and represents a probability-weighted
value of the consideration given or received). amount, takes into account the time value of money
(values are discounted using the applicable effective
In estimating the fair value of an asset or liability, the
interest rate) and uses reasonable and supportable
Company takes into account the characteristics of
information.
the asset or liability if market participants would take
those characteristics into account when pricing the Hedge accounting:
asset or liability at the measurement date. The Company uses foreign currency forward
contracts to hedge its risks associated with foreign
Subsequent to initial recognition, the Company
currency fluctuations relating to highly probable
determines the fair value of financial instruments that
forecast transactions. The Company designates these
are quoted in active markets using the quoted bid prices
forward contracts in a cash flow hedging relationship
(financial assets held) or quoted ask prices (financial
by applying the hedge accounting principles. The
liabilities held) and using valuation techniques for
Company also uses interest rate swaps to hedge
other instruments. Valuation techniques include
its variability in cash flows from interest payments
discounted cash flow method and other valuation
arising from floating rate liabilities i.e. when interests
methods
are paid according to benchmark market interest rates.
(iii) Derecognition of financial assets and financial
Derivative contracts are stated at fair value on the
liabilities:
balance sheet at each reporting date.
The Company derecognises a financial asset only
when the contractual rights to the cash flows from At inception of the hedge relationship, the Company
the asset expires or it transfers the financial asset and documents the economic relationship between the
substantially all the risks and rewards of ownership hedging instrument and the hedged item, including
of the asset to another entity. If the Company neither whether changes in the cash flows of the hedging
transfers nor retains substantially all the risks and instrument are expected to offset changes in the cash
rewards of ownership and continues to control flows of the hedged item. The Company documents
the transferred asset, the Company recognises its its risk management objective and strategy for
retained interest in the asset and an associated liability undertaking its hedging transactions. The Company
for amounts it may have to pay. If the Company retains designates only the intrinsic value of foreign exchange
substantially all the risks and rewards of ownership of options in the hedging relationship. The Company
a transferred financial asset, the Company continues designates amounts excluding foreign currency basis
to recognise the financial asset and also recognises a spread in the hedging relationship for both foreign
collateralised borrowing for the proceeds received. exchange forward contracts and cross- currency
Any gain or loss arising on derecognition is recognised interest rate swaps. Changes in the fair value of the
in profit or loss. When a financial instrument is derivative contracts that are designated and effective
derecognised, the cumulative gain or loss in equity is as hedges of future cash flows are recognised in the
transferred to the statement of profit and loss unless cash flow hedge reserve within other comprehensive
it was an equity instrument electively held at fair value income (net of tax), and any ineffective portion is
through other comprehensive income. In this case, recognised immediately in the statement of profit and
any cumulative gain or loss in equity is transferred loss.
to retained earnings. Financial assets are written off
Amounts accumulated in equity are reclassified to the
when there is no reasonable expectation of recovery.
statement of Profit and Loss in the periods in which the
The Company reviews the facts and circumstances
forecasted transactions occurs.
around each asset before making a determination.
Financial assets that are written off could still be For forwards and options, forward premium and the
subject to enforcement activities. time value are not considered part of the hedge. These
are treated as cost of hedge and the changes in fair
Financial liabilities are decrecognised when these are
value attributable to forward premium is recognised
extinguished, that is when the obligation is discharged,
in the other comprehensive income along with the
cancelled or has expired.
changes in fair value determined to be effective
iii) Impairment of financial assets: portion of the hedge.
The Company recognises a loss allowance for
Effective portion of fair value changes of interest rate
expected credit losses on a financial asset that
swaps that are designated as hedges against interest
is at amortised cost or at fair value through other
rate risk arising from floating rate debt are recognised
comprehensive income. Expected credit losses are
in other comprehensive income.

Hedge accounting is discontinued when the hedging of the Companies Act, 2013. The amendments revise
instrument expires or is sold, terminated, or exercised, Division I, II and III of Schedule III and are applicable
or no longer qualifies for hedge accounting. Amounts from April 1, 2021. Some of the key amendments
accumulated in equity are reclassified to the statement relating to Division II which relate to companies whose
of profit and loss in the periods in which the forecast financial statements are required to comply with
transactions affect profit or loss or as an adjustment Companies (Indian Accounting Standards) Rules 2015
to a non-financial item (e.g. inventory) when that item are:
is recognised on the balance sheet. These deferred
a) Lease liabilities should be separately disclosed
amounts are ultimately recognised in profit or loss
under the head ‘financial liabilities’, duly
as the hedged item affects profit or loss (for example
distinguished as current or non-current.
through cost of goods sold). For forecast transactions,
any cumulative gain or loss on the hedging instrument b) Certain additional disclosures in the statement
recognised in equity is retained there until the forecast of changes in equity such as changes in equity
transaction occurs. share capital due to prior period errors and
restated balances at the beginning of the current
If the forecast transaction is no longer expected to
reporting period.
occur, the net cumulative gain or loss recognised in
equity is immediately transferred to the statement of c) Specified format for disclosure of shareholding
Profit and Loss for the year. of promoters.
(iv) Recent accounting pronouncements d) Specified format for ageing schedule of
On July 24, 2020, the Ministry of Corporate Affairs has trade receivables, trade payables, capital
made following changes applicable from the financial work-in-progress and intangible asset under
year beginning April 1, 2020 – development.
1. Revised the definition of the term ‘business’ and e) If a company has not used funds for the specific
related guidance in Ind AS 103. The amendment purpose for which it was borrowed from banks
permits a simplified assessment of whether and financial institutions, then disclosure of
an acquired set of activities and assets is not a details of where it has been used.
business.
f) Specific disclosure under ‘additional regulatory
2. Amended some specific hedge accounting requirement’ such as compliance with approved
requirements under Ind AS 109 (temporary schemes of arrangements, compliance with
exceptions from applying specific hedge number of layers of companies, title deeds
accounting requirements) and disclosure of immovable property not held in name of
requirements under Ind AS 107 to provide relief company, loans and advances to promoters,
to the potential effects of uncertainty caused directors, key managerial personnel (KMP) and
by the Interest Rate Benchmark Reforms (IBOR related parties, details of benami property held
reforms). etc.
3. Amended Ind AS 116 to provide limited relief to g) Realignment of presentation of following
lessees in respect of rent concessions arising financial statement captions:
due to Covid-19 pandemic.
• Security deposits to be presented
4. Refined the definition of the term ‘material’ under other financial assets (earlier:
and related clarifications in Ind AS 1 and Ind under loans)
AS 8. As per the amendment information is
• Current maturities of long-term
material if omitting, misstating or obscuring
borrowings to be disclosed separately
it could reasonably be expected to influence
under borrowings (earlier: under other
the decisions that the primary users of general
financial liabilities)
purpose financial statements, which provide
financial information about a specific reporting h) Disclosure of charges/ satisfaction yet to be
entity. The amendments further clarified that registered with ROC beyond the statutory period
the information is obscured if it is communicated along with details and reasons thereof
in a way that would have a similar effect for
i) Prescribed disclosures where loans/ advances
primary users of financial statements to omitting
in the nature of loans were granted to promoters,
or misstating that information.
directors, KMPs and the related parties (as
On March 24, 2021, the Ministry of Corporate Affairs defined under 2013 Act), either severally or
(“MCA”) through a notification, amended Schedule III jointly with any other person that are:

Standalone
• Repayable on demand or • Whether quarterly returns/ statements

of current assets filed with banks/ FI are
• Without specifying any terms/ period of
in agreement with the books
repayment
• Summary of reconciliation and reasons
j) Disclosure of prescribed ratios e.g. current
of material discrepancies (if any)
ratio, debt-equity ratio (Explain items included
in numerator and denominator and any change l) Additional disclosures relating to Corporate
in the ratio >25% as compared to the preceding Social Responsibility (CSR), undisclosed income
year) and crypto or virtual currency specified under
the head ‘additional information’ in the notes
k) Disclosure of the following where borrowings
forming part of financial statements.
are made from banks/ FI on the basis of security
of current assets: The Company is assessing the impact of these
changes and will accordingly incorporate the
same for the financial statements for the year
ended March 31, 2022.

3 (a) PROPERTY, PLANT AND EQUIPMENT
(` in crores)
Owned assets Given on lease Taken on lease
Plant, Computers Plant, Plant, Computers
Furniture Furniture Total
Land Buildings machinery and Vehicles & other IT machinery and Buildings Buildings machinery and & other IT
and fixtures and fixtures
equipments assets equipments equipments assets
Cost as at April 1, 2020 4,869.08 3,831.14 29,974.32 256.25 302.71 644.13 38.04 4.02 - - - - 39,919.69
Additions - 119.48 1,708.36 5.20 7.20 23.06 - - - - - - 1,863.30

Sale of business to a subsidiary company [refer - (0.20) (0.46) (0.42) (1.10) (1.25) - - - - - - (3.43)
note 49 (vi)]
Disposals/adjustments - (25.30) (323.74) (35.17) (44.67) (143.17) (0.38) - - - - - (572.44)
Cost as at March 31, 2021 4,869.08 3,925.12 31,358.48 225.86 264.14 522.77 37.66 4.02 - - - - 41,207.13
Accumulated depreciation - (1,391.84) (18,826.47) (169.90) (161.05) (473.95) (24.88) (0.93) - - - - (21,049.02)
as at April 1, 2020
Depreciation for the year - (118.55) (1,665.60) (12.52) (51.18) (46.58) (1.61) (0.10) - - - - (1,896.14)
Reversal of Impairment loss - 56.88 468.83 0.63 1.65 2.76 - - - - - - 530.75
Sale of business to a subsidiary company [refer - 0.06 0.25 0.30 0.56 0.93 - - - - - - 2.10
note 49 (vi)]
Disposal/adjustments - 9.53 149.79 27.93 33.34 137.70 0.36 - - - - - 358.65
as at March 31, 2021
Net carrying amount 4,869.08 2,481.20 11,485.28 72.30 87.46 143.63 11.53 2.99 - - - - 19,153.47
Cost as at April 1, 2019 4,574.93 3,619.53 27,534.85 254.52 271.89 566.02 38.04 4.02 31.28 39.95 186.16 4.31 37,125.50
Adjustment on initial application of Ind AS 116 - - - - - - - - (31.28) (39.95) (186.16) (4.31) (261.70)
Adjusted opening balance 4,574.93 3,619.53 27,534.85 254.52 271.89 566.02 38.04 4.02 - - - - 36,863.80
Additions 294.15 174.28 2,899.32 4.80 65.15 80.23 - - - - - - 3,517.93
Sale of business to a subsidiary company - (0.16) (10.63) (1.00) (0.08) (1.56) - - - - - - (13.43)
Disposals/adjustments - 37.49 (449.22) (2.07) (34.25) (0.56) - - - - - - (448.61)
Cost as at March 31, 2020 4,869.08 3,831.14 29,974.32 256.25 302.71 644.13 38.04 4.02 - - - - 39,919.69
Accumulated depreciation as at April 1, 2019 - (1,220.33) (16,618.51) (157.67) (133.34) (428.94) (23.34) (0.84) (7.29) (35.69) (180.57) (2.37) (18,808.89)
Adjustment on initial application of Ind AS 116 - - - - - - - - 7.29 35.69 180.57 2.37 225.92
Adjusted opening balance - (1,220.33) (16,618.51) (157.67) (133.34) (428.94) (23.34) (0.84) - - - - (18,582.97)
Depreciation for the year - (73.90) (1,805.88) (13.33) (53.10) (42.85) (1.54) (0.09) - - - - (1,990.69)
Sale of business to a subsidiary company - 0.16 6.20 0.70 0.06 0.96 - - - - - - 8.08
Disposal/adjustments - (37.49) 390.22 1.26 27.12 0.56 - - - - - - 381.67
Assets written off/impairment of assets - (60.28) (798.50) (0.86) (1.79) (3.68) - - - - - - (865.11)
Net carrying amount 4,869.08 2,439.30 11,147.85 86.35 141.66 170.18 13.16 3.09 - - - - 18,870.67
Note:
Buildings include `8,631.00 (as at March 31, 2020 `8,631.00) being value of investments in shares of Co-operative Housing Societies.

|
195
Standalone
(b) TANGIBLE ASSETS UNDER DEVELOPMENT

(` in crores)
For the year ended For the year ended
March 31, 2021 March 31, 2020
Balance at the beginning 1,755.51 2,146.96
Additions 1,440.24 3,208.88
Capitalised during the year (1,863.30) (3,517.93)
(Write off)/(Provision)/reversal of impairment 68.37 (82.40)
Balance at the end 1,400.82 1,755.51
4 LEASES
The Company leases a number of buildings, plant and equipment, IT hardware and software assets, certain of which have a renewal and/
or purchase option in the normal course of the business. Extension and termination options are included in a number of leases across the
Company. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor. The
Company assesses at lease commencement whether it is reasonably certain to exercise the extension or termination option. The Company
re-assesses whether it is reasonably certain to exercise options if there is a significant event or significant change in circumstances within
its control. It is recognised that there is potential for lease term assumptions to change in the future due to the effects of the COVID-19
pandemic, and this will continue to be monitored by the Company where relevant. The Company’s leases mature between 2021 and 2029.
When measuring lease liability, the Company discounted lease payments using its incremental borrowing rate at April 1, 2019. The weighted
average rate applied is 8.58 %.
The following amounts are included in the Balance Sheet :
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Current lease liabilities 96.47 83.30
Non-current lease liabilities 593.74 522.24
Total lease liabilities 690.21 605.54
The following amounts are recognised in the statement of profit and loss :
(` in crores)
March 31, 2021 March 31, 2020
Interest expense on lease liabilities 46.47 31.40

Variable lease payment not included in the measurement of lease liabilities -* 2.98
Expenses related to short-term leases 1.27 15.12
Expenses related to low-value assets, excluding short-term leases of low-value assets 3.95 3.85
*less than `50,000/-

(` in crores)
Furniture,
Computers
Plant, machinery Fixtures
Land Buildings Vehicles & other IT Total
and equipments and Office
assets
Equipments
Cost as at April 1, 2020 91.77 320.79 504.08 4.31 - 193.39 1,114.34
Additions - 89.95 217.03 - 40.50 9.60 357.08
Sale of business to a subsidiary company - - - (4.31) - (1.08) (5.39)
[refer note 49 (vi)]
Disposals/adjustments - (71.64) (96.13) - - 1.58 (166.19)
Cost as at March 31, 2021 91.77 339.10 624.98 - 40.50 203.49 1,299.84
Accumulated amortisation (1.16) (92.82) (162.41) (3.23) - (185.14) (444.76)
as at April 1, 2020
Amortisation for the year (1.13) (74.84) (92.25) (0.43) - (6.84) (175.49)
Amortisation - considered as employee cost - - - - (2.75) - (2.75)
Reversal of Impairment Loss - 6.81 31.33 - - 0.05 38.19
Sale of business to a subsidiary company - - - 3.66 - 0.88 4.54
[refer note 49 (vi)]
Disposal/adjustments - 35.00 14.02 - - - 49.02
Accumulated amortisation | (2.29) (125.85) (209.31) - (2.75) (191.05) (531.25)
Net carrying amount as at March 31, 2021 89.48 213.25 415.67 - 37.75 12.44 768.59
Cost
Adjustment on initial application of Ind AS 116 127.88 246.32 306.28 4.31 - 189.09 873.88
Additions - 76.09 197.80 - - 4.30 278.19
Disposals/adjustments (36.11) (1.62) - - - - (37.73)
Cost as at March 31, 2020 91.77 320.79 504.08 4.31 - 193.39 1,114.34
Accumulated amortisation
Adjustment on initial application of Ind AS 116 - (7.29) (35.69) (2.37) - (180.57) (225.92)
Amortisation for the year (1.16) (76.41) (90.16) (0.86) - (4.49) (173.08)
Impairment of Assets - (9.30) (36.56) - - (0.08) (45.94)
Disposal/adjustments - 0.18 - - - - 0.18
Accumulated amortisation (1.16) (92.82) (162.41) (3.23) - (185.14) (444.76)
Net carrying amount as at March 31, 2020 90.61 227.97 341.67 1.08 - 8.25 669.58
The Company has committed towards leases of plant ,machinery and equipments which have not yet commenced, for `30.00 crores as on
March 31, 2021 (`171.00 crores as on March 31, 2020).There are no leases with residual value guarantees.

Standalone
5. (a) OTHER INTANGIBLE ASSETS

(` in crores)
Technical Computer Product
Total
know how Software development
Cost as at April 1, 2020 478.15 605.13 9,533.50 10,616.78
Additions - 10.93 2,003.26 2,014.19
Sale of business to a subsidiary company [refer note 49 (vi)] - (1.76) - (1.76)
Cost as at March 31, 2021 478.15 614.30 11,536.76 12,629.21
Accumulated amortisation as at April 1, 2020 (267.42) (545.54) (4,235.18) (5,048.14)
Amortisation for the year (49.96) (24.32) (1,535.71) (1,609.99)
Reversal of Impairment loss - - 429.10 429.10
Sale of business to a subsidiary company [refer note 49 (vi)] - 1.76 - 1.76
Accumulated amortisation as at March 31, 2021 (317.39) (568.10) (5,341.78) (6,227.27)
Net carrying amount as at March 31, 2021 160.77 46.20 6,194.98 6,401.95
Cost as at April 1, 2019 360.22 585.30 7,226.79 8,172.31

Additions 120.84 21.87 3,308.32 3,451.03
Sale of business to a subsidiary company (2.91) (1.81) - (4.72)
Fully amortised not in use - (0.23) (1,001.61) (1,001.84)
Cost as at March 31, 2020 478.15 605.13 9,533.50 10,616.78
Accumulated amortisation as at April 1, 2019 (211.22) (521.52) (3,568.44) (4,301.18)
Amortisation for the year (59.11) (26.06) (1,126.35) (1,211.52)
Sale of business to a subsidiary company 2.91 1.81 - 4.72
Fully amortised not in use - 0.23 1,001.61 1,001.84
Impairment of assets - - (542.00) (542.00)
Accumulated amortisation as at March 31, 2020 (267.42) (545.54) (4,235.18) (5,048.14)
Net carrying amount as at March 31, 2020 210.73 59.59 5,298.32 5,568.64
(b) INTANGIBLE ASSETS UNDER DEVELOPMENT

(` in crores)
Intangible assets under development
March 31, 2021 March 31, 2020
Additions 764.52 2,092.54
Capitalised during the year (2,014.19) (3,330.19)
(Write off)/(Provision)/reversal of impairment 116.01 (162.69)

6. IMPAIRMENT LOSSES/(REVERSAL) OF PASSENGER VEHICLE SEGMENT AND OTHER PROVISIONS

(a) Impairment losses/(reversal) of Passenger vehicle segment
The Company tests its passenger vehicle cash generating unit (CGU) for impairment at least annually and more frequently when there is
an indication of impairment. An impairment loss is recognized if the recoverable amount is lower than the carrying value. The Company
also periodically assesses if there are any triggers for reversal of previously recognised impairment loss. A reversal of impairment loss
is recognised if there is a trigger for reversal and the recoverable value exceeds the carrying value.
As at March 31, 2020, the Company assessed the recoverable value for this CGU, due to refresh of its strategy in response to change
in market conditions on account of various factors (economic environment, demand forecasts etc.) including COVID 19 pandemic. The
recoverable value determined by Fair Value less Cost of Disposal (‘FVLCD’) was lower than the carrying value of the CGU and this
resulted in an impairment charge for the year ended March 31, 2020 recognised within ‘Exceptional items’.
As at March 31, 2021, the Company identified certain triggers for reversal of the previously recorded impairment based on both
external and internal indicators. Accordingly, the Company reassessed its estimates and determined the recoverable value for this CGU
considering the significant improvement in the absolute and relative performance and outlook of the business when compared with the
assumed performance at the time when the impairment loss was recorded. Based on this reassessment, the Company has reversed the
initially recognised impairment for this CGU.
The key drivers for this improved performance include:
1. New and Improved product portfolio
2. Product positioning in segments where the Company did not have a presence earlier
3. Revamp of dealer and service network
4. Capacity de-bottlenecking
5. Cost reduction initiatives
In addition to the above, the post COVID pent up demand was a tailwind and the changing consumer preference towards personal
mobility as well as changes to the economic outlook have improved the outlook on the industry. A combination of these factors enabled
the Company to enhance it’s market share to 8.1% for the year ended March 31, 2021 as compared to 4.8% for the year ended March
31, 2020.
The recoverable value was determined using the Fair value less cost of disposal (“FVLCD”). CGU’s FVLCD has been valued using
Comparable Company Market Multiple method (CCM). The average of enterprise value to sales multiple of Comparable Companies
applied to actual sales of the CGU for year ended March 31, 2021 has been considered as the FVLCD as per CCM. The fair value of the
CGU is as follows:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Recoverable amount 14,618.60 9,120.00
The approach and key (unobservable) assumptions used to determine the CGU’s FVLCD were as follows:
The carrying value of the CGU was `5,853.39 crores as at March 31, 2021, compared with the recoverable value of `14,618.60 crores,
determined by FVCLD and `10,588.00 crores as per VIU.
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Enterprise value to Sales multiple 1.27 0.75
The impairment loss recognised in the year ended March 31, 2020 and its subsequent reversal in the year ended March 31, 2021 was
as follows:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Property, plant and equipment [refer note 3 (a)] (530.74) 634.15
Capital work-in-progress [refer note 3 (b)] (68.37) 71.21
Right of use assets (refer note 4 ) (38.19) 45.94
Other intangible assets [refer note 5 (a)] (429.10) 542.00
Intangible assets under development [refer note 5 (b)] (116.01) 125.34
Total (1,182.41) 1,418.64

Standalone
Sensitivity to key assumptions

The change in the following assumptions used in the impairment review would, in isolation, lead to a change in FVCLD as at March 31,
2021 (although it should be noted that these sensitivities do not take account of potential mitigating actions):
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Decrease in Enterprise value (EV) to Sales multiple by 10% 1,461.86 912.00
(b) Other provisions
During the year ended March 31, 2020, a provision had been recognized for certain supplier contracts ranging from 5 to 10 years,
which had become onerous, as the Company estimated that it will procure lower quantities than committed and the costs will exceed
the future economic benefit.
As at March 31, 2021, the Company has reassessed the onerous provision created and based on the revised volume outlook a reversal
of provision aggregating `777.00 crores has been accounted. During the year the Company has also made provision for estimated
supplier claims of `114.00 crores, which are under negotiations with supplier.
7. INVESTMENTS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES MEASURED AT COST - NON-CURRENT
(` in crores)
Face value As at As at
Number Description
per unit March 31, 2021 March 31, 2020
Equity shares
i) Subsidiaries
Unquoted
3,03,00,600 10 Tata Technologies Limited 224.10 224.10
16,36,97,694 10 TML Business Services Ltd 209.63 209.63
5,39,98,427 (GBP) 1 Tata Motors European Technical Centre 474.90 474.90
PLC, (UK) [Note 2 below]
7,900 - Tata Technologies Inc, (USA) 0.63 0.63
1,64,82,83,442 10 TMF Holdings Limited 3,570.08 3,550.00
8,67,00,000 10 Tata Marcopolo Motors Ltd 86.70 86.70
22,50,00,000 10 TML Distribution Company Ltd 225.00 225.00
2,51,16,59,418 TML Holdings Pte Ltd, (Singapore) 10,158.52 10,158.52
[Note 6 and 7 below]
1,34,523 (EUR) 31.28 Tata Hispano Motors Carrocera S.A., (Spain) 17.97 17.97
1,220 (IDR) 8,855 PT Tata Motors Indonesia 0.01 0.01
2,02,000 (MAD) 1,000 Tata Hispano Motors Carroceries 49.59 49.59
Maghreb S.A., (Morocco)
1,83,59,203 (SGD) 1 Tata Precision Industries Pte. Ltd, (Singapore) 40.53 40.53
Trilix Srl., Turin (Italy) [Note 4 below] 19.91 19.91
Tata Motors Insurance Broking and 19.31 19.31
Advisory Services Ltd
1,00,000 (NGN) 1 TMNL Motor Services Nigeria Ltd 0.00 # 0.00 #
98,97,908 10 Brabo Robotics and Automation Ltd 13.00 13.00
5,000,000 10 JT Special Vehicle (P) Ltd. (a wholly 2.52 -
owned subsidiary w.e.f August 11,
2020) [25,00,000 equity shares
acquired during the period]
15,112.40 15,089.80
Less: Provision for impairment (824.60) 14,287.80 (766.97) 14,322.83

(` in crores)
Number Description
ii) Associates
Quoted
29,82,214 10 Automobile Corporation of Goa Ltd 108.22 108.22
Unquoted
16,000 (TK) 1,000 NITA Co. Ltd (Bangladesh) 1.27 1.27
4,54,28,572 10 Tata Hitachi Construction Machinery 238.50 238.50
Company Private Ltd
5,23,33,170 10 Tata AutoComp Systems Ltd 77.47 425.46 77.47 425.46
(iii) Joint Ventures (JV)

Unquoted
25,00,000 10 JT Special Vehicle (P) Ltd - 2.50
Less: Provision for impairment - - (2.50) -
(iv) Subsidiaries
Cumulative convertible preference
shares (unquoted)
4,34,00,000 100 TMF Holdings Limited 434.00 434.00
Total 15,147.26 15,182.29

# Less than `50,000
Notes:
(1) Market Value of quoted investments 121.35 87.59
(2) The Company has given a letter of comfort to ANZ Bank, London for GBP 2 million (`20.15 crores as at March 31, 2021) against loan
extended by the bank to Tata Motors European Technical Centre PLC. UK (TMETC). Also the Company has given an undertaking to ANZ Bank,
London to retain 51% ownership of TMETC at all times during the tenor of the loan.
(3) Includes option pricing value for call/ put option provided by the Company towards perpetual debt issued by TMF Holdings Limited.
(4) The Company has given a letter of comfort to Unicredit S.P.A., Italy for EUR 1.5 million (`12.87 crores as on March 31, 2021) against Credit
Facility given to Trilix S.R.L. The Company will not dilute its stake in Trilix S.R.L. below 51% during the tenor of the facility.
(5) The Company has given a letter of comfort to Bank of China, Shanghai Branch for RMB 5,000 million (`5,578.50 crores as at March 31, 2021)
against loan granted by the bank to Jaguar Land Rover (China) Investment Co. Ltd.
(6) The Company has given a letter of comfort to State Bank of India, Bahrain for USD 100 milion (`731.13 crores as on March 31, 2021)
against Credit Facility given to TML Holding PTE Ltd., Singapore and a letter of comfort to Bank of Baroda, London for GBP 100 milion
(`1,007.66 crores as on March 31, 2021) against the SBLC Facility extended to TML Holding PTE Ltd., Singapore.
(7) The Company has given a letter of comfort to Citi Corp International for USD 300 milion (`2,193.38 crores as on March 31, 2021) given to
TML Holding PTE Ltd., Singapore against ECB Bonds

Standalone
8. INVESTMENTS-NON-CURRENT
(` in crores)
Number Description
Investment in equity shares measured at fair value through other
comprehensive income
Quoted
54,96,295 10 Tata Steel Ltd 446.23 138.64
Tata Steel Ltd (partly paid) - 1.05
[3,54,599 equity shares converted during the year]
Metal Scrap Trade Corporation Ltd. - 446.23 1.27 140.96
[1,60,000 equity shares sold during the year]
Unquoted
75,000 1,000 Tata International Ltd 150.69 58.09
[25,000 equity shares acquired during the year]
1,383 1,000 Tata Services Ltd 0.14 0.14
350 900 The Associated Building Company Ltd 0.01 0.01
1,03,10,242 100 Tata Industries Ltd 183.19 183.19
33,600 100 Kulkarni Engineering Associates Ltd - -
12,375 1,000 Tata Sons Pvt Ltd 95.20 68.75
2,25,00,001 10 Haldia Petrochemicals Ltd 74.70 75.49
2,40,000 10 Oriental Floratech (India) Pvt. Ltd - -
43,26,651 15 Tata Capital Ltd 17.44 21.89
50,000 10 NICCO Jubilee Park Ltd. 0.05 521.42 0.05 407.61
Total 967.65 548.57
Note:
a) Investment in equity shares measured at fair value through other comprehensive income also include:
(Amount in `)
Number Description
50 5 Jamshedpur Co-operative Stores Ltd. 250 250
16,56,517 (M$) 1 Tatab Industries Sdn. Bhd., (Malaysia) 1 1
4 25000 ICICI Money Multiplier Bond 1 1
100 10 Optel Telecommunications 1,995 1,995
b)
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(1) Book Value of quoted investments 446.23 140.96
(2) Book Value of unquoted investments 521.42 407.61
(3) Market Value of quoted investments 446.23 140.96

9. INVESTMENTS-CURRENT
(` in crores)
Face value As at March As at March
Number Description
per unit 31, 2021 31, 2020
Investments in Mutual funds measured at Fair value through profit and loss
Unquoted
Mutual funds 1,578.26 885.31
Total 1,578.26 885.31
Note:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Book Value of unquoted investments 1,578.26 885.31
10. LOANS AND ADVANCES- NON CURRENT

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Unsecured :
(a) Loans to employees 24.26 28.33
(b) Loan to subsidiaries
Considered good 12.04 12.04
Credit impaired 616.59 593.54
628.63 605.58
Less : Allowances for credit impaired balances (616.59) 12.04 (593.54) 12.04
(c) Loan to Joint Venture
Considered good - -
Credit impaired - 3.75
- 3.75
Less : Allowances for credit impaired balances - - (3.75) -
(d) Dues from subsidiary companies, credit impaired

Tata Hispano Motors Carrocera S.A. 53.74 53.74
Less : Allowances for credit impaired balances (53.74) - (53.74) -
(e) Deposits
54.80 56.31
(f) Others
38.69 45.12
Total 126.05 138.46

Standalone
11. LOANS AND ADVANCES- CURRENT

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Secured :
Finance receivables 13.44 13.44
(net of allowances for credit impaired balances of `5.27 crores and `5.20 crores as at March 31,
2021 and 2020, respectively)
Unsecured :
(a) Advances and other receivables 80.80 171.11
(net of allowances for credit impaired balances of `73.41 crores and `83.14 crores as at March
31, 2021 and 2020, respectively)
(b) Intercorporate deposits
Considered good 30.00 -
Credit impaired - 12.07
30.00 12.07
Less : Allowances for credit impaired balances - 30.00 (12.07) -
(c) Dues from subsidiary companies (Note below)

18.56 7.52
(d) Loan to subsidiary companies

(i) Tata Motors European Technical Centre Plc, (UK) 42.82 39.74
(ii) Tata Precision Industries Pte.Ltd - 42.82 0.53 40.27
Total 185.42 232.14
Note:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Dues from subsidiary companies:
(a) TML Business Analytics Services Limited 16.33 -
(b) PT Tata Motors Indonesia 0.90 3.75
(c) Tata Motors Insurance Broking and Advisory Services Ltd - 0.05
(d) Tata Motors (SA) (Proprietary) Ltd 1.08 1.08
(e) Tata Motors Nigeria Ltd 0.20 0.20
(f) PT Tata Motors Distribusi Indonesia - 2.36
(g) Jaguar Land Rover Ltd - 0.07
(h) Brabo Robotics and Automation Ltd 0.05 -
(i) Tata Precision Industries Pte Ltd (Singapore) - 0.01
18.56 7.52

12. OTHER FINANCIAL ASSETS - NON-CURRENT

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Derivative financial instruments 750.19 832.06
(b) Restricted deposits 4.02 4.18
(c) Finance lease receivable 207.13 92.74
(d) Government incentives 639.22 560.89
(e) Recoverable from suppliers 30.00 21.82
(f) Others 1.27 1.27
Total 1,631.83 1,512.96
13. OTHER FINANCIAL ASSETS - CURRENT

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(b) Interest accrued on loans and deposits 17.95 19.44
(c) Deposit with financial institutions (refer note below) 1,000.00 750.00
(d) Finance lease receivable 36.16 12.47
(e) Government incentives 501.11 429.69
(f) Recoverable from suppliers 170.59 199.42
Total 1,745.06 1,546.56
Note:
Earmarked deposits with financial institutions as at March 31, 2021 of `100.00 crores (as at March 31, 2020 `Nil) is held as security in
relation to repayment of borrowings.
14. OTHER NON-CURRENT ASSETS

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Capital advances 201.12 332.19
(b) Taxes recoverable, statutory deposits and dues from government 812.41 635.65
(net of allowances for credit impaired balances of `31.66 crores and `Nil as at March 31, 2021
and 2020, respectively)
(c) Recoverable from Insurance companies 166.72 231.17
(d) Others 7.16 9.07
Total 1,187.41 1,208.08

Standalone
15. OTHER CURRENT ASSETS

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Advance to suppliers and contractors 439.13 398.67
(net of allowances for credit impaired balances of `58.21 crores and `44.98 crores as at March
31, 2021 and 2020, respectively)
(b) Taxes recoverable, statutory deposits and dues from government (net of allowances for 530.26 831.66
credit impaired balances of `83.19 crores and `57.75 crores as at March 31, 2021 and 2020,
respectively)
(c) Prepaid expenses 127.37 97.27
(d) Recoverable from Insurance companies 18.89 11.58
(e) Employee benefits 43.66 3.10
(f) Others 7.58 29.23
Total 1,166.89 1,371.51
16. INVENTORIES
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Raw materials and components 2,063.96 1,415.65
(b) Work-in-progress 523.34 703.89
(c) Finished goods 1,486.93 1,237.36
(d) Stores and spare parts 177.91 182.52
(e) Consumable tools 35.23 37.97
(f) Goods-in-transit - Raw materials and components 264.34 254.53
Total 4,551.71 3,831.92
During the year ended March 31, 2021 and 2020, the Company recorded inventory write-down expenses of `45.58 crores and `84.50
crores, respectively.
Cost of inventories (including cost of purchased products) recognized as expense during the year ended March 31, 2021 and 2020 amounted
to `44,043.06 crores and `41,458.83 crores, respectively.
17. TRADE RECEIVABLES (UNSECURED)

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Receivables considered good 2,087.51 1,978.06
Credit impaired receivables 584.78 639.75
2,672.29 2,617.81
Less : Allowance for credit impaired receivables (584.78) (639.75)
Total 2,087.51 1,978.06
18. ALLOWANCE FOR TRADE RECEIVABLES, LOANS AND OTHER RECEIVABLES

(` in crores)
March 31, 2021 March 31, 2020
Allowances made during the year * 102.69 65.35
Provision for loan/intercorporate deposits given to subsidiary companies 23.05 23.60
Written off (112.95) (74.32)
* Includes `29.32 crores netted off in revenue (`34.44 crores as at March 31, 2020)
19. CASH AND CASH EQUIVALENTS

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Cash on hand 0.05 0.10
(b) Cheques on hand 10.50 4.56
(c) Balances with banks (refer note below) 808.49 1,451.64
(d) Deposits with banks 1,546.50 689.00
2,365.54 2,145.30
Note:
Includes remittances in transit 173.50 1.15
20. OTHER BANK BALANCES

(` in crores)
As at As at
March 31, 2021 March 31, 2020
With upto 12 months maturity:
(a) Earmarked balances with banks (refer note (i) and (ii) below) 450.85 212.91
(b) Bank deposits 1,502.55 1,173.98
Total 1,953.40 1,386.89
Note:
(i) Earmarked balances with banks as at March 31, 2021 of `316.83 crores (as at March 31, 2020 `198.19 crores) is held as security in
relation to repayment of borrowings.
(ii) Earmarked balances with banks as at March 31, 2021 includes restricted deposits of `73.47 crores (as at March 31, 2020 `Nil) towards
Company’s contribution for Family Pension from October 1, 2019, in lieu of Tata Motors Pension Trust exemption surrender application
pending with Employee Provident Fund Organization. Subsequent to the year end, these balances are transferred to Tata Motors
Pension Trust.

Standalone
21. EQUITY SHARE CAPITAL

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Authorised:
(i) 400,00,00,000 Ordinary shares of `2 each 800.00 800.00
(as at March 31, 2020: 400,00,00,000 Ordinary shares of `2 each)
(ii) 100,00,00,000 'A' Ordinary shares of `2 each 200.00 200.00
(as at March 31, 2020: 100 ,00,00,000 ‘A’ Ordinary shares of `2 each)
(iii) 30,00,00,000 Convertible Cumulative Preference shares of `100 each 3,000.00 3,000.00
(as at March 31, 2020: 30,00,00,000 shares of `100 each)
Total 4,000.00 4,000.00
(b) Issued: [Note (h) and (i)]

(i) 3,32,08,00,324 Ordinary shares of `2 each 664.16 617.89
(as at March 31, 2020: 3,08,94,66,453 Ordinary shares of `2 each)
(as at March 31, 2020: 50,87,36,110 ‘A’ Ordinary shares of `2 each)
Total 765.91 719.64
(c) Subscribed and called up: [Note (h)]

(as at March 31, 2020: 3,08,89,73,894 Ordinary shares of `2 each)
765.76 719.49
(d) Calls unpaid - Ordinary shares
310 Ordinary shares of `2 each (`1 outstanding on each) and 260 Ordinary shares of `2 each (0.00)* (0.00)*
(`0.50 outstanding on each)
(as at March 31, 2020: 310 Ordinary shares of `2 each (`1 outstanding on each) and 260 Ordinary
shares of `2 each (`0.50 outstanding on each)
(e) Paid-up (c+d): 765.76 719.49
(f) Forfeited - Ordinary shares 0.05 0.05
Total (e+f) 765.81 719.54
(g) The movement of number of shares and share capital
Year ended March 31, 2021 Year ended March 31, 2020
(No. of shares) (` in crores) (No. of shares) (` in crores)
(i) Ordinary shares
Balance as at April 1 308,89,73,894 617.79 288,73,48,694 577.47
Add: Preferential allotment of shares/conversion of 23,13,33,871 46.27 20,16,23,407 40.32
share warrants (Refer Note (h) below)
Add: Allotment of shares held in abeyance - - 1,793 0.00
Balance as at March 31 332,03,07,765 664.06 308,89,73,894 617.79
(ii) 'A' Ordinary shares
Add: Allotment of shares held in abeyance - - 525 0.00
*less than `50,000/-

(h) During the year ended March 31, 2020, the Company has allotted 20,16,23,407 Ordinary Shares at a price of `150 per Ordinary
Share aggregating to `3,024.35 crores and 23,13,33,871 Convertible Warrants (‘Warrants’), each carrying a right to subscribe to one
Ordinary Share per Warrant, at a price of `150 per Warrant (‘Warrant Price’), aggregating to `3,470.00 crores on a preferential basis to
Tata Sons Private Limited. An amount equivalent to 25% of the Warrant Price was paid at the time of subscription and the balance 75%
of the Warrant Price was payable by the Warrant holder against each Warrant at the time of allotment of Ordinary Shares pursuant
to exercise of the options attached to Warrant(s) to subscribe to Ordinary Share(s) by June 2021.The Company has fully utilised the
amount of `3,891.85 crores towards repayment of debt and other general corporate purposes of the Company and its subsidiaries.
During the quarter and year ended March 31, 2021, on exercise of options by Tata Sons Pvt Ltd and on receipt of the balance subscription
money of `2,602.51 crores, the Company has fully converted 23,13,33,871 convertible warrants into Ordinary Shares, that were
issued during the year ended March 31, 2020. The Company has not utilised any of this amount as at March 31, 2021.
(i) The entitlements to 4,92,559 Ordinary shares of `2 each (as at March 31, 2020 : 4,92,559 Ordinary shares of `2 each) and 2,33,214
‘A’ Ordinary shares of `2 each (as at March 31, 2020: 2,33,214 ‘A’ Ordinary shares of `2 each) are subject matter of various suits filed
in the courts / forums by third parties for which final order is awaited and hence kept in abeyance.
(j) Rights, preferences and restrictions attached to shares :
(i) Ordinary shares and ‘A’ Ordinary shares both of `2 each :
• The Company has two classes of shares – the Ordinary shares and the ‘A’ Ordinary shares both of `2 each (together referred
to as shares). In respect of every Ordinary share (whether fully or partly paid), voting rights shall be in the same proportion
as the capital paid up on such Ordinary share bears to the total paid up Ordinary share capital of the Company. In case of
every ‘A’ Ordinary share, if any resolution is put to vote on a poll or by postal ballot at any general meeting of shareholders,
the holder shall be entitled to one vote for every ten ‘A’ Ordinary shares held as per the terms of its issue and if a resolution
is put to vote on a show of hands, the holder of ‘A’ Ordinary shares shall be entitled to the same number of votes as available
to holders of Ordinary shares.
• The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting. Further, the Board of Directors may also declare an interim dividend. The holders of ‘A’ Ordinary shares shall be
entitled to receive dividend for each financial year at five percentage point more than the aggregate rate of dividend declared
on Ordinary shares for that financial year.
• In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution of
all preferential amounts, in proportion to their shareholdings.
(ii) American Depository Shares (ADSs) and Global Depository Shares (GDSs) :
• Each ADS and GDS underlying the ADR and GDR respectively represents five Ordinary shares of `2 each. A holder of ADS
and GDS is not entitled to attend or vote at shareholders meetings. An ADS holder is entitled to issue voting instructions
to the Depository with respect to the Ordinary shares represented by ADSs only in accordance with the provisions of the
Company’s ADSs deposit agreement and Indian Law. The depository for the ADSs and GDSs shall exercise voting rights
in respect of the deposited shares by issue of an appropriate proxy or power of attorney in terms of the respective deposit
agreements.
• Shares issued upon conversion of ADSs and GDSs will rank pari passu with the existing Ordinary shares of `2 each in all
respects including entitlement of the dividend declared.
(k) Number of shares held by each shareholder holding more than 5 percent of the issued share capital :
As at March 31, 2021 As at March 31, 2020

% of Issued % of Issued
No. of Shares No. of Shares
Share Capital Share Capital
(i) Ordinary shares :
(a) Tata Sons Private Limited 43.73% 1,45,21,13,801 39.52% 1,22,07,79,930
(b) Citibank N.A. as Depository # 35,37,15,165 # 32,07,93,365
(ii) 'A' Ordinary shares :

(a) Tata Sons Private Limited 7.57% 3,85,11,281 5.26% 2,67,22,401
(b) ICICI Prudential Equity & Debt Fund 14.26% 7,25,19,454 11.03% 5,60,75,659
(c) Franklin India Equity Advantage Fund * * 12.84% 6,52,79,915
(d) Government Of Singapore * * 5.74% 2,92,11,889
# held by Citibank, N.A. as depository for American Depository Receipts (ADRs) and Global Depository Receipts (GDRs)
* Less than 5%

Standalone
(l) Information regarding issue of shares in the last five years

(a) The Company has not issued any shares without payment being received in cash.
(b) The Company has not issued any bonus shares.
(c) The Company has not undertaken any buy-back of shares.
22. A) OTHER COMPONENTS OF EQUITY

(a) The movement of Equity instruments through Other Comprehensive Income is as follows:
(` in crores)
March 31, 2021 March 31, 2020
Balance at the beginning (56.00) 62.26
Other comprehensive income/(loss) for the year 365.84 (115.72)
Income tax relating to gain/loss arising on other comprehensive income where applicable (17.78) (2.54)
Profit on sale of equity investment reclassified to retained earnings (4.36) -
Balance at the end 287.70 (56.00)
(b) The movement of Hedging reserve is as follows:

(` in crores)
March 31, 2021 March 31, 2020
Balance at the beginning (168.55) (26.40)
Gain/(loss) recognised on cash flow hedges 63.58 (201.51)
Income tax relating to gain/loss recognised on cash flow hedges (22.22) 70.42
(Gain)/loss reclassified to profit or loss 39.99 (17.00)
Income tax relating to gain/loss reclassified to profit or loss (13.97) 5.94
Balance at the end (101.17) (168.55)
(c) The movement of Cost of Hedging reserve is as follows:

(` in crores)
March 31, 2021 March 31, 2020
Gain/(loss) recognised on cash flow hedges (1.22) (65.77)
Income tax relating to gain/loss recognised on cash flow hedges 0.42 22.98
(Gain)/loss reclassified to profit and loss 65.77 (9.91)
Income tax relating to gain/loss reclassified to profit and loss (22.98) 3.46
Balance at the end (0.80) (42.79)
(d) Summary of Other components of equity:
(` in crores)
March 31, 2021 March 31, 2020
Equity instruments through other comprehensive income 287.70 (56.00)
Hedging reserve (101.17) (168.55)
Cost of hedging reserve (0.80) (42.79)
Total 185.72 (267.34)

(B) Notes to reserves

a) Capital redemption reserve
The Indian Companies Act, 2013 (the “Companies Act”) requires that where a company purchases its own shares out of free
reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a
capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption
reserve account may be applied by the company, in paying up unissued shares of the company to be issued to shareholders of
the company as fully paid bonus shares. Tata Motors Limited established this reserve pursuant to the redemption of preference
shares issued in earlier years.
b) Debenture redemption reserve (DRR)
The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of
profits of the Company available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve
of 25% of the value of debentures issued, either by a public issue or on a private placement basis. The amounts credited to
the debenture redemption reserve may not be utilised by the Company except to redeem debentures. No DRR is required for
debentures issued after August 16, 2019.
c) Securities premium
The amount received in excess of face value of the equity shares is recognised in Securities Premium.
d) Retained earnings
Retained earnings are the profits that the Company has earned till date.
e) Capital reserve
The capital reserve represents the excess of the identifiable assets and liabilities over the consideration paid.
f) Dividends
The final dividend is recommended by the Board of Directors and is recorded in the books of accounts upon its approval by
the Shareholders. For the year ended March 31, 2021 and 2020 , considering the accumulated losses in the Tata Motors
Limited Standalone, no dividend was permitted to be paid to the members, as per the Companies Act, 2013 and the rules framed
thereunder.
g) Share-based payments reserve
Share-based payments reserve represents amount of fair value, as on the date of grant, of unvested options and vested options
not exercised till date, that have been recognised as expense in the statement of profit and loss till date.
23. LONG-TERM BORROWINGS
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Secured:
(a) Privately placed Non-Convertible Debentures (refer note I (ii)) 997.46 -
(b) Term loans:
(i) from banks (refer note I (i) (d) below) 521.07 614.93
(ii) from financial institutions (refer note I (i) (a) below) 2,992.85 -
(iii) others (refer note I (i) (b) and I (i) (c) below) 214.01 178.82
4,725.39 793.75
Unsecured:
(a) Privately placed Non-Convertible Debentures (refer note I (ii)) 2,799.75 5,199.04
(b) Term loan from banks
(i) Buyer's line of credit (at floating interest rate) (refer note I (v)) 3,083.33 2,875.00
(ii) External commercial borrowings (ECB) 1,721.12 1,777.91
(at floating interest rate) (refer note I (iv))
(c) Senior Notes (refer note I (iii)) 3,997.18 4,130.81
11,601.38 13,982.76
Total 16,326.77 14,776.51

Standalone
24. SHORT-TERM BORROWINGS

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Secured:
Loans from banks (refer note II (i)) 1,301.69 3,334.02
1,301.69 3,334.02
Unsecured:
(a) Loans from banks (refer note II (i)) 82.97 1,578.95
(b) Inter corporate deposits from subsidiaries and associates (refer note II (ii)) 467.00 137.50
(c) Commercial paper (refer note II (iii)) 690.84 1,070.89
1,240.81 2,787.34
Total 2,542.50 6,121.36
I. Information regarding long-term borrowings
(i) Nature of security (on loans including interest accrued thereon) :
(a) The term loan of `3,000.00 crores from HDFC Ltd, (recorded in books at `2,992.85 crores) is due for repayment from the quarter ending
June 30, 2022 to quarter ending June 30, 2026, along with a simple interest of 8.50% p.a. The loan is secured by a charge over Company’s
leasehold land together with building structures, plant and machinery, fixtures and other assets.
(b) The term loan of `587.08 crores (recorded in books at `176.67 crores) is due for repayment from the quarter ending March 31, 2033
to quarter ending March 31, 2039, along with simple interest at the rate of 0.10% p.a. The loan is secured by a second and subservient
charge (creation of charge is under process) over Company’s freehold land together with immovable properties, plant and machinery and
other movable assets (excluding stock and book debts) situated at Sanand plant in the State of Gujarat.
(c) The term loan of `112.82 crores (recorded in books at `37.34 crores) is due for repayment from the quarter ending June 30, 2030
to March 31, 2034, along with a simple interest of 0.01% p.a. The loan is secured by bank guarantee for the due performance of the
conditions as per the terms of the agreement.
(d) Term loan from banks of `521.07 crores included within Long-term borrowings and `187.89 crores included within Current maturities of
Long-term borrowings in note 26, bearing floating interest rate of 1 month LIBOR+1.63% and 6 months MCLR+0.60% are taken by joint
operation Fiat India Automobiles Private Ltd which is due for repayment from June 2021 to September 2025. The loan is secured by first
charge over movable fixed assets procured from its loan/jeep project.

(ii) Schedule of repayment and redemption for Non-Convertible Debentures :

(` in crores)
Non-Convertible Debentures (NCDs) Redeemable on Principal
Secured :
8.80% Non-Convertible Debentures (2023) May 26, 2023 1,000.00
Debt issue cost (2.54)
Total 997.46
The 8.80% Non-convertible Debentures are secured by a charge over Company’s leasehold land together with building structures,
plant and machinery, fixtures and other assets.
Unsecured :
8.50% Non-Convertible Debentures (2027) January 29, 2027 250.00
8.50% Non-Convertible Debentures (2026) December 30, 2026 250.00
9.77% Non-Convertible Debentures (2024) September 12, 2024 200.00
9.81% Non-Convertible Debentures (2024) August 20, 2024 300.00
9.54% Non-Convertible Debentures (2024) June 28, 2024 100.00
9.35% Non-Convertible Debentures (2023) November 10, 2023 400.00
9.31% Non-Convertible Debentures (2023) September 29, 2023 200.00
9.27% Non-Convertible Debentures (2023) June 30, 2023 200.00
9.60% Non-Convertible Debentures (2022) October 29, 2022 400.00
7.50% Non-Convertible Debentures (E27H Series) June 22, 2022 500.00
7.71% Non-Convertible Debentures (2022) March 3, 2022* 500.00
9.02% Non-Convertible Debentures (2021) December 10, 2021* 300.00
7.50% Non-Convertible Debentures (2021) October 20, 2021* 300.00
7.84% Non-Convertible Debentures (2021) September 27, 2021* 500.00
8.40% Non-Convertible Debentures (2021) May 26, 2021* 300.00
7.40% Non-Convertible Debentures 2021(E27I Series Tranche 2) June 29, 2021* 500.00
Debt issue cost (0.47)
Total 5,199.53
* Classified as other financial liabilities- current (refer note 26) being maturity before March 31, 2022
(iii) Schedule of repayment of Senior Notes:
(` in crores)
Amount As at As at
Redeemable on Currency
(in million) March 31, 2021 March 31, 2020
4.625% Senior Notes April 30, 2020 USD 262.532 - 1,986.27

5.750% Senior Notes October 30, 2024 USD 250 1,816.07 1,876.36
5.875% Senior Notes May 20, 2025 USD 300 2,181.11 2,254.45
3,997.18 6,117.08
(iv) The external commercial borrowings of USD 237.47 million (`1,721.12 crores) bearing floating interest rate of 3 months
LIBOR+128bps is due for repayment in June 2025.
(v) The buyer’s line of credit from banks bearing floating interest ranging from 6.42% to 8.85%, amounting to `3,083.33 crores is
repayable within a maximum period of seven years from the drawdown dates. All the repayments are due from period ending
September 30, 2021 to June 30, 2026. The Buyer’s line of credit of `291.67 crores classified under other financial liabilities-
current being maturity before March 31, 2022.

Standalone
II. Information regarding short-term borrowings

(i) Loans, cash credits, overdrafts and buyers line of credit from banks bearing fixed interest rate from 5.05% to 7.00% are secured
by hypothecation of existing current assets of the Company viz. stock of raw materials, stock in process, semi-finished goods,
stores and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts including
receivable from hire purchase / leasing and all other moveable current assets except cash and bank balances, loans and advances
of the Company both present and future.
(ii) Inter-corporate deposits from subsidiaries and associates are unsecured bearing interest rate at 6.00%
(iii) Commercial paper are unsecured short-term papers issued at discount bearing no coupon interest. The yield on commercial
paper issued by the Company ranges from 6.83% to 7.33%
III. Collateral
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Assets pledged as collateral/security against borrowings
Inventory 1,560.51 4,499.64
Other financial assets 100.00 52.62
Property, plant and equipment 6,302.59 1,469.43
Total 7,963.10 6,021.69
Annual disclosure for reporting of fund raising of issuance of Debt Securities by Large Corporate :
(` in crores)
Year ended
Sr No Particulars
March 31, 2021
(i) Incremental borrowing done (a) 4,500.00
(ii) Mandatory borrowing to be done through issuance of debt securities (b) = (25% of a) 1,125.00
(iii) Actual borrowings done through debt securities (c) 1,000.00
(iv) Shortfall in the mandatory borrowing through debt securities, if any (d) = (b) - (c) 125.00
(v) Reasons for short fall, if any, in mandatory borrowings through debt securities COVID 19- shallow market
Reconciliation of movements of liabilities to cash flows arising from financing activities

(` in crores)
Short-term Long-term
Total
borrowings borrowings *
Balance at April 1, 2019 3,617.72 15,013.20 18,630.92
Proceeds from issuance of debt 10,489.97 4,781.55 15,271.52
Repayment of financing (8,003.51) (1,124.93) (9,128.44)
Foreign exchange - 660.75 660.75
Amortisation / EIR adjustments of prepaid borrowings (net) 17.18 (7.16) 10.02
Balance at March 31, 2020 6,121.36 19,323.41 25,444.77
Balance at March 31, 2020 6,121.36 19,323.41 25,444.77
Foreign exchange - (202.01) (202.01)
Amortisation / EIR adjustments of prepaid borrowings (net) 13.60 (19.92) (6.32)
Balance at March 31, 2021 2,542.50 19,206.22 21,748.72
* includes current maturities of long term borrowings

25. OTHER FINANCIAL LIABILITIES – NON-CURRENT

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(b) Interest accrued but not due on borrowings - 1.02
(c) Liability towards employee separation scheme 132.67 75.83
(d) Option premium payable 293.55 412.12
(e) Others 66.93 125.32
Total 659.64 854.74
26. OTHER FINANCIAL LIABILITIES – CURRENT
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Current maturities of long-term borrowings (refer note 1 below) 2,879.45 4,546.90
(b) Interest accrued but not due on borrowings 368.36 398.72
(c) Liability for capital expenditure (refer note 2 below) 231.38 179.40
(d) Deposits and retention money 588.63 516.94
(e) Derivative financial instruments 9.27 39.03
(f) Liability towards Investors Education and Protection Fund under Section 125 of the Companies
Act, 2013 not due
(i) Unpaid dividends 3.01 4.57
(ii) Unpaid matured deposits and interest thereon 0.13 0.64
(iii) Unpaid debentures and interest thereon 0.18 0.18
(g) Liability towards employee separation scheme 33.63 13.93
(h) Option premium payable 110.33 91.87
(i) Liability for factoring sales 24.95 178.38
(j) Others 6.25 5.79
Total 4,255.57 5,976.35
Note:
1. Details of Current maturities of long-term borrowings :
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(i) Non Convertible Debentures (Unsecured) (refer note I (ii) 2,399.89 1,299.95
(ii) Loans from Banks (Secured)(refer note I (i) (b) 187.89 160.68
(iii) Senior notes (Unsecured) (refer note I (iii) - 1,986.27
(iv) Buyers Credit (Capex) (Unsecured) (refer note I (v) 291.67 1,100.00
Total 2,879.45 4,546.90
2. Includes `22.48 crores outstanding as at March 31, 2021 towards principal and interest provision on dues of micro enterprises and
small enterprises as per MSMED ACT 2006.
27. PROVISIONS-NON CURRENT
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Employee benefits obligations 719.72 806.04
(b) Warranty 652.17 548.40
(c) Provision for onerous contract and related supplier claims (refer note 6 (b)) - 414.75
(d) Annual maintenance contract (AMC) 0.05 0.55
Total 1,371.94 1,769.74

Standalone
28. PROVISIONS-CURRENT
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Warranty 872.38 989.19
(b) Provision for onerous contract and related supplier claims (refer note 6 (b)) 117.44 362.25
(c) Employee benefits obligations 36.64 36.56
(d) Others 17.08 18.75
Total 1,043.54 1,406.75
Note
Onerous contract and Warranty provision movement

March 31, 2021 March 31, 2021
Onerous contract Warranty
Balance at the beginning 777.00 1,537.59
Provision/(reversal) made during the year (659.56) 420.89
Provision used during the year - (557.77)
Impact of discounting - 123.84
Balance at the end 117.44 1,524.55
Current 117.44 872.38
Non-current - 652.17
29. INCOME TAXES
The reconciliation of income tax expense calculated as per tax rates applicable to individual entities with income tax expense is as follows:
(` in crores)
March 31, 2021 March 31, 2020
Profit/(loss) before tax (2,312.57) (7,127.34)
Income tax expense at tax rates applicable to individual entities (817.29) (2,490.61)
Additional deduction for patent, research and product development cost - (281.75)
Items (net) not deductible for tax/not liable to tax :
- Dividend from subsidiaries, joint operations, associates and investments measured at fair value - (84.20)
through other comprehensive income
Provision for impairment in subsidiary companies/exceptional (others) 43.11 134.75
Undistributed earnings of joint operations 63.92 6.26
Deferred tax assets not recognised as realisation is not probable 852.94 2,968.70
Utilisation/credit of unrecognised tax losses, unabsorbed depreciation and other tax benefits (129.39) (66.52)
Profit on sale of investments in a subsidiary company and other investments 1.52 -
Impact of change in statutory tax rates (1.33) (17.31)
Others 69.39 (7.03)
Income tax expense reported in statement of profit and loss 82.87 162.29
Note:
1. Tata Motors Limited (TML) has presently, decided not to opt for the New Tax Regime inserted as section 115BAA of the Income-tax Act, 1961 and
enacted by the Taxation Laws (Amendment) Ordinance, 2019 (“the Ordinance”) which is applicable from Financial Year beginning April 1, 2019. TML
has accordingly applied the existing tax rates in the financial statements for the year ended March 31, 2021.
2. In case of Tata Cummins Ltd, the new section 115BBA has been inserted in the Income tax Act, 1961 to give benefit of a reduced corporate tax rate for
domestic companies. Section 115BBA states that the domestic companies have the option to pay tax a rate of 25.168% from FY 2019-20 (AY 2020-21)
During the current year, while filing Income Tax Return for FY 19-20 the Company has adopted and shifted to the new tax regime from FY 19-20. The
impact on tax due to this rate change has been disclosed above. In the current financial year, owing to the adoption of the new tax regime, the existing
MAT credit is derecognized in the financial statements in accordance with the tax laws

Significant components of deferred tax assets and liabilities for the year ended March 31, 2021 are as follows:
Recognised in/
Recognised in
Opening balance reclassified Closing balance
profit and loss
from OCI
Deferred tax assets:
Unabsorbed depreciation 2,533.36 (78.95) - 2,454.41
Business loss carry forwards 1,232.38 483.45 - 1,715.83
Expenses deductible in future years:
- provisions, allowances for doubtful receivables and others 691.40 (202.83) - 488.57
Compensated absences and retirement benefits 199.37 (49.19) 9.17 159.35
Minimum alternate tax carry-forward 3.33 (2.56) - 0.77
Derivative financial instruments 113.37 65.27 (58.74) 119.90
Unrealised profit on inventory 1.80 1.17 - 2.97
Others 61.49 58.10 - 119.59
Total deferred tax assets 4,836.50 274.46 (49.57) 5,061.39
Deferred tax liabilities:
Property, plant and equipment 2,078.12 525.87 - 2,603.99
Intangible assets 2,740.08 (288.47) - 2,451.61
Undistributed earnings in joint operations 158.36 63.92 - 222.28
Others 58.53 (26.30) 17.78 50.01
Total deferred tax liabilities 5,035.09 275.02 17.78 5,327.89
Net Deferred tax assets / (liabilities) (198.59) (0.56) (67.35) (266.50)
As at March 31, 2021, unrecognised deferred tax assets amount to `3,348.12 crores and `7,486.53 crores which can be carried forward
indefinitely and up to a specified period, respectively. These relate primarily to depreciation carry forwards, other deductible temporary
differences and business losses. The deferred tax asset has not been recognised on the basis that its recovery is not probable in the
foreseeable future.
As at March 31, 2021 unrecognised deferred tax assets expire unutilised based on the year of origination as follows:
(` in crores)
March 31,
2022 741.24
2023 831.70
2024 698.06
2025 2,179.00
2026 614.19
Thereafter 2,422.34
(` in crores)
Recognised in Recognised in/
Opening balance Closing balance
profit and loss reclassified from OCI
Unabsorbed depreciation 2,536.12 (2.76) - 2,533.36
Business loss carry forwards 2,132.50 (900.12) - 1,232.38
- provisions, allowances for doubtful receivables and others 323.89 367.51 - 691.40
Compensated absences and retirement benefits 158.33 4.79 36.25 199.37
Minimum alternate tax carry-forward 0.77 2.56 - 3.33
Derivative financial instruments 21.20 (10.63) 102.80 113.37
Unrealised profit on inventory 1.49 0.31 - 1.80
Others 63.84 (2.35) - 61.49
Total deferred tax assets 5,238.14 (540.69) 139.05 4,836.50
Property, plant and equipment 2,581.99 (503.87) - 2,078.12
Intangible assets 2,659.17 80.91 - 2,740.08
Undistributed earnings in joint operations 152.10 6.26 - 158.36
Others 50.74 5.25 2.54 58.53
Total deferred tax liabilities 5,444.00 (411.45) 2.54 5,035.09
Deferred tax liabilities (205.86) (129.24) 136.51 (198.59)

Standalone
30. OTHER NON-CURRENT LIABILITIES

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Contract liabilities (note (a) below) 305.43 134.42
(b) Government incentives (note (b) below) 41.65 62.93
(c) Employee Benefit Obligations - Funded 175.55 61.31
(d) Others 10.92 10.92
Total 533.55 269.58
31. OTHER CURRENT LIABILITIES
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Contract liabilities (note (a) below) 1,146.92 655.82
(b) Statutory dues (GST,VAT, Excise, Service Tax, Octroi etc) 928.33 464.47
(c) Government incentives (note (b) below) 116.09 154.46
(d) Others 96.16 72.88
Total 2,287.50 1,347.63
Note:
As at As at
March 31, 2021 March 31, 2020
(a) Contract liabilities
Opening contract liabilities 790.24 1,063.36
Amount recognised in revenue (375.26) (902.22)
Amount received in advance during the year 1,043.55 657.25
Amount refunded to customers (6.18) (28.15)
Closing contract liabilities 1,452.35 790.24
As at As at
March 31, 2021 March 31, 2020
Advances received from customers Current 982.45 551.43
Deferred revenue Current 164.47 104.39
Non-current 305.43 134.42
1,452.35 790.24
Performance obligations in respect of amount received in respect of future maintenance service and extended warranty will be fulfilled over a
period of 6 years from year ending March 31, 2021 till March 31, 2026.
(b) Government incentives include `101.01 crores as at March 31, 2021 (`148.11 crores as at March 31, 2020) grants relating to property,
plant and equipment related to duty saved on import of capital goods and spares under the Exports Promotion Capital Goods (EPCG)
scheme. Under such scheme, the Company is committed to export prescribed times of the duty saved on import of capital goods over
a specified period of time. In case such commitments are not met, the Company would be required to pay the duty saved along with
interest to the regulatory authorities.

32. REVENUE FROM OPERATIONS

(` in crores)
March 31, 2021 March 31, 2020
(a) Sale of products (refer note 1 and 2 below)
(i) Vehicles 39,283.64 36,583.83
(ii) Spare parts 4,464.05 4,505.79
(iii) Miscellaneous products 2,365.62 1,927.98
Total Sale of products 46,113.31 43,017.60
(b) Sale of services 446.08 468.16
Revenue 46,559.39 43,485.76
(c) Other operating revenues (refer note 3 below) 472.08 442.41
Total 47,031.47 43,928.17
Note:
(1) Includes variable marketing expenses netted off against revenue (6,452.50) (9,197.73)
(2) Includes exchange gain/(loss) (net) on hedges reclassified from hedge reserve to statement of (0.92) 0.27
profit and loss
(3) Includes profit on sale of properties 143.44 91.44
33. OTHER INCOME

(` in crores)
March 31, 2021 March 31, 2020
(a) Interest income 196.24 483.72
(b) Dividend income (refer note below) 20.45 241.22
(c) Government incentives 548.27 588.38
(d) Profit on sale of investments at FVTPL 72.80 70.16
(e) MTM – Investments measured at FVTPL 5.20 (0.43)
Total 842.96 1,383.05
Note:
Includes :
(a) Dividend from subsidiary companies and associates 2.79 221.42
(b) From investment measured at FVTOCI 17.66 19.80
34. EMPLOYEE BENEFITS EXPENSE

(` in crores)
March 31, 2021 March 31, 2020
(a) Salaries, wages and bonus * 3,590.53 3,653.34
(b) Contribution to provident fund and other funds 270.99 254.90
(c) Staff welfare expenses 351.47 476.07
Total 4,212.99 4,384.31
Share based payments
The Company has allotted share based incentives to certain employees during the year ended March 31, 2019, under Tata Motors Limited
Employee Stock Options Scheme 2018 approved by Nomination and Remuneration Committee (NRC). As per the scheme, the number of
shares that will vest is conditional upon certain performance measures determined by NRC. The performance is measured over vesting
period of the options granted which ranges from 3 to 5 years. The performance measures under this scheme include growth in sales, earnings
and free cash flow. The options granted under this scheme is exercisable by employees till one year from date of its vesting. The Company
has granted options at an exercise price of `345/-. Option granted will vest equally each year starting from 3 years from date of grant up to
5 years from date of grant. Number of shares that will vest range from 0.5 to 1.5 per option granted depending on performance measures.

Standalone
(` in crores)
March 31, 2021 March 31, 2020
Options outstanding at the beginning of the year 72,22,897 78,12,427
Granted during the year - -
Forfeited/Expired during the year (4,18,894) (5,89,530)
Exercised during the year - -
Outstanding at the end of the year 68,04,003 72,22,897
Number of shares to be issued for outstanding options (conditional on performance 1,02,06,005/34,02,002 1,08,34,346/36,11,449
measures)
Maximum 1,02,06,005 1,08,34,346
Minimum 34,02,002 36,11,449
The Company has estimated fair value of options using Black Scholes model. The following assumptions were used for calculation of fair
value of options granted.
(` in crores)
Estimate
Assumption factor Year ended Year ended
March 31, 2021 March 31, 2020
Risk free rate 7%-8% 7%-8%
Expected life of option 2-4 years 3-5 years
Expected volatility 33%- 37% 33%- 37%
* The amount of `9.04 crores and `4.70 crores has accrued in salaries, wages and bonus for the year ended March 31, 2021 and March 31,
2020, respectively towards share based payments.
35. FINANCE COSTS

(` in crores)
March 31, 2021 March 31, 2020
(a) Interest 2,130.17 1,973.48
Add: Exchange fluctuation considered as interest cost - 56.35
Less: Transferred to capital account (190.48) (423.76)
1,939.69 1,606.07
(b) Discounting charges 418.85 366.93
Total 2,358.54 1,973.00
Note:
The weighted average rate for capitalisation of interest relating to general borrowings were approximately 7.44% and 7.52% for the years
ended March 31, 2021 and 2020, respectively.
36. OTHER EXPENSES

(` in crores)
March 31, 2021 March 31, 2020
(a) Processing charges 953.49 1,051.13
(b) Consumption of stores & spare parts 417.57 461.37
(c) Power and fuel 371.78 428.85
(d) Freight, transportation, port charges etc. 802.84 1,077.20
(e) Publicity 444.37 846.60
(f) Warranty expenses ^ 441.54 538.36
(g) Information technology/computer expenses 728.88 764.31
(h) Allowances made/(reversed) for trade and other receivables (net) 73.37 30.91
(i) Loss on assets scrapped / written off 16.16 168.04
(j) Works operation and other expenses (note below)* 1,551.90 2,353.98
Total 5,801.90 7,720.75
* Includes rates and taxes (refer note (e) below) 50.78 369.55
^ Net of estimated recovery from suppliers (20.65) (31.74)

Note:
(` in crores)
Works operation and other expenses include:
March 31, 2021 March 31, 2020
(a) Auditors' Remuneration (excluding GST)
(i) Audit Fees 7.93 4.86
(ii) Audit fees for financial statements as per IFRS (including SOX certification) 3.41 4.90^
(iii) In other Capacities :
Tax Audit / Transfer Pricing Audit 0.62 0.61
(iv) Other Services 0.82 1.82*
(v) Reimbursement of travelling and out-of-pocket expenses 0.41 0.76
^ Amount paid to KPMG Assurance and Consulting Services LLP/Deloitte Haskins and Sells
* Includes `0.90 crores paid to BSR & Co LLP and `0.50 crores fees paid to Deloitte Haskins and
Sells LLP for issuance of Senior Notes
(b) Cost Auditors' Remuneration (excluding GST)

(i) Cost Audit Fees 0.25 0.20
(ii) Reimbursement of travelling and out-of-pocket expenses - 0.06
(c) Works operation and other expenses for the year March 31, 2021 includes `23.99 crores (`22.72 crores for the year March 31,
2020) spent by Tata Motors Ltd on standalone basis excluding interest in the joint operations, towards various schemes of Corporate
Social Responsibility (CSR) as prescribed under Section 135 of the Companies Act, 2013. No amount has been spent on construction /
acquisition of an asset of the Company. The prescribed CSR expenditure required to be spent in the year 2020-21 as per the Companies
Act, 2013 is `Nil, in view of average net profits of the Company being `Nil (under section 198 of the Act) for last three financial years.
(d) Works operation and other expenses include remuneration payable to non- executive independent directors aggregating `1.70 crores
which is subject to approval of the shareholders, which the Company proposes to obtain in the forthcoming Annual General Meeting, in
(e) During the year ended March 31, 2020, provision for certain Indirect taxes for matters under litigation for FY 2002 to FY 2006 were
made for `241.25 crores, which is included in other expenses.
37. AMOUNT TRANSFERRED TO CAPITAL AND OTHER ACCOUNTS

(` in crores)
March 31, 2021 March 31, 2020
(a) Capital work in progress (73.50) (219.45)
(b) Intangible asset under development (353.93) (690.19)
(c) Product development/Engineering expenses (390.10) (259.82)
Total (817.53) (1,169.46)
38. EXCEPTIONAL ITEMS

Exceptional amount of `114.00 crores and `(73.03) crores during the year ended March 31, 2021 and 2020, is related to write off/provision
(reversal) of certain property, plant and equipment, capital work-in-progress and intangibles under development.

Standalone
39. COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, the Company faces claims and assertions by various parties. The Company assesses such claims and
assertions and monitors the legal environment on an ongoing basis, with the assistance of external legal counsel, wherever necessary. The
Company records a liability for any claims where a potential loss is probable and capable of being estimated and discloses such matters in
its financial statements, if material. For potential losses that are considered possible, but not probable, the Company provides disclosure in
the financial statements but does not record a liability in its accounts unless the loss becomes probable.
The following is a description of claims and assertions where a potential loss is possible, but not probable. The Company believes that none
of the contingencies described below would have a material adverse effect on the Company’s financial condition, results of operations or
cash flows.
Litigation
The Company is involved in legal proceedings, both as plaintiff and as defendant. There are claims which the Company does not believe to be
of material nature, other than those described below.
Income Tax
The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. These mainly include disallowed
expenses, the tax treatment of certain expenses claimed by the Company as deductions and the computation of, or eligibility of, the Company’s
use of certain tax incentives or allowances.
Most of these disputes and/or disallowances, being repetitive in nature, have been raised by the income tax authorities consistently in most
of the years.
The Company has a right of appeal to the Commissioner of Income Tax (Appeals), or CIT (A), the Dispute Resolution Panel, or DRP, and to
the Income Tax Appellate Tribunal, or ITAT, against adverse decisions by the assessing officer, DRP or CIT (A), as applicable. The income
tax authorities have similar rights of appeal to the ITAT against adverse decisions by the CIT (A) or DRP. The Company has a further right of
appeal to the Bombay High Court or the Hon’ble Supreme Court of India against adverse decisions by the appellate authorities for matters
involving substantial question of law. The income tax authorities have similar rights of appeal.
As at March 31, 2021, there are contingent liabilities towards matters and/or disputes pending in appeal amounting to `101.89 crores
(`90.21 crores as at March 31, 2020).
Customs, Excise Duty and Service Tax
As at March 31, 2021, there are pending litigation for various matters relating to customs, excise duty and service taxes involving demands,
including interest and penalties, of `580.45 crores (`603.87 crores as at March 31, 2020). These demands challenged the basis of valuation
of the Company’s products and denied the Company’s claims of Central Value Added Tax, or CENVAT credit on inputs. The details of the
demands for more than `100 crores are as follows:
As at March 31, 2021, the Excise Authorities have raised a demand and penalty of `268.27 crores, (`268.27 crores as at March 31, 2020),
due to the classification of certain chassis (as goods transport vehicles instead of dumpers) which were sent to automotive body builders by
the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty (NCCD). The Company has
obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise & Service Tax Appellate Tribunal.
Sales Tax/VAT
The total sales tax demands (including interest and penalty), that are being contested by the Company amount to `1,359.51 crores as at
March 31, 2021 (`914.12 crores as at March 31, 2020). The details of the demands for more than `100 crores are as follows:
The Sales Tax Authorities have raised demand of `326.85 crores as at March 31, 2021 (`207.80 crores as at March 31, 2020) towards
rejection of certain statutory forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds and few other issues such as
late submission, single form issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of
proof of export for certain years. The Company has contended that the benefit cannot be denied on technicalities, which are being complied
with. The matter is pending at various levels.
The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to `270.50
crores as at March 31, 2021 (`221.77 crores as at March 31, 2020). The reasons for disallowing credit was mainly due to Taxes not paid
by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The
matter is contested in appeal.

The Sales Tax authorities have raised demand for Check post/ Entry Tax liability at various states amounting to `434.59 crores as at March
31, 2021 (`65.81 crores as at March 31, 2020). The company is contesting this issue.
The Sales Tax Authorities have raised demand of `148.84 crores as at March 31, 2021 (`148.84 crores as at March 31, 2020) towards full
CST liability on Chassis exported after enroot body building and interest thereon considering as CST sale. The Company has contended
that the Company’s manufacturing plant dispatching chassis for enroot body building to bodybuilders as bill to the Company and ship to
bodybuilders is constituted as export sale after Chassis export. The matter is contested in appeal.
Other Taxes and Dues
Other amounts for which the Company may contingently be liable aggregate to `231.53 crores as at March 31, 2021 (`288.17 crores as at
March 31, 2020). Following are the cases involving more than `100 crores:
Other claims
The Hon’ble Supreme Court of India (“SC”) by their order dated February 28, 2019, set out the principles based on which allowances paid
to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. There
are interpretative challenges and considerable uncertainty, including estimating the amount retrospectively. Pending the directions from
the EPFO, the impact for past periods, if any, is not ascertainable reliably and consequently no financial effect has been provided for in the
financial statements. The Company has complied with this on a prospective basis, from the date of the SC order.
The Company has, consequent to an Order of the Hon’ble Supreme Court of India in the case of R.C.Gupta Ors. Vs Regional Provident Fund
Organisation and Ors., evaluated the impact on its employee pension scheme and concluded that this is not applicable to the Company based
on external legal opinion and hence it is not probable that there will be an outflow of resources. Further, a Supreme Court of India bench,
allowed the review petitions filed by the Employees Provident Fund Organisation (EPFO) and decided to reconsider the previous order that
permitted grant of Provident Fund pension on last drawn salary. The Supreme Court has recalled its 2019 order which had paved way for
pension on last drawn salary for employees by removing the current salary ceiling of `15,000.
Commitments
The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and
various civil contracts of a capital nature amounting to `957.16 crores as at March 31, 2021 (`1,320.67 crores as at March 31, 2020), which
are yet to be executed.
The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature
amounting to `99.64 crores as at March 31, 2021, (`146.15 crores as at March 31, 2020), which are yet to be executed.
The Company has contractual obligation towards Purchase Commitment (net of provisions) for `2024.00 crores as at March 31, 2021
(`1,374.00 crores as at March 31, 2020).
40. EARNINGS/(LOSS) PER SHARE (“EPS”)
(` in crores)
March 31, 2021 March 31, 2020
(a) Profit/(loss) after tax ` crores (2,395.44) (7,289.63)
(b) The weighted average number of Ordinary shares for Basic EPS Nos. 3,128,268,742 2,952,353,090
(c) The weighted average number of 'A' Ordinary shares for Basic EPS Nos. 508,502,896 508,502,473
(d) The nominal value per share (Ordinary and 'A' Ordinary) ` 2 2
(e) Share of profit / (loss) for Ordinary shares for Basic EPS ` crores (2,060.50) (6,218.57)
(f) Share of profit / (loss) for 'A' Ordinary shares for Basic EPS * ` crores (334.94) (1,071.06)
(g) Earnings per Ordinary share (Basic) ` (6.59) (21.06)
(h) Earnings per 'A' Ordinary share (Basic) ` (6.59) (21.06)
(i) Profit after tax for Diluted EPS ` crores # #

Standalone
(j) The weighted average number of Ordinary shares for Basic EPS Nos. # #
(k) Add: Adjustment for shares held in abeyance Nos. # #
(l) Add: Adjustment for Options relating to warrants Nos. # #
(m) The weighted average number of Ordinary shares for Diluted EPS Nos. # #
(n) The weighted average number of 'A' Ordinary shares for Basic EPS Nos. # #
(o) Add: Adjustment for 'A' Ordinary shares held in abeyance Nos. # #
(p) The weighted average number of 'A' Ordinary shares for Diluted EPS Nos. # #
(q) Share of profit for Ordinary shares for Diluted EPS ` crores # #
(r) Share of profit for 'A' Ordinary shares for Diluted EPS * ` crores # #
(s) Earnings per Ordinary share (Diluted) ` (6.59) (21.06)
(t) Earnings per 'A' Ordinary share (Diluted) ` (6.59) (21.06)
* ‘A’ Ordinary Shareholders are entitled to receive dividend @ 5% points more than the aggregate rate of dividend determined by the Company
on Ordinary Shares for the financial year.
# Since there is a loss for the year ended March 31, 2021, potential equity shares are not considered as dilutive and hence Diluted EPS is
same as Basic EPS.
Employee Stock options are not considered to be dilutive based on the average market price of ordinary shares during the period.
41. CAPITAL MANAGEMENT
The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term
goals of the Company.
The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic
investment plans. The funding requirements are met through equity, non-convertible debentures, senior notes and other long-term/short-
term borrowings. The Company’s policy is aimed at combination of short-term and long-term borrowings.
The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the
Company.
Total borrowings includes all long and short-term borrowings as disclosed in notes 23, 24 and 26 (a) to the financial statements. Equity
comprises all components excluding (profit)/loss on cash flow hedges.
The following table summarises the capital of the Company:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Equity 19,157.94 18,598.99
Short-term borrowings and current maturities of long-term borrowings 5,421.95 10,668.26
Long-term borrowings 16,326.77 14,776.51
Total borrowings 21,748.72 25,444.77
Total capital (Debt + Equity) 40,906.66 44,043.76
Total equity as reported in balance sheet 19,055.97 18,387.65

Hedging reserve 101.17 168.55
Cost of Hedge reserve 0.80 42.79
Equity as reported above 19,157.94 18,598.99

42. DISCLOSURES ON FINANCIAL INSTRUMENTS

This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance sheet items that contain financial
instruments.
(a) Financial assets and liabilities
The following table presents the carrying amounts and fair value of each category of financial assets and liabilities as at March 31, 2021.
(` in crores)
Derivatives other
Derivatives
Cash, and other than in hedging
Investments - Investments - in hedging Total carrying
financial assets at relationship (at Total fair value
FVTOCI FVTPL relationship (at fair value
amortised cost fair value through
value)
profit or loss)
Financial assets
(a) Investments - non-current - 967.65 - - - 967.65 967.65
(b) Investments - current - - 1,578.26 - - 1,578.26 1,578.26
(c) Trade receivables 2,087.51 - - - - 2,087.51 2,087.51
(d) Cash and cash equivalents 2,365.54 - - - - 2,365.54 2,365.54
(e) Other bank balances 1,953.40 - - - - 1,953.40 1,953.40
(f) Loans and advances - non-current 126.05 - - - - 126.05 126.05
(g) Loans and advances - current 185.42 - - - - 185.42 185.42

(h) Other financial assets - non-current 881.64 - - 243.55 506.64 1,631.83 1,631.83
(i) Other financial assets - current 1,725.81 - - 15.94 3.31 1,745.06 1,745.06
Total 9,325.37 967.65 1,578.26 259.49 509.95 12,640.72 12,640.72
Derivatives
Derivatives
other than Other financial Total
in hedging
in hedging liabilities (at carrying Total fair value
relationship (at fair
relationship (at fair amortised cost) value
value)
value)
Financial liabilities
(a) Long-term borrowings (including Current maturities of long-term borrowings) - - 19,206.22 19,206.22 19,585.77
(b) Lease liabilities- non current - - 593.74 593.74 602.07
(c) Short-term borrowings - - 2,542.50 2,542.50 2,542.50
(d) Lease liabilities- current - - 96.47 96.47 96.47
(e) Trade payables - - 8,115.01 8,115.01 8,115.01

(f) Acceptances - - 7,873.12 7,873.12 7,873.12
(g) Other financial liabilities - non-current 13.56 152.93 493.15 659.64 659.64
(h) Other financial liabilities - current 7.30 1.97 1,366.85 1,376.12 1,376.12

Total 20.86 154.90 40,287.06 40,462.82 40,850.70
|
225
226
|
(` in crores)
Derivatives other
Derivatives
Cash, and other than in hedging
Investments - Investments - in hedging Total carrying
financial assets at relationship (at Total fair value
FVTOCI FVTPL relationship (at fair value
amortised cost fair value through
value)
profit or loss)
Financial assets
(a) Investments - non-current - 548.57 - - - 548.57 548.57
(b) Investments - current - - 885.31 - - 885.31 885.31
(c) Trade receivables 1,978.06 - - - - 1,978.06 1,978.06

(d) Cash and cash equivalents 2,145.30 - - - - 2,145.30 2,145.30
(e) Other bank balances 1,386.89 - - - - 1,386.89 1,386.89
(f) Loans and advances - non-current 138.46 - - - - 138.46 138.46
(g) Loans and advances - current 232.14 - - - - 232.14 232.14
(h) Other financial assets - non-current 680.90 - - 177.07 654.99 1,512.96 1,512.96
(i) Other financial assets - current 1,411.02 - - 135.54 - 1,546.56 1,546.56
Total 7,972.77 548.57 885.31 312.61 654.99 10,374.25 10,374.25
Derivatives
Derivatives
other than Other financial
in hedging Total carrying
in hedging liabilities (at Total fair value
relationship (at fair value
relationship (at fair amortised cost)
value)
value)
(a) Long-term borrowings (including Current maturities of long-term borrowings) - - 19,323.41 19,323.41 18,866.90
(b) Lease liabilities- non current - - 522.24 522.24 522.24
(d) Lease liabilities- current - - 83.30 83.30 83.30
(e) Trade payables - - 8,102.25 8,102.25 8,102.25
(f) Acceptances - - 2,741.69 2,741.69 2,741.69
(g) Other financial liabilities - non-current 21.37 219.08 614.29 854.74 854.74
(h) Other financial liabilities - current 15.16 23.87 1,390.42 1,429.45 1,429.45
Total 36.53 242.95 38,898.96 39,178.44 38,721.93
Standalone
Fair Value Hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into
Level 1 to Level 3, as described below.
Quoted prices in an active market (Level 1): This level of hierarchy includes financial instruments that are measured by reference to quoted prices
(unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments
and mutual fund investments.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other
than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e; as prices) or indirectly (i.e; derived from
prices). This level of hierarchy include Company’s over-the-counter (OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using
inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model
based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they
based on available market data.
There has been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2021 and 2020.
Costs of certain unquoted equity instruments have been considered as an appropriate estimate of fair value because these investments are subject
to a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. These investments
in equity instruments are not held for trading. Instead, they are held for medium or long term strategic purpose. Upon the application of Ind AS
109, the Company has chosen to designate these investments in equity instruments at FVTOCI as the directors believes this provides a more
meaningful presentation for medium or long term strategic investments, than reflecting changes in fair value in profit or loss.
Derivatives are fair valued using market observable rates and published prices together with forecast cash flow information where applicable.
(` in crores)
As at March 31, 2021
Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
(a) Investments 2,024.49 - 521.42 2,545.91
(b) Derivative assets - 769.44 - 769.44
Total 2,024.49 769.44 521.42 3,315.35
Financial liabilities measured at fair value
(a) Derivative liabilities - 175.76 - 175.76
Total - 175.76 - 175.76
(` in crores)
(a) Investments 1,026.27 - 407.61 1,433.88
(b) Derivative assets - 967.60 - 967.60
Total 1,026.27 967.60 407.61 2,401.48
(a) Derivative liabilities - 279.48 - 279.48
Total - 279.48 - 279.48
The following table provides an analysis of fair value of financial instruments that are not measured at fair value on recurring basis, grouped into
Level 1 to Level 3 categories:
(` in crores)
Financial assets not measured at fair value
(a) Investments - - - -

Standalone
(` in crores)
Total - - - -
Financial liabilities not measured at fair value
(a) Long-term borrowings (including Current maturities of long-term 4,244.63 15,341.14 - 19,585.77
borrowings)
(b) Short-term borrowings - 2,542.50 - 2,542.50
(c) Option premium accrual - 383.77 - 383.77
Total 4,244.63 18,267.41 - 22,512.04
(` in crores)
(a) Investments - - - -
Total - - - -
(a) Long-term borrowings (including Current maturities of long- 5,527.22 13,339.68 - 18,866.90
term borrowings)
(c) Option premium accrual - 397.41 - 397.41
Total 5,527.22 19,858.45 - 25,385.67
Other short-term financial assets and liabilities are stated at amortised cost which is approximately equal to their fair value.
The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair
value is estimated by discounting expected future cash flows, using a discount rate equivalent to the risk-free rate of return, adjusted for the credit
spread considered by the lenders for instruments of similar maturity.
Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any
estimation technique. Therefore, substantially for all financial instruments, the fair value estimates presented above are not necessarily indicative
of all the amounts that the Company could have realised or paid in sale transactions as of respective dates. As such, the fair value of the financial
instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.
Offsetting
Certain financial assets and financial liabilities are subject to offsetting where there is currently a legally enforceable right to set off recognised
amounts and the Company intends to either settle on a net basis, or to realise the asset and settle the liability, simultaneously.
Certain derivative financial assets and financial liabilities are subject to master netting arrangements, whereby in the case of insolvency, derivative
financial assets and financial liabilities will be settled on a net basis.
The following table discloses the amounts that have been offset, in arriving at the balance sheet presentation and the amounts that are available
for offset only under certain conditions as at March 31, 2021:
(` in crores)
Amounts subject to an enforceable
Gross amount
Net amount master netting arrangement
Gross amount recognised as set Net amount
presented in the Cash
recognised off in the balance Financial after offsetting
balance sheet collateral
sheet instruments
(received/pledged)
Financial assets
(a) Derivative financial instruments 769.44 - 769.44 (7.40) - 762.04
(b) Trade receivables 2,364.24 (276.73) 2,087.51 - - 2,087.51
(c) Loans and advances-current 186.82 (1.40) 185.42 - - 185.42
Total 3,320.50 (278.13) 3,042.37 (7.40) - 3,034.97
(b) Trade payables 8,390.53 (275.52) 8,115.01 - - 8,115.01
(c) Other financial liabilities 2.61 (2.61) - - - -

(` in crores)
Gross amount
Net amount master netting arrangement
Gross amount recognised as set Net amount
presented in the Cash
recognised off in the balance Financial after offsetting
balance sheet collateral
sheet instruments
(received/pledged)
Total 8,568.90 (278.13) 8,290.77 (7.40) - 8,283.37
The following table discloses the amounts that have been offset in arriving at the balance sheet presentation and the amounts that are available
(` in crores)
Gross amount master netting arrangement
Net amount
Gross amount recognised as set Cash Net amount after
presented in the
recognised off in the balance Financial collateral offsetting
balance sheet
sheet instruments (received/
pledged)
Financial assets
(c) Loans and advances-current 240.03 (7.89) 232.14 - - 232.14
Total 3,345.69 (167.89) 3,177.80 (21.52) - 3,156.28
(b) Trade payables 8,270.14 (167.89) 8,102.25 - - 8,102.25
Total 8,549.62 (167.89) 8,381.73 (21.52) - 8,360.21
(c) Financial risk management
In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity
prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.
The Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated with
the financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of
directors. The risk management framework aims to:
• Create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company’s
business plan.
• Achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.
(i) Market risk
Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change
in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates,
foreign currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements
cannot be normally predicted with reasonable accuracy.
(a) Foreign currency exchange rate risk:
The fluctuation in foreign currency exchange rates may have potential impact on the income statement, statement of
comprehensive income, balance sheet, statement of changes in equity and statement of cash flows where any transaction
references more than one currency or where assets/liabilities are denominated in a currency other than the functional
currency.
Considering the countries and economic environment in which the Company operates, its operations are subject to risks
arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar, Euro
and GBP against the respective functional currencies of the Company.
The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge
foreign exchange and interest rate exposure. Any weakening of the functional currency may impact the Company’s cost of
exports and cost of borrowings and consequently may increase the cost of financing the Company’s capital expenditures.

Standalone
The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.
It hedges a part of these risks by using derivative financial instruments in accordance with its risk management policies.
The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate
exposure of each currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each
currency by 10% while keeping the other variables as constant.
The exposure as indicated below is mitigated by some of the derivative contracts entered into by the Company as disclosed
in (iv) derivative financial instruments and risk management below.
The following table sets forth information relating to foreign currency exposure (other than risk arising from derivatives
disclosed at clause (iv) below) as of March 31, 2021:
(` in crores)
U.S. dollar Euro GBP Chinese Yuan Others1 Total
Financial assets 248.18 16.94 104.53 0.06 29.04 398.75
Financial liabilities 6,769.43 212.30 185.88 13.14 12.03 7,192.78
1 Others mainly include currencies such as the Russian ruble, Japanese yen, Swiss franc, Indonesian Rupiahs, Thai
bahts and Korean won.
10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company
would result in decrease/increase in the Company’s net profit/(loss) before tax by approximately `39.88 crores and
`719.28 crores for financial assets and financial liabilities respectively for the year ended March 31, 2021.
The following table sets forth information relating to foreign currency exposure (other than risk arising from
derivatives disclosed at clause (iv) below) as of March 31, 2020:
(` in crores)
U.S. dollar Euro GBP ZAR Others2 Total
Financial assets 1,369.00 8.67 44.12 24.42 10.90 1,457.11
Financial liabilities 9,136.47 349.69 281.98 5.88 28.09 9,802.11
2 Others mainly include currencies such as the Russian ruble, Japanese yen, Swiss franc, Australian dollars, South
African rand and Korean won.
10% appreciation/depreciation of the respective foreign currencies with respect to functional currency of the Company
would result in decrease/increase in the Company’s net profit/(loss) before tax by approximately `145.71 crores and
`980.21 crores for financial assets and financial liabilities, respectively for the year ended March 31, 2020.
(Note: The impact is indicated on the profit/(loss) before tax basis.)
(b) Interest rate risk
Interest rate risk is the risk that changes in market interest rates will lead to changes in fair value of financial instruments or
changes in interest income, expense and cash flows of the Company.
The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company’s interest rate
exposure is mainly related to debt obligations. The Company also uses a mix of interest rate sensitive financial instruments
to manage the liquidity and fund requirements for its day to day operations like short term loans.
As at March 31, 2021 and 2020, financial liabilities of `5,843.60 crores and `6,638.55 crores, respectively, were subject
to variable interest rates. Increase/decrease of 100 basis points in interest rates at the balance sheet date would result in
decrease/increase in profit/(loss) before tax of `58.44 crores and `66.39 crores for the year ended March 31, 2021 and
2020, respectively.
The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets
and liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in
market interest rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market
interest rates, while interest rates on other types of assets may change with a lag.
The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation
also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding
as at that date. The period end balances are not necessarily representative of the average debt outstanding during the
period.

This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
(Note: The impact is indicated on the profit/(loss) before tax basis).
(c) Equity Price risk
Equity Price Risk is related to the change in market reference price of the investments in equity securities.
The fair value of some of the Company’s investments measured at fair value through other comprehensive income exposes
the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value
of Company’s investment in quoted equity securities as of March 31, 2021 and 2020 was `446.22 crores and `140.96
crores, respectively. A 10% change in equity price as of March 31, 2021 and 2020 would result in a pre- tax impact of `44.62
crores and `14.10 crores, respectively.
(Note: The impact is indicated on equity before consequential tax impact, if any).
(ii) Credit risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms
or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as
concentration risks.
Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value
through profit and loss, trade receivables, loans and advances and derivative financial instruments. The Company strives to
promptly identify and reduce concerns about collection due to a deterioration in the financial conditions and others of its main
counterparties by regularly monitoring their situation based on their financial condition. None of the financial instruments of the
Company result in material concentrations of credit risks.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was
`12,119.25 crores and `9,966.54 crores as at March 31, 2021 and 2020, respectively, being the total of the carrying amount of
balances with banks, short term deposits with banks, trade receivables, finance receivables, margin money and other financial
assets excluding equity investments.
Financial assets that are neither past due nor impaired
None of the Company’s cash equivalents, including short term deposits with banks, are past due or impaired. Regarding trade
receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications
as at March 31, 2021, and March 31, 2020, that defaults in payment obligations will occur.
Credit quality of financial assets and impairment loss
The ageing of trade receivables as of balance sheet date is given below. The age analysis has been considered from the due date.
(` in crores)
Trade receivables
Gross Allowance Net Gross Allowance Net
Period (in months)
(a) Not due 1,030.32 (8.74) 1,021.58 870.05 (3.93) 866.12
(b) Overdue up to 3 months 395.34 (25.89) 369.45 426.24 (6.11) 420.13
(c) Overdue 3-6 months 123.43 (5.11) 118.32 206.44 (26.49) 179.95
(d) Overdue more than 6 months 1,123.20 (545.04) 578.16 1,115.08 (603.22) 511.86
Total 2,672.29 (584.78) 2,087.51 2,617.81 (639.75) 1,978.06
Trade receivables overdue more than six months include `538.91 crores as at March 31, 2021 (`471.35 crores as at March 31,
2020) outstanding from Government organizations in India, which are considered recoverable.
Trade receivables consist of a large number of various types of customers, spread across geographical areas. Ongoing credit
evaluation is performed on the financial condition of these trade receivables and where appropriate allowance for losses are
provided. Further the Company, groups the trade receivables depending on type of customers and accordingly credit risk is
determined.

Standalone
(iii) Liquidity risk

Liquidity risk refers to the risk that the Company will encounter difficulty to meet its financial obligations. The objective of liquidity
risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company has obtained fund and non-fund based working capital lines from various banks. Further, the Company has access
to funds from debt markets through commercial paper programs, non-convertible debentures, senior notes and other debt
instruments. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds,
which carry no/low mark to market risks. The Company has also invested 15% of the amount of non-convertible debentures
(taken/issued by the Company) falling due for repayment in the next 12 months in bank deposits, to meet the regulatory norms
of liquidity requirements.
The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining
financial flexibility.
The table below provides undiscounted contractual maturities of financial liabilities, including estimated interest payments as at
March 31, 2021:
(` in crores)
Total
Carrying Due in 1st Due in 2nd Due in 3rd to Due after 5th
Financial liabilities contractual
amount Year Year 5th Year Year
cash flows
(a) Trade payables 8,115.01 8,115.01 - - - 8,115.01
(b) Acceptances 7,873.12 7,873.12 - - - 7,873.12
(c) Borrowings and interest thereon 22,117.08 6,998.65 4,031.24 13,447.83 2,341.92 26,819.64
(d) Other financial liabilities 1,491.64 1,093.49 142.11 296.38 100.19 1,632.17
(e) Lease liabilities 690.21 191.53 178.15 288.04 233.49 891.21
(f) Derivative liabilities 175.76 9.27 - 201.54 - 210.81
Total 40,462.82 24,281.07 4,351.50 14,233.79 2,675.60 45,541.96
The table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments
as at March 31, 2020:
(` in crores)
Total
Carrying Due in 1st Due in 2nd Due in 3rd to Due after 5th
Financial liabilities contractual
amount Year Year 5th Year Year
cash flows
(a) Trade payables 8,102.25 8,102.25 - - - 8,102.25
(b) Acceptances 2,741.69 2,741.69 - - - 2,741.69
(c) Borrowings and interest thereon 25,843.49 12,027.85 3,832.86 8,535.65 5,845.32 30,241.68
(d) Other financial liabilities 1,605.99 1,013.70 199.60 357.53 62.52 1,633.35
(e) Lease liabilities 605.54 191.98 159.85 240.31 129.76 721.90
(f) Derivative liabilities 279.48 39.03 - 21.07 219.38 279.48
Total 39,178.44 24,116.50 4,192.31 9,154.56 6,256.98 43,720.35
(iv) Derivative financial instruments and risk management
The Company has entered into a variety of foreign currency, interest rates and commodity forward contracts and options to
manage its exposure to fluctuations in foreign exchange rates, interest rates and commodity price risk. The counterparty is
generally a bank. These financial exposures are managed in accordance with the Company’s risk management policies and
procedures.
The Company also enters into interest rate swaps and cross currency interest rate swap agreements, mainly to manage exposure
on its fixed rate or variable rate debt. The Company uses interest rate derivatives or currency swaps to hedge exposure to
exchange rate fluctuations on principal and interest payments for borrowings denominated in foreign currencies.
Specific transactional risks include risks like liquidity and pricing risks, interest rate and exchange rate fluctuation risks, volatility
risks, counterparty risks, settlement risks and gearing risks.
Fair value of derivative financial instruments are determined using valuation techniques based on information derived from
observable market data.

The fair value of derivative financial instruments is as follows:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Foreign currency forward exchange contracts and options 746.85 941.36
(b) Commodity Derivatives 13.32 (12.79)
(c) Interest rate derivatives (166.49) (240.45)
Total 593.68 688.12
The gain/(loss) due to fluctuation in foreign currency exchange rates on derivative contracts, recognised in the income statement
was `(184.97) crores and `291.73 crores for the years ended March 31, 2021 and 2020, respectively.
(v) Commodity Price Risk
The Company is exposed to commodity price risk arising from the purchase of certain raw materials such as aluminium, copper,
platinum and palladium. This risk is mitigated through the use of derivative contracts and fixed-price contracts with suppliers. The
derivative contracts are not hedge accounted under Ind AS 109 but are instead measured at fair value through profit or loss.
The (gain)/loss on commodity derivative contracts, recognised in the statement of profit and loss was `(40.39) crores and `20.70
crores for the years ended March 31, 2021 and 2020, respectively.

Standalone
43. SEGMENT REPORTING

The Company primarily operates in the automotive segment. The automotive segment includes all activities relating to development, design,
manufacture, assembly and sale of vehicles, as well as sale of related parts and accessories. The Company’s products mainly include
commercial vehicles and passenger vehicles.
Accordingly, the automotive segment is bifurcated into the following:
(i) Commercial vehicles
(ii) Passenger vehicles
(` in crores)
For the year ended/as at March 31, 2021
Commercial Passenger Corporate/
Total
Vehicle Vehicle* Unallocable
Revenues:
External revenue 29,899.07 16,856.43 275.97 47,031.47
Inter-segment/intra-segment revenue - - - -
Total revenues 29,899.07 16,856.43 275.97 47,031.47
Segment results before other income (excluding 18.38 (1,568.28) (89.23) (1,639.13)
incentives), finance costs, foreign exchange loss (net),
exceptional items and tax :
Reconciliation to Profit/(loss) before tax:
Other income (excluding incentives) 294.69
Finance costs (2,358.54)
Foreign exchange loss (net) (1.67)
Exceptional items gain/(loss) (net) (159.21) 1,699.63 (148.34) 1,392.08
Profit/(loss) before tax (2,312.57)
Depreciation and amortisation expense 1,574.04 1,950.89 156.68 3,681.61

Capital expenditure 1,533.88 679.23 (68.24) 2,144.87
Segment assets 22,478.62 16,669.73 39,148.35
Reconciliation to total assets:
Assets classified as held for sale 220.80
Investments in subsidiaries, associates and joint ventures 15,147.26
Other investments 2,545.91
Current and non-current tax assets (net) 715.31
Corporate/Unallocable assets 7,282.03
Total assets 65,059.66
Segment liabilities 16,296.11 5,725.94 22,022.05
Reconciliation to total liabilities:
Borrowings 21,748.72
Current tax liabilities (net) 37.84
Deferred tax liabilities (net) 266.50
Corporate/Unallocable liabilities 1,928.58
Total liabilities 46,003.69
* Includes Tata and Fiat brand vehicles

(` in crores)
Commercial Passenger Corporate/
Total
Vehicle Vehicle* Unallocable
Revenues:
External revenue 32,932.89 10,772.47 222.81 43,928.17
Inter-segment/intra-segment revenue - - - -
Total revenues 32,932.89 10,772.47 222.81 43,928.17
Segment results before other income (excluding (207.60) (2,727.57) (263.92) (3,199.09)
incentives), finance costs, foreign exchange loss (net),
exceptional items and tax :
Reconciliation to Profit before tax:
Other income (excluding incentives) 794.67
Finance costs (1,973.00)
Foreign exchange loss (net) (239.00)
Exceptional items gain/(loss) (net) 71.52 (2,222.85) (359.59) (2,510.92)
Profit before tax (7,127.34)
Depreciation and amortisation expense 1,510.70 1,699.49 165.10 3,375.29

Capital expenditure 2,311.82 2,573.73 426.34 5,311.89
Segment assets 21,845.57 16,774.98 38,620.55
Assets classified as held for sale 191.07
Investments in subsidiaries, associates and joint ventures 15,182.29
Current and non-current tax assets (net) 727.97
Corporate/Unallocable assets 6,434.11
Segment liabilities 11,237.44 5,204.60 16,442.04
Current tax liabilities (net) 31.49
Deferred tax liabilities (net) 198.59
Corporate/Unallocable liabilities 2,085.33
* Includes Tata and Fiat brand vehicles
(` in crores)
For the year ended/as at March 31, 2021 For the year ended/as at March 31, 2020
Information concerning principal geographic areas is as
Outside Outside
follows: Within India Total Within India Total
India India
Net sales to external customers by geographic area by 44,467.05 2,564.42 47,031.47 40,452.00 3,476.17 43,928.17
location of customers
Non- Current Assets [Property, plant and equipment, 29,387.37 42.19 29,429.56 29,659.04 43.74 29,702.78
right of use assets, intangible assets, other non-current
assets (non-financial) and Goodwill] by geographic area

Standalone
44. RELATED-PARTY TRANSACTIONS

The Company’s related parties principally includes subsidiaries, joint operations, associates and their subsidiaries, Tata Sons Pvt Limited,
subsidiaries and joint ventures of Tata Sons Pvt Limited. The Company routinely enters into transactions with these related parties in the
ordinary course of business.
All transactions with related parties are conducted at arm’s length price under normal terms of business and all amounts outstanding are
unsecured and will be settled in cash
The following table summarises related-party transactions and balances for the year ended / as at March 31, 2021:
(` in crores)
Tata Sons Pvt Ltd,
Joint Associates and its
Subsidiaries its subsidiaries and Total
Arrangements subsidiaries
joint arrangements
A) Transactions
Purchase of products 344.77 3,868.63 1,967.89 22.75 6,204.04
Sale of products 379.47 1,179.01 144.51 567.86 2,270.85
Services received 984.83 0.74 9.18 170.52 1,165.27
Services rendered 204.69 4.49 8.30 0.48 217.96
Bills discounted 216.91 - - 5,947.23 6,164.14
Purchase of property, plant and equipment 1.42 - 24.82 3.66 29.90
Sale of property, plant and equipment - - - 34.21 34.21
Sale of business 10.30 - - - 10.30
Finance given (including loans and equity) 93.07 - - 41.25 134.32
Finance given, taken back (including loans
40.00 - - - 40.00
and equity)
Finance taken (including loans and equity) 1,407.25 - 211.00 2,602.51 4,220.76
Finance taken, paid back (including loans
1,126.75 - 162.00 - 1,288.75
and equity)
Interest (income)/expense, dividend
9.75 18.37 5.69 59.80 93.61
(income)/paid, net
Borrowing towards lease Liability - 167.99 - - 167.99
Repayment towards lease liability - 14.14 - - 14.14
(B) Balances
Amounts receivable in respect of loans and
701.70 - - - 701.70
interest thereon
Amounts payable in respect of loans and
372.00 - 95.00 4.83 471.83
interest thereon
Amount payable in respect of Lease Liability - 265.85 - - 265.85
Trade and other receivables 272.16 - 39.22 79.71 391.09
Trade payables 427.45 156.94 60.96 67.01 712.36
Acceptances 42.13 - - 929.07 971.20
Assets / deposits given/taken as security 3.30 - - - 3.30

(` in crores)
Tata Sons Pvt Ltd,
joint arrangements
Provision for amount receivable (including
708.93 - - - 708.93
loans)
The following table summarises related-party transactions and balances for the year ended / as at March 31, 2020:
(` in crores)
Tata Sons Pvt Ltd,
joint arrangements
A) Transactions
Purchase of products 1,022.75 2,782.26 1,719.27 35.76 5,560.04
Sale of products 1,226.54 681.10 185.52 546.73 2,639.89
Services received 1,420.38 3.83 22.89 163.01 1,610.11
Services rendered 167.30 5.51 12.67 0.31 185.79
Bills discounted - - - 3,148.52 3,148.52
Purchase of property, plant and equipment 290.93 - 81.00 0.46 372.39
Sale of business 25.85 - - - 25.85
Finance given (including loans and equity) 503.24 10.07 - - 513.31
Finance given, taken back (including loans
482.50 - - -
and equity)
Finance taken (including loans and equity) 1,545.75 - 104.00 3,891.85 5,541.60
Finance taken, paid back (including loans
1,567.00 - 81.00 - 1,648.00
and equity)
Interest (income)/expense, dividend
(217.21) 4.09 (13.19) (4.81) (231.12)
(income)/paid, net
Borrowing towards lease Liability - 113.83 - - 113.83
Repayment towards lease liability - (1.83) - - (1.83)
(B) Balances
Amounts receivable in respect of loans and
647.50 15.82 - - 663.32
interest thereon
Amounts payable in respect of loans and
91.50 - 46.00 0.62 138.12
interest thereon
Amount payable in respect of Lease
- 112.00 - -
Liability
Trade and other receivables 427.71 0.03 24.73 32.49 484.96
Trade payables 688.42 272.66 272.48 39.85 1,273.41
Acceptances - - - 76.90 76.90
Assets / deposits given/taken as security 3.29 - - - 3.29
Provision for amount receivable (including
647.28 15.82 - - 663.10
loans)

Standalone
Details of significant transactions are given below:

Name of Related Party Nature of relationship
March 31, 2021 March 31, 2020
i) Bill discounted
Tata Capital Tata Sons Pvt Ltd, its subsidiaries and joint 5,947.23 3,148.52
arrangements
ii) Preferential allotment
Tata Sons Pvt Ltd Parent company 2,602.51 3,891.85
iii) Purchase of fixed assets
TML Business Services Ltd [formerly Subsidiaries - 286.40
known as Concorde Motors (India) Limited]
Compensation of key management personnel:

(` in crores)
March 31, 2021 March 31, 2020
Short-term benefits 26.65 25.31
Post-employment benefits* 2.00 4.41
Employees stock option plan 0.68 0.62
The compensation of CEO and Managing Director is `20.58 crores and `16.48 crores for the year ended March 31, 2021 and 2020,
respectively. This compensation for year ended March 31, 2021, includes `2.83 crores of performance bonus and long term incentive for the
year ended March 31, 2020, approved in the year ended March 31, 2021. The amount for year ended March 31, 2021 excludes Performance
and Long Term Incentives, which will be accrued post approval by the Board of Directors. The Company has reappointed CEO and Managing
Director from February 15, 2021 till June 30, 2021, which is subject to the approval of the Central Government and the Shareholders.
Remuneration for the period February 15, 2021 to March 31, 2021 of `1.89 crores (`11.82 crores for the year ended March 31, 2020)
included above is subject to the approval.
* For the year ended March 31, 2020, the Compensation of COO and Executive Director includes `2.41 crores for Gratuity, leave encashment
and Ex-gratia paid on superannuation.
Refer note 47 for information on transactions with post employment benefit plans.

45. DISCLOSURES REQUIRED BY SCHEDULE V OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2015 AND SECTION 186 (4) OF THE COMPANIES ACT, 2013
(a) Amount of loans / advances in nature of loans outstanding from subsidiaries as at March 31, 2021, on a standalone basis.
(` in crores)
Outstanding as at Maximum amount
March 31, 2021/ outstanding during
March 31, 2020 the year
NAME OF THE COMPANY
(i) Subsidiaries:
Tata Motors European Technical Centre Plc., UK 42.82 42.82
[Tata Motors European Technical Centre has utilised this loan for investment in National 39.74 39.74
Automotive Innovation Centre set up jointly with University of Warwick and Jaguar Land
Rover Ltd and carried an interest rate of 12 months LIBOR+ 3% prevailing rate (3.8625% p.a
- 3.9224% p.a)]
Tata Hispano Motors Carrocera S.A. 556.86 556.86
(Tata Hispano Motors Carrocera S.A. has utilised this loan for meeting its capex requirement, 547.18 547.18
grant repayemnt and general corporate purposes, which is fully provided)
Tata Hispano Motors Carroceries Maghreb SA 58.39 58.39
(Tata Hispano Motors Carroceries Maghreb SA has utilised this loan for general corporate 58.39 58.39
purposes, which is partly provided)
Tata Precision Industries Pte Ltd - -
(Tata Precision Industries Pte Ltd has utilised this loan for general corporate purposes. The 0.53 0.53
interest rate was 12M LIBOR+ 3% at prevailing rate)
Trilix S.r.l 13.37 13.37
(Trilix SRL has utilised this loan for general corporate purposes, which is fully provided. The - -
interest rate is 12M EURIBOR + 3%)
JT Special Vehicle (P) Ltd * - -
(JT Special Vehicle (P) Ltd has utilised this loan for general corporate purposes and carried an 3.75 3.75
interest rate of 9.76% p.a)
JT Special Vehicle (P) Ltd * - -
(Inter corporate deposit utilised for working capital finance at the rate of interest of 10.25%. 12.07 12.07
Effective 1st July 2020, the interest rate was revised to 8.5%)
* JT Special Vehicle (P) Ltd ceased to be a Joint Venture and became a Wholly-owned Subsidiary w.e.f. August 11, 2020
(b) Details of Investments made are given in notes 7, 8, and 9 .

46. DETAILS OF SIGNIFICANT INVESTMENTS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
Country of % direct holding
Name of the Company incorporation/ As at As at
Place of business March 31, 2021 March 31, 2020
Subsidiaries
TML Business Services Ltd India 100.00 100.00
Tata Motors Insurance Broking and Advisory Services Ltd India 100.00 100.00
Tata Motors European Technical Centre Plc UK 100.00 100.00
Tata Technologies Ltd India 74.43 72.48
TMF Holdings Ltd India 100.00 100.00
Tata Marcopolo Motors Ltd India 51.00 51.00
TML Holdings Pte Ltd Singapore 100.00 100.00
TML Distribution Company Ltd India 100.00 100.00
Tata Hispano Motors Carrocera S.A Spain 100.00 100.00
Tata Hispano Motors Carroceries Maghreb S.A Morocco 100.00 100.00
Trilix S.r.l Italy 100.00 100.00
Brabo Robotics and Automation Limited India 100.00 100.00
Tata Precision Industries Pte Ltd Singapore 78.39 78.39
JT Special Vehicle (P) Ltd India 100.00 50.00
Associates
Automobile Corporation of Goa Limited India 48.98 48.98
Nita Co. Ltd Bangladesh 40.00 40.00
Tata AutoComp Systems Ltd India 26.00 26.00
Tata Hitachi Construction Machinery Company Private Ltd India 39.74 39.74

Standalone
47. EMPLOYEE BENEFITS
(i) Defined Benefit Plan

Pension and post retirement medical plans
The following tables sets out the funded and unfunded status and the amounts recognised in the financial statements for the pension and the
post retirement medical plans in respect of Tata Motors and joint operations:
(` in crores)
Pension Benefits Post retirement medical Benefits
As at As at As at As at
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Change in defined benefit obligations :
Defined benefit obligation, beginning of the year 1,175.83 1,038.21 156.43 144.23
Current service cost 75.79 68.20 7.67 7.16
Interest cost 76.65 76.95 10.49 10.45
Remeasurements (gains) / losses
Actuarial losses arising from changes in demographic (2.62) 3.49 - -
assumptions
Actuarial losses arising from changes in financial assumptions (0.11) 33.36 5.89 8.06
Actuarial (gains) / losses arising from changes in experience (11.38) 26.59 0.17 (4.17)
adjustments
Transfer in/(out) of liability (6.95) (0.61) - (0.05)
Benefits paid from plan assets (111.65) (64.84) - -
Benefits paid directly by employer (6.51) (5.52) (8.87) (9.25)
Defined benefit obligation, end of the year 1,189.05 1,175.83 171.78 156.43
Change in plan assets:

Fair value of plan assets, beginning of the year 1,012.60 914.61 - -
Interest income 69.19 72.11 - -
Remeasurements losses
Return on plan assets, (excluding 33.58 (20.18) - -
amount included in net Interest expense)
Employer’s contributions 103.09 111.43 - -
Transfer in/(out) of liability (6.54) (0.53) - -
Benefits paid (111.65) (64.84) - -
Fair value of plan assets, end of the year 1,100.28 1,012.60 - -
(` in crores)
Amount recognised in the balance sheet consists of
Present value of defined benefit obligation 1,189.05 1,175.83 171.78 156.43
Fair value of plan assets 1,100.28 1,012.60 - -
Asset ceiling (2.85) - - -
Net liability (85.92) (163.23) (171.78) (156.43)
Amounts in the balance sheet:
Non–current assets 41.96 1.17 - -
Non–current liabilities (127.88) (164.40) (171.78) (156.43)
Net liability (85.92) (163.23) (171.78) (156.43)

Total amount recognised in other comprehensive income consists of

(` in crores)
Remeasurements (gains) / losses 105.63 150.48 (34.96) (41.02)
105.63 150.48 (34.96) (41.02)
Information for funded plans with a defined benefit obligation in excess of plan assets:
(` in crores)
Pension Benefits
As at As at
March 31, 2021 March 31, 2020
Defined benefit obligation 14.17 1,028.77
Fair value of plan assets 13.59 990.15
Information for funded plans with a defined benefit obligation less than plan assets:
(` in crores)
Pension Benefits
As at As at
March 31, 2021 March 31, 2020
Defined benefit obligation 1,042.15 21.28
Fair value of plan assets 1,086.69 22.45
Information for unfunded plans:

(` in crores)
Defined benefit obligation 132.73 125.78 171.78 156.43
Net pension and post retirement medical cost consist of the following components:
(` in crores)
Year ended Year ended Year ended Year ended
Service cost 75.79 68.20 7.67 7.16
Net interest cost 7.46 4.84 10.49 10.45
Net periodic cost 83.25 73.04 18.16 17.61

Standalone
Other changes in plan assets and benefit obligation recognised in other comprehensive income.
(` in crores)
Year ended Year ended Year ended Year ended
Remeasurements
Return on plan assets, (excluding amount included in net (33.58) 20.18 - -
Interest expense)
Actuarial (gains)/losses arising from changes in demographic (2.62) 3.49 - -
assumptions
Actuarial (gains)/losses arising from changes in financial (0.11) 33.36 5.89 8.06
assumptions
Asset ceiling 2.85 - - -
adjustments on plan liabilities
Total recognised in other comprehensive income (44.85) 83.62 6.06 3.89
Total recognised in statement of comprehensive income 38.40 156.66 24.22 21.50
The assumptions used in accounting for the pension and post retirement medical plans are set out below:
(` in crores)
Discount rate 6.10%-6.90% 6.10%-6.90% 6.90% 6.90%
Rate of increase in compensation level of covered employees 5.75% - 10.00% 5.00% - 10.00% NA NA
Increase in health care cost NA NA 6.00% 6.00%
Plan Assets
The fair value of Company’s pension plan asset as of March 31, 2021 and 2020 by category are as follows:
(` in crores)
Pension Benefits
As at As at
March 31, 2021 March 31, 2020
Asset category:
Cash and cash equivalents 5.0% 6.5%
Debt instruments (quoted) 65.9% 67.5%
Debt instruments (unquoted) 0.4% 0.6%
Equity instruments (quoted) 5.9% 2.9%
Deposits with Insurance companies 22.9% 22.5%
100.0% 100.0%
The Company’s policy is driven by considerations of maximising returns while ensuring credit quality of the debt instruments. The asset
allocation for plan assets is determined based on investment criteria prescribed under the Indian Income Tax Act, 1961, and is also subject
to other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To measure plan
asset performance, the Company compares actual returns for each asset category with published bench marks.
The weighted average duration of the defined benefit obligation as at March 31, 2021 is 13.1 years ( March 31, 2020 : 14.0 years).
The Company expects to contribute `87.73 crores to the funded pension plans during the year ended March 31, 2022.

The table below outlines the effect on the service cost, the interest cost and the defined benefit obligation in the event of a decrease/increase
of 1% in the assumed rate of discount rate, salary escalation and health care cost:
Assumption Change in assumption Impact on defined benefit obligation Impact on service cost and interest cost
Discount rate Increase by 1% `92.01 crores `20.65 crores

Decrease by 1% `127.06 crores `21.30 crores
Salary escalation rate Increase by 1% `96.96 crores `19.75 crores

Health care cost Increase by 1% `20.47 crores `4.31 crores

Provident Fund
The following tables set out the funded status of the defined benefit provident fund plan of Tata Motors Limited and the amounts recognized
in the Company’s financial statements.
(` in crores)
Particulars
March 31, 2021 March 31, 2020
Change in benefit obligations:
Defined benefit obligations at the beginning 3,865.99 3,509.30
Service cost 127.88 125.19
Employee contribution 298.48 288.36
Acquisitions (credit) / cost (118.74) (138.41)
Interest expense 327.79 296.54
Actuarial (gains) / losses arising from changes in experience adjustments on plan liabilities 9.20 3.89
Actuarial (gains) / losses arising from changes in financial assumptions 41.99 -
Benefits paid (231.71) (218.88)
Defined benefit obligations at the end 4,320.88 3,865.99
Fair value of plan assets at the beginning 3,845.14 3,520.82
Acquisition Adjustment (118.74) (138.41)
Interest income 324.44 302.42
Return on plan assets excluding amounts included in interest income (8.23) (32.82)
Contributions (employer and employee) 424.60 412.01
Benefits paid (231.71) (218.88)
Fair value of plan assets at the end 4,235.50 3,845.14
(` in crores)
As at As at
Amount recognised in the balance sheet consists of
March 31, 2021 March 31, 2020
Present value of defined benefit obligation 4,320.88 3,865.99
Fair value of plan assets 4,235.50 3,845.14
Effect of asset ceiling - (2.99)
Net liability 85.38 23.84
Non-Current liability 85.38 23.84

Standalone
(` in crores)
As at As at
Total amount recognised in other comprehensive income consists of:
March 31, 2021 March 31, 2020
Remeasurements (gains) / losses 80.22 17.81
80.22 17.81
(` in crores)
Net periodic cost for Provident Fund consists of following components:
March 31, 2021 March 31, 2020
Net interest cost / (income) 3.35 (5.88)
Net periodic cost 131.23 119.31
(` in crores)
March 31, 2021 March 31, 2020
Remeasurements
Return on plan assets, (excluding amount included in net Interest expense) 8.23 32.82
Adjustments for limits on net asset 2.99 (18.90)
Total recognised in other comprehensive income 62.41 17.81
Total recognised in statement of profit and loss and other comprehensive income 193.64 137.12
The assumptions used in determining the present value obligation of the Provident Fund is set out below:
(` in crores)
As at As at
Particulars
March 31, 2021 March 31, 2020
Discount rate 6.90% 6.90%
Expected rate of return on plan assets 8.20% to 8.40% 8.20% to 8.60%
Remaining term to maturity of portfolio 19.7 19.0
The breakup of the plan assets into various categories as at March 31, 2021 is as follows:
(` in crores)
As at As at
Particulars
March 31, 2021 March 31, 2020
Central and State government bonds 45.0% 44.2%
Public sector undertakings and Private sector bonds 33.8% 34.1%
Others 21.2% 21.7%
Total 100.0% 100.0%
The asset allocation for plan assets is determined based on investment criteria prescribed under the relevant regulations.
As at March 31, 2021, the defined benefit obligation would be affected by approximately `160.84 crores on account of a 0.50% decrease in
the expected rate of return on plan assets.
The Company expects to contribute `82.73 crores to the defined benefit provident fund plan in Fiscal 2022.
(ii) The Company’s contribution to defined contribution plan aggregated to `78.79 crores and `77.89 crores for the years ended March 31, 2021
and 2020, respectively.

48. ADDITIONAL INFORMATION

The financial statements include the Company’s proportionate share of assets, liabilities, income and expenditure in its two Joint Operations,
namely Tata Cummins Private Limited and Fiat India Automobile Private Limited. Below are supplementary details of Tata Motors Limited on
standalone basis excluding interest in the aforesaid two Joint Operations:
A. Balance Sheet
(` in crores)
As at As at
March 31, 2021 March 31, 2020
I. ASSETS
(1) NON-CURRENT ASSETS
(a) Property, plant and equipment 17,143.04 16,778.66
(b) Capital work-in-progress 1,324.21 1,626.53
(c) Right of use assets 979.48 724.08
(d) Other intangible assets 6,156.56 5,284.19
(e) Intangible assets under development 1,604.23 2,738.02
(f) Investments in subsidiaries, joint arrangements and associates 16,804.30 16,839.33
(g) Financial assets
(i) Investments 967.65 548.57
(ii) Loans and advances 125.74 137.93
(iii) Other financial assets 1,606.19 1,490.38
(h) Non-current tax assets (net) 651.91 654.55
(i) Other non-current assets 836.77 1,056.77
48,200.08 47,879.01
(2) CURRENT ASSETS
(a) Inventories 3,911.75 3,211.11
(b) Financial assets
(i) Investments 1,470.41 885.31
(ii) Trade receivables 1,778.19 1,851.09
(iii) Cash and cash equivalents 1,666.16 1,815.32
(iv) Bank balances other than (iii) above 1,951.53 1,338.70
(v) Loans and advances 181.26 216.49
(vi) Other financial assets 1,644.11 1,379.39
(c) Assets classified as held-for-sale 220.80 191.07
(d) Other current assets 1,051.53 1,241.50
13,875.74 12,129.98
TOTAL ASSETS 62,075.82 60,008.99
EQUITY
(a) Equity share capital 765.81 719.54
(b) Other equity 17,231.97 16,908.03
17,997.78 17,627.57
LIABILITIES
(1) NON-CURRENT LIABILITIES
(i) Borrowings 15,805.70 14,161.58
(iii) Other financial liabilities 646.08 779.56
(b) Provisions 1,316.38 1,698.92
(c) Other non-current liabilities 485.21 186.11
19,060.30 17,412.27
(2) CURRENT LIABILITIES
(i) Borrowings 2,486.36 6,014.40
(iv) Acceptances 7,873.12 2,741.69
(v) Other financial liabilities 3,955.20 5,731.13
(b) Provisions 1,166.36 1,429.44
(c) Current tax liabilities (net) 12.57 12.57
(d) Other current liabilities 2,194.61 1,304.34
25,017.74 24,969.15

Standalone
B. Statement of Profit and Loss

(` in crores)
Year ended March Year ended March
Particulars
31, 2021 31, 2020
Revenue from operations
Revenue 46,065.61 42,524.46
Other operating revenue 471.00 438.57
I. Total revenue from operations 46,536.61 42,963.03
II. Other Income 558.34 1,168.59
IV. Expenses
(a) Cost of materials consumed 28,493.12 24,758.46
(b) Purchases of products for sale 7,518.05 6,912.97
(c) Changes in inventories of finished goods, work-in-progress and products for sale (108.48) 760.04
(d) Employee benefits expense 3,987.72 4,156.75
(e) Finance costs 2,288.61 1,906.12
(f) Foreign exchange loss (net) 29.02 193.54
(h) Product development/Engineering expenses 907.44 829.58
(i) Other expenses 5,612.48 7,455.40
(j) Amount transferred to capital and other accounts (817.53) (1,158.83)
V. Profit/(loss) before exceptional items and tax (III-IV) (4,144.43) (4,805.01)
VI. Exceptional items
(a) Employee separation cost 215.97 0.33
(b) Write off/provision (reversal) for tangible/intangible assets (including under - (73.03)
development)
(c) Provision/(reversal) for loan given to/investment and cost of closure in subsidiary 123.36 385.62
companies/joint venture (net)
(d) Impairment losses/(reversal) in passenger vehicle business (1,182.41) 1,418.64
(e) Provision/(reversal) for Onerous Contracts and related supplier claims (549.00) 777.00
VII. Profit/(loss) before tax (V-VI) (2,752.35) (7,313.57)
VIII. Tax expense/(credit) (net)
(a) Current tax (including Minimum Alternate Tax) - 7.51
(b) Deferred tax (65.28) 132.90
Total tax expense (65.28) 140.41
X. Other comprehensive income/(loss):

(A) (i) Items that will not be reclassified to profit and loss:
(a) Remeasurement losses on defined benefit obligations (net) (32.18) (93.41)
(b) Equity instruments at fair value through other comprehensive income 365.84 (115.72)
(ii) Income tax credit/(expense) relating to items that will not be reclassified to profit and (6.53) 30.10
loss
(B) (i) Items that will be reclassified to profit and loss - gains/(losses) in cash flow hedges 168.12 (294.19)
(ii) Income tax credit/(expense) relating to items that will be reclassified to profit and loss (58.75) 102.80
Total other comprehensive income/(loss), net of taxes 436.50 (370.42)
XI. Total comprehensive income/(loss) for the year (IX+X) (2,250.57) (7,824.40)
XII. Earnings/(loss) per share (EPS)

(a) Ordinary shares:
(i) Basic ` (7.39) (21.54)
(ii) Diluted ` (7.39) (21.54)
(b) ‘A’ Ordinary shares:
(i) Basic ` (7.39) (21.54)
(ii) Diluted ` (7.39) (21.54)

C. STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2021
i) Equity Share Capital
(` in crores)
Equity Share
Particulars
Capital

ii) Other Equity

(` in crores)
Capital Retained earnings Other components of equity (OCI)
Money reserve
Share
received Capital Debenture (on
Securities based Equity Cost of Total other
Particulars against redemption redemption merger)/ General Undistributable Hedging
premium payments Distributable instruments hedging equity
Share reserve reserve (sale of Reserve (Ind AS 101) reserve
reserve through OCI reserve
Warrants business)
(net)
Balance as at April 1, 2020 22,194.89 13.14 867.50 2.28 1,038.84 (359.37) 1,726.83 627.03 (8,935.77) (56.00) (168.55) (42.79) 16,908.03
Loss for the year - - - - - - - - (2,687.07) - - - (2,687.07)
Other comprehensive income / - - - - - - - - (20.93) 348.06 67.38 41.99 436.50

(loss) for the year
Total comprehensive income/ - - - - - - - - (2,708.00) 348.06 67.38 41.99 (2,250.57)
(loss) for the year
Share-based payments - 9.04 - - - - - - - - - 9.04
Issue of shares pursuant to 3,423.74 - (867.50) - - - - - - - - 2,556.24
preferential allotment/conversion
of share warrants
Realised gain on investments - - - - - - - - (4.36) 4.36 - - -
held at fair value through Other
Sale of business to a subsidiary - - - - - 9.22 - - - - - - 9.22
company [refer note 49 (vi)]
Transfer from debenture - - - - (134.40) - - - 134.40 - - - -
redemption reserve
Balance as at March 31, 2021 25,618.63 22.18 - 2.28 904.44 (350.15) 1,726.83 627.03 (11,513.73) 296.42 (101.17) (0.80) 17,231.97

|
247
248
|
D. STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 31, 2020
i) Equity Share Capital
(` in crores)
Equity Share
Particulars
Capital
ii) Other Equity
(` in crores)

Money Retained earnings Other components of equity (OCI)
Share Capital
received Capital Debenture Total
Securities based reserve Equity Cost of
Particulars against redemption redemption Undistributable Hedging other
premium payment (on Distributable instruments Hedging
Share reserve reserve (Ind AS 101) reserve equity
reserve merger) through OCI reserve
Warrants
Balance as at April 1, 2019 19,213.93 8.44 - 2.28 1,085.94 (359.37) 627.03 258.71 62.26 (26.40) 6.45 20,879.27
Profit for the year - - - - - - - (7,453.98) - - - (7,453.98)
Other comprehensive income /(loss) - - - - - - - (60.77) (118.26) (142.15) (49.24) (370.42)
for the year
Total comprehensive income/(loss) - - - - - - - (7,514.75) (118.26) (142.15) (49.24) (7,824.40)
for the year
Share-based payments - 4.70 - - - - - - - - - 4.70
Issue of Share warrants - 867.50 - - - - - - - - 867.50
Issue of shares pursuant to 2,980.96 - - - - - - - - - - 2,980.96
preferential allotment (net of issue
expenses of `3.08 crores) and
proceeds from issue of shares held in
abeyance
Transfer from debenture redemption - - - - (47.10) - - 47.10 - - - -
reserve
Balance as at March 31, 2020 22,194.89 13.14 867.50 2.28 1,038.84 (359.37) 627.03 (7,208.94) (56.00) (168.55) (42.79) 16,908.03
Standalone
49. OTHER NOTES:

i) Micro, Small and Medium Enterprises Development Act, 2006
The information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis of information available with the Company. The amount of
principal and interest outstanding during the year is given below :
(` in crores)
As at As at
Particulars
March 31, 2021 March 31, 2020
(a) Amounts outstanding but not due (including capital creditors) 185.64 87.64
as at March 31,
(b) Amounts due but unpaid as at March 31, - Principal 4.07 13.92
(c) Amounts paid after appointed date during the year - Principal 237.39 87.56
(d) Amount of interest accrued and unpaid as at March 31, - Interest 4.64 2.76
(e) Amount of estimated interest due and payable for the period from April 1, - Interest 0.26 0.14
2021 to actual date of payment or May 18, 2021 (whichever is earlier)
ii) The Board of Directors has, at its meeting held on July 31, 2020, approved (subject to the requisite regulatory and other approvals) a Scheme
of Arrangement between Tata Motors Limited and TML Business Analytics Services Limited (Transferee Company) for:
a) Transfer of the PV Undertaking of the Company as a going concern, on a slump sale basis as defined under Section 2(42C) of the
Income-tax Act, 1961, to the Transferee Company for a lump sum consideration of `9,417.00 crores through issuance of equity shares;
and
b) Reduction of its share capital without extinguishing or reducing its liability on any of its shares by writing down a portion of its securities
premium account to the extent of `11,173.59 crores, with a corresponding adjustment to the accumulated losses of the Company.
The Scheme of Arrangement has been filed with National Company Law Tribunal for approval.
iii) The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material
foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting
standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in books of account.
(iv) The Company’s certain assets related to defence business are classified as “Held for Sale” as they meet the criteria laid out under Ind AS 105.
The transaction has been completed in April 2021.
(v) During the year ended March 31, 2021, the Company has transferred its Global Delivery Centre / Process Shared Service business (‘GDC
Business’) unit to subsidiary company TML Business Services Limited (TMLBSL) on a slump sale basis for a lump sum consideration of
`10.30 crores. The difference between the consideration paid and net assets of GDC business of `9.22 crores, has been credited to Capital
reserve (on merger/sale of business).
(vi) During the year ended March 31, 2021, the Company and Marcopolo S.A. have entered into a share purchase agreement where the Company
will purchase the balance 49% shareholding in Tata Marcopolo Motors Ltd (TMML) for a cash consideration of `99.96 crores, subject to
certain closing conditions to be complied by both Parties. On completion of the transaction, TMML will become a wholly owned subsidiary of
the Company.
(vii) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on
November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The Company
will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the
period in which, the Code becomes effective and the related rules to determine the financial impact are published.

For B S R & Co. LLP

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021

Consolidated
INDEPENDENT AUDITORS’ REPORT
To the Members of Tata Motors Limited under those SAs are further described in the Auditor’s Responsibilities for
Report on the Audit of Consolidated Financial Statements the Audit of the Consolidated Financial Statements section of our report.
We are independent of the Group, its associates, joint ventures and joint
Opinion operations in accordance with the ethical requirements that are relevant
We have audited the consolidated financial statements of Tata Motors to our audit of the consolidated financial statements in terms of the Code
Limited (hereinafter referred to as the ‘Holding Company”) and its of Ethics issued by the Institute of Chartered Accountants of India, and
subsidiaries (Holding Company and its subsidiaries together referred to the relevant provisions of the Act , and we have fulfilled our other ethical
as “the Group”), its associates and its joint ventures and joint operations, responsibilities in accordance with these requirements. We believe that
which comprise the consolidated balance sheet as at 31 March 2021, the audit evidence obtained by us along with the consideration of audit
and the consolidated statement of profit and loss (including other reports of the other auditors referred to in the “Other Matters” paragraph
comprehensive income), consolidated statement of changes in equity and below, is sufficient and appropriate to provide a basis for our opinion on the
consolidated statement of cash flows for the year then ended, and notes to consolidated financial statements.
the consolidated financial statements, including a summary of significant
accounting policies and other explanatory information (hereinafter Emphasis of matter
referred to as “the consolidated financial statements”). We draw your attention to Note 2(f) to these consolidated financial
statements, which describes the economic and social consequences/
In our opinion and to the best of our information and according to the disruption the Group is facing as a result of COVID-19 which is impacting
explanations given to us, and based on the consideration of reports of other supply chains / consumer demand / financial markets /commodity prices /
auditors on separate financial statements of such subsidiaries, associates, personnel available for work.
joint ventures and joint operations as were audited by the other auditors,
the aforesaid consolidated financial statements give the information Key Audit Matters
required by the Companies Act, 2013 (“Act”) in the manner so required Key audit matters are those matters that, in our professional judgment
and give a true and fair view in conformity with the accounting principles and based on the consideration of reports of other auditors on separate
generally accepted in India, of the consolidated state of affairs of the Group, financial statements of components audited by them, were of most
its associates, joint ventures and joint operations as at 31 March 2021, of its significance in our audit of the consolidated financial statements of the
consolidated loss and other comprehensive income, consolidated changes current period. These matters were addressed in the context of our audit
in equity and consolidated cash flows for the year then ended. of the consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the Act. Our responsibilities
Description of Key Audit Matter
Key audit matter How the matter was addressed in our audit
1) JLR Group Going concern, as reported by the component auditor of Jaguar Land Rover Automotive Plc (hereinafter referred to as JLR Group).
Disclosure Quality The auditor of the component (JLR Group) considered whether these risks could plausibly affect the liquidity or covenant
The financial statements explain how the Board of JLR compliance in the going concern period by assessing the directors’ sensitivities over the level of available financial resources
Group has formed a judgement that it is appropriate to and covenant thresholds indicated by the JLR Group’s financial forecasts taking account of severe, but plausible, adverse
adopt the going concern basis of preparation for the JLR effects that could arise from these risks individually and collectively.
Group. Their procedures also included:
That judgement is based on an evaluation of the inherent • Assessment of management’s process: Evaluated management’s process to produce forecasts, including the
risks to the JLR Group’s business model, in particular, assessment of internal and external factors used to determine the severe but plausible downward scenarios adopted.
risks associated with the global coronavirus pandemic, the • Funding assessment: Evaluated JLR Group’s financing facilities to ensure that the available terms and covenants
impact of Brexit and how those risks might affect the JLR associated with these facilities, were completely and accurately reflected in the cash flow forecasts;
Group’s financial resources or ability to continue operations • Key dependency assessment: Evaluated whether the key assumptions underpinning the forecast cash flows, which the
over a period to 30 September 2022. directors have used to support the going concern basis of preparation and to assess whether JLR Group can meet its
The risks most likely to adversely affect the JLR Group’s financial commitments as they fall due, were realistic, achievable and consistent with the external environment and other
available financial resources over this period were: matters identified in the audit.
• The impact of coronavirus lockdowns and related The key assumptions include sales volumes together with fixed and variable costs.
potential economic damage on customer demand in They inspected the timing of cash outflows related to the Reimagine restructuring and ensured that they were
JLR Group’s key markets. completely and accurately incorporated into the cash flow forecasts.
• The impact on JLR Group’s supply chain and • Historical comparisons: Evaluated the historical cash flow forecasting accuracy of JLR Group by comparing historical
consequent production capability from semiconductor cash flows to actual results reported, as well as assessing the accuracy of key assumptions previously applied;
shortages, coronavirus related supply shortages and • Benchmarking assumptions: Assessed appropriateness of JLR Group’s key assumptions used in the cash flow forecasts,
supplier continuity risks. by benchmarking them to externally derived data, with particular focus on sales volumes;
The risk for our audit is whether or not those risks are such • Sensitivity analysis: Considered sensitivities over the key assumptions underlying the JLR Group’s cash flow forecasts
that they amount to a material uncertainty that may cast and their impact on the level of available financial resources;
significant doubt about the ability to continue as a going • Sector experience – The component audit team used their industry specialists to challenge the key assumptions made
concern. Had they been such, then that fact would have by the directors in their forecast cash flows;
been required to be disclosed. • Assessing transparency – The component audit team assessed the completeness and accuracy of the matters disclosed
(Refer note 2(e) of the consolidated financial statements) in the going concern disclosure by considering whether it is consistent with their knowledge of the business.

2) Assessment of indicators of impairment reversal of plant and equipment and intangible assets of the passenger vehicles cash generating unit.
The Holding Company periodically assesses if there are any In view of the significance of the matter we applied the following audit procedures in this area, among others to obtain
triggers for reversal of previously recognized impairment sufficient appropriate audit evidence
loss in respect of its passenger vehicle cash generating unit Test of Controls:
(CGU). In making this determination, the Holding Company • We evaluated the design and tested the operating effectiveness of the key control over the assessment of indicators of
considers both internal and external sources of information impairment reversal.
to determine whether there is an indicator of impairment Test of Details:
reversal and, accordingly, whether the recoverable amount • We assessed internal and external sources of information used by the Holding Company to determine that there are
of the CGU needs to be estimated. indicators of impairment reversal.
An impairment loss accounted in earlier years is reversed • In performing the above assessment we have examined:
if the recoverable amount is higher than the carrying — The growth in total industry volume in current year and growth estimates as per industry forecasts.
value. The recoverable amount is determined based on — The increase in share price of the Holding Company during the current year and the market capitalisation
the higher of value in use (VIU) and fair value less costs attributable to the passenger vehicles CGU.
of to sell (FVLCS). As at 31 March 2021, the Holding — The improvement in sales multiple as per analyst report as compared to previous year.
Company determined the recoverable amount of this CGU — The growth in the sales volume of the Holding Company in current year.
to be ` 14,169 crores, being the FVLCS, and reversed the — The increase in market share of the Holding Company in current year as compared to previous year.
impairment loss. After reversal of the impairment loss, the — The improvement in the contribution margin earned by the Holding Company.
carrying value of net assets for this CGU was ` 7,750 crores • We also assessed changes in the estimates used to determine the CGU’s recoverable amount.
as at 31 March 2021. • We involved valuation professionals with specialized skills and knowledge who assisted in evaluating the principles
This assessment of indicators of impairment reversal is used in selection of comparable companies and assessing the CGU’s enterprise value (i.e. FVLCS) based on comparable
considered to be a key audit matter due to the significant companies’ enterprise value to sales multiple.
judgment required to assess the internal and external • We performed a sensitivity analysis over the enterprise value to sales multiple to assess the impact on the recoverable
sources of information. amount.
(Refer notes 2(s) & 8(a) of the consolidated financial

statements)
3) Impairment of property plant and equipment, intangible, and right-of-use non-current assets, as reported by the component auditor of JLR Group
Forecast based assessment The audit procedures applied by the auditor of the component (JLR Group) included:
There is a risk that the carrying value of property, plant • Historical accuracy: Evaluated historical forecasting accuracy of discounted cash flow forecasts, including key
and equipment (PPE), intangible assets, and right-of- assumptions, by comparing them to the actual results;
use assets (ROUAs) may be higher than the recoverable • Historical comparisons: Assessed appropriateness of JLR Group’s key assumptions used in the discounted cash flow
amount. Where a review for impairment, or reversal of forecasts by comparing those, where appropriate, to historical trends in terminal value variable profit and terminal value
impairment, is conducted, the recoverable amount is capital expenditure;
determined based on the higher of ‘value in use’ or ‘fair • Benchmarking assumptions: Assessed appropriateness of the JLR Group’s estimated value in use amount by comparing
value less costs of disposal’. the implied trading multiples to market multiples of comparative companies with the assistance of their valuation
specialists. Assessed appropriateness of JLR Group’s assumptions used in the cash flow projections by comparing the
The JLR Group holds a significant amount of property,
key assumption of sales volumes to externally derived data;
plant and equipment and intangible assets on its balance
• Compared JLR Group’s discount rate and long-term growth rate to external benchmark data and comparative companies
sheet.
and reperformed the discount rate calculation using the Capital Asset Pricing Model with the assistance of their valuation
Property, plant and equipment, intangible assets and specialists;
right of use assets are at risk of being impaired as cash • Sensitivity analysis: Performed a sensitivity analysis on key assumptions, generating an independent range for
flow forecasts may contain optimistic expectations of comparison, taking account of the JLR Group’s Reimagine strategy;
terminal value variable profit and terminal value capital • Comparing valuations: Assessed the JLR Group’s reconciliation between the estimated market capitalization of the
expenditure. The JLR Group has also announced its JLR Group, by reference to the overall market capitalization of the Holding Company and compared to the estimated
‘Reimagine’ Strategy which has led to the termination recoverable amount of the cash generating unit;
of the mid Modular Longitudinal Architecture (‘MLA’) • Impairment reversal: Assessed whether the JLR Group’s estimated value in use was indicative of an impairment reversal.
development programme. • Assessing transparency: Assessed the adequacy of JLR Group’s disclosures in the financial statements and ensured that
the disclosure reflects the reasonably possible changes in key assumptions that erode the headroom in the recoverable
The effects of these matters is that as part of risk
amount compared to the cash generating unit carrying value to nil.
assessment, the component auditors determined that
the calculation of the value in use of property, plant and
equipment, intangible assets, and right-of-use assets
has a high degree of estimation uncertainty, with a range
of reasonable outcomes greater than the materiality for
the consolidated financial statements as a whole, and
possibly many times that amount.
(Refer note 2(s) & 7 of the consolidated financial

statements)

Consolidated
4) Capitalisation of product engineering costs, as reported by the component auditor of JLR Group
Subjective judgement
The audit procedures applied by the auditor of the component (JLR Group) included:
The JLR Group capitalises a high proportion of product • Control operation: Tested controls over the JLR Group’s retrospective review of historically forecast material production
development spend and there is a key judgement in costs at the point capitalisation commenced against actual costs observed in manufacture. The historical accuracy is a
determining whether the nature of product engineering key input into the directors’ assessment of whether the future economic benefit of development projects is probable and
costs satisfy the criteria for capitalization to “Intangible the control over the JLR Group’s judgements as to whether costs are considered directly attributable;
Assets under development” and when this capitalization • Component auditor’s experience – Critically assessed the directors’ judgements regarding identified directly attributable
should commence. The judgement of when capitalization costs against both the accounting standards and their own experience or practical application of these standards in other
should commence consists of a number of judgements companies;
regarding the satisfaction of Ind AS 38 capitalisation criteria, • Benchmarking assumptions: For a sample of the volume assumptions contained in the capitalized projects, compared
and a key judgement is assessing whether development the JLR Group’s assessment of economic viability to externally derived data;
projects will generate probable future economic benefit. • Sensitivity analysis: For a sample of the JLR Group’s assessments of economic viability of development projects,
The consolidated financial statements disclose that had the assessed the JLR Group’s application of appropriate downside sensitivities in establishing whether future economic
value of central overheads not been classified as directly benefit is considered probable;
attributable it would have reduced the amount capitalized • Historical comparison: Performed a retrospective review of revenue and material cost per vehicle on completed
by ` 806.12 crores (31 March 2020 – ` 1,094.35 crores). development projects to assess previous economic viability assumptions against the actual outturn.
Considered whether the Reimagine asset impairments were evidence of fraud or error at the time of initial capitalisation.
(Refer note 2 (q) & 6 of the consolidated financial • Assessing transparency: Assessed the adequacy of the JLR Group’s disclosures in respect of key judgements made
statements) relating to the nature of the costs capitalised and the point at which capitalisation commences.
5) Valuation of defined benefit plan obligations, as reported by the component auditor of JLR Group
Subjective valuation The audit procedures applied by the auditor of the component (JLR Group) included:
Small changes in the key assumptions and estimates, • Control operation: Tested the controls over the assumptions applied in the valuation and inspected the JLR Group’s
being the discount rate, inflation rate and mortality / annual validation of the assumptions used by its actuarial expert. Tested the controls operating over selection and
life expectancy, used to value the JLR Group’s pension monitoring of its actuarial expert for competence and objectivity;
obligation (before deducting scheme assets) would have • Benchmarking assumptions: Challenged, with the support of their own actuarial specialists, the key assumptions
a significant effect on the JLR Group’s net defined benefit applied to the valuation of the liabilities, being the discount rate, inflation rate and mortality/ life expectancy against
plan asset/(obligation) . The risk is that these assumptions externally derived data;
are inappropriate resulting in an inappropriate valuation of • Assessing transparency: Considered the adequacy of the disclosures in respect of the sensitivity of the JLR Group’s net
plan obligations. defined benefit plan asset/(obligation) to these assumptions.
The effect of these matters is that, as part of risk assessment,

the component auditors determined that valuation of JLR
Group’s pension obligation has a high degree of estimation
uncertainty, with a potential range of reasonable outcomes
greater than the materiality for the consolidated financial
statements as a whole, and possibly many times that
amount. The consolidated financial statements disclose the
sensitivity estimated by the JLR group.
(Refer note 38 of the consolidated financial statements)

6) Impairment of loans to customers of the Group’s vehicle financing business under its subsidiary TMF Holdings Limited (TMF Group)
Subjective estimate Our key audit procedures included:
Under Ind AS 109, Financial Instruments, allowance for Design / controls

loan losses are determined using expected credit loss
We performed end to end process walkthroughs to identify the key systems, applications and controls used in ECL processes.
(ECL) estimation model. The estimation of ECL on financial
We tested the relevant manual (including spreadsheet controls), general IT and application controls over key systems used
instruments involves significant judgement and estimates.
in ECL process.
The key areas where we identified greater levels of
management judgement and therefore increased levels of Key aspects of our controls testing involved the following:
audit focus in the TMF Group’s estimation of ECLs are:
• Testing the design and operating effectiveness of the key controls over the completeness and accuracy of the key inputs,
- Data inputs - The application of ECL model requires data and assumptions into the Ind AS 109 impairment models.
several data inputs. This increases the risk of
completeness and accuracy of the data that has been • Testing the ‘Governance Framework’ controls over validation, implementation and model monitoring in line with Reserve
used to create assumptions in the model. Bank of India guidance.
- Model estimations – Inherently judgmental models • Testing the design and operating effectiveness of the key controls over the application of the staging criteria.
are used to estimate ECL which involves determining • Testing key controls relating to selection and implementation of material macro-economic variables and the controls
Probabilities of Default (“PD”), Loss Given Default over the scenario selection and application of probability weights.
(“LGD”), and Exposures at Default (“EAD”). The PD and
the LGD are the key drivers of estimation complexity • Testing management’s controls over authorisation and calculation of post model adjustments and management overlays.
in ECL and as a result are considered the most
• Testing management’s controls on compliance with Ind AS 109 disclosures related to ECL.
significant judgmental aspect of the TMF Group’s
modelling approach. • Testing key controls operating over the information technology system in relation to loan impairment including system
access and system change management, program development and computer operations.
- Economic scenarios – Ind AS 109 requires the TMF
Group to measure ECLs on an unbiased forward- Involvement of specialists - we involved financial risk modelling specialists for the following:
looking basis reflecting a range of future economic
• Evaluating the appropriateness of the TMF Group’s Ind AS 109 impairment methodologies and reasonableness of
conditions. Significant management judgement is
assumptions used (including management overlays).
applied in determining the economic scenarios used
and the probability weights applied to them especially • For models which were changed or updated during the year, evaluating whether the changes were appropriate by
when considering the current uncertain economic assessing the updated model methodology.
environment arising from COVID-19.
• For corporate loans, assessing appropriateness of management’s credit grading model.
- Qualitative adjustments – Adjustments to the model-
driven ECL results are recorded by management • The reasonableness of the TMF Group’s considerations of the impact of the current economic environment due to
to address known impairment model limitations or COVID-19 on ECL determination.
emerging trends as well as risks not captured by Test of details
models. They represent approximately 20.46 % of ECL
Key aspects of our testing included:
balances as at 31 March 2021. These adjustments are
inherently uncertain and significant management • Sample testing over key inputs, data and assumptions impacting ECL calculations to assess the completeness, accuracy
judgement is involved in estimating these amounts and relevance of data and reasonableness of economic forecasts, weights, and model assumptions applied.
especially in relation to economic uncertainty as a
• Model calculations testing through re-performance, where possible.
result of COVID-19.
• Test of details of post model adjustments, considering the size and complexity of management overlays with a focus on
The underlying forecasts and assumptions used in the
COVID-19 related overlays, in order to assess the reasonableness of the adjustments by challenging key assumptions,
estimates of impairment loss allowance are subject to
inspecting the calculation methodology and tracing a sample of the data used back to source data.
uncertainties which are often outside the control of the
TMF Group. The extent to which the COVID-19 pandemic • Assessing disclosures - We assessed whether the disclosures appropriately disclose and address the uncertainty which
will impact the TMF Group’s current estimate of impairment exists when determining ECL. In addition, we assessed whether the disclosure of the key judgements and assumptions
loss allowances is dependent on future developments, made was sufficiently clear.
which are highly uncertain at this point. Given the size of
loan portfolio relative to the balance sheet and the impact
of impairment allowance on the financial statements, we
have considered this as a key audit matter.
Disclosures
The disclosures regarding the TMF Group’s application of

Ind AS 109 are key to explaining the key judgements and
material inputs to the Ind AS 109 ECL results.
(Refer note 2(w)(iv) and note 41 of the consolidated

financial statements)

Consolidated
Other Information assurance, but is not a guarantee that an audit conducted in accordance
The Holding Company’s management and Board of Directors are with SAs will always detect a material misstatement when it exists.
responsible for the other information. The other information comprises Misstatements can arise from fraud or error and are considered material
the information included in the Holding Company’s annual report, but if, individually or in the aggregate, they could reasonably be expected
does not include the financial statements and our auditors’ report to influence the economic decisions of users taken on the basis of these
thereon. consolidated financial statements.
Our opinion on the consolidated financial statements does not cover As part of an audit in accordance with SAs, we exercise professional
the other information and we do not express any form of assurance judgment and maintain professional skepticism throughout the audit.
conclusion thereon. We also:
In connection with our audit of the consolidated financial statements, • Identify and assess the risks of material misstatement of the
our responsibility is to read the other information and, in doing so, consolidated financial statements, whether due to fraud or error,
consider whether the other information is materially inconsistent with design and perform audit procedures responsive to those risks,
the consolidated financial statements or our knowledge obtained in the and obtain audit evidence that is sufficient and appropriate to
audit or otherwise appears to be materially misstated. If, based on the provide a basis for our opinion. The risk of not detecting a material
work we have performed and based on the work done/ audit report of misstatement resulting from fraud is higher than for one resulting
other auditors, we conclude that there is a material misstatement of this from error, as fraud may involve collusion, forgery, intentional
other information, we are required to report that fact. We have nothing omissions, misrepresentations, or the override of internal control.
to report in this regard.
• Obtain an understanding of internal control relevant to the audit
Management’s and Board of Directors’ Responsibilities for the in order to design audit procedures that are appropriate in the
Consolidated Financial Statements circumstances. Under section 143(3)(i) of the Act, we are also
The Holding Company’s Management and Board of Directors are responsible for expressing our opinion on the internal financial
responsible for the preparation and presentation of these consolidated controls with reference to the consolidated financial statements
financial statements in term of the requirements of the Act that give and the operating effectiveness of such controls based on our
a true and fair view of the consolidated state of affairs, consolidated audit.
profit/ loss and other comprehensive income, consolidated statement of
• Evaluate the appropriateness of accounting policies used and the
changes in equity and consolidated cash flows of the Group including its
reasonableness of accounting estimates and related disclosures
associates and joint ventures and joint operations in accordance with the
made by the Management and Board of Directors.
accounting principles generally accepted in India, including the Indian
Accounting Standards (Ind AS) specified under section 133 of the Act. • Conclude on the appropriateness of Management and Board
The respective Management and Board of Directors of the companies of Directors use of the going concern basis of accounting in
included in the Group and of its associates and joint ventures and joint preparation of consolidated financial statements and, based on
operations are responsible for maintenance of adequate accounting the audit evidence obtained, whether a material uncertainty exists
records in accordance with the provisions of the Act for safeguarding the related to events or conditions that may cast significant doubt
assets of each company and for preventing and detecting frauds and other on the appropriateness of this assumption. If we conclude that a
irregularities; the selection and application of appropriate accounting material uncertainty exists, we are required to draw attention in
policies; making judgments and estimates that are reasonable and our auditor’s report to the related disclosures in the consolidated
prudent; and the design, implementation and maintenance of adequate financial statements or, if such disclosures are inadequate, to
internal financial controls, that were operating effectively for ensuring modify our opinion. Our conclusions are based on the audit
accuracy and completeness of the accounting records, relevant to the evidence obtained up to the date of our auditor’s report. However,
preparation and presentation of the consolidated financial statements future events or conditions may cause the Group and its associates
that give a true and fair view and are free from material misstatement, and joint ventures and joint operations to cease to continue as a
whether due to fraud or error, which have been used for the purpose of going concern.
preparation of the consolidated financial statements by the Management
• Evaluate the overall presentation, structure and content of the
and Directors of the Holding Company, as aforesaid.
consolidated financial statements, including the disclosures, and
In preparing the consolidated financial statements, the respective whether the consolidated financial statements represent the
Management and Board of Directors of the companies included in the underlying transactions and events in a manner that achieves fair
Group and of its associates, joint ventures and joint operations are presentation.
responsible for assessing the ability of each company to continue as
• Obtain sufficient appropriate audit evidence regarding the
a going concern, disclosing, as applicable, matters related to going
financial information of such entities or business activities
concern and using the going concern basis of accounting unless the
within the Group and its associates and joint ventures and joint
respective Board of Directors either intends to liquidate the Company or
operations to express an opinion on the consolidated financial
to cease operations, or has no realistic alternative but to do so.
statements. We are responsible for the direction, supervision and
The respective Board of Directors of the companies included in the Group performance of the audit of financial information of such entities
and of its associates, joint ventures and joint operations is responsible included in the consolidated financial statements of which we
for overseeing the financial reporting process of each company. are the independent auditors. For the other entities included in
the consolidated financial statements, which have been audited
Auditor’s Responsibilities for the Audit of the Consolidated
by other auditors, such other auditors remain responsible for the
Financial Statements
direction, supervision and performance of the audits carried out
Our objectives are to obtain reasonable assurance about whether the
by them. We remain solely responsible for our audit opinion. Our
consolidated financial statements as a whole are free from material
responsibilities in this regard are further described in the section
misstatement, whether due to fraud or error, and to issue an auditor’s
titled ‘Other Matters’ in this audit report.
report that includes our opinion. Reasonable assurance is a high level of

We believe that the audit evidence obtained by us along with the opinion on the consolidated financial statements, in so far as it
consideration of audit reports of the other auditors referred to in the relates to the amounts and disclosures included in respect of these
Other Matters paragraph below, is sufficient and appropriate to provide subsidiaries, step down subsidiaries, joint ventures and associates,
a basis for our audit opinion on the consolidated financial statements. and our report in terms of sub-section (3) of Section 143 of the
Act, in so far as it relates to the aforesaid subsidiaries, step down
We communicate with those charged with governance of the Holding
subsidiaries, joint ventures and associates is based solely on the
Company and such other entities included in the consolidated financial
audit reports of the other auditors.
statements of which we are the independent auditors regarding, among
other matters, the planned scope and timing of the audit and significant Of the two subsidiaries and 77 step down subsidiaries listed above,
audit findings, including any significant deficiencies in internal control the financial statements / financial information of one subsidiary and
that we identify during our audit. seven step down subsidiaries which are located outside India have
been prepared under the generally accepted accounting principles
We also provide those charged with governance with a statement
(‘GAAPs’) applicable in their respective countries and which have
that we have complied with relevant ethical requirements regarding
been audited by other auditors under generally accepted auditing
independence, and to communicate with them all relationships and other
standards applicable in their respective countries. The Holding
matters that may reasonably be thought to bear on our independence,
Company’s Management has converted the financial statements of
and where applicable, related safeguards.
such subsidiary and step-down subsidiaries located outside India
From the matters communicated with those charged with governance, from accounting principles generally accepted in their respective
we determine those matters that were of most significance in the audit countries to Indian Accounting Standards (Ind AS) prescribed
of the consolidated financial statements of the current period and under Section 133 of the Companies Act, 2013. We have audited
are therefore the key audit matters. We describe these matters in our these conversion adjustments made by the Holding Company’s
auditors’ report unless law or regulation precludes public disclosure Management. Our opinion in so far as it relates to such subsidiary
about the matter or when, in extremely rare circumstances, we determine and step down subsidiaries located outside India is based on the
that a matter should not be communicated in our report because the reports of other auditors under the aforementioned GAAPs in
adverse consequences of doing so would reasonably be expected to respective countries and the aforesaid conversion adjustments
outweigh the public interest benefits of such communication. prepared by the Management of the Holding Company and audited
by us.
Other Matters
(a) The consolidated financial statements include the audited financial (c) The financial statements / financial information of five subsidiaries
statements / financial information of one joint operation, whose and five step-down subsidiaries, whose financial statements /
financial statements / financial information reflect total assets financial information reflect total assets (before consolidation
(before consolidation adjustments) of ` 8,039.78 crores as at 31 adjustments) of ` 459.19 crores as at 31 March 2021, total
March 2021, total revenue (before consolidation adjustments) of revenues (before consolidation adjustments) of ` 418.87 crores
` 8,010.01 crores and net profit after tax (before consolidation and total net loss after tax (before consolidation adjustments)
adjustments) of ` 577.76 crores and net cash inflows (before (net) of ` 35.51 crores and net cash inflows (before consolidation
consolidation adjustments) amounting to ` 720.67 crores for the adjustments) (net) amounting to ` 40.58 crores for the year
year ended on that date, as considered in the consolidated financial ended on that date, as considered in the consolidated financial
statements, which have been audited by their independent auditor. statements have not been audited either by us or by the other
The independent auditors’ report on financial statements of this auditors. The consolidated financial statements also include the
joint operation has been furnished to us by the management and Group’s share of net loss (and other comprehensive income) (net)
our opinion on the consolidated financial statements, in so far as of ` 4.51 crores for the year ended 31 March 2021, as considered in
it relates to the amounts and disclosures included in respect of the consolidated financial statements, in respect of two associates
this joint operation, and our report in terms of sub-section (3) of and one joint venture, whose financial statements / financial
Section 143 of the Act, in so far as it relates to the aforesaid joint information have not been audited by us or by other auditors.
operation is based solely on the audit report of the other auditor. These unaudited financial statements / financial information have
been furnished to us by the Management and our opinion on the
(b) The consolidated financial statements include the audited
consolidated financial statements, in so far as it relates to the
financial statements / financial information of two subsidiaries and
amounts and disclosures included in respect of these subsidiaries,
77 step down subsidiaries whose financial statements / financial
step down subsidiaries, associates and a joint venture and our
information reflect total assets (before consolidation adjustments)
report in terms of sub-section (3) of Section 143 of the Act in so far
of ` 243,064.09 crores as at 31 March 2021, total revenue
as it relates to the aforesaid subsidiaries, step down subsidiaries,
(before consolidation adjustments) of `195,867.98. crores and
associates and a joint venture, is based solely on such unaudited
total net loss after tax (before consolidation adjustments) (net)
financial statements / financial information. In our opinion and
of ` 10,607.61 crores and net cash inflows (before consolidation
according to the information and explanations given to us by the
adjustments) (net) of ` 10,415.88 crores for the year ended on that
Management, these financial statements / financial information
date, as considered in the consolidated financial statements, which
are not material to the Group.
have been audited by their respective independent auditors. The
consolidated financial statements also include the Group’s share Our opinion on the consolidated financial statements, and our
of net loss (and other comprehensive income) of ` 337.88 crores for report on Other Legal and Regulatory Requirements below, is
the year ended 31 March 2021, as considered in the consolidated not modified in respect of the above matters with respect to our
financial statements, in respect of six associates and two joint reliance on the work done and the reports of the other auditors
ventures, whose financial statements / financial information and the financial statements / financial information certified by the
have been audited by their respective independent auditors. The Management.
independent auditors’ reports on financial statements of these
entities have been furnished to us by the management and our

Consolidated
Report on Other Legal and Regulatory Requirements it relates to the Group, its associates and joint ventures and
A. As required by Section 143(3) of the Act, based on our audit and joint operations.
on the consideration of reports of the other auditors on separate iii. There has been no delay in transferring amounts to the
financial statements of such subsidiaries, step down subsidiaries, Investor Education and Protection Fund by the Holding
associates, joint operations and joint ventures as were audited Company or its subsidiary companies, associate companies
by other auditors, as noted in the ‘Other Matters’ paragraph, we and joint ventures and joint operations incorporated in India
report, to the extent applicable, that: during the year ended 31 March 2021.
a) We have sought and obtained all the information and iv. The disclosures in the consolidated financial statements
explanations which to the best of our knowledge and belief regarding holdings as well as dealings in specified bank notes
were necessary for the purposes of our audit of the aforesaid during the period from 8 November 2016 to 30 December
consolidated financial statements. 2016 have not been made in the financial statements since
b) In our opinion, proper books of account as required by they do not pertain to the financial year ended 31 March
law relating to preparation of the aforesaid consolidated 2021.
financial statements have been kept so far as it appears from C. With respect to the matter to be included in the Auditors’ report
our examination of those books and the reports of the other under section 197(16):
auditors.
We draw your attention to Note 44 to the consolidated financial
c) The consolidated balance sheet, the consolidated statement statements for the year ended 31 March 2021 according to which
of profit and loss (including other comprehensive income), the re-appointment of the CEO and Managing Director for the period
the consolidated statement of changes in equity and the from 15 February 2021 to 30 June 2021 and the remuneration
consolidated statement of cash flows dealt with by this for this period are subject to approval of the shareholders, which
Report are in agreement with the relevant books of account the Holding Company proposes to obtain in the forthcoming
maintained for the purpose of preparation of the consolidated Annual General Meeting, in accordance with the provisions of the
financial statements. Companies Act, 2013. Accordingly, the managerial remuneration
d) In our opinion, the aforesaid consolidated financial aggregating to ` 2.22 crores paid to the CEO and Managing
statements comply with the Ind AS specified under section Director of the Holding Company for the period 15 February 2021
133 of the Act. to 31 March 2021, calculated on a proportionate basis, exceeds
the prescribed limits under Section 197 read with Schedule V to
e) On the basis of the written representations received from the the Act, by ` 1.89 crores. This amount excludes Performance and
directors of the Holding Company as on 31 March 2021 taken Long Term Incentives which will be accrued post determination
on record by the Board of Directors of the Holding Company and approval by the Board of Directors of the Holding Company,
and the reports of the statutory auditors of its subsidiary and such amounts will also exceed the prescribed limits. Further,
companies, associate companies, joint ventures and joint the Holding Company is also in the process of obtaining Central
operations incorporated in India, none of the directors of the Government approval since the CEO and Managing Director is a
Group companies, its associate companies, joint ventures non-resident. We draw attention to Note 37 to the consolidated
and joint operations incorporated in India is disqualified as on financial statements for the year ended 31 March 2021 according
31 March 2021 from being appointed as a director in terms of to which the remuneration payable to non- executive independent
Section 164(2) of the Act. directors aggregating ` 1.70 crores is subject to approval of the
f) With respect to the adequacy of the internal financial shareholders, which the Holding Company proposes to obtain in
controls with reference to financial statements of the Holding the forthcoming Annual General Meeting, in accordance with the
Company, its subsidiary companies, associate companies provisions of the Companies Act, 2013.
and joint ventures and joint operations incorporated in India In our opinion and according to the information and explanations given to
and the operating effectiveness of such controls, refer to our us and based on the reports of the statutory auditors of such subsidiary
separate Report in “Annexure A”. companies, associate companies and joint ventures and joint operations
B. With respect to the other matters to be included in the Auditors’ incorporated in India which were not audited by us, the remuneration
Report in accordance with Rule 11 of the Companies (Audit paid during the current year by the subsidiary companies, associate
and Auditor’s) Rules, 2014, in our opinion and to the best of our companies and joint ventures and joint operations to its directors is in
information and according to the explanations given to us and accordance with the provisions of Section 197 of the Act. Except as stated
based on the consideration of the reports of the other auditors on above, the remuneration paid to any director by the Holding Company,
separate financial statements of the subsidiaries, associates and its subsidiary companies, associate companies and joint ventures and
joint ventures and joint operations, as noted in the ‘Other Matters’ joint operations is not in excess of the limit laid down under Section 197
paragraph: of the Act. The Ministry of Corporate Affairs has not prescribed other
details under Section 197(16) which are required to be commented upon
i. The consolidated financial statements disclose the by us.
impact of pending litigations as at 31 March 2021 on the
consolidated financial position of the Group, its associates For B S R & Co. LLP
and joint ventures and joint operations. Refer Note 39 to the Chartered Accountants
consolidated financial statements. Firm’s Registration No: 101248W/W-100022
ii. Provision has been made in the consolidated financial

statements, as required under the applicable law or Ind AS, Shiraz Vastani
for material foreseeable losses, on long-term contracts Partner
including derivative contracts. Refer Note 47(e) to the Place: Pune Membership No. 103334
consolidated financial statements in respect of such items as Date: 18 May 2021 UDIN - 21103334AAAAAX9949

Annexure A to the Independent Auditors’ Report on the

Consolidated Financial Statements of Tata Motors Limited
for the year ended 31 March 2021
Report on the Internal Financial Controls with reference to the aforesaid on the assessed risk. The procedures selected depend on the auditors’ judgment,
Consolidated Financial Statements under Clause (i) of Sub-section 3 of Section 143 including the assessment of the risks of material misstatement of the consolidated
of the Companies Act, 2013 (“the Act”) financial statements, whether due to fraud or error.
(Referred to in paragraph A(f) under ‘Report on Other Legal and Regulatory We believe that the audit evidence we have obtained and the audit evidence obtained
Requirements’ section of our report of even date) by the other auditors of the relevant subsidiary, joint operation, associates and joint
venture in terms of their reports referred to in the Other Matter paragraph below,
Opinion is sufficient and appropriate to provide a basis for our audit opinion on the internal
In conjunction with our audit of the consolidated financial statements of the Company financial controls with reference to consolidated financial statements.
as of and for the year ended 31 March 2021, we have audited the internal financial
controls with reference to consolidated financial statements of Tata Motors Limited Meaning of Internal Financial Controls with reference to consolidated
(hereinafter referred to as “the Holding Company”) and such companies incorporated financial statements
in India under the Companies Act, 2013 which are its subsidiary companies, its joint A company’s internal financial controls with reference to consolidated financial
operations, its associates and its joint ventures, as of that date. statements is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for
In our opinion, the Holding Company and such companies incorporated in India which external purposes in accordance with generally accepted accounting principles.
are its subsidiary companies, its joint operations, its associates and its joint ventures A company’s internal financial controls with reference to consolidated financial
, have , in all material respects, adequate internal financial controls with reference statements includes those policies and procedures that (1) pertain to the
to consolidated financial statements and such internal financial controls were maintenance of records that, in reasonable detail, accurately and fairly reflect the
operating effectively as at 31 March 2021, based on the internal financial controls transactions and dispositions of the assets of the company; (2) provide reasonable
with reference to consolidated financial statements criteria established by such assurance that transactions are recorded as necessary to permit preparation of
companies considering the essential components of such internal controls stated in financial statements in accordance with generally accepted accounting principles,
the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting and that receipts and expenditures of the company are being made only in accordance
issued by the Institute of Chartered Accountants of India (the “Guidance Note”). with authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised
Management’s Responsibility for Internal Financial Controls acquisition, use, or disposition of the company’s assets that could have a material
The respective Company’s management and the Board of Directors are responsible effect on the financial statements.
for establishing and maintaining internal financial controls with reference to
consolidated financial statements based on the criteria established by the Inherent Limitations of Internal Financial Controls with reference to
respective company considering the essential components of internal control stated consolidated financial statements
in the Guidance Note. These responsibilities include the design, implementation and Because of the inherent limitations of internal financial controls with reference to
maintenance of adequate internal financial controls that were operating effectively consolidated financial statements, including the possibility of collusion or improper
for ensuring the orderly and efficient conduct of its business, including adherence management override of controls, material misstatements due to error or fraud may
to the respective company’s policies, the safeguarding of its assets, the prevention occur and not be detected. Also, projections of any evaluation of the internal financial
and detection of frauds and errors, the accuracy and completeness of the accounting controls with reference to consolidated financial statements to future periods are
records, and the timely preparation of reliable financial information, as required subject to the risk that the internal financial controls with reference to consolidated
under the Companies Act, 2013 (hereinafter referred to as “the Act”). financial statements may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.
Auditors’ Responsibility
Our responsibility is to express an opinion on the internal financial controls with Other matter
reference to consolidated financial statements based on our audit. We conducted Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating
our audit in accordance with the Guidance Note and the Standards on Auditing, effectiveness of the internal financial controls with reference to consolidated
prescribed under Section 143(10) of the Act, to the extent applicable to an audit financial statements in so far as it relates to one subsidiary, one joint operation, one
of internal financial controls with reference to consolidated financial statements. associate and one joint venture, which are companies incorporated in India, is based
Those Standards and the Guidance Note require that we comply with ethical solely on the corresponding reports of the auditors of such companies incorporated
requirements and plan and perform the audit to obtain reasonable assurance in India. Our opinion is not modified in respect of this matter.
about whether adequate internal financial controls with reference to consolidated
financial statements were established and maintained and if such controls operated For B S R & Co. LLP
effectively in all material respects. Chartered Accountants
Firm’s Registration No: 101248W/W-100022
Our audit involves performing procedures to obtain audit evidence about the
adequacy of the internal financial controls with reference to consolidated financial
statements and their operating effectiveness. Our audit of internal financial Shiraz Vastani
controls with reference to consolidated financial statements included obtaining an Partner
understanding of internal financial controls with reference to consolidated financial Place: Pune Membership No. 103334
statements, assessing the risk that a material weakness exists, and testing and Date: 18 May 2021 UDIN - 21103334AAAAAX9949
evaluating the design and operating effectiveness of the internal controls based

Consolidated
Consolidated Balance Sheet
(` in crores)
As at March 31, As at March 31,
Notes
2021 2020
I. ASSETS
(1) Non-current assets
(a) Property, plant and equipment 3 (a) 79,640.05 77,882.83
(b) Capital work-in-progress 3 (b) 8,377.14 8,599.56
(c) Right of use assets 4 6,490.66 6,275.34
(d) Goodwill 5 803.72 777.06
(e) Other intangible assets 6 (a) 51,773.18 42,171.91
(f) Intangible assets under development 6 (b) 12,586.79 27,022.73
(g) Investment in equity accounted investees 9 4,200.79 4,418.89
(h) Financial assets:
(i) Other investments 10 1,368.30 1,028.05
(ii) Finance receivables 18 16,846.82 16,833.77
(iii) Loans and advances 12 1,204.59 782.78
(iv) Other financial assets 13 5,813.98 4,749.57
(i) Deferred tax assets (net) 22 4,520.35 5,457.90
(j) Non-current tax assets (net) 1,003.30 1,152.05
(k) Other non-current assets 20 1,608.49 5,381.57
196,238.16 202,534.01
(2) Current assets
(a) Inventories 14 36,088.59 37,456.88
(b) Financial assets:
(i) Other investments 11 19,051.19 10,861.54
(ii) Trade receivables 15 12,679.08 11,172.69
(iii) Cash and cash equivalents 16 31,700.01 18,467.80
(iv) Bank balances other than (iii) above 17 15,092.45 15,259.17
(v) Finance receivables 18 17,868.09 14,245.30
(vi) Loans and advances 12 1,749.40 935.25
(vii) Other financial assets 13 5,274.32 4,586.48
(c) Current tax assets (net) 865.31 142.80
(d) Assets classified as held-for-sale 47 (d) 220.80 194.43
(e) Other current assets 21 6,298.40 6,264.91
146,887.64 119,587.25
TOTAL ASSETS 343,125.80 322,121.26
Equity
(a) Equity share capital 23 765.81 719.54
(b) Other equity 24 54,480.91 62,358.99
Equity attributable to owners of Tata Motors Ltd 55,246.72 63,078.53
Non-controlling interests 1,573.49 813.56
56,820.21 63,892.09
Liabilities
(1) Non-current liabilities
(a) Financial liabilities:
(i) Borrowings 26 93,112.77 83,315.62
(ii) Lease liabilities 5,412.06 5,162.94
(iii) Other financial liabilities 28 2,556.35 3,858.48
(b) Provisions 30 13,606.76 14,736.69
(c) Deferred tax liabilities (net) 22 1,555.89 1,941.87
(d) Other non-current liabilities 31 12,312.58 8,759.52
128,556.41 117,775.12
(2) Current liabilities
(a) Financial liabilities:
(i) Borrowings 27 21,662.79 16,362.53
(iv) Acceptances 7,860.31 2,771.33
(v) Other financial liabilities 29 34,854.59 36,544.00
(b) Provisions 30 12,848.03 10,329.04
(c) Current tax liabilities (net) 1,086.44 1,040.14
(d) Other current liabilities 32 10,443.18 8,965.95
157,749.18 140,454.05
See accompanying notes to consolidated financial statements

For B S R & Co. LLP

UDIN: 21103334AAAAAX9949
Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021

Consolidated Statement of Profit and Loss
(` in crores)
Year ended March Year ended March
Notes
31, 2021 31, 2020
I. Revenue from operations 33
(a) Revenue 246,972.17 258,594.36
(b) Other Operating Revenues 2,822.58 2,473.61
Total revenue from operations 249,794.75 261,067.97
II. Other income (includes Government grants) 34 2,643.19 2,973.15
IV. Expenses:
(a) Cost of materials consumed
(i) Cost of materials consumed 141,392.43 152,968.74
(ii) Basis adjustment on hedge accounted derivatives (35.16) (297.27)
(b) Purchase of products for sale 12,250.09 12,228.35
(c) Changes in inventories of finished goods, work-in-progress and products for sale 4,684.16 2,231.19
(d) Employee benefits expense 35 27,648.48 30,438.60
(e) Finance costs 36 8,097.17 7,243.33
(f) Foreign exchange (gain)/loss (net) (1,732.15) 1,738.74
(h) Product development/engineering expenses 5,226.63 4,188.49
(i) Other expenses 37 40,921.97 57,087.46
(j) Amount transferred to capital and other account (12,849.13) (17,503.40)
V. Profit/ (Loss) before exceptional items and tax (III-IV) 3,286.74 (7,708.54)
VI. Exceptional Items:
(a) Defined benefit pension plan amendment past service cost 47 (c) 84.81 -
(b) Employee separation cost 459.90 436.14
(c) Charge associated with change in JLR Strategy 47 (b) 14,994.30 -
(d) Write off/provision (reversal) for tangible/intangible assets (including under development) 47 (h) 114.00 (73.04)
(e) Impairment losses/(Reversal) in Passenger Vehicle Business 8(a) (1,182.41) 1,418.64
(f) Provision/(Reversal) for onerous contracts and related supplier claims 8(b) (663.00) 777.00
(g) Reversal for cost of closure of operation of a subsidary (46.58) (65.62)
(h) Impairment in subsidiaries - 353.20
(i) Provision for loan given to a Joint venture - 25.12
VII. Profit/(Loss) before tax (V-VI) (10,474.28) (10,579.98)
VIII. Tax expense/(credit) (net): 22
(a) Current tax (including Minimum Alternate Tax) 1,710.18 1,893.05
(b) Deferred tax 831.68 (1,497.80)
Total tax expense/(credit) (net) 2,541.86 395.25
X. Share of profit/(loss) of joint ventures and associates (net) 9 (378.96) (1,000.00)
XI. Profit/(loss) for the year (IX+X) (13,395.10) (11,975.23)
Attributable to:
(a) Shareholders of the Company (13,451.39) (12,070.85)
(b) Non-controlling interests 56.29 95.62
XII. Other comprehensive income/(loss):
(A) (i) Items that will not be reclassified to profit or loss:
(a) Remeasurement gains and (losses) on defined benefit obligations (net) (7,285.87) 8,803.29
(b) Equity instruments at fair value through other comprehensive income (net) 415.86 (132.99)
(c) Share of other comprehensive income in equity accounted investees (net) 3.02 (2.48)
(ii) Income tax (expense)/credit relating to items that will not be reclassified to profit or loss 1,369.11 (1,375.55)
(B) (i) Items that will be reclassified to profit or loss:
(a) Exchange differences in translating the financial statements of foreign operations 3,720.98 2,233.22
(b) Gains and (losses) in cash flow hedges (including forecast inventory purchases) (refer note 24) 5,439.35 2,150.70
(c) Gains and (losses) on finance receivables held at fair value through other comprehensive income (net) 206.90 136.24
(d) Share of other comprehensive income in equity accounted investees (net) 150.01 102.61
(ii) Income tax (expense)/credit relating to items that will be reclassified to profit or loss (1,100.02) (410.57)
Total other comprehensive income/(loss) for the year (net of tax) 2,919.34 11,504.47
Attributable to:
(a) Shareholders of the Company 2,900.19 11,491.97
XIII. Total comprehensive income/(loss) for the year (net of tax) (XI+XII) (10,475.76) (470.76)
Attributable to:
(a) Shareholders of the Company (10,551.20) (578.88)
XIV. Earnings per equity share (EPS) 45
(a) Ordinary shares (face value of `2 each):
(i) Basic EPS ` (36.99) (34.88)
(ii) Diluted EPS ` (36.99) (34.88)
(b) ‘A’ Ordinary shares (face value of `2 each):
(i) Basic EPS ` (36.99) (34.88)
(ii) Diluted EPS ` (36.99) (34.88)

For B S R & Co. LLP

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021
Consolidated
Consolidated Cash Flow Statement
(` in crores)
March 31, 2021 March 31, 2020
Cash flows from operating activities:
Profit/(Loss) for the year (13,395.10) (11,975.23)
Adjustments for:
Allowances for finance receivables 957.93 660.21
Allowances for trade and other receivables 50.01 137.03
Inventory write-down 129.19 351.14
Reversal for costs of closure of operations of a subsidiary company (51.99) (65.62)
Write off/provision (reversal) for tangible/intangible assets (including under development) 114.00 -
Charge associated with change in JLR Strategy 14,994.30 -
Impairment in subsidiaries - 353.20
Impairment losses/(Reversal) in Passenger Vehicle Business (1,182.41) 1,418.64
Provision/(Reversal) for onerous contracts and related supplier claims (663.00) 777.00
Defined benefit pension plan amendment past service cost 84.81 -
Employee separation cost 430.76 409.78
Accrual for share-based payments 9.04 4.70
(Gain) /loss on Marked-to-market investments measured at fair value through profit or loss (19.91) 389.05
(Profit) /loss on sale of assets (including assets scrapped/written off) (net) 265.59 316.19
Profit on sale of investments (net) (177.26) (187.34)
Provision for loan given to a Joint ventures - 25.12
Share of (profit)/loss of joint ventures and associates (net) 378.96 1,000.00
Tax expense (net) 2,541.86 395.25
Finance costs 8,097.17 7,243.33
Interest income (492.53) (1,170.12)
Dividend income (18.37) (21.13)
Foreign exchange (gain)/loss (net) (4,402.12) 1,865.85
Cash flows from operating activities before changes in following assets and liabilities 31,197.64 23,352.48
Finance receivables (4,386.94) 2,020.77
Trade receivables (1,118.35) 7,928.93
Loans and advances and other financial assets (1,308.92) 64.53
Other current and non-current assets 3,853.53 (2,830.89)
Inventories 3,814.50 2,325.50
Trade payables and acceptances 5,748.15 (8,084.81)
Other current and non-current liabilities 2,217.87 (6,450.14)
Other financial liabilities (1,168.39) 272.74
Provisions (7,744.02) 9,818.77
Cash generated from operations 31,105.07 28,417.88
Income tax paid (net) (2,104.56) (1,784.94)
Net cash from operating activities 29,000.51 26,632.94
Cash flows from investing activities:
Payments for property, plant and equipment (11,775.65) (14,319.17)
Payments for other intangible assets (8,429.75) (15,382.86)
Proceeds from sale of property, plant and equipment 350.58 171.48
Investments in mutual fund (purchased)/sold (net) (7,432.85) (1,339.29)
Acquisition of subsidiary company - (27.04)
Investment in equity accounted investees (9.90) (606.40)
Investments - others (97.30) (99.41)
Proceeds from loans given to others - 3.42
Loans given to joint venture - (1.70)
Proceeds from sale of investments in other companies 225.82 21.45
Interest received 427.51 1,104.48
Dividend received 18.37 21.14
Dividend received from equity accounted investees 1.51 622.44
Deposits with financial institution (1,000.00) (1,000.00)
Realisation of deposit with financial institution 750.00 750.00
Deposits/restricted deposits with banks (38,243.27) (40,676.65)
Realisation of deposits/restricted deposits with banks 39,088.68 36,602.33
(Increase) / decrease in short term Inter-corporate deposits - (14.44)
Net cash used in investing activities (26,126.25) (34,170.22)

Consolidated Cash Flow Statement
(` in crores)
March 31, 2021 March 31, 2020
Cash flows from financing activities:
Proceeds from issue of shares and warrants (net of issue expenses) 2,602.51 3,888.77
Proceeds from long-term borrowings 29,642.36 28,741.21
Repayment of long-term borrowings (18,629.61) (16,993.77)
Proceeds from option settlement of long term borrowings 35.01 190.90
Repayment of matured fixed deposits (0.48) (6.75)
Proceeds from short-term borrowings 20,807.15 10,707.30
Repayment of short-term borrowings (11,078.93) (12,852.93)
Net change in other short-term borrowings (with maturity up to three months) (4,544.27) (1,587.12)
Repayment of lease liability ( including interest) (1,477.28) (1,345.61)
Dividend paid to non-controlling interest shareholders of subsidiaries (including dividend distribution tax) (28.75) (53.32)
Proceeds from issuance /(payment) for acquisition of shares from non-controlling 0.24 (22.15)
Dividend paid (1.56) (3.52)
Proceeds from issuance of perpetual debt instrument classified as equity by a subsidiary (net) 700.75 245.00
Interest paid [including discounting charges paid `900.04 crores (March 31, 2020 `968.85 crores)] (8,122.94) (7,518.40)
Net cash from financing activities 9,904.20 3,389.61
Net increase/(decrease) in cash and cash equivalents 12,778.46 (4,147.67)
Cash and cash equivalents as at April 1, (opening balance) 18,467.80 21,559.80
Effect of foreign exchange on cash and cash equivalents 453.75 1,055.67
Cash and cash equivalents as at March 31, (closing balance) 31,700.01 18,467.80
Non-cash transactions:
Liability towards property, plant and equipment and intangible asests purchased on credit/deferred credit 5,367.84 6,626.78

For B S R & Co. LLP

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021

262
Consolidated Statement of Changes in Equity
|
(` in crores)
Particulars
Proceeds from issuance of shares 46.27
B. OTHER EQUITY
(` in crores)
Reserves Other components of equity
Reserve for Debt Equity Attributable

Share- Non-
Capital Debenture research Earned instruments instruments Cost of Currency to Owners of Total other
Securities based Share Special Capital Retained Hedging controlling
redemption redemption and human surplus through Other through Other hedging translation Tata Motors equity
Premium payments Warrants reserve Reserve earnings Reserve interests
reserve reserve resource reserve Comprehensive Comprehensive reserve reserve Limited
reserve
development Income Income
Opening balance as at April 1, 2020 21,872.89 13.14 867.50 2.28 1,038.84 200.74 490.15 45.65 1,164.20 35,882.82 88.63 (77.37) (3,891.90) (213.28) 4,874.70 62,358.99 813.56 63,172.55
Profit/(Loss) for the year - - - - - - - - - (13,451.39) - - - - - (13,451.39) 56.29 (13,395.10)
Other comprehensive income /(loss) for the year - - - - - - - - - (5,901.17) 168.15 402.61 4,146.66 231.43 3,852.51 2,900.19 19.15 2,919.34
Total comprehensive income/(loss) for the year - - - - - - - - - (19,352.56) 168.15 402.61 4,146.66 231.43 3,852.51 (10,551.20) 75.44 (10,475.76)
Amounts recognized in inventory - - - - - - - - - - - - 56.59 48.73 - 105.32 - 105.32
Issue of shares pursuant to conversion of share warrants 3,423.74 - (867.50) - - - - - - - - - - - - 2,556.24 - 2,556.24
Realised gain on investments held at fair value through Other - - - - - - - - - 4.36 - (4.36) - - - - - -
Acquisition of Subsidiary 2.52 2.52 - 2.52
Distribution to Minority - - - - - - - - - - - - - - (28.75) (28.75)
Issue of perpetual instrument classified as equity by a subsidiary - - - - - - - - - - - - - - - - 713.00 713.00
Shares issued to non-controlling interest - - - - - - - - - - - - - - 0.24 0.24
Share based payments - 9.04 - - - - - - - - - - - - - 9.04 - 9.04
Transfer (from)/to retained earnings - - - - (134.40) - 88.71 - - 45.69 - - - - - - - -
Balance as at March 31, 2021 25,296.63 22.18 - 2.28 904.44 200.74 578.86 45.65 1,164.20 16,582.83 256.78 320.88 311.35 66.88 8,727.21 54,480.91 1,573.49 56,054.40
Note:
During the financial year ended March 31, 2021, Tata Motors Finance Limited, a subsidiary of the Company issued perpetual securities of `713.00 crores bearing a coupon interest
rate ranging from 9.55% to 10.50% per annum , with a step up provision if the securities are not called after 10 years. The payment of any coupon may be cancelled or suspended at
the discretion of the Board of Directors of Tata Motors Finance Limited. Accordingly, the Company has accounted these securities as equity instruments and any amount attributable
to investors of these perpetual securities have been presented as non-controlling interest.
For B S R & Co. LLP

Company Secretary
Consolidated
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021
Consolidated Statement of Changes in Equity
(` in crores)
Particulars
Proceeds from issuance of shares 40.32
B. OTHER EQUITY
(` in crores)
Reserves Other components of equity
Reserve for Debt Equity Attributable
Non- Total
Share-based Capital Debenture research Earned instruments instruments Cost of Currency to Owners of
Particulars Securities Share Special Capital Retained Hedging controlling other
payments redemption redemption and human surplus through Other through Other hedging translation Tata Motors
Premium Warrants reserve Reserve earnings Reserve interests equity
reserve reserve reserve resource reserve Comprehensive Comprehensive reserve reserve Limited
development Income Income
Balance as at April 1, 2019 18,891.93 8.44 - 2.28 1,085.94 200.74 440.83 45.65 1,164.20 40,719.28 - 62.08 (5,602.62) (70.80) 2,552.39 59,500.34 523.06 60,023.40
Effect of transition to Ind AS 116 - - - - - - - - - (196.14) - - - - - (196.14) - (196.14)
Adjusted opening balance as at April 1, 2019 18,891.93 8.44 - 2.28 1,085.94 200.74 440.83 45.65 1,164.20 40,523.14 - 62.08 (5,602.62) (70.80) 2,552.39 59,304.20 523.06 59,827.26
Loss for the year - - - - - - - - - (12,070.85) - - - - - (12,070.85) 95.62 (11,975.23)
Other comprehensive income /(loss) for the year - - - - - - - - - 7,432.75 88.63 (139.45) 1,958.38 (170.65) 2,322.31 11,491.97 12.50 11,504.47
Total comprehensive income/(loss) for the year - - - - - - - - - (4,638.10) 88.63 (139.45) 1,958.38 (170.65) 2,322.31 (578.88) 108.12 (470.76)
Amounts recognized in inventory - - - - - - - - - - - - (247.66) 28.17 - (219.49) - (219.49)

Issue of shares pursuant to preferential allotment (net 2,980.96 - - - - - - - - - - - - - - 2,980.96 - 2,980.96
of issue expenses of `3.08 crores)
Issue of Share warrants - - 867.50 - - - - - - - - - - - - 867.50 - 867.50
Acquisition of minority - - - - - - - - - - - - - - - - (22.15) (22.15)
Minority changes during the period - - - - - - - - - - - - - - - - 250.00 250.00
Dividend paid (including dividend tax) - - - - - - - - - - - - - - - - (45.47) (45.47)
Share based payments - 4.70 - - - - - - - - - - - - - 4.70 - 4.70
Transfer from debenture redemption reserve - - - - (47.10) - - - - 47.10 - - - - - - - -
Transfer (from)/to retained earnings - - - - - - 49.32 - - (49.32) - - - - - - - -
Balance as at March 31, 2020 21,872.89 13.14 867.50 2.28 1,038.84 200.74 490.15 45.65 1,164.20 35,882.82 88.63 (77.37) (3,891.90) (213.28) 4,874.70 62,358.99 813.56 63,172.55

For B S R & Co. LLP


|
Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021
263
Consolidated
Notes Forming Part of Consolidated Financial Statements
1. BACKGROUND AND OPERATIONS Non-controlling interests in the net assets (excluding

Tata Motors Limited and its subsidiaries and joint operations, goodwill) of consolidated subsidiaries are identified
(collectively referred to as “the Company” or “Tata Motors”), separately from the Company’s equity. The interest of non-
designs, manufactures and sells a wide range of automotive controlling shareholders may be initially measured either at
vehicles. The Company provides financing for the vehicles sold fair value or at the non-controlling interests’ proportionate
by dealers of the Company in certain markets. The Company also share of the fair value of the acquiree’s identifiable net
manufactures engines for industrial and marine applications, assets. The choice of measurement basis is made on an
aggregates such as axles and transmissions for commercial acquisition-by-acquisition basis. Subsequent to acquisition,
vehicles and factory automation equipment, and provides the carrying amount of non-controlling interests is the
information technology services. amount of those interests at initial recognition plus the
non-controlling interests’ share of subsequent changes
Tata Motors Limited is a public limited Company incorporated and in equity. Total comprehensive income is attributed to
domiciled in India and has its registered office in Mumbai, India. non-controlling interests even if it results in the non-
As at March 31, 2021, Tata Sons Private Limited together with controlling interest having a deficit balance. Changes in the
its subsidiaries, owns 46.33% of the Ordinary shares and 7.66% Company’s interests in subsidiaries that do not result in a
of ‘A’ Ordinary shares of the Company, and has the ability to loss of control are accounted for as equity transactions. The
significantly influence the Company’s operation. carrying amount of the Company’s interests and the non-
The Company’s operations include the Jaguar Land Rover controlling interests are adjusted to reflect the changes in
business (referred to as JLR or Jaguar Land Rover). their relative interests in the subsidiaries. Any difference
between the amount by which the non-controlling interests
The consolidated financial statements were approved by the are adjusted and the fair value of the consideration paid or
Board of Directors and authorised for issue on May 18, 2021. received is recognised directly in equity and attributed to
2. SIGNIFICANT ACCOUNTING POLICIES owners of the Company. When the Company loses control
a. Statement of compliance of a subsidiary, the profit or loss on disposal is calculated
These financial statements have been prepared in as the difference between (i) the aggregate of the fair value
accordance with Ind AS as notified under the Companies of consideration received and the fair value of any retained
(Indian Accounting Standards) Rules, 2015 read with interest and (ii) the previous carrying amount of the assets
Section 133 of the Companies Act, 2013 (“the Act”). (including goodwill), and liabilities of the subsidiary and any
non-controlling interests. Amounts previously recognised
b. Basis of preparation in other comprehensive income in relation to the subsidiary
The consolidated financial statements have been prepared are accounted for (i.e., reclassified to profit or loss) in the
on historical cost basis except for certain financial same manner as would be required if the relevant assets or
instruments which are measured at fair value at the end of liabilities were disposed of. The fair value of any investment
each reporting period as explained in the accounting policies retained in the former subsidiary at the date when control
below. is lost is regarded as the fair value on initial recognition for
c. Basis of consolidation subsequent accounting or, when applicable, the cost on
Subsidiaries initial recognition of an investment in an associate or jointly
The consolidated financial statements include Tata Motors controlled entity.
Limited and its subsidiaries. Subsidiaries are entities Interests in joint arrangements
controlled by the Company. Control exists when the A joint arrangement is an arrangement of which two or more
Company (a) has power over the investee, (b) it is exposed, parties have joint control. Joint control is the contractually
or has rights, to variable returns from its involvement with agreed sharing of control of an arrangement, which exists
the investee and ( c) has the ability to affect those returns only when decisions about the relevant activities require the
through its power to direct relevant activities of the investee. unanimous consent of the parties sharing control.
Relevant activities are those activities that significantly
affect an entity’s returns. The Company reassesses whether Joint operations
or not it controls an investee if facts and circumstances Certain of the Company’s activities, are conducted through
indicate that there are changes to one or more of the three joint operations, which are joint arrangements whereby
elements listed above. In assessing control, potential voting the parties that have joint control of the arrangement
rights that currently are exercisable and other contractual have rights to the assets, and obligations for the liabilities,
arrangements that may influence control are taken into relating to the arrangement. The Company recognizes, in the
account. The results of subsidiaries acquired or disposed consolidated financial statements, its share of the assets,
of during the year are included in the consolidated financial liabilities, income and expenses of these joint operations
statements from the effective date of acquisition and up to incurred jointly with the other partners, along with its
the effective date of disposal, as appropriate. share of income from the sale of the output and any assets,
liabilities and expenses that it has incurred in relation to the
Inter-company transactions and balances including joint operation.
unrealised profits are eliminated in full on consolidation.

Joint ventures Purchase consideration in excess of the Company’s interest

A joint venture is a joint arrangement whereby the parties in the acquiree’s net fair value of identifiable assets,
that have joint control of the arrangement have rights to liabilities and contingent liabilities is recognised as goodwill.
the net assets of the arrangement. The results, assets Excess of the Company’s interest in the net fair value of the
and liabilities of a joint venture are incorporated in these acquiree’s identifiable assets, liabilities and contingent
financial statements using the equity method of accounting liabilities over the purchase consideration is recognised,
as described below. after reassessment of fair value of net assets acquired, in
the Capital Reserve.
Associates
Associates are those entities over which the Company has e. Going Concern
significant influence. Significant influence is the power to The Company’s consolidated financial statements have
participate in the financial and operating policy decisions been prepared on a going concern basis.
of the investee but is not control or joint control those The Company has has performed an assessment of its
policies. Significant influence is presumed to exist when financial position as at March 31, 2021 and forecasts of
the Company holds 20 percent or more of the voting power the Company and JLR for a period of eighteen months from
of the investee. If accounting policies of associates differ the date of these financial statements (the ‘Going Concern
from those adopted by the Group, the accounting policies of Assessment Period’ and the ‘Foreseeable Future’).
associates are aligned with those of the Group. The results,
assets and liabilities of associates are incorporated in these In developing these forecasts, the Company has modelled
financial statements using the equity method of accounting a base case, which has been further sensitised using severe
as described below. but plausible downside scenarios.
Equity method of accounting (equity accounted The base case covers the Going Concern Assessment
investees) Period and considers the estimated on-going impact of the
An interest in an associate or joint venture is accounted for COVID-19 global pandemic and a cautious view of the impact
using the equity method from the date the investee becomes of near-term supply chain challenges related to global semi-
an associate or a joint venture and are recognised initially at conductor shortages. It also accounts for other end-market
cost. The carrying value of investment in associates and joint and operational factors throughout the Going Concern
ventures includes goodwill identified on date of acquisition, Assessment Period. The base case assumes continued
net of any accumulated impairment losses. The consolidated recovery in industry volumes based upon external industry
financial statements include the Company’s share of forecasts. The forecasts relating to JLR also consider the
profits or losses, other comprehensive income and equity associated costs relating to the implementation of the
movements of equity accounted investments, from the date Reimagine strategy as well as cost performance based on
that significant influence or joint control commences until recent experience, with some cost savings in line with the
the date that significant influence or joint control ceases. Refocus programme.
When the Company’s share of losses exceeds its interest This has been further sensitized using more severe
in an equity accounted investment, the carrying amount of but plausible scenarios considering external market
that interest (including any long-term interests in the nature commentaries and other factors impacting the global
of net investments) is reduced to nil and the recognition of economy and automotive industry. In JLR forecasts, the
further losses is discontinued except to the extent that the management has considered the impact of a repeat of the
Company has incurred constructive or legal obligations or Covid-19 pandemic.
has made payments on behalf of the investee.
Management do not consider more extreme scenarios than
When the Company transacts with an associate or joint the ones assessed to be plausible.
venture of the Company, unrealised profits and losses are
eliminated to the extent of the Company’s interest in its Within the Going Concern Assessment Period there is a £1bn
associate or joint venture. liquidity covenant attached to both the UK Export Finance
loan and new Revolving Credit Facility of JLR. Certain
Dividends are recognised when the right to receive payment lenders of Tata Motors Ltd have also waived the compliance
is established. with specific covenants under their loan agreements, with
d. Business combination one of the lenders extending the waiver until March 31,
Acquisitions of subsidiaries and businesses are accounted 2023 and the other lender extending the waiver until March
for using the acquisition method. Acquisition related costs 31, 2022. Tata Sons Private Limited, as promoter of the
are recognised in profit or loss as incurred. The acquiree’s Company, will provide financial support to help the parent
identifiable assets, liabilities and contingent liabilities that Company meet its liquidity needs and covenants under the
meet the conditions for recognition are recognised at their borrowing agreements with lenders until at least March 31,
fair value at the acquisition date, except certain assets 2023 or the completion of the Company’s plan to subsidiarize
and liabilities that are required to be measured as per the it’s Passenger Vehicles business into a separate subsidiary
applicable standard. through a scheme of arrangement, whichever is earlier.

Consolidated
In evaluating the forecasts, the Company and JLR have Covid-19 pandemic has rapidly spread throughout the
taken into consideration both the sufficiency of liquidity to world, including India. Governments in India and across
meet obligations as they fall due as well as potential impact the world have taken significant measures to curb the
on compliance with financial covenants during the forecast spread of the virus including imposing mandatory
period. lockdowns and restrictions in activities. Consequently,
Company’s manufacturing plants and offices had
These forecasts indicate that the Company will have
to be closed down / operate under restrictions for a
sufficient liquidity to operate and discharge its liabilities
considerable period of time during the year and post
as they become due, without breaching any relevant
year end. Lockdowns / restrictions have impacted
covenants, taking into account only cash generated from
the Company operationally including on commodity
operations and the funding facilities existing on the date of
prices, supply chain matters (including semiconductor
authorization of these financial statements and as at March
supplies), consumer demand and recoveries of loans
31, 2021, including the presently undrawn revolving credit
under its vehicle financing business. More recently,
facilities and the support from Tata Sons Limited.
the next wave of the pandemic has impacted India and
Based on the evaluation described above, management the Company is monitoring the situation closely taking
believes that the Company has sufficient financial resources into account the increasing level of infections in India
available to it at the date of approval of these financial and across the world and directives from the various
statements and that it will be able to continue as a ‘going Governments. Management believes that it has taken
concern’ in the foreseeable future and for a period of at least into account all the possible impacts of known events
September 30, 2022. arising from COVID-19 pandemic in the preparation
of the financial results including but not limited to
f. Use of estimates and judgments
its assessment of Company’s liquidity and going
The preparation of financial statements in conformity with
concern, recoverable values of its property, plant
Ind AS requires management to make judgments, estimates
and equipment, intangible assets, intangible assets
and assumptions, that affect the application of accounting
under development, allowances for losses for finance
policies and the reported amounts of assets, liabilities,
receivables and the net realisable values of other
income, expenses and disclosures of contingent assets and
assets. However, given the effect of these lockdowns
liabilities at the date of these financial statements and the
and restrictions on the overall economic activity and
reported amounts of revenues and expenses for the years
in particular on the automotive industry, the impact
presented. Actual results may differ from these estimates.
assessment of COVID-19 on the abovementioned
Estimates and underlying assumptions are reviewed at each financial statement captions is subject to significant
balance sheet date. Revisions to accounting estimates are estimation uncertainties due to its nature and duration
recognised in the period in which the estimate is revised and, accordingly, the actual impacts in future may
and in future periods affected. In particular, information be different from those estimated as at the date of
about significant areas of estimation uncertainty and critical approval of these financial results. The Company will
judgments in applying accounting policies that have the continue to monitor any material changes to future
most significant effect on the amounts recognised in the economic conditions and consequential impact on its
financial statements are included in the following notes: financial results
i) Note 3, 6, 7 and 8 - Property, plant and equipment and g. Revenue recognition
intangible assets – Useful lives and impairment The Company generates revenue principally from –
ii) Note 5 - Impairment of goodwill a) Sale of products – (i) commercial and passenger
vehicles and vehicle parts and (ii) Sales of other
iii) Note 22 - Recoverability/recognition of deferred tax
products- certain software products and other
assets
automotive products
iv) Note 30 - Provision for product warranty
The Company recognizes revenues on the sale of
v) Note 38 - Assets and obligations relating to employee products, net of discounts, sales incentives, customer
benefits bonuses and rebates granted, when products are
delivered to dealers or when delivered to a carrier
vi) Note 18 - Allowances for credit losses for finance
for export sales, which is when control including
receivables
risks and rewards and title of ownership pass to the
vii) Estimated discounts / incentives required to be paid to customer. The Company offers sales incentives in the
dealers on retail of vehicles form of variable marketing expense to customers,
which vary depending on the timing and customer
viii) Note 2(e) – Going concern assessment
of any subsequent sale of the vehicle. This sales
ix) Estimation of uncertainties relating to the global incentive is accounted for as a revenue reduction and
health pandemic from COVID-19 (COVID-19): is constrained to a level that is highly probable not

to reverse the amount of revenue recognised when reward points granted to customers is recognized as
any associated uncertainty is subsequently resolved. a deferred income liability and transferred to income
The Company estimates the expected sales incentive when customers redeem their reward points.
by market and considers uncertainties including
For certain sale of services wherein performance
competitor pricing, ageing of retailer stock and local
obligation is satisfied over a period of time, any amount
market conditions.
received in advance is recorded as contract liability
Revenue is recognised on a bill-and-hold basis where and recognized as revenue when service is rendered
vehicles, for example, are sold to the customer but to customers. Any amount of income accrued but not
are retained in the Company’s possession at a vehicle billed to customers in respect of such contracts is
holding compound on behalf of the customer ahead of recorded as a contract asset. Such contract assets are
being physically transferred to them at a future time. transferred to Trade receivables on actual billing to
In such arrangements it is ensured that the customer customers.
has obtained the ultimate control of the product.
Refund liabilities comprise of obligation towards
There are certain vehicles which are being given to customers to pay for discounts and sales incentives.
the customers along with operations and maintenance
Vehicle sales do not typically include allowances for
of the same. These are considered as finance leases
returns or refunds, although in some markets there
and accordingly, revenue is recognised at the lease
is legislative requirement for the Company as an
commencement date at fair value of the leased asset.
automotive manufacturer to repurchase or reacquire a
The cost of sales is reduced for the present value of
vehicle if quality issues arise that have been remedied
unguaranteed residual values. In addition, initial direct
a number of times and where the owner no longer
costs are recognised as cost of sales at the lease
wishes to own the vehicle as a result.
commencement date.
Proceeds from sale of vehicles for which the Company
The consideration received in respect of transport
or any of its subsidiaries have retained buy back
arrangements for delivering of vehicles to the
obligation in future is recorded as a liability – (i)
customers are recognized net of their costs within
Proceeds received in excess of agreed buy back price
revenues in the consolidated statement of profit and
is recognized as Deferred income liability and (ii) the
loss.
agreed buy back price is recognized as Buy back
Revenues are recognized when collectability of the liability. Deferred income liability is recognized as
resulting receivable is reasonably assured. operating lease income on time proportionate basis
over date of sale and date of buy back.
b) Sale of services - maintenance service, telematics
features and extended warranties for commercial and c) Financing revenues - Interest income from financing
passenger vehicles, software support services and transactions includes income from leasing of vehicles
insurance broking services. to customers. Finance and service charges are accrued
on the unpaid principal balance of finance receivables
Income from sale of maintenance services, telematics
using the effective interest method.
features and extended warranties, including software
services are recognized as income over the relevant h. Government grants and incentives
period of service or extended warranty. Other income includes export and other recurring and
non-recurring incentives from Government (referred as
When the Company sells products that are bundled
“incentives”).
with maintenance service, telematics features or
extended period of warranty, such services are Government grants are recognised when there is reasonable
treated as a separate performance obligation only if assurance that the Company will comply with the relevant
the service or warranty is optional to the customer conditions and the grant will be received.
or includes an additional service component. In such
Government grants are recognised in the consolidated
cases, the transaction price allocated towards such
statement of profit and loss, either on a systematic basis when
maintenance service or extended period of warranty
the Company recognizes, as expenses, the related costs
is recognized as a contract liability until the service
that the grants are intended to compensate or, immediately
obligation has been met.
if the costs have already been incurred. Government grants
The Company operates certain customer loyalty related to assets are deferred and amortised over the useful
programs under which customer is entitled to reward life of the asset. Government grants related to income are
points on the spend towards Company’s products. The presented as an offset against the related expenditure, and
reward points earned by customers can be redeemed to government grants that are awarded as incentives with
claim discounts on future purchase of certain products no ongoing performance obligations to the Company are
or services. Transaction price allocated towards recognised as income in the period in which the grant is
received.

Consolidated
i. Cost recognition and the Company sells the finished goods using the
Costs and expenses are recognised when incurred and are components at a loss.
classified according to their nature. iii) Residual risk
Expenditure are capitalised, where appropriate, in In certain markets, the Company is responsible for the
accordance with the policy for internally generated residual risk arising on vehicles sold by dealers under
intangible assets and represents employee costs, stores and leasing arrangements. The provision is based on the
other manufacturing supplies, and other expenses incurred latest available market expectations of future residual
for construction and product development undertaken by value trends. The timing of the outflows will be at the
the Company. end of the lease arrangements being typically up to
three years.
Material and other cost of sales as reported in the
consolidated statement of profit and loss is presented The potential effects of the COVID-19 pandemic,
net of the impact of realised foreign exchange relating to particularly the estimated decline and subsequent
derivatives hedging cost exposures. recovery in the used vehicle market, were included
in the Company’s methodology applied in estimating
j. Provisions the residual value exposure for the year ended March
A provision is recognised if, as a result of a past event, the 31, 2021. These assessments were performed with
Company has a present legal or constructive obligation that reference to both internal and external market inputs.
can be estimated reliably, and it is probable that an outflow
of economic benefits will be required to settle the obligation. iv) Legal and product liability
When the effect of the time value of money is material, Legal and product liability provision is recorded in
provisions are determined by discounting the expected respect of compliance with regulations and known
future cash flows using a pre-tax rate that reflects current litigations which impact the Company. The product
market assessments of the time value of money and the liability claim primarily relates to motor accident
risks specific to the liability. claims, consumer complaints, dealer terminations,
personal injury claims and compliance with emission
i) Product warranty expenses and battery disposal regulations.
The estimated liability for product warranties are
recognized when products are sold or when new The timing of outflows will vary depending on when
warranty programmes are initiated. These estimates claims are received and settled, which is not known
are established using historical information on the with certainty. The assumptions made, especially the
nature, frequency and average cost of warranty assumption about the outcome of legal proceedings,
claims and management estimates regarding possible are subject to a high degree of uncertainty. The
future warranty claims, customer goodwill and recall appropriateness of assumptions is regularly
complaints The timing of outflows will vary depending reviewed, based on assessments undertaken both by
on when warranty claim will arise, being typically up to management and external experts, such as lawyers.
six years and for batteries in Electric Vehicles warranty If new developments arise in the future that result
period is typically up to eight years. The Company also in a different assessment, provisions are adjusted
has back-to-back contractual arrangement with its accordingly.
suppliers in the event that a vehicle fault is proven to v) Environmental liability
be a supplier’s fault. Environmental liability relates to various
Estimates are made of the expected reimbursement environmental remediation cost such as asbestos
claim based upon historical levels of recoveries from removal and land clean up. The timing of when these
supplier, adjusted for inflation and applied to the costs will be incurred is not known with certainty.
population of vehicles under warranty as on balance k. Foreign currency
sheet date. Supplier reimbursements are recognised These consolidated financial statements are presented
as a separate asset. in Indian rupees, which is the functional currency of Tata
ii) Provision for onerous obligations Motors Limited. Transactions in foreign currencies are
A provision for onerous contracts is recognized when recorded at the exchange rate prevailing on the date of
the expected benefits to be derived by the Company transaction. Foreign currency denominated monetary assets
from a contract are lower than the unavoidable and liabilities are re-measured into the functional currency
costs of meeting its obligations under the contract. at the exchange rate prevailing on the balance sheet date.
It is recognized when the Company has entered Exchange differences are recognised in the consolidated
into a binding legal agreement for the purchase of statement of profit and loss except to the extent, exchange
components from suppliers that exceeds the benefits differences on foreign currency borrowings which are
from the expected future use of the components capitalized when they are regarded as an adjustment to
interest costs.

For the purpose of presenting consolidated financial are not recognised if the Company is able to control the
statements, the assets and liabilities of the Company’s timing of the reversal and it is probable that the temporary
foreign operations (having non-INR functional currency) are difference will not reverse in the foreseeable future.
translated to Indian rupees at the exchange rate prevailing
m. Cash & cash equivalents
on the balance sheet date, Income and expenses items are
Cash and cash equivalents comprises cash on hand, demand
translated at the average rate of exchange for the respective
deposits and highly liquid investments with an original
months. Exchange differences arising on such translation
maturity of up to three months that are readily convertible
are recognised as currency translation reserve under
into cash and which are subject to an insignificant risk of
equity. Exchange differences arising from the translation
changes in value.
of a foreign operation previously recognised in currency
translation reserve in equity are not reclassified from equity n. Earnings per share
to the consolidated profit or loss until the disposal of the Basic earnings per share has been computed by dividing
operation. profit for the year by the weighted average number of shares
outstanding during the year. Partly paid-up shares are
l. Income taxes
included as fully paid equivalents according to the fraction
Income tax expense comprises current and deferred taxes.
paid up. Diluted earnings per share has been computed
Income tax expense is recognised in the consolidated
using the weighted average number of shares and dilutive
statement of profit and loss except when they relate to
potential shares, except where the result would be anti-
items that are recognised outside of profit or loss (whether
dilutive.
in other comprehensive income or directly in equity), in
which case tax is also recognised outside profit or loss, or o. Inventories
where they arise from the initial accounting for a business Inventories (other than those recognised consequent to
combination. In the case of a business combination the the sale of vehicles subject to repurchase arrangements)
tax effect is included in the accounting for the business are valued at the lower of cost and net realisable value.
combination. Current income taxes are determined based Cost of raw materials, components and consumables are
on respective taxable income of each taxable entity and tax ascertained on a first in first out basis. Cost, including fixed
rules applicable for respective tax jurisdictions. and variable production overheads, are allocated to work-in-
progress and finished goods determined on a full absorption
Deferred tax assets and liabilities are recognised for
cost basis. Net realisable value is the estimated selling
the future tax consequences of temporary differences
price in the ordinary course of business less estimated
between the carrying values of assets and liabilities and
cost of completion and selling expenses. Inventories
their respective tax bases, and unutilised business loss and
include vehicles sold subject to repurchase arrangements.
depreciation carry-forwards and tax credits. Such deferred
These vehicles are carried at cost to the Company and are
tax assets and liabilities are computed separately for each
amortised in changes in inventories of finished goods to
taxable entity and for each taxable jurisdiction. Deferred tax
their residual values (i.e., estimated second hand sale value)
assets are recognised to the extent it is probable that future
over the term of the arrangement.
taxable income will be available against which the deductible
temporary differences, unused tax losses, depreciation p. Property, plant and equipment
carry forwards and unused tax credits could be utilised. The Property, plant and equipment are stated at cost of
carrying amount of deferred tax assets is reviewed at each acquisition or construction less accumulated depreciation
reporting date and reduced to the extent that it is no longer and accumulated impairment, if any. Freehold land is
probable that sufficient taxable profits will be available to measured at cost and is not depreciated. Heritage assets,
allow all or part of the asset to be recovered. comprising antique vehicles purchased by the Company,
are not depreciated as they are considered to have a
Deferred tax assets and liabilities are measured based on
residual value in excess of cost. Residual values are re-
the tax rates that are expected to apply in the period when
assessed on an annual basis. Cost includes purchase price,
the asset is realised or the liability is settled, based on the tax
non-recoverable taxes and duties, labour cost and direct
rates and tax laws that have been enacted or substantively
overheads for self-constructed assets and other direct costs
enacted by the balance sheet date. Current and deferred
incurred up to the date the asset is ready for its intended
tax assets and liabilities are offset when there is a legally
use.
enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied Interest cost incurred for constructed assets is capitalised
by the same taxation authority and the Company intends to up to the date the asset is ready for its intended use, based
settle its current tax assets and liabilities on a net basis. on borrowings incurred specifically for financing the asset
or the weighted average rate of all other borrowings, if
Deferred tax liabilities on taxable temporary differences
no specific borrowings have been incurred for the asset.
arising from investments in subsidiaries, branches and
Depreciation is provided on the Straight-Line Method (SLM)
associated companies and interests in joint arrangements

Consolidated
over the estimated useful lives of the assets considering Internally generated intangible asset
the nature, estimated usage, operating conditions, past Research costs are charged to the consolidated statement
history of replacement, anticipated technological changes, of profit and loss in the year in which they are incurred.
manufacturer’s warranties and maintenance support. Taking Product development costs incurred on new vehicle
into account these factors, the Company and its domestic platform, engines, transmission and new products are
group companies have decided to retain the useful life recognised as intangible assets, when feasibility has
hitherto adopted for various categories of property, plant been established, the Company has committed technical,
and equipment, which are different from those prescribed in financial and other resources to complete the development
Schedule II of the Act. and it is probable that asset will generate probable future
Estimated useful lives of the assets are as follows: economic benefits. The costs capitalised include the cost of
materials, direct labour and directly attributable overhead
Type of Asset Estimated useful life expenditure incurred up to the date the asset is available
Buildings, Roads, Bridge and culverts 4 to 60 years for use. Interest cost incurred is capitalised up to the date
Plant, machinery and equipment 3 to 30 years the asset is ready for its intended use, based on borrowings
incurred specifically for financing the asset or the weighted
Computers and other IT assets 3 to 6 years
average rate of all other borrowings if no specific borrowings
Vehicles 3 to 11 years have been incurred for the asset. Product development
Furniture, fixtures and office 3 to 21 years costs is amortised on a straight-line basis over a period of 24
appliances months to 120 months. Product development expenditure
is measured at cost less accumulated amortisation and
The useful lives and method of deprecation is reviewed at
accumulated impairment, if any.
least at each year-end. Changes in expected useful lives are
treated as change in accounting estimates. r. Leases
At inception of a contract, the Company assesses whether
Depreciation is not recorded on capital work-in-progress
a contract is, or contain a lease. A contract is,or contains,
until construction and installation are complete and the
a lease if the contract conveys the right to control the use
asset is ready for its intended use.
of an identified asset for a period of time in exchange for
An item of property, plant and equipment is derecognized on consideration. To assess whether a contract conveys the
disposal. Any gain or loss arising from derecognition of an right to control the use of an identified asset, the Company
item of property, plant and equipment is included in profit or assesses whether:
loss when it is derecognized.
• The contract involves the use of an identified asset –
q. Other intangible assets this may be specified explicitly or implicitly, and should
Intangible assets purchased, including those acquired in be physically distinct or represent substantially all of
business combinations, are measured at cost or fair value as the capacity of a physically distinct asset. If the supplier
of the date of acquisition where applicable less accumulated has a substantive substation right, then the asset is not
amortisation and accumulated impairment, if any. Intangible identified;
assets with indefinite lives are reviewed annually to
• The Company has the right to substantially all of the
determine whether an indefinite-life assessment continues
economic benefits from the use of the asset throughout
to be supportable. If not, the change in the useful-life
the period of use; and
assessment from indefinite to finite is made on a prospective
basis. • The Company has the right to direct the use of the asset.
The Company has this right when it has the decision
For intangible assets with finite lives, amortization is
making rights that are most relevant to changing how and
provided on a straight-line basis over the estimated useful
for what purposes the asset is used.
lives of the acquired intangible assets as per the estimated
amortization period below • In rare cases where the decision about how and for what
purpose the asset is used is predetermined, the Company
Type of Asset Estimated useful life has the right to direct the use of the asset if either:
Patents and technological 2 to 12 years
knowhow • The Company has the right to operate the asset; or
Computer software 1 to 8 years • The Company designed the asset in a way that
Customer related intangibles 20 years predetermines how and for what purposes it will be used.
- dealer network At inception or on reassessment of a contract that contains a
Intellectual property rights 3 to 10 years lease component, the Company allocates the consideration
in the contract to each lease component on the basis of
The amortisation period for intangible assets with finite
their relative stand-alone prices. The Company recognises
useful lives is reviewed at least at each year-end. Changes in
a right-of-use asset and a lease liability at the lease
expected useful lives are treated as changes in accounting
commencement date. The right- of-use asset is initially
estimates.
measured at cost, which comprises of the initial amount of

the lease liability adjusted for any lease payments made other assets of the unit pro rata on the basis of carrying
at or before the commencement date, plus any initial direct amount of each asset in the unit. Goodwill impairment
costs incurred and an estimate of costs to dismantle and loss recognised is not reversed in subsequent period.
remove the underlying asset or to restore the underlying
ii) Property, plant and equipment and other
asset or the site on which it is allocated, less any lease
intangible assets
incentives received. The right-of-use asset is subsequently
At each balance sheet date, the Company assesses
amortised using the straight-line method over the shorter of
whether there is any indication that any property,
the useful life of the leased asset or the period of lease. If
plant and equipment and intangible assets with finite
ownership of the leased asset is automatically transferred
lives may be impaired. If any such impairment exists
at the end of the lease term or the exercise of a purchase
the recoverable amount of an asset is estimated to
option is reflected in the lease payments, the right-of-use
determine the extent of impairment, if any. Where it
asset is amortised on a straight line basis over the expected
is not possible to estimate the recoverable amount
useful life of the leased asset.
of an individual asset, the Company estimates the
The lease liability is initially measured at the present value recoverable amount of the cash-generating unit to
of the lease payments that are not paid at commencement which the asset belongs.
date, discounted using the interest rate implicit in the lease
Intangible assets with indefinite useful lives and
or, if that rate cannot be readily determined, the Company’s
intangible assets not yet available for use, are tested
incremental borrowing rate. Generally, the Company uses
for impairment annually at each balance sheet date, or
its incremental borrowing rate as a discount rate. The lease
earlier, if there is an indication that the asset may be
liability is measured at amortised cost using the effective
impaired.
interest method. It is re measured when there is a change in
future lease payments. iii) Equity accounted investments: Joint ventures
and associates:
Lease payments include fixed payments, i.e., amounts
When necessary, the entire carrying amount of
expected to be payable by the Company under residual
the investment (including goodwill) is tested for
value guarantee, the exercise price of a purchase option, if
impairment as a single asset by comparing its
the Company is reasonably certain to exercise that option
recoverable amount with its carrying amount. Any
and payment of penalties for terminating the lease, if the
impairment loss recognised forms part of the carrying
lease term considered reflects that the Company shall
amount of the investment. Any reversal of that
exercise termination option. The Company also recognises
impairment loss is recognised to the extent that the
a right of use asset, which comprises of amount of initial
recoverable amount of the investment subsequently
measurement of the lease liability, any initial direct cost
increases.
incurred by the Company and estimated dilapidation costs.
Recoverable amount is the higher of fair value less
Payment made towards short term leases (leases for which
costs to sell and value in use. In assessing value in
non-cancellable term is 12 months or lesser) and low value
use, the estimated future cash flows are discounted to
assets (lease of assets worth less than ` 0.03 crore) are
their present value using a pre-tax discount rate that
recognised in the Consolidated statement of Profit and loss
reflects current market assessments of the time value
as rental expenses over the tenor of such leases.
of money and the risks specific to the asset (or cash
Assets given on lease generating unit) for which the estimates of future cash
There are certain vehicles which are being given to the flows have not been adjusted. Cash flow projections
customers along with operations and maintenance of the are developed generally for five years using data
same. These are accounted as finance lease as the material from the Company’s latest internal forecasts and
risks and rewards are transferred to the lessee. Accordingly, extrapolated beyond five years using estimated long-
lease receivable is recognized as the amount of the fair term growth rates.
value of the leased asset.
If the recoverable amount of an asset (or cash
s. Impairment generating unit) is estimated to be less than its
i) Goodwill carrying amount, the carrying amount of the asset (or
Cash generating units to which goodwill is allocated cash-generating unit) is reduced to its recoverable
are tested for impairment annually at each balance amount. An impairment loss is recognised immediately
sheet date, or more frequently when there is an in the consolidated statement of profit and loss.
indication that the unit may be impaired. If the
An asset or cash-generating unit impaired in prior
recoverable amount of the cash generating unit is less
years is reviewed at each balance sheet date to
than the carrying amount of the unit, the impairment
determine whether there is any indication of a reversal
loss is allocated first to reduce the carrying amount
of impairment loss recognized in prior years.
of any goodwill allocated to that unit and then to the

Consolidated
t. Employee benefits by this plan are prospectively entitled to benefits

i) Pension plans computed on a basis that ensures that the annual cost
Jaguar Land Rover operate defined benefit pension of providing the pension benefits would not exceed
plans for certain of its subsidiaries, which are 15% of salary. During the year ended March 31, 2015,
contracted out of the second state pension scheme the employees covered by this plan were given a
until April 5, 2016. The assets of the plan are held one-time option to exit from the plan prospectively.
in separate trustee administered funds. The plans Furthermore, the employees who opted for exit were
provide for monthly pension after retirement as per given one- time option to withdraw accumulated
salary drawn and service period as set out in rules of balances from the superannuation plan. Separate
each fund. irrevocable trusts are maintained for employees
covered and entitled to benefits. Tata Motors Limited
Contributions to the plans by the Jaguar Land Rover and its subsidiaries contribute up to 15% or `150,000,
subsidiaries take into consideration the results of whichever is lower, of the eligible employees’ salary to
actuarial valuations. The plans with a surplus position the trust every year. Such contributions are recognised
at the year-end have been limited to the maximum as an expense when incurred. Tata Motors Limited and
economic benefit available from unconditional such subsidiaries have no further obligation beyond
rights to refund from the scheme or reduction in this contribution.
future contributions. Where the subsidiary group is
considered to have a contractual obligation to fund iv) Bhavishya Kalyan Yojana (BKY)
the pension plan above the accounting value of the Bhavishya Kalyan Yojana is an unfunded defined
liabilities, an onerous obligation is recognised. A benefit plan for employees of Tata Motors Limited
separate defined contribution plan is available to and some of its subsidiaries. The benefits of the plan
employees of Jaguar Land Rover. Costs in respect of include pension in certain cases, payable up to the date
this plan are charged to the consolidated statement of of normal superannuation had the employee been in
profit and loss as incurred. service, to an eligible employee at the time of death
or permanent disablement, while in service, either as
ii) Gratuity a result of an injury or as certified by the appropriate
Tata Motors Limited and its subsidiaries and joint authority. The monthly payment to dependents of
operations in India have an obligation towards the deceased/disabled employee under the plan
gratuity, a defined benefit retirement plan covering equals 50% of the salary drawn at the time of death or
eligible employees. The plan provides for a lump sum accident or a specified amount, whichever is greater.
payment to vested employees at retirement, death Tata Motors Limited and these subsidiaries account
while in employment or on termination of employment for the liability for BKY benefits payable in the future
of an amount equivalent to 15 to 30 days salary based on an actuarial valuation.
payable for each completed year of service. Vesting
occurs upon completion of five years of service. Tata v) Provident fund and family pension
Motors Limited and such subsidiaries make annual In accordance with Indian law, eligible employees
contributions to gratuity funds established as trusts of Tata Motors Limited and some of its subsidiaries
or insurance companies. Tata Motors Limited and and joint operations are entitled to receive benefits
its subsidiaries in India account for the liability for in respect of provident fund, a defined contributions
gratuity benefits payable in the future based on an plan, in which both employees and the Company
actuarial valuation. make monthly contributions at a specified percentage
of the covered employees’ salary (currently 12% of
iii) Superannuation employees’ salary). The contributions, as specified
Tata Motors Limited and some of its subsidiaries under the law, are made to the provident fund and
in India have two superannuation plans, a defined pension fund set up as an irrevocable trust by Tata
benefit plan and a defined contribution plan. An Motors Limited and its subsidiaries or to respective
eligible employee as on April 1, 1996 could elect to be Regional Provident Fund Commissioner and the
a member of either plan. Employees who are members Central Provident Fund under the State Pension
of the defined benefit superannuation plan are entitled scheme. The interest rate payable to the members of
to benefits depending on the years of service and the trust shall not be lower than the statutory rate of
salary drawn. The monthly pension benefits after interest declared by the Central Government under
retirement range from 0.75% to 2% of the annual basic the Employees Provident Funds and Miscellaneous
salary for each year of service. Tata Motors Limited Provisions Act, 1952 and shortfall, if any, shall be
and such subsidiaries account for superannuation made good by the Company. The embedded interest
benefits payable in future under the plan based on an rate guarantee is considered to be defined benefit.
actuarial valuation.
Given the investment pattern prescribed by the
With effect from April 1, 2003, this plan was amended authorities, most investments of provident fund has
and benefits earned by covered employees have been historically been in debt securities, thereby giving
protected as at March 31, 2003. Employees covered

secure returns. However, during the year ended March The present value of the post-employment benefit
31, 2020, due to a ratings downgrade and potential obligations depends on a number of factors, it is
bond default of some of the companies, the total determined on an actuarial basis using a number of
liability of principal and interest guarantee has since assumptions. The assumptions used in determining
been actuarially valued as a defined benefit. the net cost/(income) for pensions include the discount
rate, inflation and mortality assumptions. Any changes
vi) Severance indemnity
in these assumptions will impact upon the carrying
Tata Daewoo Commercial Vehicle Company Limited,
amount of post-employment benefit obligations. Key
or TDCV, a subsidiary company incorporated in Korea;
assumptions and sensitivities for postemployment
has an obligation towards severance indemnity, a
benefit obligations are disclosed in note 36.
defined benefit retirement plan, covering eligible
employees. The plan provides for a lump sum u. Dividends
payment to all employees with more than one year of Any dividend declared by Tata Motors Limited is based
employment equivalent to 30 days’ salary payable for on the profits available for distribution as reported in the
each completed year of service. statutory financial statements of Tata Motors Limited
(standalone) prepared in accordance with Generally
vii) Post-retirement medicare scheme
Accepted Accounting Principles in India or Indian GAAP or
Under this unfunded scheme, employees of Tata
Ind AS. Indian law permits the declaration and payment
Motors Limited and some of its subsidiaries receive
of dividend out of profits for the year or previous financial
medical benefits subject to certain limits on amounts
year(s) as stated in the statutory financial statements of
of benefits, periods after retirement and types of
Tata Motors Limited (Standalone) prepared in accordance
benefits, depending on their grade and location at the
with Generally Accepted Accounting Principles in India, or
time of retirement. Employees separated from the
Ind AS after providing for depreciation in accordance with
Company as part of an Early Separation Scheme, on
the provisions of Schedule II to the Companies Act.
medical grounds or due to permanent disablement are
also covered under the scheme. However, in the absence or inadequacy of the said profits, it
may declare dividend out of free reserves, subject to certain
Tata Motors Limited and such subsidiaries account for
conditions as prescribed under the Companies (Declaration
the liability for post-retirement medical scheme based
and Payment of Dividend) Rules, 2014. Accordingly, in
on an actuarial valuation.
certain years the net income reported in these financial
viii) Compensated absences statements may not be fully distributable. The amount
Tata Motors Limited and some of its subsidiaries and available for distribution is `Nil as at March 31, 2021 (` Nil
joint operations provide for the encashment of leave or as at March 31, 2020).
leave with pay subject to certain rules. The employees
v. Segments
are entitled to accumulate leave subject to certain
The Company primarily operates in the automotive business.
limits, for future encashment. The liability is provided
The automotive business comprises of four reportable
based on the number of days of unutilised leave at
segments i.e., Tata Commercial Vehicles, Tata Passenger
each balance sheet date on the basis of an actuarial
Vehicles, Jaguar Land Rover and Vehicle Financing. Other
valuation.
operating segments do not meet the quantitative thresholds
ix) Remeasurement gains and losses for disclosure and have been aggregated.
Remeasurement comprising actuarial gains and
w. Financial instruments
losses, the effect of the asset ceiling and the return
i) Recognition
on assets (excluding interest) relating to retirement
A financial instrument is any contract that gives rise to
benefit plans, are recognised directly in other
a financial asset of one entity and a financial liability
comprehensive income in the period in which they arise.
or equity instrument of another entity. Financial
Remeasurement recorded in other comprehensive
instruments are recognised on the balance sheet
income is not reclassified to consolidated statement
when the Company becomes a party to the contractual
of profit and loss. Actuarial gains and losses relating
provisions of the instrument.
to long-term employee benefits are recognised in the
consolidated statement of profit and loss in the period Initial measurement
in which they arise. Initially, a financial instrument is recognised at its
fair value. Transaction costs directly attributable to
x) Measurement date
the acquisition or issue of financial instruments are
The measurement date of retirement plans is March
recognised in determining the carrying amount, if it
31.
is not classified as at fair value through profit or loss.
The present value of the defined benefit liability and Transaction costs of financial instruments carried at
the related current service cost and past service cost fair value through profit or loss are expensed in profit
are measured using projected unit credit method. or loss.

Consolidated
Subsequently, financial instruments are measured Derivatives which are not designated as hedging instruments
according to the category in which they are classified. are recognized at fair value through profit or loss.
Classification and measurement – financial assets Classification and measurement – financial liabilities:
Financial liabilities are classified as subsequently measured
Classification of financial assets is based on the business
at amortised cost unless they meet the specific criteria to be
model in which the instruments are held as well as the
recognised at fair value through profit or loss.
characteristics of their contractual cash flows. The business
model is based on management’s intentions and past pattern Other financial liabilities are measured at amortised cost
of transactions. Financial assets with embedded derivatives using the effective interest method. Subsequent to initial
are considered in there entirety when determining whether recognition, these are measured at fair value with gains or
there cash flows are solely payment of principal and losses being recognised in profit or loss.
interest. The Company reclassifies financial assets when
Financial guarantee contracts: These are initially measured
and only when its business model for managing those
at their fair values and, are subsequently measured at the
assets changes.
higher of the amount of loss allowance determined or the
Financial assets are classified into three categories amount initially recognized less, the cumulative amount of
income recognized.
Financial assets at amortised cost: Financial assets having
contractual terms that give rise on specified dates to cash Equity instruments: An equity instrument is any contract that
flows that are solely payments of principal and interest on evidences residual interests in the assets of the Company
the principal outstanding and that are held within a business after deducting all of its liabilities. Equity instruments issued
model whose objective is to hold such assets in order to by the Company are recorded at the proceeds received, net
collect such contractual cash flows are classified in this of direct issue costs.
category. Subsequently, these are measured at amortised
ii) Determination of fair value
cost using the effective interest method less any impairment
Fair value is the price that would be received to sell
losses.
an asset or paid to transfer a liability in an orderly
Equity investments at fair value through other transaction between market participants at the
comprehensive income (Equity instruments): These measurement date, regardless of whether that price
include financial assets that are equity instruments and is directly observable or estimated using another
are designated as such upon initial recognition irrevocably. valuation technique.
Subsequently, these are measured at fair value and changes
The fair value of a financial instrument on initial
therein, are recognised directly in other comprehensive
recognition is normally the transaction price (fair
income, net of applicable deferred income taxes. Dividends
value of the consideration given or received).
from these equity investments are recognised in the
consolidated statement of profit and loss when the right In estimating the fair value of an asset or liability, the
to receive payment has been established. When the equity Company takes into account the characteristics of
investment is derecognised, the cumulative gain or loss in the asset or liability if market participants would take
equity is transferred to retained earnings. those characteristics into account when pricing the
asset or liability at the measurement date.
Financial assets at fair value through other comprehensive
income (Debt instruments): Financial assets having Subsequent to initial recognition, the Company
contractual terms that give rise on specified dates, to cash determines the fair value of financial instruments that
flows that are solely payments of principal and interest on are quoted in active markets using the quoted bid prices
the principal outstanding and that are held within a business (financial assets held) or quoted ask prices (financial
model whose objective is to hold such assets in order to liabilities held) and using valuation techniques for
collect such contractual cash flows as well as to sell the other instruments. Valuation techniques include
financial asset, are classified in this category. Subsequently, discounted cash flow method and other valuation
these are measured at fair value, with unrealised gains or methods.
losses being recognised in other comprehensive income
iii) Derecognition of financial assets and financial
apart from any expected credit losses or foreign exchange
liabilities
gains or losses, which are recognised in profit or loss.
The Company derecognizes a financial asset only
Financial assets at fair value through profit or loss: when the contractual rights to the cash flows from
Financial assets are measured at fair value through profit or the asset expires or it transfers the financial asset and
loss unless it is measured at amortised cost or at fair value substantially all the risks and rewards of ownership
through other comprehensive income on initial recognition. of the asset to another entity. If the Company neither
The transaction costs directly attributable to the acquisition transfers nor retains substantially all the risks and
of financial assets and liabilities at fair value through profit rewards of ownership and continues to control
or loss are immediately recognised in profit or loss. the transferred asset, the Company recognizes its

retained interest in the asset and an associated liability loss is reversed. The reversal is recognised in the
for amounts it may have to pay. If the Company retains consolidated statement of profit and loss.
substantially all the risks and rewards of ownership of
The Company adopts the simplified approach
a transferred financial asset, the Company continues
permitted in Ind AS 109 to apply lifetime expected
to recognize the financial asset and also recognizes
credit losses to trade receivables and contract assets.
a collateralised borrowing for the proceeds received.
Where credit risk is deemed low at the reporting date
Any gain or loss arising on derecognition is recognised
or to have not increased significantly, credit losses for
in profit or loss. When a financial instrument is
the next 12 months are calculated.
derecognised, the cumulative gain or loss in equity is
transferred to the consolidated statement of profit and v) Hedge accounting
loss unless it was an equity instrument electively held The Company uses foreign currency forward and
at fair value through other comprehensive income. option contracts to hedge its risks associated with
In this case, any cumulative gain or loss in equity is foreign currency fluctuations relating to highly
transferred to retained earnings. Financial assets are probable forecast transactions. The Company
written off when there is no reasonable expectation designates these forward and option contracts in a
of recovery. The Company reviews the facts and cash flow hedging relationship by applying the hedge
circumstances around each asset before making a accounting principles.
determination. Financial assets that are written off
The Company also uses interest rate swaps to hedge
could still be subject to enforcement activities.
Financial liabilities are derecognised when these are arising from floating rate liabilities i.e., when interests
extinguished, that is when the obligation is discharged, are paid according to benchmark market interest rates.
cancelled or has expired.
Derivative contracts are stated at fair value on the
iv) Impairment of financial assets consolidated balance sheet at each reporting date.
The Company recognizes a loss allowance for
At inception of the hedge relationship, the Company
expected credit losses on a financial asset that
documents the economic relationship between the
is at amortised cost or at fair value through other
hedging instrument and the hedged item, including
comprehensive income. Expected credit losses are
whether changes in the cash flows of the hedging
forward looking and are measured in a way that is
instrument are expected to offset changes in the cash
unbiased and represents a probability-weighted
flows of the hedged item. The Company documents
amount, takes into account the time value of money
its risk management objective and strategy for
(values are discounted using the applicable effective
undertaking its hedging transactions. The Company
interest rate) and uses reasonable and supportable
designates only the intrinsic value of foreign exchange
information Loss allowance for finance receivables
options in the hedging relationship. The Company
is measured at an amount equal to twelve month
designates amounts excluding foreign currency basis
expected losses if credit risk on such assets has not
spread in the hedging relationship for both foreign
increased significantly since initial recognition. An
exchange forward contracts and cross-currency
allowance equal to lifetime expected losses is provided
interest rate swaps. Changes in the fair value of the
if credit risk has increased significantly from the date
derivative contracts that are designated and effective
of initial recognition or where the financial assets were
as hedges of future cash flows are recognised in the
deemed credit impaired at initial recognition. Credit
cash flow hedge reserve within other comprehensive
risk is determined to have increased significantly when
income (net of tax), and any ineffective portion is
a finance receivable contract becomes sixty/ninety
recognised immediately in the consolidated statement
days past due. Such impairment loss is recognised in
of profit and loss.
the consolidated statement of profit and loss. Such
increases in credit risk are relative and assessment Amounts accumulated in equity are reclassified to
may include external ratings (where available) or other the consolidated statement of profit and loss in the
information such as past due payments. Historic data periods in which the forecasted transaction occurs.
and forward-looking information are both considered. For forwards and options, forward premium and the
Objective evidence for a significant increase in credit time value are not considered part of the hedge.
risk may include where payment is overdue by sixty/
These are treated as cost of hedge and the changes in
ninety or more days as well as other information about
fair value attributable to time value is recognised in the
significant financial difficulties of the borrower.
other comprehensive income along with the changes
If the amount of an impairment loss decreases in a in fair value determined to be effective portion of
subsequent period, and the decrease can be related the hedge. For hedges of forecast transactions, time
objectively to an event occurring after the impairment value of options and forward element on forward
was recognised, the previously recognised impairment contracts are considered as cost of transaction related

Consolidated
hedge and accordingly any changes in their fair value x. Recent accounting pronouncements
is recognized in other comprehensive income and i) Amendments issued by MCA to existing standards
subsequently reclassified to consolidated statement
of profit and loss when the forecast transaction On July 24, 2020, the Ministry of Corporate Affairs has
affects the consolidated statement of profit and loss made following changes applicable from the financial
or recognized in the carrying value of asset when the year beginning April 1, 2020
forecasted transaction is for purchase of an asset. a) Revised the definition of the term “business” and
Effective portion of fair value changes in forward related guidance in Ind AS 103. The amendment
contracts and options designated as hedges against permits a simplified assessment of whether
foreign currency fluctuations arising on certain an acquired set of activities and assets is not a
liabilities denominated in foreign currency are business.
recognized in other comprehensive income and b) Amended some specific hedge accounting
reclassified to consolidated statement of profit requirements under Ind AS 109 (temporary
and loss when the underlying liabilities affect the exceptions from applying specific hedge
consolidated statement of profit and loss. The time accounting requirements) and disclosure
value of options and forward element of forward requirements under Ind AS 107 to provide relief
contracts designated as hedges of underlying foreign to the potential effects of uncertainty caused
currency liabilities are considered as cost of time by the Interest rate Benchmark reforms (IBOR
period related hedged item and accordingly amortized reforms).
and recognized in the consolidated statement of profit
and loss over the tenure of the contract. c) Amended Ind AS 116 to provide limited relief to
lessees in respect of rent concessions arising
The Company also uses interest rate swaps to hedge due to Covid-19 pandemic.
arising from floating rate liabilities i.e., when interests d) Refined the definition of the term ‘material’
are paid according to benchmark market interest rates. and related clarifications in Ind AS 1 and Ind
Effective portion of fair value changes on such interest AS 8. As per the amendment information is
rate swaps are recognized in other comprehensive material if omitting, misstating or obscuring
statement of profit and loss and accumulated in hedge it could reasonably be expected to influence
reserve and reclassified to consolidated statement the decisions that the primary users of general
of profit and loss when the hedged risk affects the purpose financial statements, which provide
consolidated statement of profit and loss. financial information about a specific reporting
entity. The amendments further clarified that the
Any ineffective portion of the fair value changes of information is obscured if it is communicated in a
hedging instruments are recognized in consolidated way that would have a similar effect for primary
statement of profit and loss. users of financial statements to omitting or
Hedge accounting is discontinued when the hedging misstating that information.
Instrument expires or is sold, terminated, or There were no significant impact on the Company’s
exercised, or no longer qualifies for hedge accounting. financial statements upon adoption of the above
Amounts accumulated in equity are reclassified to amendments issued by MCA.
the consolidated statement of profit and loss in the
periods in which the forecast transactions affect profit On March 24, 2021, the Ministry of Corporate Affairs
or loss or as an adjustment to a non-financial item (“MCA”) through a notification, amended Schedule III
(e.g., inventory) when that item is recognised on the of the Companies Act, 2013. The amendments revise
balance sheet. These deferred amounts are ultimately Division I, II and III of Schedule III and are applicable
recognised in profit or loss as the hedged item affects from April 1, 2021. Some of the key amendments
profit or loss (for example through cost of goods sold). relating to Division II which relate to companies whose
For forecast transactions, any cumulative gain or loss financial statements are required to comply with
on the hedging instrument recognised in equity is Companies (Indian Accounting Standards) Rules 2015
retained there until the forecast transaction occurs. are:
If the forecast transaction is no longer expected to a) Lease liabilities should be separately disclosed
occur, the net cumulative gain or loss recognised in under the head ‘financial liabilities’, duly
equity is immediately transferred to the consolidated distinguished as current or non-current.
statement of profit and loss for the year.

b) Certain additional disclosures in the statement • Repayable on demand or

of changes in equity such as changes in equity
• Without specifying any terms/ period of
share capital due to prior period errors and
repayment
restated balances at the beginning of the current
reporting period. j) Disclosure of prescribed ratios e.g. current
ratio, debt-equity ratio (Explain items included
c) Specified format for disclosure of shareholding
in numerator and denominator and any change
of promoters.
in the ratio >25% as compared to the preceding
d) Specified format for ageing schedule of year)
trade receivables, trade payables, capital
k) Disclosure of the following where borrowings
work-in-progress and intangible asset under
are made from banks/ FI on the basis of security
development.
of current assets:
e) If a company has not used funds for the specific
• Whether quarterly returns/ statements of
purpose for which it was borrowed from banks
current assets filed with banks/ FI are in
and financial institutions, then disclosure of
agreement with the books
details of where it has been used.
• Summary of reconciliation and reasons of
f) Specific disclosure under ‘additional regulatory
material discrepancies (if any)
requirement’ such as compliance with approved
schemes of arrangements, compliance with l) Additional disclosures relating to Corporate
number of layers of companies, title deeds Social Responsibility (CSR), undisclosed income
of immovable property not held in name of and crypto or virtual currency specified under
company, loans and advances to promoters, the head ‘additional information’ in the notes
directors, key managerial personnel (KMP) and forming part of financial statements.
related parties, details of benami property held
The Company is assessing the impact of these
etc.
changes and will accordingly incorporate the
g) Realignment of presentation of following same for the financial statements for the year
financial statement captions: ended March 31, 2022.
• Security deposits to be presented under ii) The conceptual framework for Financial Reporting
other financial assets (earlier: under under Ind AS sets out fundamental concepts for
loans) financial reporting that guide the Accounting Standard
Board (ASB) in developing Ind AS. It helps to ensure
• Current maturities of long-term
that the standards are conceptually consistent and
borrowings to be disclosed separately
that similar transactions are treated the same way, so
under borrowings (earlier: under other
as to provide useful information for investors, lenders
financial liabilities)
and creditors. In August 2020, ICAI issued the revised
h) Disclosure of charges/ satisfaction yet to be ‘Conceptual Framework for Financial Reporting under
registered with ROC beyond the statutory period Ind AS’ (Conceptual Framework). The applicability
along with details and reasons thereof date for the same is yet to be notified.
i) Prescribed disclosures where loans/ advances
in the nature of loans were granted to promoters,
directors, KMPs and the related parties (as
defined under 2013 Act), either severally or
jointly with any other person that are that are:

Consolidated
(y) The following subsidiary companies are considered in the consolidated financial statements:
% of holding either directly
Sr Country of or through subsidiaries
Name of the Subsidiary company
No. incorporation As at As at
March 31, 2021 March 31, 2020
Direct Subsidiaries
1 TML Business Services Limited India 100.00 100.00
2 Tata Motors Insurance Broking and Advisory Services Limited India 100.00 100.00
3 Tata Motors European Technical Centre PLC UK 100.00 100.00
4 Tata Technologies Limited India 74.42 72.48
5 TMF Holdings Limited India 100.00 100.00
6 Tata Marcopolo Motors Limited India 51.00 51.00
7 TML Holdings Pte. Limited Singapore 100.00 100.00
8 TML Distribution Company Limited India 100.00 100.00
9 Tata Hispano Motors Carrocera S.A. Spain 100.00 100.00
10 Tata Hispano Motors Carrocerries Maghreb SA Morocco 100.00 100.00
11 Trilix S.r.l. Italy 100.00 100.00
12 Tata Precision Industries Pte. Limited Singapore 78.39 78.39
13 Brabo Robotics and Automation Limited India 100.00 100.00
14 JT Special Vehicles Pvt. Limited (Ceased to be a JV and became a Wholly-owned India 100.00 -
Subsidiary, w.e.f. August 11, 2020)
Indirect subsidiaries *
15 TML Business Analytics Services Limited (Incorporated w.e.f. April 4, 2020) India 100.00 -
16 Tata Daewoo Commercial Vehicle Company Limited South Korea 100.00 100.00
17 Tata Daewoo Commercial Vehicle Sales and Distribution Company Limited South Korea 100.00 100.00
18 Tata Motors (Thailand) Limited Thailand 97.21 97.17
19 Tata Motors (SA) (Proprietary) Limited South Africa 60.00 60.00
20 PT Tata Motors Indonesia Indonesia 100.00 100.00
21 Tata Technologies (Thailand) Limited Thailand 74.42 72.48
22 Tata Technologies Pte Limited Singapore 74.42 72.48
23 INCAT International Plc. UK 74.42 72.48
24 Tata Technologies Europe Limited UK 74.42 72.48
25 Tata Technologies Nordics AB (Formally Known as Escenda Engineering AB) UK 74.42 72.48
26 INCAT GmbH. Germany 74.42 72.48
27 Tata Technologies Inc. USA 74.48 72.48
28 Tata Technologies de Mexico, S.A. de C.V. Mexico 74.48 72.48
29 Cambric Limited USA 74.48 72.48
30 Tata Technologies SRL Romania Romania 74.48 72.48
31 Tata Manufacturing Technologies (Shanghai) Limited China 74.42 72.48
32 Jaguar Land Rover Automotive Plc UK 100.00 100.00
33 Jaguar Land Rover Limited UK 100.00 100.00
34 Jaguar Land Rover Austria GmbH Austria 100.00 100.00
35 Jaguar Land Rover Belux NV Belgium 100.00 100.00
36 Jaguar Land Rover Japan Limited Japan 100.00 100.00
37 Jaguar Cars South Africa (Pty) Limited South Africa 100.00 100.00
38 JLR Nominee Company Limited UK 100.00 100.00
39 The Daimler Motor Company Limited UK 100.00 100.00
40 Daimler Transport Vehicles Limited UK 100.00 100.00


March 31, 2021 March 31, 2020
41 S.S. Cars Limited UK 100.00 100.00
42 The Lanchester Motor Company Limited UK 100.00 100.00
43 Jaguar Land Rover Deutschland GmbH Germany 100.00 100.00
44 Jaguar Land Rover Classic Deutschland GmbH Germany 100.00 100.00
45 Jaguar Land Rover Holdings Limited UK 100.00 100.00
46 Jaguar Land Rover North America LLC USA 100.00 100.00
47 Land Rover Ireland Limited Ireland 100.00 100.00
48 Jaguar Land Rover Nederland BV Netherlands 100.00 100.00
49 Jaguar Land Rover Portugal - Veiculos e Pecas, Lda. Portugal 100.00 100.00
50 Jaguar Land Rover Australia Pty Limited Australia 100.00 100.00
51 Jaguar Land Rover Italia Spa Italy 100.00 100.00
52 Jaguar Land Rover Espana SL Spain 100.00 100.00
53 Jaguar Land Rover Korea Company Limited South Korea 100.00 100.00
54 Jaguar Land Rover (China) Investment Co. Limited China 100.00 100.00
55 Jaguar Land Rover Canada ULC Canada 100.00 100.00
56 Jaguar Land Rover France, SAS France 100.00 100.00
57 Jaguar Land Rover (South Africa) (pty) Limited South Africa 100.00 100.00
58 Jaguar e Land Rover Brasil industria e Comercio de Veiculos LTDA Brazil 100.00 100.00
59 Limited Liability Company "Jaguar Land Rover" (Russia) Russia 100.00 100.00
60 Jaguar Land Rover (South Africa) Holdings Limited UK 100.00 100.00
61 Jaguar Land Rover India Limited India 100.00 100.00
62 Jaguar Cars Limited UK 100.00 100.00
63 Land Rover Exports Limited UK 100.00 100.00
64 Jaguar Land Rover Pension Trustees Limited UK 100.00 100.00
65 Jaguar Racing Limited UK 100.00 100.00
66 InMotion Ventures Limited UK 100.00 100.00
67 In-Car Ventures Limited ((Formerly known as Lenny Insurance Limited) UK 100.00 100.00
68 InMotion Ventures 2 Limited UK 100.00 100.00
69 InMotion Ventures 3 Limited UK 100.00 100.00
70 Shanghai Jaguar Land Rover Automotive Services Company Limited China 100.00 100.00
71 Jaguar Land Rover Slovakia s.r.o Slovakia 100.00 100.00
72 Jaguar Land Rover Singapore Pte. Ltd Singapore 100.00 100.00
73 Jaguar Land Rover Columbia S.A.S Columbia 100.00 100.00
74 PT Tata Motors Distribusi Indonesia Indonesia 100.00 100.00
75 Tata Motors Finance Solutions Limited India 100.00 100.00
76 Tata Motors Finance Limited India 100.00 100.00
77 TMNL Motor Services Nigeria Limited Nigeria 100.00 100.00
78 Jaguar Land Rover Ireland (Services) Limited Ireland 100.00 100.00
79 Spark44 (JV) Limited UK 50.50 50.50
80 Spark44 Pty. Ltd. Australia 50.50 50.50
81 Spark44 GMBH Germany 50.50 50.50
82 Spark44 LLC USA 50.50 50.50
83 Spark44 Shanghai Limited China 50.50 50.50
84 Spark44 DMCC UAE 50.50 50.50
85 Spark44 Demand Creation Partners Limited India 50.50 50.50

Consolidated

March 31, 2021 March 31, 2020
86 Spark44 Limited (London & Birmingham) UK 50.50 50.50
87 Spark44 Pte Ltd Singapore 50.50 50.50
88 Spark44 Communication SL Spain 50.50 50.50
89 Spark44 SRL Italy 50.50 50.50
90 Spark44 Seoul Limited Korea 50.50 50.50
91 Spark44 Japan KK Japan 50.50 50.50
92 Spark44 Canada Inc Canada 50.50 50.50
93 Spark44 South Africa (Pty) Limited South Africa 50.50 50.50
94 Spark44 Colombia S.A.S. Columbia 50.50 50.50
95 Spark44 Taiwan Limited Taiwan 50.50 50.50
96 Jaguar Land Rover Taiwan Company Limited Taiwan 100.00 100.00
97 Jaguar Land Rover Servicios Mexico,S.A. de C.V. Mexico 100.00 100.00
98 Jaguar Land Rover Mexico,S.A.P.I. de C.V. Mexico 100.00 100.00
99 Jaguar Land Rover Hungary KFT Hungary 100.00 100.00
100Jaguar Land Rover Classic USA LLC USA 100.00 100.00
101Jaguar Land Rover Ventures Limited UK 100.00 100.00
102Bowler Motors Limited UK 100.00 100.00
103Jaguar Land Rover (Ningbo) Trading Co. Limited China 100.00 100.00
*Effective holding % of the Company directly and through its subsidiaries.
The following Jointly controlled companies are considered in the consolidated financial statements:

Name of the jointly controlled company
March 31, 2021 March 31, 2020
Joint Operations
1 Fiat India Automobiles Private Limited India 50.00 50.00
2 Tata Cummins Private Limited India 50.00 50.00
Joint Ventures
3 Tata HAL Technologies Limited ** India 37.21 36.24
4 Chery Jaguar Land Rover Automotive Company Limited China 50.00 50.00
5 JT Special Vehicles Pvt. Limited (Ceased to be a JV and became a Wholly-owned India - 50.00
Subsidiary, w.e.f. August 11, 2020)
6 Loginomic Tech Solutions Private Limited (“TruckEasy”) India 26.00 26.00
7 Jaguar Land Rover Switzerland AG Switzerland 30.00 10.00
** Effective holding % of the Company as it is a Joint Venture of Tata Technologies Ltd

The following associates companies are considered in the consolidated financial statements:

Name of the associate company
March 31, 2021 March 31, 2020
1 Automobile Corporation of Goa Limited India 49.77 49.77

2 Nita Company Limited Bangladesh 40.00 40.00
3 Tata Hitachi Construction Machinery Company Private Limited India 39.99 39.99
4 Tata Precision Industries (India) Limited India 39.19 39.19
5 Tata AutoComp Systems Limited India 26.00 26.00
6 Jaguar Cars Finance Limited UK 49.90 49.90
7 Cloud Car Inc USA 26.30 26.30
8 Synaptiv Limited UK 37.50 37.50
9 DriveClubService Pte. Ltd. Singapore 25.07 25.07

282
|
3. (a) PROPERTY, PLANT AND EQUIPMENT
(` in crores)
Owned assets Given on lease Taken on lease
Property, plant and equipment Plant and Furniture Heritage Plant and Plant and Furniture
Land Buildings Vehicles Computers Land Buildings Vehicles Buildings Computers Total
equipment and fixtures Assets equipment equipment and fixtures
Cost as at April 1, 2020 7,401.49 26,661.69 122,979.80 1,757.39 498.40 2,717.94 376.22 23.50 33.96 5.16 116.40 - - - - 162,571.95
Additions 5.50 419.57 7,914.02 32.76 67.47 55.82 - - - - 58.81 - - - - 8,553.95
Additions through business acquisitions - - 0.07 0.23 0.30 0.09 - - - - - - - - - 0.69
Disposal/Adjustments (79.72) (74.94) (476.41) (74.37) (80.89) (154.47) (37.28) - - - (4.33) - - - - (982.41)
Currency translation differences 185.78 1,528.66 7,045.68 98.98 13.16 136.29 14.74 1.53 2.53 - - - - - - 9,027.35
Cost as at March 31, 2021 7,513.05 28,534.98 137,463.16 1,814.99 498.44 2,755.67 353.68 25.03 36.49 5.16 170.88 - - - - 179,171.53
Accumulated depreciation
- 5,502.00 76,027.00 1,093.04 257.71 1,619.34 167.09 - 3.55 4.12 15.27 - - - - 84,689.12
as at April 1, 2020
Depreciation for the period - 1,232.23 9,195.14 104.80 95.47 218.34 - - 0.16 - 26.82 - - - - 10,872.96
Reversal of Impairment loss (56.88) (468.83) (0.63) (1.65) (2.76) - - - - - (530.75)

Additions through business acquisitions - 0.03 0.03 0.04 0.04 - - - - - 0.14
Disposal/Adjustments - (43.98) (299.03) (63.08) (48.95) (144.23) - - - - (2.60) - - - - (601.87)
Writeoff/impairment of assets - 39.52 23.89 - - 0.45 - - - - - - - - - 63.86
Currency translation differences - 319.61 4,589.15 57.70 7.48 64.04 - - 0.04 - - - - - - 5,038.02
- 6,992.50 89,067.35 1,191.86 310.10 1,755.22 167.09 - 3.75 4.12 39.49 - - - - 99,531.48
Net carrying amount
7,513.05 21,542.48 48,395.81 623.13 188.34 1,000.45 186.59 25.03 32.74 1.04 131.39 - - - - 79,640.05
Cost as at April 1, 2019 7,286.26 22,840.87 109,223.07 1,621.42 387.31 2,335.10 372.77 22.86 33.28 5.16 62.75 97.38 192.34 4.31 186.15 144,671.03
Adjustment on initial application of
- (76.01) - - - - - - - - - (97.38) (192.34) (4.31) (186.15) (556.19)
Ind AS 116
Adjusted opening balance 7,286.26 22,764.86 109,223.07 1,621.42 387.31 2,335.10 372.77 22.86 33.28 5.16 62.75 - - - - 144,114.84
Additions 27.53 2,989.01 11,246.74 133.33 145.76 346.89 - - - - 64.79 - - - - 14,954.05
Additions through business acquisitions - 5.30 1.16 0.60 0.03 - - - - - - - - - - 7.09
Disposal/Adjustments - (19.47) (673.06) (46.65) (40.55) (29.48) (8.67) - (0.38) - (11.14) - - - - (829.40)
Currency translation differences 87.70 921.99 3,181.89 48.69 5.85 65.43 12.12 0.64 1.06 - - - - - - 4,325.37
Cost as at March 31, 2020 7,401.49 26,661.69 122,979.80 1,757.39 498.40 2,717.94 376.22 23.50 33.96 5.16 116.40 - - - - 162,571.95
- 4,148.26 64,778.83 958.82 214.43 1,404.02 161.69 - 3.58 4.12 7.97 42.08 144.43 2.37 180.57 72,051.17
as at April 1, 2019
Adjustment on initial application of
- - - - - - - - - - - (42.08) (144.43) (2.37) (180.57) (369.45)
Ind AS 116
Adjusted opening balance - 4,148.26 64,778.83 958.82 214.43 1,404.02 161.69 - 3.58 4.12 7.97 - - - - 71,681.73
Depreciation for the period - 1,123.58 9,072.75 119.71 79.04 200.35 - - 0.34 - 14.35 - - - - 10,610.12
Disposal/Adjustments - (12.96) (513.76) (25.28) (40.55) (29.48) - - (0.30) - (7.05) - - - - (629.38)
Writeoff/impairment of assets - 60.28 826.43 13.09 1.97 12.49 - - - - - - - - - 914.26
Currency translation differences - 182.84 1,862.75 26.70 2.82 31.96 5.40 - (0.07) - - - - - - 2,112.39
- 5,502.00 76,027.00 1,093.04 257.71 1,619.34 167.09 - 3.55 4.12 15.27 - - - - 84,689.12
Net carrying amount
7,401.49 21,159.69 46,952.81 664.35 240.69 1,098.60 209.13 23.50 30.41 1.04 101.13 - - - - 77,882.83
3. (b) CAPITAL WORK-IN-PROGESS

March 31, 2021 March 31, 2020
Additions 9,592.57 14,723.55
Transferred to cost of Property, plant and equipment (8,114.42) (14,691.95)
(Provision)/Reversal for impairment/(Write off) (Net) (2,229.48) (186.27)
Currency translation impact 528.91 216.06
Consolidated
4 (a) LEASES
The Company leases a number of buildings, plant and equipment, IT hardware and software assets, certain of which have a renewal and/
or purchase option in the normal course of the business. Extension and termination options are included in a number of leases across the
Company. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor. The
Company assesses at lease commencement whether it is reasonably certain to exercise the extension or termination option. The Company
re-assesses whether it is reasonably certain to exercise options if there is a significant event or significant change in circumstances within
its control. It is recognised that there is potential for lease term assumptions to change in the future due to the effects of the COVID-19
pandemic, and this will continue to be monitored by the Company where relevant. The Company’s leases mature between 2021 and 2049.
When measuring lease liability, the Company discounted lease payments using its incremental borrowing rate as at April 1, 2020. The
weighted-average rate applied is 7.97% per annum.
(` in crores)
As at As at
The following amounts are included in the Consolidated Balance Sheet
March 31, 2021 March 31, 2020
Current lease liabilities 814.00 814.18

Non-current lease liabilities 5,412.06 5,162.94
Total lease liabilities 6,226.06 5,977.12
(` in crores)
The following amounts are recognised in the consolidated statement of Profit & Loss:
March 31, 2021 March 31, 2020
2020
Interest expense on lease liabilities 495.98 469.25
Variable lease payment not included in the measurement of lease liabilities 0.06 2.98
Expenses related to short-term leases 94.91 155.34
Expenses related to low-value assets, excluding short-term leases of low-value assets 75.69 69.56
(` in crores)
Plant, Furniture,
Computers
machinery Fixtures Other
and and Office Assets
assets
equipments Appliances
Cost as at April 1, 2020 273.14 6,003.16 1,177.71 133.01 102.35 336.15 36.15 8,061.67
Additions 20.66 672.87 290.23 1.74 67.09 67.18 0.83 1,120.60
Disposals/adjustments - (116.98) (112.82) - (1.08) - - (230.88)
Currency translation differences 12.21 406.00 49.47 6.73 7.00 13.14 2.83 497.38
Cost as at March 31, 2021 306.01 6,965.05 1,404.59 141.48 175.36 416.47 39.81 9,448.77
Accumulated amortisation as at April 1, 2020 35.38 1,002.48 433.22 13.98 34.09 257.99 9.19 1,786.33
Amortisation for the period 42.87 718.00 261.43 14.47 53.27 72.68 9.32 1,172.04
Amortisation - considered as employee cost - - - - 2.75 - - 2.75
Reversal of Impairment Loss - (6.81) (31.32) - - (0.05) - (38.18)
Disposal/adjustments - (60.77) (17.42) - (0.52) - - (78.71)
Accumulated amortisation 81.85 1,725.41 670.50 29.27 92.74 338.76 19.58 2,958.11
Net carrying amount as at March 31, 2021 224.16 5,239.64 734.09 112.21 82.62 77.71 20.23 6,490.66

Consolidated
(` in crores)
Plant, Furniture,
Computers
machinery Fixtures Other
and and Office Assets
assets
equipments Appliances
Cost as at April 1, 2019 - - - - - - - -
Adjustment on initial application of Ind AS 116 267.39 5,204.99 786.70 4.33 17.86 303.34 34.98 6,619.59
Additions - 757.82 368.41 119.92 82.30 28.11 - 1,356.56
Disposals/adjustments - (144.30) - - (1.41) - - (145.71)
Cost as at March 31, 2020 273.14 6,003.16 1,177.71 133.01 102.35 336.15 36.15 8,061.67
Accumulated amortisation as at April 1, 2019 - - - - - - - -
Adjustment on initial application of Ind AS 116 0.15 39.65 142.70 2.37 - 180.57 - 365.44
Amortisation for the period 33.90 710.19 244.46 10.99 33.61 74.51 8.83 1,116.49
Impairment of Asset - 260.36 36.56 - - 0.08 - 297.00
Disposal/adjustments - (29.96) - - (0.86) - - (30.82)
Accumulated amortisation 35.38 1,002.48 433.22 13.98 34.09 257.99 9.19 1,786.33
Net carrying amount as at March 31, 2020 237.76 5,000.68 744.49 119.03 68.26 78.16 26.96 6,275.34
The Company has committed towards leases of Plant Machinery and Equipments which have not yet commenced for `30.00 crores as on
March 31, 2021 (` 171.00 crores as on March 31, 2020). There are no leases with residual value guarantees.
5. GOODWILL
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Balance at the beginning 777.06 747.87
Impairment - (8.31)
Currency translation differences 26.66 37.50
Balance at the end 803.72 777.06
As at March 31, 2021, goodwill of `99.09 crores and `704.63 crores relates to the passenger vehicles - automotive and related activity
segment (Tata and other brand vehicles) and “others” segment, respectively. As at March 31, 2020, goodwill of `99.09 crores and `677.97
crores relates to the passenger vehicles - automotive and related activity segment (Tata and other brand vehicles) and “others” segment,
respectively.
As at March 31, 2021, goodwill of `704.63 crores has been allocated to software consultancy and service cash generating unit. The
recoverable amount of the cash generating unit has been determined based on value in use. Value in use has been determined based on
future cash flows, after considering current economic conditions and trends, estimated future operating results, growth rates and anticipated
future economic conditions.
As at March 31, 2021, the estimated cash flows for a period of 5 years were developed using internal forecasts, and a pre-tax discount rate of
13.22%.The cash flows beyond 5 years have been extrapolated assuming 2% growth rates. The management believes that any reasonably
possible change in the key assumptions would not cause the carrying amount to exceed the recoverable amount of the cash generating unit.

6. (a) OTHER INTANGIBLE ASSETS

(` in crores)
Intellectual
Indefinite
Patents and property
Customer life trade Product
Software technological rights Total
related marks and development
know how and other
patents
intangibles
Cost as at April 1, 2020 8,172.29 1,624.84 616.12 371.17 5,783.60 82,599.86 99,167.88
Additions 844.86 0.79 - - - 16,735.88 17,581.53
Additions through business acquisitions 1.10 - - - - - 1.10
Disposal/Adjustments (1.73) - - - - - (1.73)
Fully amortized not in use (22.94) - - - - - (22.94)
Currency translation differences 606.38 106.50 46.68 24.29 447.12 6,311.52 7,542.49
Cost as at March 31, 2021 9,599.96 1,732.13 662.80 395.46 6,230.72 105,647.26 124,268.33
Accumulated amortisation 5,664.52 1,481.58 405.40 202.39 1,375.45 47,866.63 56,995.97
as at April 1, 2020
Amortization for the year 829.74 24.69 24.80 26.83 - 10,595.65 11,501.71
Additions through business acquisitions 0.20 - - - - - 0.20
Provision/(Reversal) for impairment/Write off 0.24 - - - - (429.10) (428.86)
Asset fully amortised not in use (22.94) - - - - - (22.94)
Net carrying amount as at March 31, 2021 2,702.52 119.75 200.83 152.01 4,748.98 43,849.09 51,773.18
Cost as at April 1, 2019 6,768.17 1,459.50 598.01 354.96 5,596.61 72,320.83 87,098.08
Additions 1,179.17 120.81 - 0.22 - 12,019.33 13,319.53
Capitalised product development - - - - - - -
Additions through business acquisitions - - - 10.32 - - 10.32
Fully amortized not in use (40.46) - - - - (4,159.76) (4,200.22)
Cost as at March 31, 2020 8,172.29 1,624.84 616.12 371.17 5,783.60 82,599.86 99,167.88
as at April 1, 2019
Amortization for the year 907.58 39.93 22.89 25.36 - 8,703.06 9,698.82
Writeoff/impairment of assets 0.45 - - - - 542.00 542.45
Asset fully amortised not in use (40.46) - - - - (4,159.76) (4,200.22)
Net carrying amount as at March 31, 2020 2,507.77 143.26 210.72 168.78 4,408.15 34,733.23 42,171.91
6. (b) INTANGIBLE ASSETS UNDER DEVELOPMENT

(` in crores)
March 31, 2021 March 31, 2020
Additions * 8,632.21 16,222.16
Transferred to cost of other intangible assets (16,857.14) (13,198.50)
(Provision)/Reversal for impairment/(Write off) (7,555.32) (162.69)
Currency translation impact 1,344.31 816.09
* the additions during the year include allocation of central overheads amounting to `806.12 crores (` 1,094.35 crores as at March 31,
2020).

Consolidated
6. (c) The useful life of trademarks and brands in respect of the acquired Jaguar Land Rover businesses have been determined to be indefinite as
the Company expects to generate future economic benefits indefinitely from these assets.
7. IMPAIRMENT ASSESSMENT OF JAGUAR LAND ROVER BUSINESS

The operations of its subsidiary Jaguar Land Rover (JLR), excluding equity accounted investments, represents a single cash-generating unit (“CGU”).
This is because of the closely connected nature of the cash flows and the degree of integrated development and manufacturing activities.
In response to the annual requirement of accounting standard, and the impact of Reimagine, management performed an impairment assessment as
at March 31, 2021.
For the year ended March 31, 2021 assessment, the recoverable value was determined using the value in use (“VIU”) approach. No impairment was
identified as the CGU recoverable amount exceeded its carrying amount by `27,206.70 crores (£2,700 million ) (`3,554.31 crores (£380 million)
in the year ended March 31, 2020). The impairment loss recorded in the previous year was not reversed because the underlying reasons for the
increased headroom do not support this. The increase in headroom is more related to unwind of the discount rate and asset write-offs than an
improvement in the underlying performance of the business when compared against the assumed performance at the date of impairment.
JLR has considered it appropriate to undertake the impairment assessment with reference to the latest business plan that was in effect as at the
reporting date. The business plan includes a five-year cash flow forecast and contains growth rates that are primarily a function of the JLR’s Cycle
Plan assumptions, historic performance and management’s expectation of future market developments through to 2025/26.
In forecasting the future cash flows management have given due consideration to the risks that have arisen due to the current economic uncertainty.
The approach and key assumptions used to determine JLR’s CGU VIU were as follows:
Terminal value variable profit – Due to the importance of product mix to the business’ cash flow the management consider variable profit to be a
key assumption. Whilst years 1 to 5 of the business plan is largely driven from the existing portfolio, management’s Reimagine strategy results
in a change in product portfolio in the outer years of the business plan. When considering the cash flows to model into perpetuity, it is therefore
necessary to derive a steady-state variable profit value based on this change, the business plan volume set and associated implied variable profit
levels;
Terminal value capital expenditure – the 5-year cash flows timing and amount are based on the latest Cycle Plan. The terminal value has been
derived based the management’s best estimate of a maintenance level of capital expenditure which has been derived from depreciation and
amortisation expectations and funding requirements in responses to longer-term industry trends which are anticipated in the VIU calculation.
Sensitivity to Key Assumptions
The key assumptions that impact the value in use are those that
(i) involve a significant amount of judgement and estimation and
(ii) drive significant changes to the recoverable amount when flexed under reasonably possible outcomes. As a significant portion of the
recoverable amount lies in the VIU terminal value, management have focussed disclosures on reasonably possible changes that impact the
terminal value.
Given the inherent uncertainty about how risk may arise, and the interaction of volumes and cost management, management consider a net impact
on terminal period cash flows to be the best means of indicating the sensitivity of the model to such changes in the terminal period.
The value of key assumptions used to calculate the recoverable amount are as follows:
As at As at
March 31, 2021 March 31, 2020
Terminal value variable profit (%GVR) 21.4% 19.7%
Terminal value capital expenditures (%GVR) 8.9% 9.1%
The table below shows the amount by which the value assigned to the key assumptions must change for the recoverable amount of the CGU
to be equal to its carrying amount:

Revised Revised
% Change % Change
Assumption Assumption
Terminal value variable profit (%GVR) 20.1% (6.3)% 19.5% (0.9)%
Terminal value capital expenditures (%GVR) 10.2% 15.1% 9.3% 1.9%

8. IMPAIRMENT LOSSES/(REVERSAL) FOR PASSENGER VEHICLE SEGMENT AND OTHER PROVISIONS

(a) Impairment losses/(reversal) for Passenger Vehicle Segment
The Company tests its passenger vehicle cash generating unit (CGU) for impairment at least annually and more frequently when there is
an indication of impairment. An impairment loss is recognized if the recoverable amount is lower than the carrying value. The Company
also periodically assesses if there are any triggers for reversal of previously recognised impairment loss. A reversal of impairment loss
is recognised if there is a trigger for reversal and the recoverable value exceeds the carrying value.
As at March 31, 2020, the Company assessed the recoverable value for this CGU, due to refresh of its strategy in response to change
in market conditions on account of various factors (economic environment, demand forecasts etc.) including COVID 19 pandemic. The
recoverable value determined by Fair Value less Cost of Disposal (‘FVLCD’) was lower than the carrying value of the CGU and this
resulted in an impairment charge for the year ended March 31, 2020 recognised within ‘Exceptional items’.
As at March 31, 2021, the Company identified certain triggers for reversal of the previously recorded impairment based on both
external and internal indicators. Accordingly, the Company reassessed its estimates and determined the recoverable value for this
CGU considering the significant improvement in absolute and relative performance and outlook of the business when compared with
the assumed performance at the time when the impairment loss was recorded. Based on this reassessment, the Company has reversed
the initially recognised impairment for this CGU.
The key drivers for this improved performance include :
1 New and improved product portfolio
2 Product positioning in segments where the Company did not have a presence earlier
3 Revamp of dealer and service network
4 Capacity de-bottlenecking
5 Cost reduction initiatives
In addition to the above, the post COVID pent up demand was a tailwind and the changing consumer preference towards personal
mobility as well as changes to the economic outlook have improved the outlook on the industry. A combination of these factors enabled
the Company to enhance it’s market share to 8.1% for the year ended March 31, 2021 as compared to 4.8% for the year ended March
31, 2020.
The recoverable value was determined using the Fair value less cost of Disposal (“FVLCD”). CGU’s FVLCD has been valued using
Comparable Company Market Multiple method (CCM). The average of enterprise value to sales multiple of Comparable Companies
applied to actual sales of the CGU for year ended March 31, 2021 has been considered as the FVLCD as per CCM. The fair value of the
CGU is as follows:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Recoverable amount 14,618.60 9,120.00
The approach and key (unobservable) assumptions used to determine the CGU’s FVLCD were as follows:
The carrying value of the CGU was `5,853.39 crores as at March 31, 2021, compared with the recoverable value of `14,618.60 crores,
determined by FVCLD and `10,588.00 crores as per VIU.
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Enterprise value to Sales multiple 1.27 0.75

Consolidated
The impairment loss recognised in the year ended March 31, 2020 and its subsequent reversal in the year ended March 31, 2021 was
as follows:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Property, plant and equipment (refer note 3 (a)) (530.74) 634.15
Capital work-in-progress (refer note 3 (b)) (68.37) 71.21
Right of use assets (refer note 4 ) (38.19) 45.94
Other intangible assets (refer note 6 (a)) (429.10) 542.00
Intangible assets under development (refer note 6 (b)) (116.01) 125.34
Total (1,182.41) 1,418.64
Sensitivity to key assumptions
The change in the following assumptions used in the impairment review would, in isolation, lead to a change in FVCLD as at March 31,
2021 (although it should be noted that these sensitivities do not take account of potential mitigating actions):
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Decrease in Enterprise value (EV) to Sales multiple by 10% 1,461.86 912.00
(b) Other provisions

During the year ended March 31, 2020, a provision had been recognized for certain supplier contracts ranging from 5 to 10 years,
which had become onerous, as the Company estimated that it will procure lower quantities than committed and the costs will exceed
the future economic benefit.
As at March 31, 2021, the Company has reassessed the onerous provision created and based on the revised volume outlook a reversal
of provision aggregating `777.00 crores has been accounted. During the year the Company has also made provision for estimated
supplier claims of `114.00 crores, which are under negotations with supplier.
(c) Impairment of assets in subsidiaries
(i) The Company assessed the recoverable value for assets belonging to its subsidiary Tata Motors European Technical Centre
PLC (TMETC), due to change in market conditions and reduced demand forecasts. The recoverable value of `46.55 crores was
determined by its value in use of the relevant assets of TMETC. The recoverable amount of TMETC of `46.55 crores was lower
than the carrying value of the CGU of `344.04 crores and this resulted in an impairment charge of `297.49 crores recognized for
the year ended March 31, 2020.
(ii) The Company also assessed the recoverable value for goodwill , tax and certain other assets belonging to its subsidiary Trilix
S.r.l as a result of current market conditions and reduced demand forecasts resulting in a possibility of non recovery of these
assets according to Management’s estimates. The Company recognized an impairment charge of `55.71 crores for the year
ended March 31, 2020 , which includes `8.31 crores for goodwill and `46.17 crores for current tax assets.

9. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES:

(a) Associates:
The Company has no material associates as at March 31, 2021. The aggregate summarized financial information in respect of the
Company’s immaterial associates that are accounted for using the equity method is set forth below.
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Carrying amount of the Company's interest in associates 1,023.07 1,036.26
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Company’s share of profit/(loss) in associates * (16.41) 16.32
Company’s share of other comprehensive income in associates 4.89 (3.37)
Company’s share of total comprehensive income in associates (11.52) 12.95
Fair value of investment in an equity accounted associate for which published price quotation is available, which is a level 1 input, was
`124.10 crores and `89.01 crores as at March 31, 2021 and 2020, respectively. The carrying amount as at March 31, 2021 and 2020
was `138.25 crores and `143.11 crores, respectively.
(b) Joint ventures:
(i) Details of the Company’s material joint venture is as follows:
% holding % holding
Principal place of the
Name of joint venture Principal activity as at March 31, as at March 31,
business
2021 2020
Chery Jaguar Land Rover Manufacture and China 50% 50%
Automotive Co. Limited (Chery) assembly of vehicles
Chery is a limited liability company, whose legal form confers separation between the parties to the joint arrangement. There is
no contractual arrangement or any other facts and circumstances that indicate that the parties to the joint venture have rights to
the assets and obligations for the liabilities of the joint arrangement. Accordingly, Chery is classified as a joint venture. Chery is
not publicly listed.
The following tables sets out the summarised financial information of Chery after adjusting for material differences in accounting
policies:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Current assets 5,718.76 5,606.63
Non-current assets 14,581.18 14,686.38
Current liabilities (13,750.20) (12,616.20)
Non-current liabilities (115.73) (770.37)
The above amounts of assets and liabilities include the following:
Cash and cash equivalents 3,249.70 2,602.83
Current financial liabilities (excluding trade and other payables and provisions) (5,049.57) (5,463.58)
Non-current financial liabilities (excluding trade and other payables and provisions) (39.18) (770.37)
Share of net assets of material joint venture 3,217.01 3,453.22
Other consolidation adjustments (49.33) (70.59)
Carrying amount of the Company's interest in joint venture 3,167.68 3,382.63

Consolidated
(` in crores)
March 31, 2021 March 31, 2020
Revenue 18,058.00 11,609.02
Net income/(loss) (822.09) (2,005.40)
Total comprehensive income for the year (822.09) (2,005.40)
The above net income includes the following:
Depreciation and amortization (1,989.81) (1,804.73)
Interest expense (net) (203.08) (222.34)
income tax expense/(credit) 306.07 505.36
Reconciliation of above summarized financial information to the carrying amount of the interest in the joint venture recognized in
the consolidated financial statements:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Net assets of the joint venture 6,434.01 6,906.44
Proportion of the Company's interest in joint venture 3,217.01 3,453.22
Other consolidation adjustments (49.33) (70.59)
Carrying amount of the Company's interest in joint venture 3,167.68 3,382.63
During the year ended March 31, 2021, a dividend of £ Nil (`Nil ) was received by a subsidiary in UK from Chery Jaguar Land Rover
Automotive Co. Ltd. (2020 : £ 67.3 million (`606.40 crores)) and an amount of £ Nil (`Nil) (2020: £ 67.3 million (`606.40 crores)) was
invested by UK subsidiary in Chery Jaguar Land Rover Automotive Co. Ltd.
(ii) The aggregate summarized financial information in respect of the Company’s immaterial joint ventures that are accounted for
using the equity method is set forth below.
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Carrying amount of the Company's interest in joint ventures 10.04 -
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Company’s share of profit/(loss) in immaterial joint ventures* - -

Company’s share of other comprehensive income in immaterial joint ventures 0.15 -
Company’s share of total comprehensive income in immaterial joint ventures 0.15 -
(c) Summary of carrying amount of the Company’s interest in equity accounted investees:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Carrying amount in immaterial associates 1,023.07 1,036.26
Carrying amount in material joint venture 3,167.68 3,382.63
Carrying amount in immaterial joint ventures 10.04 -
Total 4,200.79 4,418.89

(d) Summary of Company’s share of profit/(loss) in equity accounted investees:

(` in crores)
March 31, 2021 March 31, 2020
Share of profit/(loss) in immaterial associates (16.41) 16.32
Share of profit/(loss) in material joint venture (411.05) (1,002.70)
Share of profit/(loss) on other adjustments in material joint venture 48.50 (13.62)
Share of profit/(loss) in immaterial joint ventures - -
(378.96) (1,000.00)
(e) Summary of Company’s share of other comprehensive income in equity accounted investees:
(` in crores)
March 31, 2021 March 31, 2020
Share of other comprehensive income in immaterial associates 3.02 (2.48)
Currency translation differences-immaterial associates 1.87 (0.89)
Currency translation differences-material joint venture 147.99 103.50
Currency translation differences-immaterial joint ventures 0.15 -
153.03 100.13
* Company’s share of profit/(loss) of the equity accounted investees has been determined after giving effect for the subsequent
amortization/depreciation and other adjustments arising on account of fair value adjustments made to the identifiable net assets
of the equity accounted investee as at the date of acquisition and other adjustment arising under the equity method of accounting.
10 OTHER INVESTMENTS - NON-CURRENT
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Investments - measured at Fair value through Other Comprehensive Income
Quoted:
Equity shares 499.39 158.68
Unquoted:
Equity shares 580.77 450.51
Total 1,080.16 609.19
(b) Investments - measured at Fair value through profit or loss
Quoted:
(i) Equity shares - 157.78
Unquoted:
(i) Non-cumulative redeemable preference shares 0.40 0.40
(ii) Cumulative redeemable preference shares 1.50 1.50
(iii) Equity shares 183.83 160.39
(iv) Convertible debentures 93.73 87.72
(v) Others 8.68 11.07
Total 288.14 418.86
Total (a+b) 1,368.30 1,028.05
Aggregate book value of quoted investments 499.39 316.46
Aggregate market value of quoted investments 499.39 316.46
Aggregate book value of unquoted investments 868.91 711.59

Consolidated
11 OTHER INVESTMENTS - CURRENT

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Investments - measured at Fair value through profit and loss
Unquoted:
Mutual funds 2,972.35 1,506.93
Total 2,972.35 1,506.93
(b) Investments - measured at amortised cost
Unquoted:
Mutual funds 16,078.84 9,354.61
Total 16,078.84 9,354.61
Total (a+b) 19,051.19 10,861.54
Aggregate book value of unquoted investments 19,051.19 10,861.54
12. LOANS AND ADVANCES

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Non-current
Secured, considered good:
(a) Loans to channel partners (Net of allowances for credit impaired balances `Nil and `7.75 crores as 706.36 549.67
at March 31, 2021 and March 31, 2020, respectively.)
Unsecured, considered good:
(a) Loans to employees 24.60 28.67
(b) Loan to joint arrangements (Net of allowances for credit impaired balances `Nil and `3.75 crores - -
as at March 31, 2021 and March 31, 2020, respectively.)
(c) Deposits (Net of allowances for credit impaired balances `1.14 crores and `0.49 crores as at March 192.48 136.14
31, 2021 and March 31, 2020, respectively.)
(d) Advances to channel partners (Net of allowances for credit impaired balances `15.15 crores and 275.86 60.23
`18.28 crores as at March 31, 2021 and March 31, 2020, respectively.)
(e) Others 5.29 8.07
Total 1,204.59 782.78
Current
Secured, considered good:
(a) Loans to channel partners 104.36 113.14
Unsecured, considered good:
(a) Advances to supplier, contractors etc. (Net of allowances for credit impaired balances 1,542.74 781.80
`92.58 crores and `98.06 crores as at March 31, 2021 and March 31,2020, respectively)
(b) Loans to channel partners 98.00 35.62
(c) Inter corporate deposits (Net of allowances for credit impaired balances `Nil and `12.07 crores as 4.30 4.69
at March 31, 2021 and March 31, 2020, respectively.)
Total 1,749.40 935.25

13. OTHER FINANCIAL ASSETS

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Non-current
(a) Derivative financial instruments 3,261.22 2,291.16
(c) Deposits with banks 80.40 -
(d) Restricted deposits 324.46 83.95
(e) Margin money / cash collateral with banks 534.68 786.51
(f) Government grant receivables 665.67 578.19
(g) Recoverable from suppliers 761.13 974.70
(h) Finance lease receivables 126.90 -
(i) Other deposits 4.95 6.87
Total 5,813.98 4,749.57
Margin money with banks in restricted cash deposits consists of collateral provided for transfer of finance receivables. Restricted deposits as at
March 31, 2021 and 2020 includes `47.55 crores and `56.12 crores, respectively, held as a deposit in relation to ongoing legal cases.
Current
(c) Government grant receivable 561.02 429.69
(d) Deposit with financial institutions 1,000.00 750.00
(e) Recoverable from suppliers 784.38 942.18
(f) Lease receivables 23.86 0.60
(g) Others - 25.26
Total 5,274.32 4,586.48
Deposits with financial institutions as at March 31, 2021 of `100.00 crores (as at March 31, 2020 `Nil) is held as security in relation to
repayment of borrowings.
14. INVENTORIES
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Raw materials and components 3,029.64 2,103.36
(b) Work-in-progress 4,373.48 4,550.29
(c) Finished goods 27,313.14 29,631.77
(d) Stores and spare parts 185.33 189.84
(e) Consumable tools 485.07 518.53
(f) Goods-in-transit - Raw materials and components 701.93 463.09
Total 36,088.59 37,456.88
Note:
(i) Inventories of finished goods include `4,171.69 crores and `4,358.71 crores as at March 31, 2021 and 2020 respectively, relating to
vehicles sold subject to repurchase arrangements.
(ii) Cost of inventories (including cost of purchased products) recognized as expense during the year ended March 31, 2021 and 2020
amounted to `1,82,360.88 crores and `1,96,621.07 crores, respectively.
(iii) During the year ended March 31, 2021 and 2020, the Company recorded inventory write-down expense of `129.19 crores and `320.81
crores, respectively.

Consolidated
15. TRADE RECEIVABLES (UNSECURED)

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Receivables considered good 12,679.08 11,172.69
Credit impaired receivables 989.19 1,114.00
13,668.27 12,286.69
Less : Allowance for credit impaired receivables (989.19) (1,114.00)
Total 12,679.08 11,172.69
16. CASH AND CASH EQUIVALENTS
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Cash on hand 11.11 6.96
(b) Cheques on hand 27.92 45.07
(c) Balances with banks 8,679.66 8,994.82
(d) Deposit with banks 22,981.32 9,420.95
Total 31,700.01 18,467.80
17. BANK BALANCES
(` in crores)
As at As at
March 31, 2021 March 31, 2020
With upto 12 months maturity:
(a) Earmarked balances with banks (refer note (i) and (ii) below) 746.45 429.70
(b) Bank deposits 14,346.00 14,829.47
Total 15,092.45 15,259.17
Note:
(i) Earmarked balances with bank includes `491.27 crores and `299.70 crores as at March 31, 2021 and 2020, respectively held as
security in relation to interest and repayment of bank borrowings. Out of these deposits, `174.44 crores and `101.51 crores as at
March 31, 2021 and 2020, respectively are pledged till the maturity of the respective borrowings.
(ii) Earmarked balances with banks as at March 31, 2021 includes restricted deposits of `73.47 crores (as at March 31, 2020 `Nil) towards
Company’s contribution for Family Pension from October 1, 2019, in lieu of Tata Motors Pension Trust exemption surrender application
pending with Employee Provident Fund Organization. Subsequent to the year end, these balances are transferred to Tata Motors
Pension Trust.

18. FINANCE RECEIVABLES

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Finance receivables 35,962.59 31,730.45
Less: allowance for credit losses (1,247.68) (651.38)
Total 34,714.91 31,079.07
Current portion 17,868.09 14,245.30
Non-current portion 16,846.82 16,833.77
Total 34,714.91 31,079.07
Changes in the allowance for credit losses in finance receivables are as follows:
(` in crores)
March 31, 2021 March 31, 2020
Balance at the beginning 651.38 833.05
Allowances made during the year 957.93 660.21
Written off (361.63) (841.88)
Balance at the end 1,247.68 651.38
19. ALLOWANCE FOR TRADE AND OTHER RECEIVABLES

(` in crores)
March 31, 2021 March 31, 2020
Change in the allowances for trade and other receivables are as follows:
Allowances made during the year * 50.01 137.03
Provision for loan given to a Joint venture - 15.82
Written off (150.16) (74.19)
Foreign exchange translation differences 13.85 9.93
* Includes `29.32 crores and `34.44 crores netted off in revenues as at March 31, 2021 and 2020, respectively.
20. OTHER NON-CURRENT ASSETS
(` in crores)
March 31, 2021 March 31, 2020
(a) Capital advances 219.92 387.05
(b) Taxes recoverable, statutory deposits and dues from government (net of allowances for credit 908.35 713.71
impaired balances of `31.66 crores and `Nil as at March 31, 2021 and 2020, respectively)
(c) Prepaid expenses 183.11 84.87
(d) Recoverable from insurance companies 291.05 371.21
(e) Employee benefits 5.09 3,821.08
(f) Others 0.97 3.65
Total 1,608.49 5,381.57

Consolidated
21. OTHER CURRENT ASSETS

(` in crores)
March 31, 2021 March 31, 2020
(a) Advances and other receivables (Net of allowances for credit impaired balances `61.48 crores and 517.55 505.97
`47.44 crores as at March 31, 2021 and March 31, 2020, respectively.)
(b) GST/VAT, other Taxes recoverable, statutory deposits and dues from government (Net of 4,175.18 4,229.15
allowances for credit impaired balances `83.18 crores and `58.84 crores as at March 31, 2021 and
March 31, 2020, respectively.)
(c) Prepaid expenses 1,220.13 1,334.36
(d) Employee benefits 43.93 3.10
(e) Others 341.61 192.33
Total 6,298.40 6,264.91
22. INCOME TAXES
The domestic and foreign components of profit/(loss) before income tax is as follows:
(` in crores)
March 31, 2021 March 31, 2020
Profit/(loss) before income taxes
India (1,988.16) (6,600.69)
Other than India (8,486.12) (3,979.29)
Total (10,474.28) (10,579.98)
The domestic and foreign components of income tax expense is as follows:
(` in crores)
March 31, 2021 March 31, 2020
Current taxes
India 136.36 190.06
Other than India 1,573.82 1,702.99
Deferred taxes
India 14.65 (136.29)
Other than India 817.03 (1,361.51)
Total income tax expense 2,541.86 395.25

The reconciliation of income tax expense calculated as per tax rates applicable to individual entities with income tax expense/(credit)
reported in the consolidated statement of profit & loss is as follows:
(` in crores)
March 31, 2021 March 31, 2020
Profit/(Loss) before tax (10,474.28) (10,579.98)
Income tax expense at tax rates applicable to individual entities (1,882.53) (2,721.46)
Additional deduction for patent, research and product development cost 1.66 (281.62)
Items (net) not deductible for tax/not liable to tax :
- foreign currency (gain)/loss relating to loans and deposits (net), foreign currency (gain)/loss arising 4.95 47.45
on account of Integral foreign operations.
- interest and other expenses relating to borrowings for investment 31.57 55.80
- Dividend from investments (other than subsidiaries, joint operations, equity accounted investees) - (6.92)
- Write-down of assets not qualifying for tax relief 429.56 -
- Others 63.47 150.50
Undistributed earnings of subsidiaries, joint operations and equity accounted investees 310.93 (85.55)
Deferred tax assets not recognized because realisation is not probable 3,682.48 3,191.95
Previously recognised deferred tax assets written down (0.10) 49.27
Utilization/credit of unrecognised tax losses, unabsorbed depreciation and other tax benefits (347.16) (324.02)
Impact of change in statutory tax rates 92.96 397.35
Profit on sale of investments 1.52 -
Others 152.55 (77.50)
Income tax expense reported in consolidated statement of profit & loss 2,541.86 395.25
Note :
1. The UK Finance Act 2016 was enacted during the year ended March 31, 2017, which included provisions for a reduction in the UK
corporation tax rate to 17% with effect from April 1, 2020. Subsequently a change to the main UK corporation tax rate, announced in
2020, was substantively enacted as at March 31, 2020. “Impact of change in statutory tax rates” includes a charge of `414.58 crores (£
49.2 million) for the year ended March 31, 2020. The rate applicable from April 1, 2020 now remains at 19%, rather than the previously
enacted reduction to 17%.
Accordingly, JLR UK deferred tax has been provided at a rate of 19% on assets (2020: 19%) and 19% on liabilities (2020: 19%),
recognising the applicable tax rate at the point when the timing difference is expected to reverse.
2. Tata Motors Limited (TML) has presently, decided not to opt for the New Tax Regime inserted as per section 115BAA of the Income-tax
Act, 1961 and enacted by the Taxation Laws (Amendment) Ordinance, 2019 (“the Ordinance”) which is applicable from Financial Year
beginning April 1, 2019. TML has accordingly applied the existing tax rates in the financial statements for the year ended March 31,
2021.

Consolidated
(` in crores)
Recognized in/reclassified from
Opening Recognized in other comprehensive income MAT Credit Closing
balance profit or loss Other than Utilized balance
Translation
translation
Unabsorbed depreciation 2,555.97 (94.45) (1.60) (0.01) - 2,459.91
Business loss carry forwards 3,440.17 (977.26) 32.22 - - 2,495.13
- provisions, allowances for doubtful 4,421.31 (971.49) 31.45 0.02 - 3,481.29
receivables and others
Compensated absences and retirement benefits (417.73) (14.35) (110.52) 1,507.15 - 964.55
Minimum alternate tax carry-forward 67.15 (67.10) - - - 0.05
Property, plant and equipment 5,941.73 1,222.39 568.96 - - 7,733.08
Derivative financial instruments 775.71 177.15 105.70 (1,174.74) - (116.18)
Unrealised profit on inventory 1,216.72 (217.18) 75.35 - - 1,074.89
Others 1,533.69 (836.96) 31.68 (1.59) - 726.82
Total deferred tax assets 19,534.72 (1,779.25) 733.24 330.83 - 18,819.54
Property, plant and equipment 2,011.34 547.49 (0.06) - - 2,558.77
Intangible assets 12,193.58 (1,565.16) 642.11 - - 11,270.53
Undistributed earnings in subsidiaries, joint 1,588.17 95.27* 80.86 - - 1,764.30
operations and equity accounted investees
Fair valuation of retained interest in a subsidiary 16.95 - - - - 16.95
subsequent to disposal of controlling equity interest
Others 208.65 (25.17) (0.69) 61.74 - 244.53
Total deferred tax liabilities 16,018.69 (947.57) 722.22 61.74 - 15,855.08
Net assets/(liabilities) 3,516.03 (831.68) 11.02 269.09 - 2,964.46
Deferred tax assets ` 4,520.35
Deferred tax liabilities ` 1,555.89
* Net off `215.66 crores reversed on dividend distribution by subsidiaries.

As at March 31, 2021, unrecognized deferred tax assets amount to `10,245.85 crores and `8,066.14 crores, which can be carried forward
indefinitely and up to a specified period, respectively. These relate primarily to depeciation carry forwards, other deductible temporary
differences and business losses. The deferred tax asset has not been recognized on the basis that its recovery is not probable in the
foreseeable future.
Unrecognized deferred tax assets expire unutilized based on the year of origination as follows:
(` in crores)
March 31,
2022 801.60
2023 871.95
2024 752.81
2025 2,348.84
2026 676.30
Thereafter 2,614.64
The Company has not recognized deferred tax liability on undistributed profits of certain subsidiaries amounting to `30,821.39 crores
and `47,629.56 crores as at March 31, 2021 and 2020 respectively, because it is able to control the timing of the reversal of temporary
differences associated with such undistributed profits and it is probable that such differences will not reverse in the foreseeable future.

(` in crores)
Adjustment Recognized in/reclassified
on initial Adjusted Recognized from other comprehensive MAT
Opening Closing
application Opening in profit or income Credit
balance balance
of Ind AS Balance loss Other than Utilized
116 Translation
translation
Unabsorbed depreciation 2,563.47 - 2,563.47 (7.66) 0.16 - - 2,555.97
Business loss carry forwards 2,971.96 - 2,971.96 437.73 30.48 - - 3,440.17
- provisions, allowances for doubtful 3,417.29 - 3,417.29 891.21 112.58 0.23 - 4,421.31
receivables and others
Compensated absences and retirement 1,246.29 - 1,246.29 (280.71) 12.82 (1,396.13) - (417.73)
benefits
Minimum alternate tax carry-forward 106.62 - 106.62 (35.69) - - (3.78) 67.15
Property, plant and equipment 4,929.36 29.23 4,958.59 813.14 170.00 - - 5,941.73
Derivative financial instruments 1,225.32 - 1,225.32 (161.98) 33.43 (321.06) - 775.71
Unrealised profit on inventory 1,141.87 - 1,141.87 49.86 37.29 (12.30) - 1,216.72
Others 1,258.87 - 1,258.87 234.97 39.31 0.54 - 1,533.69
Total deferred tax assets 18,861.05 29.23 18,890.28 1,940.87 436.07 (1,728.72) (3.78) 19,534.72
Property, plant and equipment 2,626.65 - 2,626.65 (614.34) (0.59) (0.38) - 2,011.34
Intangible assets 10,750.95 - 10,750.95 1,155.74 286.89 - - 12,193.58
Undistributed earnings of subsidiaries, 1,689.22 - 1,689.22 (131.76)* 30.71 - - 1,588.17
joint operations and equity accounted
investees
Fair valuation of retained interest in a 16.95 - 16.95 - - - - 16.95
subsidiary subsequent to disposal of
controlling equity interest
Others 117.21 - 117.21 33.43 0.23 57.78 - 208.65
Total deferred tax liabilities 15,200.98 - 15,200.98 443.07 317.24 57.40 - 16,018.69
Net assets/(liabilities) 3,660.07 29.23 3,689.30 1,497.80 118.83 (1,786.12) (3.78) 3,516.03
Deferred tax assets ` 5,457.90
Deferred tax liabilities ` 1,941.87
* Net off `46.21 crores reversed on dividend distribution by subsidiaries.

Consolidated
23. EQUITY SHARE CAPITAL

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Authorised:
(i) 400,00,00,000 Ordinary shares of `2 each 800.00 800.00
(ii) 100,00,00,000 A' Ordinary shares of `2 each 200.00 200.00
(iii) 30,00,00,000 Convertible Cumulative Preference shares of `100 each 3,000.00 3,000.00
(as at March 31, 2020: 30,00,00,000 shares of `100 each)
Total 4,000.00 4,000.00
(b) Issued [Note (j)]:

Total 765.91 719.64
(c) Subscribed and called up:

765.76 719.49
(d) Calls unpaid - Ordinary shares (0.00)* (0.00)*
310 Ordinary shares of `2 each (`1 outstanding on each) and 260 Ordinary shares of `2 each
(`0.50 outstanding on each)
(as at March 31, 2020: 310 Ordinary shares of `2 each (`1 outstanding on each) and 260
Ordinary shares of `2 each (`0.50 outstanding on each) )
(e) Paid-up (c+d): 765.76 719.49

(f) Forfeited - Ordinary shares 0.05 0.05
Total (e + f) 765.81 719.54
(No. of shares) (` in crores) (No. of shares) (` in crores)

Year ended March 31, 2021 Year ended March 31, 2020
(g) The movement of number of shares and share capital
(i) Ordinary shares
Add: Preferential allotment of shares/conversion of 231,333,871 46.27 201,623,407 40.32
share warrants (Refer Note (h) below)
Add: Allotment of shares held in abeyance - - 1,793 0*
(ii) 'A' Ordinary shares
Balance as at April 1 508,502,896 101.70 508,502,371 101.70
Add: Allotment of shares held in abeyance - - 525 0*
Balance as at March 31 508,502,896 101.70 508,502,896 101.70
* less than `50,000/-

(h) During the year ended March 31, 2020, the Company has allotted 20,16,23,407 Ordinary Shares at a price of `150 per Ordinary
Share aggregating to `3,024.35 crores and 23,13,33,871 Convertible Warrants (‘Warrants’), each carrying a right to subscribe to one
Ordinary Share per Warrant, at a price of `150 per Warrant (‘Warrant Price’), aggregating to `3,470.00 crores on a preferential basis to
Tata Sons Private Limited. An amount equivalent to 25% of the Warrant Price was paid at the time of subscription and the balance 75% of the
Warrant Price was payable by the Warrant holder against each Warrant at the time of allotment of Ordinary Shares pursuant to exercise of
the options attached to Warrant(s) to subscribe to Ordinary Share(s), by June 2021. The Company has fully utilized the amount of `3,891.85
crores towards repayment of debt, and other general corporate purposes of the Company and its subsidiaries.
During the quarter and year ended March 31, 2021, on exercise of options by Tata Sons Pvt Ltd and on receipt of balance subscription money
of `2,602.51 crores, the Company has fully converted 23,13,33,871 convertible warrants into Ordinary Shares, that were issued during year
ended March 31, 2020. The Company has not utilised any of this amount as at March 31, 2021.
(i) The entitlements to 4,92,559 Ordinary shares of `2 each (as at March 31, 2020 : 4,92,559 Ordinary shares of `2 each) and 2,33,214 ‘A’
Ordinary shares of `2 each (as at March 31, 2020: 233,214 ‘A’ Ordinary shares of `2 each) are subject matter of various suits filed in the courts
/ forums by third parties for which final order is awaited and hence kept in abeyance.
(j) Rights, preferences and restrictions attached to shares :
(i) Ordinary shares and ‘A’ Ordinary shares both of `2 each :
• The Company has two classes of shares – the Ordinary shares and the ‘A’ Ordinary shares both of `2 each (together referred to as
shares). In respect of every Ordinary share (whether fully or partly paid), voting rights shall be in the same proportion as the capital
paid up on such Ordinary share bears to the total paid up Ordinary share capital of the Company. In case of every ‘A’ Ordinary share,
if any resolution is put to vote on a poll or by postal ballot at any general meeting of shareholders, the holder shall be entitled to one
vote for every ten ‘A’ Ordinary shares held as per the terms of its issue and if a resolution is put to vote on a show of hands, the holder
of ‘A’ Ordinary shares shall be entitled to the same number of votes as available to holders of Ordinary shares.
• The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting. Further, the Board of Directors may also declare an interim dividend. The holders of ‘A’ Ordinary shares shall be entitled
to receive dividend for each financial year at five percentage point more than the aggregate rate of dividend declared on Ordinary
shares for that financial year.
• In the event of liquidation, the shareholders are eligible to receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholdings.
(ii) American Depositary Shares (ADSs) and Global Depositary Shares (GDSs) :
• Each ADS and GDS underlying the ADR and GDR respectively represents five Ordinary shares of `2 each. A holder of ADS and GDS
is not entitled to attend or vote at shareholders meetings. An ADS holder is entitled to issue voting instructions to the Depositary
with respect to the Ordinary shares represented by ADSs only in accordance with the provisions of the Company’s ADSs deposit
agreement and Indian Law. The depositary for the ADSs and GDSs shall exercise voting rights in respect of the deposited shares by
issue of an appropriate proxy or power of attorney in terms of the respective deposit agreements.
• Shares issued upon conversion of ADSs and GDSs will rank pari passu with the existing Ordinary shares of `2 each in all respects
including entitlement of the dividend declared.
(k) Number of shares held by each shareholder holding more than 5 percent of the issued share capital :
% Issued % Issued
Share Capital No. of Shares Share Capital No. of Shares
(i) Ordinary shares :
(a) Tata Sons Private Limited 43.73% 1,45,21,13,801 39.52% 1,22,07,79,930
(b) Citibank N A as Depository # 35,37,15,165 # 32,07,93,365
(ii) 'A' Ordinary shares :

(a) Tata Sons Private Limited 7.57% 3,85,11,281 5.26% 2,67,22,401
(b) ICICI Prudential Balanced Advantage Fund 14.26% 7,25,19,454 11.03% 5,60,75,659
(c) Franklin India Smaller Companies Fund * * 12.84% 6,52,79,915
(d) Government Of Singapore * * 5.74% 2,92,11,889
# held by Citibank, N.A. as depository for American Depository Receipts (ADRs) and Global Depository Receipts (GDRs)
* Less than 5%
(l) Information regarding issue of shares in the last five years
(a) The Company has not issued any shares without payment being received in cash.
(b) The Company has not issued any bonus shares.
(c) The Company has not undertaken any buy-back of shares.
Consolidated
24. OTHER COMPONENTS OF EQUITY
(a) The movement of Currency translation reserve is as follows:

(` in crores)
March 31, 2021 March 31, 2020
Exchange differences arising on translating the net assets of foreign operations (net) 3,702.50 2,219.70
Net change in translation reserve - equity accounted investees (net) 150.01 102.61
(b) The movement of Equity instruments held as fair value through other comprehensive income(FVTOCI) is as follows:
(` in crores)
March 31, 2021 March 31, 2020
Other Comprehensive income for the year 420.66 (137.07)
Income tax relating to gain/(loss) recognised on equity investments, where applicable (18.05) (2.38)
Profit on sale of equity investments reclassified to retained earnings (4.36) -
(c) The movement of gain/(loss) on debt instruments held as fair value through other comprehensive income (FVTOCI) is
as follows:
(` in crores)
March 31, 2021 March 31, 2020
Balance at the beginning 88.63 -
Other Comprehensive income for the year 258.47 136.24
Income tax relating to gain/(loss) recognised on debt instrument, where applicable (90.32) (47.61)
Balance at the end 256.78 88.63
(d) The movement of Hedging reserve is as follows:

(` in crores)
March 31, 2021 March 31, 2020
Balance at the beginning (3,891.90) (5,602.62)
Gain/(loss) recognised on cash flow hedges 3,995.16 (2,400.47)
Income tax relating to gain/(loss) recognized on cash flow hedges (773.08) 492.15
(Gain)/loss reclassified to profit or loss 1,145.59 4,773.17
Income tax relating to gain/(loss) reclassified to profit or loss (221.01) (906.47)
Amounts reclassified from hedge reserve to inventory 69.87 (305.75)
Income tax related to amounts reclassified from hedge reserve to inventory (13.28) 58.09
Balance at the end 311.35 (3,891.90)
Of the above balance related to :
Continued Hedges 240.82 (3,611.13)
Discontinued Hedges 70.53 (280.77)

(e) The movement of Cost of hedging reserve is as follows:

(` in crores)

March 31, 2021 March 31, 2020
Balance at the beginning (213.28) (70.80)
Gain/(loss) recognised on cash flow hedges 349.36 (127.76)
Income tax relating to gain/(loss) recognized on cash flow hedges (70.79) 34.65
(Gain)/loss reclassified to profit or loss (50.76) (94.24)
Income tax relating to gain/(loss) reclassified to profit or loss 3.62 16.70
Amounts removed from hedge reserve and recognised in inventory 60.17 34.77
Income tax related to amounts removed from hedge reserve and recognised in inventory (11.43) (6.61)
Of the above balance related to :
Continued Hedges 66.88 (215.65)
Discontinued Hedges - 2.37
(f) Summary of Other components of equity:

(` in crores)
March 31, 2021 March 31, 2020
Currency translation reserve 8,727.21 4,874.70
Equity instruments through FVTOCI 320.88 (77.37)
Debt instruments through FVTOCI 256.78 88.63
Hedging reserve 311.35 (3,891.90)
Cost of hedging reserve 66.88 (213.28)
Total 9,683.11 780.78
The Company had been presenting, gains and losses on effective cash flow hedges of inventory in the Statement of Other Comprehensive
Income as “will not be reclassified to profit or loss”. With wider industry practice emerging, clearer guidance now being available
and with the present economic situation due to COVID-19, the Company has changed the presentation of these effective cash flow
hedges of inventory presentation as “will be reclassified to profit or loss”, and accordingly reclassified the comparative gain of `695.39
crores and related tax expenses of `129.88 crores for the previous year. The change in presentation is within the statement of other
comprehensive income and does not affect Profit / (loss) for the period and earnings per share.

Consolidated
25. NOTES TO RESERVES AND SURPLUS

(a) Securities premium
The amount received in excess of face value of the equity shares is recognised in Securities premium account.
(b) Retained earnings
Retained earnings are the profits that the Company has earned till date.
(c) Capital redemption reserve
The Indian Companies Act, 2013 (the “Companies Act”) requires that where a company purchases its own shares out of free reserves or securities
premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and
details of such transfer shall be disclosed in the Balance Sheet. The capital redemption reserve account may be applied by the company, in paying
up unissued shares of the company to be issued to shareholders of the company as fully paid bonus shares. Tata Motors Limited established this
reserve pursuant to the redemption of preference shares issued in earlier years.
(d) Debenture redemption reserve (DRR)
The Companies Act requires that where a company issues debentures, it shall create a debenture redemption reserve out of profits of the company
available for payment of dividend. The company is required to maintain a Debenture Redemption Reserve of 25% of the value of debentures issued,
either by a public issue or on a private placement basis. The amounts credited to the debenture redemption reserve may not be utilized by the
company except to redeem debentures. No DRR is required for debenture issued after August 16, 2019
(e) Reserve for research and human resource development
In terms of Article 9 of the Act on Special Taxation Restriction in Korea, Tata Daewoo Commercial Vehicle Company Limited (TDCV, a subsidiary
of Tata Motors Limited) is entitled for deferment of tax in respect of expenditures incurred on product development cost subject to fulfillment of
certain conditions, by way of deduction from the taxable income, provided that TDCV appropriates an equivalent amount from “Retained Earnings”
to “Reserve for Research and Human Resource Development”.
The deferment is for a period of three years and from the fourth year onwards one-third of the reserve is offered to tax and an equal amount is then
transferred from the reserve to “Retained earnings available for appropriation”.
(f) Special reserve
The special reserve represents the reserve created by two subsidiaries of Tata Motors Limited pursuant to the Reserve Bank of India Act, 1934
(the “RBI Act”) and related regulations applicable to those companies. Under the RBI Act, a non-banking finance company is required to transfer an
amount not less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for
the purposes specified by the RBI.
(g) Earned surplus reserve
Under the Korean commercial code, TDCV is required to appropriate at least 10% of cash dividend declared each year to a legal reserve until such
reserves equal to 50% of capital stock. This reserve may not be utilized for cash dividends, but may only be used to offset against future deficits, if
any, or may be transferred to capital stock.
(h) Hedge Reserve
Effective portion of fair value gain/(loss) on all financial insturments designated in cash flow hedge relationship are accumulated in hedge reserve.
(i) Cost of hedge reserve
Fair value gain/(loss) attributable to cost of hedge on all financials instruments designated in cash flow hedge relationship are accumulated in cost
of hedge reserve.
(j) Capital Reserve
The capital reserve represents the excess of the Company’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent
liabilities over the purchase consideration.
(k) Dividends
The final dividend is recommended by the Board of Directors and is recorded in the books of accounts upon its approval by the Shareholders.For the
year ended March 31, 2021 and 2020 , considering the accumulated losses in the Tata Motors Limited Standalone, no dividend was permitted to be
paid to the members, as per the Companies Act, 2013 and the rules framed thereunder.
(l) Share-based payments reserve
Share-based payments reserve represents amount of fair value, as on the date of grant, of unvested options and vested options not exercised till
date, that have been recognised as expense in the statement of profit or loss till date.
(m) Reserve for Equity instruments through other comprehensive income
Fair value gain/loss arising on equity investment that are designated as held at fair value through Other comprehensive income is included here.
(n) Reserve for Debt instruments through other comprehensive income
Fair value gain/loss arising on debt investment that are designated as held at fair value through Other comprehensive income is included here.

26. LONG-TERM BORROWINGS

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Secured:
(a) Privately placed Non-Convertible Debentures 2,769.58 434.33
(b) Collateralized debt obligations 1,260.87 2,058.76
(c) Term loans:
(i) from banks 12,101.89 11,015.94
(ii) from financial institutions 2,992.85 6.50
(d) Others 226.11 188.14
Unsecured:
(a) Privately placed Non-Convertible Debentures 5,151.85 7,991.79
(b) Perpetual Debenture 1,320.15 -
(c) Term loans:
(i) from banks 20,468.26 20,956.80
(ii) other parties 168.19 157.09
(d) Senior notes 46,642.21 39,716.85
(e) Others 10.81 789.42
Total 93,112.77 83,315.62
27. SHORT-TERM BORROWINGS

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Secured:
(a) Loans from banks 6,298.57 7,110.88
Unsecured:
(a) Loans from banks 7,019.31 2,386.72
(b) Inter corporate deposits from associates 95.00 46.00
(c) Commercial paper 8,249.91 6,818.93
Total 21,662.79 16,362.53
Collaterals against borrowing

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Inventory 2,998.51 5,797.17
Trade receivables with a carrying amount 186.55 -
Finance receivables 30,574.50 25,237.67
Other financial assets 100.00 28.39
Property, plant and equipment with a carrying amount 6,340.57 1,066.85
Total 40,200.13 32,130.08

Consolidated
Notes :
Nature of Security (on loans including interest accrued thereon) :
Long Term Borrowings
(A) Non convertible debentures
(i) Rated, Listed, Secured, 8.80% Coupon, Non-Convertible Debentures amounting to `997.46 crores included within Long-term
borrowings in note 26 are secured by a pari passu charge by way of the Company’s property, plant and equipment.
(ii) Privately placed non-convertible debentures amounting to `1,772.12 crores included within Long-term borrowings in note 26
and `681.25 crores included within Current maturities of long-term borrowings in note 29 are fully secured by :
(a) First pari passu charge on residential flat of Tata Motors Finance Limited (TMFL) an indirect subsidiary of the Company
(b) Pari - passu charge is created in favour of debenture trustee on :
- All receivables of TMFL arising out of loan and lease transactions,
- All book debts, trade advances forming part of movable property of TML.
(c) Any other security as identified by TMFL and acceptable to the debenture trustee.
(B) Collateralised debt obligations
Collateralised debt obligation represent amount received against finance receivables securitised/assigned, which does not qualify for
derecognition.The repayments are due from financial year ending March 31, 2021 to March 31, 2025.
(C) Long-term loan from banks/financial institution and Government
Amount included in Long- Amount included in Current Maturities
Collateral
Term Borrowings (note 26) of Long-Term Borrowings (note 29)
Term loans from bank
1 9,406.40 4,018.35 Pari-passu charge in favour of the security trustee on all receivables
arising out of loan, lease transactions and trade advances, all other book
debts, receivables from pass through certificates in which company has
invested; and such other current assets as may be identified from time to
time and accepted by the relevant lender/security trustee.
2 2,155.67 985.24 Charge created on all receivables arising out of loan, trade advances, and
all other book debts, receivables from pass through certificates in which
company has invested; and such other current assets as may be identified
from time to time and accepted by the relevant lender.
3 521.07 187.89 First charge over fixed assets procured from its loan/jeep project. Due for
repayment from June 2021 to September 2025
4 18.75 3.57 Pari passu first charge on fixed assets.
Total 12,101.89 5,195.05
Term loan from others
1 2,992.85 - The term loan of `2,992.85 crores from HDFC Ltd, is due for repayment
from the quarter ending June 30, 2022 to quarter ending June 30, 2026,
along with a simple interest of 8.50% p.a. The loan is secured by a charge
over Company's leasehold land together with building structures, plant
and machinery, fixtures and other assets.
2 176.68 - The loan is secured by a second and subservient charge (creation of charge
is under process) over Company's freehold land together with immovable
properties, plant and machinery and other movable assets (excluding stock
and book debts) situated at Sanand plant in the State of Gujarat. The loan
is due for repayment from the quarter ending March 31,2033 to quarter
ending March 31, 2039, along with simple interest at the rate of 0.10% p.a
3 49.43 - The loan is secured by bank gurantee for the due performance of the
conditions as per the terms of the agreement. The loan is due for repayment
from the quarter ending June 30, 2030 to March 31, 2033, along with a
simple interest of 0.01% p.a.
4 - 9.08 Secured by pari passu first charge on fixed assets of Tata Marcopolo
Motors Limited.
5 - 1,108.41 Secured by pari passu first charge on fixed assets.
Total 3,218.96 1,117.49

(D) Short-term borrowings

Loans, cash credits, overdrafts and buyers line of credit from banks are secured by hypothecation of existing current assets of the
Company viz. stock of raw materials, stock in process, semi-finished goods, stores and spares not relating to plant and machinery
(consumable stores and spares), bills receivable and book debts including receivable from hire purchase / leasing and all other
moveable current assets except cash and bank balances, loans and advances of the Company both present and future.
LONG-TERM BORROWINGS: TERMS
(A) Senior notes (Euro MTF listed debt)

The senior notes of Jaguar Land Rover Automotive Plc (JLR) are listed on the Euro MTF market, which is a listed market regulated by
the Luxembourg Stock Exchange.
Details of the tranches of the senior notes outstanding are as follows:
(` in crores)
Amount As at As at
Particulars Currency
5.875% Senior Notes due 2028 USD 650 4,708.24 -
4.500% Senior Notes due 2027 USD 500 3,875.56 4,234.69
6.875% Senior Notes due 2026 EUR 500 4,339.10 4,219.14
3.875% Senior Notes due 2023 GBP 400 4,019.38 3,725.82
5.000% Senior Notes due 2022 GBP 400 4,022.51* 3,725.31
2.750% Senior Notes due 2022 GBP 300 - 2,800.49
43,533.42 36,118.71
* Classified as other current liabilities being maturity before March 31, 2022.
(B) Senior notes (SGX-ST listed debt)
The senior notes of Tata Motors Limited and TML Holdings Pte Ltd are listed on the SGX-ST market, which is a listed market regulated
by the Singapore Stock Exchange.
Details of the tranches of the senior notes outstanding at March 31, 2021 are as follows:
(` in crores)
Amount As at As at
Particulars: Currency
4.000% Senior Notes due 2023 GBP 98 958.19 -
5.750% Senior Notes due 2021 USD 300 2,193.52* 2,267.82
4.625% Senior Notes due 2020 USD 262.532 - 1,986.28
9,324.82 8,384.90
* Classified as other current liabilities being maturity before March 31, 2022.
(C) Non convertible debentures amounting to `7,921.43 crores included within long-term borrowing in note 26 and `4,498.23 crores
included within current maturities of long term borrowings in note 29 bear interest rate ranging from 6.75% to 11.50% and maturity
ranging from April 2021 to March 2029.
(D) Perpetual debenture amounting to `1,320.15 crores included within long-term borrowing in note 26 bear interest rate ranging from
7.75% to 8.75% having simultaneous call/put option after 4/5th year from the date of issuance.

Consolidated
(E ) Loan from banks/ financial institutions consists of:

(i) Term loans amounting to `13,711.96 crores included within long-term borrowings in note 26 and `5,675.28 crores included
within current maturities of long term borrowings in note 29 bearing floating interest rate based on marginal cost of funds lending
rate (MCLR) of respective bank having maturity ranging from September, 2021 to June 2026.
(ii) External commercial borrowings in foreign currencies amounting to `2,068.56 crores included within long-term borrowing in
note 26 and `137.89 crores included within current maturities of long term borrowings in note 29 bearing floating interest rate
based on LIBOR having maturity ranging from May 2023 to June 2025.
(iii) Foreign currency term loan amounting to `9,717.57 crores included within long-term borrowing in note 26 and `2,562.74 crores
included within current maturities of long term borrowings in note 29 bearing floating interest rate that are linked to LIBOR
maturity ranging from September 2021 to July 2024.
(iv) Foreign currency syndicate loan amounting to `7,240.25 crores included within long-term borrowing in note 26 bearing floating
interest rate that are linked to LIBOR maturity ranging from October 2022 to January 2025.
(v) The term loan of `2,992.85 crores from HDFC Ltd, included within long-term borrowing in note 26 is due for repayment from the
quarter ending June 30, 2022 to quarter ending June 30, 2026, along with a simple interest of 8.50% p.a. The loan is secured by
a charge over Company’s leasehold land together with building structures, plant and machinery, fixtures and other assets.
(F) Short Term Borrowings : Terms
(i) Short-term loan from banks and other parties(financial institutions) consits of cash credit, overdrafts, short term loan, bill
discounting amounting to `7,842.93 crores bearing fixed rate of interest ranging from 5.98% to 7.00% and `5,474.95 crores bear
floating rate of interest based on MCLR of respective banks and other benchmark rates.
(ii) Commercial paper are unsecured short term papers issued at discount bearing no coupon interest. The yield on commercial paper
issued by the Company ranges from 6.83 % to 7.33 %.
(G) Reconciliation of movements of liabilities to cash flows arising from financing activities
(` in crores)
Short-term Long-term
Total
borrowings borrowings
Balance at April 1, 2019 20,150.26 85,851.61 106,001.87
Foreign exchange 12.23 4,673.44 4,685.67
Amortisation / EIR adjustment of prepaid borrowing costs (net) (67.21) 175.50 108.29
Balance at March 31, 2020 16,362.53 102,447.99 118,810.52
Foreign exchange 265.32 506.22 771.54
Amortisation / EIR adjustment of prepaid borrowing costs (net) (149.01) 274.76 125.75
Balance at March 31, 2021 21,662.79 114,241.72 135,904.51

28. OTHER FINANCIAL LIABILITIES – NON-CURRENT
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(b) Liability towards employee separation scheme 132.67 75.83
(c) Option Premium Liability 273.44 397.41
(d) Others 90.81 129.36
Total 2,556.35 3,858.48
29. OTHER FINANCIAL LIABILITIES – CURRENT
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Current maturities of long-term borrowings 21,128.95 19,132.37
(b) Interest accrued but not due on borrowings 1,602.80 1,285.10
(c) Liability towards vehicles sold under repurchase arrangements 3,622.88 4,483.38
(d) Liability for capital expenditure (Refer note 2 below) 5,189.24 6,403.22
(e) Deposits and retention money 604.89 537.55
(f) Derivative financial instruments 2,420.18 4,280.60
(g) Liability towards Investors Education and Protection Fund under Section 125 of the Companies Act, 5.28 5.42
2013 (IEPF) not due
(h) Option Premium Liability 110.33 91.87
(i) Others 170.04 324.49
Total 34,854.59 36,544.00
Notes:
1) Current maturities of long term borrowings consist of :
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(i) Privately placed Non-Convertible Debentures (Secured) 681.25 1,452.52
(ii) Privately placed Non-Convertible Debentures (Unsecured) 3,816.98 2,020.82
(iii) Collateralised debt obligation (Unsecured) 1,712.78 2,171.18
(iv) Senior Notes (Unsecured) 6,216.03 4,786.77
(v) Term loans from banks and others (Secured) 6,312.54 3,698.44
(vi) Term loans from banks and others (Unsecured) 2,063.37 5,002.64
(vii) Others 326.00 -
Total 21,128.95 19,132.37
2) Includes `22.48 crores outstanding as at March 31, 2021 towards principal and interest provision on dues of micro enterprises and
small enterprises as per MSMED ACT 2006.

Consolidated
30. PROVISIONS
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Non-current
(a) Employee benefits obligations 979.99 1,126.61
(b) Product warranty 11,187.88 11,387.41
(c) Legal and product liability 717.36 506.59
(d) Provision for residual risk 425.13 1,064.83
(e) Provision for environmental liability 225.59 160.66
(f) Provision for Onerous Contracts and related supplier claims - 414.75
(g) Other provisions 70.81 75.84
Total 13,606.76 14,736.69
Current
(a) Employee benefit obligations 1,071.93 255.54
(b) Product warranty 7,415.99 7,909.78
(c) Legal and product liability 1,995.82 1,163.07
(d) Provision for residual risk 242.25 572.36
(e) Provision for environmental liability 35.15 45.16
(f) Provision for Onerous Contracts and related supplier claims 117.44 362.25
(g) Restructuring Provision 1,951.92 -
(h) Other provisions 17.53 20.88
Total 12,848.03 10,329.04
(` in crores)
Year ended March 31, 2021
Provision for
Provision for
Product Legal and Provision for Restructuring Onerous Contract
environmental
warranty product Liability residual risk Provision and related
liability
supplier claims
Balance at the beginning 19,297.19 1,669.66 1,637.19 205.82 - 777.00
Provision made/(reversed) during the year 6,088.41 1,447.86 (524.99) 54.25 1,951.92 (659.56)
Provision used during the year (8,329.35) (561.09) (428.47) (18.06) - -
Impact of unwind of discounting 279.15 - - - - -
Impact of foreign exchange translation 1,268.47 156.75 (16.35) 18.73 - -
Balance at the end 18,603.87 2,713.18 667.38 260.74 1,951.92 117.44
Current 7,415.99 1,995.82 242.25 35.15 1,951.92 117.44
Non-current 11,187.88 717.36 425.13 225.59 - -
31. OTHER NON-CURRENT LIABILITIES
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Contract liabilities (refer note below) 4,847.70 5,015.77
(b) Government grants 3,308.75 3,332.05
(c) Employee benefits obligations 4,091.75 341.64
(d) Others 64.38 70.06
Total 12,312.58 8,759.52

32. OTHER CURRENT LIABILITIES

(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Contract liabilities (refer note below) 5,735.93 4,256.63
(b) Government grants 750.34 154.46
(c) Statutory dues (VAT, Excise, Service Tax, GST, Octroi etc) 3,729.69 3,655.03
(d) Others 227.22 899.83
Total 10,443.18 8,965.95
Note:
March 31, 2021 March 31, 2020
(a) Opening contract liabilities 9,272.40 9,250.47
Amount recognised in revenue (3,822.93) (4,466.72)
Amount received in advance during the year 4,515.15 4,255.15
Amount refunded to customers (6.36) (28.15)
Currency translation 625.37 261.65
Closing contract liabilities 10,583.63 9,272.40

March 31, 2021 March 31, 2020
b) Contract liabilities include
Advances received from customers Current 2,418.27 1,125.36
Deferred revenue Current 3,317.66 3,131.27
Non-current 4,847.70 5,015.77
Total contract liabilities 10,583.63 9,272.40
Government grants include:
(i) Government incentives includes `157.75 crores as at March 31, 2021 (`148.11 crores as at March 31, 2020) grants relating to property, plant
and equipment related to duty saved on import of capital goods and spares under the EPCG scheme. Under such scheme, the Company is
committed to export prescribed times of the duty saved on import of capital goods over a specified period of time. In case such commitments are
not met, the Company would be required to pay the duty saved along with interest to the regulatory authorities.
(ii) `3,901.33 crores as at March 31, 2021 (`3,269.11 crores as at March 31, 2020) relating to Research and Development Expenditure Credit
(RDEC) on qualifying expenditure incurred since April 1, 2013.
33. REVENUE FROM OPERATIONS

(` in crores)
March 31, 2021 March 31, 2020
(a) Sale of products (refer note 1 and 2 below)
(i) Sale of vehicles 206,418.72 218,982.73
(ii) Sale of spare parts 24,419.08 24,099.47
(iii) Sale of miscellaneous products 8,711.60 8,315.24
Total Sale of products 239,549.40 251,397.44
(b) Sale of services 3,374.73 3,384.14
(c) Finance revenues 4,048.04 3,812.78
246,972.17 258,594.36
(d) Other operating revenues 2,822.58 2,473.61
Total 249,794.75 261,067.97
Note:
(1) Includes exchange (loss) (net) on hedges reclassified from hedge reserve to statement of profit or (980.14) (4,814.06)
loss
(2) Includes variable marketing expenses netted off against revenue (29,388.88) (48,699.82)

Consolidated
34.OTHER INCOME
(` in crores)
March 31, 2021 March 31, 2020
(a) Interest income 492.53 1,170.12
(b) Dividend income from investments measured at FVTOCI 18.37 21.13
(c) Profit on sale of investments measured at FVTPL 194.24 187.34
(d) Incentives (refer note below) 1,918.14 1,983.61
(e) Fair value gain /(loss) on investments measured at FVTPL 19.91 (389.05)
Total 2,643.19 2,973.15
Note:
Incentives include exports and other incentives of `547.79 crores and `612.65 crores, for the year ended March 31, 2021 and 2020, respectively and
`1,370.35 crores and `1,090.40 crores, for the year ended March 31, 2021 and 2020, respectively received by foreign subsidiaries on Tax credit on
qualifying expenditure for research and development.
35. EMPLOYEE BENEFITS EXPENSE

(` in crores)
March 31, 2021 March 31, 2020
(a) Salaries, wages and bonus (refer note below) 21,611.09 24,290.30
(b) Contribution to provident fund and other funds 2,764.34 2,720.14
(c) Staff welfare expenses 3,273.05 3,428.16
Total 27,648.48 30,438.60
Employee benefits expense for the year ended March 31, 2021 is net of Government grants received by certain subsidiary companies
amounting to `1,833.01 crores (£ 188.89 million).
Employee Stock Options
The Company has alloted share based incentives to certain employees during the year ended March 31, 2019, under Tata Motors Limited
Employee Stock Options Scheme 2018, approved by Nomination and Remuneration Committee (NRC).
As per the scheme, the number of shares that will vest is conditional upon certain performance measures determined by NRC. The
performance conditions are measured over vesting period of the options granted which ranges from 3 to 5 years. The performance measures
under this scheme include growth in sales, earnings and free cash flow. The options granted under this scheme is exercisable by employees
till one year from date of its vesting.
The Company has granted options at an exercise price of `345/-. Option granted will vest equally each year starting from 3 years from date
of grant up to 5 years from date of grant. Number of shares that will vest range from 0.5 to 1.5 per option granted depending on performance
measures.
(` in crores)
March 31, 2021 March 31, 2020
Options outstanding at the beginning of the year 7,222,897 7,812,427
Granted during the year - -
Forfeited/Expired during the year (418,894) (589,530)
Exercised during the year - -
Outstanding at the end of the year 6,804,003 7,222,897
Number of shares to be issued for outstanding options (conditional on performance
measures)
Maximum 1,02,06,005 1,08,34,346
Minimum 34,02,002 36,11,449
The Company has estimated fair value of options granted during the year using Black Scholes model. The following assumptions were used
for calculation of fair value of options granted during the year ended March 31, 2021.
Estimate
Assumption factor Year ended Year ended
March 31, 2021 March 31, 2020
Risk free rate 7%-8% 7%-8%
Expected life of option 2-4 years 3-5 years
Expected volatility 33%- 37% 33%- 37%

36. FINANCE COSTS

(` in crores)
March 31, 2021 March 31, 2020
(a) Interest 8,405.10 7,680.29
Less: Interest capitalised* (1,136.17) (1,446.63)
Add: Exchange fluctuation considered as interest cost - 56.34
7,268.93 6,290.00
(b) Discounting charges 828.24 953.33
Total 8,097.17 7,243.33
* Represents borrowing costs capitalized during the year on qualifying assets (property plant and equipment and product development).
The weighted average rate for capitalization of interest relating to general borrowings was approximately 5.26% and 5.51% for the years ended
March 31, 2021 and 2020, respectively.
37. OTHER EXPENSES

(` in crores)
March 31, 2021 March 31, 2020
(a) Processing charges 965.67 1,070.05
(b) Consumption of stores & spare parts 1,279.05 1,500.71
(c) Power & fuel 1,112.87 1,264.95
(d) Information Technology (IT) related/Computer expenses 2,720.09 2,372.22
(e) Engineering expense 3,308.36 6,598.53
(f) MTM (gain)/loss on commodity derivatives (1,382.09) 688.18
(g) Warranty and product liability expenses * 7,609.02 10,884.59
(h) Freight, transportation, port charges etc. 5,715.79 6,484.39
(i) Publicity 4,384.63 7,614.24
(j) Allowances for trade and other receivables 20.69 102.59
(k) Allowances for finance receivables 957.93 660.21
(l) Works operation and other expenses (note below) 14,229.96 17,846.80
Total 40,921.97 57,08 7.46
* Net of estimated recovery from suppliers (484.92) (65.60)
Note:

March 31, 2021 March 31, 2020
Works operation and other expenses :
(a) Auditors' remuneration
(i) Audit fees 69.97 69.54
(ii) Tax Audit fees 1.58 1.40
(iii) All other fees* 8.17 5.67
TOTAL 79.72 76.61
* Includes `6.40 crores (`4.28 crores as at March 31, 2020) fees paid for issuance of Seniors Notes.
(b) Works operation and other expenses include remuneration payable to non- executive independent directors aggregating `1.70 crores
which is subject to approval of the shareholders, which the Company proposes to obtain in the forthcoming Annual General Meeting, in

Consolidated
38. EMPLOYEE BENEFITS

Defined Benefit Plan
Pension and post retirement medical plans
The following table sets out the funded and unfunded status and the amounts recognized in the financial statements for the pension and the
post retirement medical plans in respect of Tata Motors, its Indian subsidiaries and joint operations:
(` in crores)
Pension benefits Post retirement medical Benefits
2021 2020 2021 2020
Change in defined benefit obligations :
Defined benefit obligation, beginning of the year 1,308.46 1,168.26 168.98 153.40
Current service cost 90.12 82.77 7.87 8.17
Interest cost 85.38 85.95 10.80 11.30
Actuarial (gains) / losses arising from changes in demographic (2.46) 3.55 - (0.67)
assumptions
adjustments
Benefits paid from plan assets (124.19) (83.03) - -
Benefits paid directly by employer (6.86) (5.89) (9.23) (7.71)
Past service cost - Plan amendment - (5.17) - -
Curtailment - 0.03 - -
Divestment - 0.21 - -
Defined benefit obligation, end of the year 1,337.41 1,308.46 184.49 168.98

Fair value of plan assets, beginning of the year 1,128.22 1,025.04 - -
Interest income 77.67 80.45 - -
Return on plan assets, 35.59 (18.04) - -
(excluding amount included in net Interest cost)
Employer’s contributions 114.02 123.80 - -
Benefits paid (124.19) (83.03) - -
Fair value of plan assets, end of the year 1,231.31 1,128.22 - -
Amount recognized in the balance sheet consists of:

Present value of defined benefit obligation 1,337.41 1,308.46 184.49 168.98
Fair value of plan assets 1,231.31 1,128.22 - -
Asset ceiling (2.92) - - -
Net liability (103.18) (180.24) (184.49) (168.98)
Non–current assets 42.67 2.11 - -
Non–current liabilities (145.85) (182.35) (184.49) (168.98)
Net liability (103.18) (180.24) (184.49) (168.98)

Total amount recognized in other comprehensive income consists of:

(` in crores)
Remeasurements (gains) / losses 101.93 150.10 (35.24) (41.31)
101.93 150.10 (35.24) (41.31)
Information for funded plans with a defined benefit obligation in excess of plan assets:
(` in crores)
Pension benefits
As at As at
March 31, 2021 March 31, 2020
Defined benefit obligation 124.78 1,141.98
Fair value of plan assets 112.49 1,091.60
Information for funded plans with a defined benefit obligation less than plan assets:
(` in crores)
Pension benefits
As at As at
March 31, 2021 March 31, 2020
Defined benefit obligation 1,073.23 34.51
Fair value of plan assets 1,118.81 36.61
Information for unfunded plans:

(` in crores)
Defined benefit obligation 139.40 131.97 184.49 168.98
Net pension and post retirement medical cost consist of the following components:
(` in crores)
For the year ended For the year ended For the year ended For the year ended
Service cost 90.12 82.77 7.87 8.17
Net interest cost 8.31 5.50 10.80 11.30
Past service cost - Plan amendment - (5.17) - -
Net periodic cost 98.43 83.10 18.67 19.47

Consolidated
Other changes in plan assets and benefit obligation recognized in other comprehensive income.
(` in crores)
For the year ended For the year ended For the year ended For the year ended
Remeasurements
Return on plan assets, (excluding amount included in net (35.59) 18.04 - -
Interest expense)
Actuarial (gains)/losses arising from changes in demographic (2.46) 3.55 - (0.67)
assumptions
Asset ceiling 2.92 - - -
Actuarial (gains)/losses arising from changes in experience (12.98) 24.66 0.28 (5.42)
adjustments on plan liabilities
Total recognized in other comprehensive income (48.17) 83.37 6.07 3.82
Total recognized in consolidated statement of 50.26 166.47 24.74 23.29

The assumptions used in accounting for the pension and post retirement medical plans are set out below:
(` in crores)
March 31,2021 March 31, 2020 March 31,2021 March 31,2020
Discount rate 6.00% - 6.90% 6.10%- 6.90% 6.90% 6.90%
Rate of increase in compensation level of covered employees 5.75% - 10.00% 5.00% - 10.00% NA NA
Increase in health care cost NA NA 6.00% 6.00%
Plan Assets
The fair value of Company’s pension plan asset as of March 31, 2021 and 2020 by category are as follows:
(` in crores)
Pension benefits
Plan assets as of Plan assets as of
March 31, 2021 March 31, 2020
Asset category:
Cash and cash equivalents 4.50% 5.80%
Debt instruments (quoted) 64.20% 67.28%
Debt instruments (unquoted) 0.50% 0.71%
Equity instruments (quoted) 5.20% 2.61%
Deposits with Insurance companies 25.60% 23.59%
100.00% 100.00%
The Company’s policy is driven by considerations of maximizing returns while ensuring credit quality of the debt instruments. The asset
allocation for plan assets is determined based on investment criteria prescribed under the Indian Income Tax Act, 1961, and is also subject
to other exposure limitations. The Company evaluates the risks, transaction costs and liquidity for potential investments. To measure plan
asset performance, the Company compares actual returns for each asset category with published bench marks.
The weighted average duration of the defined benefit obligation as at March 31, 2021 is 13.05 years (2020 : 13.97 years)
The Company expects to contribute `100.94 crores to the funded pension plans in the year ending March 31, 2022.

of 1% in the assumed rate of discount rate, salary escalation and health care cost:
Impact on defined benefit

Assumption Change in assumption Impact on service cost and interest cost
obligation
Discount rate Increase by 1% Decrease by `103.55 crores Decrease by `118.52 crores
Decrease by 1% Increase by `141.69 crores Increase by `137.30 crores
Salary escalation rate Increase by 1% Increase by `110.01 crores Increase by `106.55 crores
Decrease by 1% Decrease by `97.82 crores Decrease by `95.67 crores
Health care cost Increase by 1% Increase by `21.15 crores Increase by `22.49 crores
Provident Fund
The following tables set out the funded status of the defined benefit provident fund plan of Tata Motors limited and the amounts recognized
in the Company’s financial statements.
(` in crores)
March 31, 2021 March 31, 2020
Change in benefit obligations:
Defined benefit obligations at the beginning 4,076.38 3,693.92
Employee contribution 316.65 307.34
Acquisitions (credit) / cost (125.66) (140.30)
Interest expense 345.74 312.54
Benefits paid (241.34) (235.68)
Defined benefit obligation, end of the year 4,559.65 4,076.38

Fair value of plan assets at the beginning 4,058.50 3,706.28
Acquisition Adjustment (125.66) (140.30)
Return on plan assets excluding amounts included in interest income (14.73) (30.23)
Contributions (employer and employee) 451.24 439.68
Benefits paid (241.34) (235.68)
Fair value of plan assets at the end 4,470.21 4,058.50
Amount recognized in the balance sheet consists of:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Fair value of plan assets 4,470.21 4,058.50
Present value of defined benefit obligation 4,559.65 4,076.38
(89.44) (17.88)
Effect of asset ceiling (0.01) (2.99)
Net liability (89.45) (20.87)

Consolidated
Total amount recognised in other comprehensive income consists of:

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Remeasurements (gains) / losses 84.18 18.03
84.18 18.03
Net periodic cost for Provident Fund consist of the following components:
(` in crores)
For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Net interest cost / (income) 3.54 (6.22)
Net periodic cost 140.02 127.78
(` in crores)
For the Year ended For the Year ended
March 31, 2021 March 31, 2020
Remeasurements
Adjustments for limits on net asset 0.01 (16.77)
Total recognised in other comprehensive income 66.14 18.03
Total recognised in statement of profit and loss and other comprehensive income 206.16 145.81
The assumptions used in determining the present value obligation of the Provident Fund is set out below:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Expected rate of return on plan assets 8.20% to 8.40% 8.20% to 8.60%
Remaining term to maturity of portfolio 26.77 26.91
The breakup of the plan assets into various categories is as follows:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Central and State government bonds 45.02% 44.16%
Public sector undertakings and Private sector bonds 33.76% 34.14%
Others 21.22% 21.68%
Total 100.0% 100.0%

The asset allocation for plan assets is determined based on investment criteria prescribed under the relevant regulations.
As at March 31, 2021, the defined benefit obligation would be affected by approximately `168.85 crores on account of a 0.5% decrease in
the expected rate of return on plan assets.
The Company expects to contribute `143.30 crores to the defined benefit provident fund plan in the year ending March 31, 2022.
Severance indemnity plan
Severance indemnity is a funded plan of Tata Daewoo Commercial Vehicles Limited (TDCV), a subsidiary of Tata Motors Limited.
The following table sets out, the amounts recognized in the financial statements for the severance indemnity plan.
(` in crores)
As at As at
Particulars
March 31, 2021 March 31, 2020
Change in defined benefit obligation:
Defined benefit obligation, beginning of the year 284.75 422.33
Interest cost 4.57 6.81
Actuarial (gains)/losses arising from changes in financial assumptions (21.35) 12.38
Actuarial (gains) arising from changes in experience adjustments on plan liabilities (19.66) (59.87)
Actuarial (gains) / losses arising from changes in demographic assumptions 15.04 -
Benefits paid from plan assets (19.09) (132.92)
Benefits paid directly by employer (1.94) (17.43)
Foreign currency translation 14.09 0.73
Defined benefit obligation, end of the year 311.08 284.75
Fair value of plan assets, beginning of the year 231.73 360.07
Remeasurements (loss)
Return on plan assets, (excluding amount included in net Interest expense) (1.59) (1.52)
Employer’s contributions 38.44 -
Benefits paid (19.09) (132.92)
Foreign currency translation 11.56 0.34
Fair value of plan assets, end of the year 265.06 231.73
Amount recognized in the balance sheet consist of:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Present value of defined benefit obligation 311.08 284.75
Fair value of plan assets 265.06 231.72
Net liability (46.02) (53.02)
Non- current liabilities (46.02) (53.02)
Total amount recognized in other comprehensive income for severance indemnity consists of:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Remeasurements (gains) / losses (125.99) (101.61)
(125.99) (101.61)

Consolidated
Net severance indemnity cost consist of the following components:

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Net interest cost 0.56 1.05
Net periodic pension cost 55.23 53.77
Other changes in plan assets and benefit obligation recognized in other comprehensive income for severance indemnity
plan:
(` in crores)
March 31, 2021 March 31, 2020
Actuarial losses arising from changes in financial assumptions (21.35) 12.38
Actuarial (gains) arising from changes in experience adjustments on plan liabilities (19.66) (59.87)
Actuarial (gains) / losses arising from changes in demographic assumptions 15.04 -
Total recognized in other comprehensive income (24.38) (45.97)
Total recognized in statement of operations and other comprehensive income 30.85 7.80
The assumptions used in accounting for the Severance indemnity plan is set out below:
(` in crores)
March 31, 2021 March 31, 2020
Rate of increase in compensation level of covered employees 3.5% 3.5%
of 1% in the assumed rate of discount rate, salary escalation rate:
Assumption Change in assumption Impact on scheme liabilities Impact on service cost and interest cost
Discount rate Increase by 1% Decrease by `38.00 crores Decrease by `12.57 crores
Decrease by 1% Increase by `44.97 crores Increase by `14.14 crores
Salary escalation rate Increase by 1% Increase by `43.85 crores Increase by `15.18 crores
Severance indemnity plans asset allocation by category is as follows:

(` in crores)
March 31, 2021 March 31, 2020
Deposit with banks 100% 100%

The weighted average duration of the defined benefit obligation as at March 31, 2021 is 10.79 years (2020 : 11.05 years)
The Company expects to contribute `3.24 crores to the funded severance indemnity plans in the year ending March 31, 2022.
Jaguar Land Rover Pension plan
Jaguar Land Rover Ltd UK, have pension arrangements providing employees with defined benefits related to pay and service as set out in
the rules of each fund.
The UK defined benefit schemes are administered by a separate fund that is legally separated from the Company. The trustees of the pension
schemes are required by law to act in the interest of the fund and of all relevant stakeholders in the scheme, is responsible for the investment
policy with regard to the assets of the schemes and all other governance matters. The board of trustees must be composed of representatives
of the Company and plan participants in accordance with the plan’s regulations.
Through its defined benefit pension plans the Company is exposed to a number of risks, the most significant of which are detailed below :
Asset volatility
The plan liabilities are calculated using a discount rate set with references to corporate bond yields; if plan assets under perform compared
to the corporate bonds discount rate, this will create or increase a deficit. The defined benefit plans hold a significant proportion of equity
type assets, which are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term.
As the plans mature, the Company intends to reduce the level of investment risk by investing more in assets that better match the liabilities.
However, the Company believes that due to the long-term nature of the plan liabilities and the strength of the supporting group, a level of
continuing equity type investments is an appropriate element of the Company’s long term strategy to manage the plans efficiently.
Changes in bond yields
A decrease in corporate bond yields will increase plan liabilities, although this is expected to be partially offset by an increase in the value of
the plans’ bond holdings and interest rate hedging instruments.
Inflation risk
Some of the Company’s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities (although, in most cases,
caps on the level of inflationary increases are in place to protect the plan against high inflation). The plans hold a significant proportion
of assets in index linked gilts, together with other inflation hedging instruments and also assets which are more closely correlated with
inflation. However an increase in inflation will also increase the deficit to some degree.

Consolidated
Life expectancy
The majority of the plan’s obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an
increase in the plan’s liabilities. This is particularly significant in the UK defined benefit plans, where inflationary increases result in higher
sensitivity to changes in life expectancy.
The following table sets out the disclosure pertaining to employee benefits of Jaguar Land Rover Limited
(` in crores)
Pension benefits
As at As at
March 31, 2021 March 31, 2020
Change in defined benefit obligation:
Defined benefit obligation, beginning of the year 72,842.15 78,266.49
Service cost 1,271.52 1,198.00
Interest cost 1,613.80 1,832.79
Actuarial (gains)/losses arising from changes in demographic assumptions (203.50) 59.49
Actuarial losses/(gains) arising from changes in financial assumptions 8,431.18 (4,739.02)
Actuarial (gains) arising from changes in experience adjustments on plan liabilities (726.36) (1,256.32)
Past service cost/(credit) 155.95 39.66
Benefits paid (4,282.44) (4,908.91)
Member contributions 11.64 13.34
Foreign currency translation 5,848.02 2,336.63
Defined benefit obligation, end of the year 84,961.96 72,842.15

Fair value of plan assets, beginning of the year 76,404.42 72,240.10
Interest Income 1,653.39 1,713.91
Remeasurements gains / (losses)
Return on plan assets, (excluding amount included in net Interest expense) 215.10 2,926.69
Employer’s contributions 1,431.36 2,079.29
Members contributions 11.26 13.34
Benefits paid (4,282.44) (4,908.91)
Expenses paid (215.95) (141.68)
Foreign currency translation 5,854.32 2,481.68
Fair value of plan assets, end of the year 81,071.46 76,404.42
The actual return on the schemes’ assets for the year ended March 31, 2021 was `1,863.20 crores (2020: `4,641.68 crores)
(` in crores)
Pension benefits
Amount recognized in the balance sheet consist of: As at As at
March 31, 2021 March 31, 2020
Present value of defined benefit obligation
Fair value of plan Assets 84,961.96 72,842.15
Net (liability) /Assets 81,071.46 76,404.42
(3,890.50) 3,562.27
Amount recognized in the balance sheet consist of:
Non- current assets 5.04 3,820.14
Non -current liabilities (3,895.54) (257.87)
Net (liability) /Assets (3,890.50) 3,562.27

Total amount recognized in other comprehensive income

(` in crores)
Pension benefits
As at As at
March 31, 2021 March 31, 2020
Remeasurements (gains) / losses (748.98) (8,035.20)
(748.98) (8,035.20)
Net pension and post retirement cost consist of the following components:
(` in crores)
Pension benefits
As at As at
March 31, 2021 March 31, 2020
Current service cost 1,271.52 1,198.00
Past service cost 155.95 39.66
Administrative expenses 215.95 141.68
Net interest cost (Including onerous obligations) (39.59) 118.88
Net periodic pension cost 1,603.83 1,498.22
Amount recognized in other comprehensive income
(` in crores)
Pension benefits
As at As at
March 31, 2021 March 31, 2020
Actuarial (gains) / losses arising from changes in demographic assumptions (203.50) 59.49
Actuarial losses / (gains) arising from changes in financial assumptions 8,431.18 (4,739.02)
Actuarial (gains) arising from changes in experience adjustments on plan liabilities (726.36) (1,256.32)
Return on plan assets, (excluding amount included in net Interest expense) (215.10) (2,926.69)
Total recognized in other comprehensive income 7,286.22 (8,862.54)
Total recognized in statement of profit and loss and other comprehensive income 8,890.05 (7,364.32)
The assumptions used in accounting for the pension plans are set out below:
(` in crores)
March 31, 2021 March 31, 2020
Expected rate of increase in benefit revaluation of covered employees 2.2% 2.0%
RPI Inflation rate 3.1% 2.6%
For the valuation as at March 31, 2021, the mortality assumptions used are the Self- Administered Pension Schemes (“SAPS”) table, in
particular S2PxA tables and the Light Table for members of the Jaguar Executive Pension Plan.
For the Jaguar Pension Plan, scaling factor of 111% to 117% have been used for male members and scaling factor of 101% to 112% have
been used for female members.
For the Land Rover Pension Scheme, scaling factor of 107% to 111% have been used for male members and scaling factor of 101% to 109%
have been used for female members.
For the Jaguar Executive Pension Plan, an average scaling factor of 94% has been used for male members and an average scaling factor of
84% has been used for female members.

Consolidated
For the valuation as at March 31, 2020, the mortality assumptions used are the SAPS table, in particular S2PxA tables and the Light Table
for members of the Jaguar Executive Pension Plan.
For the Jaguar Pension Plan, scaling factor of 111% to 117% have been used for male members and scaling factor of 101% to 112% have
been used for female members.
For the Land Rover Pension Scheme, scaling factor of 107% to 111% have been used for male members and scaling factor of 101% to 109%
have been used for female members.
For the Jaguar Executive Pension Plan, an average scaling factor of 94% has been used for male members and an average scaling factor of
84% has been used for female members.
For the 2021 year end calculations there is an allowance for future improvements in line with the CMI (2020) projections and an allowance
for long-term improvements of 1.25 per cent per annum and a smoothing parameter of 7.5, (2020: CMI (2019) projections with 1.25 per cent
per annum improvements and a smoothing parameter of 7.5))
A past service cost of `87.34 crores has been recognised in the year ended 31 March 2021 following a further High Court ruling, published
on 20 November 2020, that provided clarification on the obligations of pension plan trustees to equalise past transfer values allowing for the
effect of unequal Guaranteed Minimum Pensions (‘GMP’) between May 17, 1990 and April 5, 1997 (“GMP equalisation”).
A further past service cost of `67.93 crores was also recognised in the year ended 31 March 2021. This reflects benefit improvements for
certain members as part of the Group restructuring programme that commenced in the year ended March 31, 2021.
A past service cost of `37.41 crores was recognised in the year ended March 31, 2020. This reflects benefit improvements for certain
members as part of the Group restructuring programme thatcommenced in the year ended March 31, 2019.
The assumed life expectations on retirement at age 65 are (years)
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Retiring today :
Males 21.0 21.0
Females 23.3 23.2
Retiring in 20 years :
Males 22.4 22.5
Females 25.2 25.2

Pension plans asset allocation by category is as follows:

(` in crores)
Quoted Unquoted Total Quoted Unquoted Total
Equity Instruments
Information Technology 1,345.22 - 1,345.22 1,159.83 - 1,159.83
Energy 107.82 - 107.82 93.53 - 93.53
Manufacturing 753.73 - 753.73 654.74 - 654.74
Financials 484.68 - 484.68 420.91 - 420.91
Others 2,690.44 - 2,690.44 2,340.83 - 2,340.83
5,381.89 - 5,381.89 4,669.84 - 4,669.84
Debt Instruments
Government 17,263.15 - 17,263.15 18,183.13 - 18,183.13
Corporate Bonds (Investment Grade) 13,877.43 2,076.78 15,954.21 11,645.06 3,255.00 14,900.06
Corporate Bonds (Non Investment Grade) 944.17 9,746.59 10,690.76 - 7,015.10 7,015.10
32,084.75 11,823.37 43,908.12 29,828.19 10,270.10 40,098.29
Property Funds
UK - 3,058.23 3,058.23 - 2,553.49 2,553.49
Other - 2,020.35 2,020.35 - 2,235.48 2,235.48
- 5,078.58 5,078.58 - 4,788.97 4,788.97
Cash and cash equivalents 2,673.31 - 2,673.31 6,344.53 - 6,344.53

Other
Hedge Funds - 4,993.94 4,993.94 - 4,442.89 4,442.89
Private Markets - 8,303.08 8,303.08 - 5,256.64 5,256.64
Alternatives 574.36 5,889.75 6,464.11 - 5,555.96 5,555.96
574.36 19,186.77 19,761.13 - 15,255.49 15,255.49
Derivatives
Foreign exchange contracts - 152.16 152.16 - (336.72) (336.72)
Interest Rate and inflation swaps - 3,632.60 3,632.60 - 5,097.64 5,097.64
Equity protection derivatives - 483.67 483.67 - 486.38 486.38
- 4,268.43 4,268.43 - 5,247.30 5,247.30
Total 40,714.31 40,357.15 81,071.46 40,842.56 35,561.86 76,404.42
*determined on the basis of quoted prices for identical assets or liabilities in active markets.
As at March 31, 2021, the schemes held Gilt Repos. The net value of these transactions is included in the value of government bonds in the
table above. The value of the funding obligation for the Repo transactions is `20,727.47 crores at March 31, 2021 (2020: `24,683.78 crores,
2019: `14,292.09 crores).
The sensitivity analysis below is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely
to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to
significant actuarial assumptions the same methods (present value of the defined benefit obligation calculated with the projected unit credit
method at the end of the reporting period) has been applied as when calculating the pension liability recognised within the consolidated
balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to previous periods.
Assumption Change in assumption Impact on scheme liabilities Impact on service cost

Discount rate Increase/decrease by 0.25% Decrease/increase by `4,151.54 crores Decrease/increase by `70.54 crores
Inflation rate Increase/decrease by 0.25% Increase/decrease by `2,307.53 crores Increase/decrease by `40.31 crores
Mortality rate Increase/decrease by 1 year Increase/decrease by `3,012.89 crores Increase/decrease by `40.31 crores
Private Equity holdings have been measured using the most recent valuations, adjusted for cash and currency movements between the
last valuation date and March 31 , 2021. Given the movements in listed equity markets, the valuation of Private Equity holdings may vary
significantly. The value of the Private Equity holdings in the JLR UK Plans included above is `4,564.58 crores as at March 31 , 2021.
Jaguar Land Rover contributes towards the UK defined benefit schemes. The April 5, 2018 valuations were completed in December 2018.
As a result of these valuations it is intended to eliminate the pension scheme funding deficits over the 10 years to March 31, 2028. Whilst
there is currently an additional liability over the projected benefit obligation, based on current legal advice the Group will not be required

Consolidated
to recognise an additional obligation in the future. JLR has taken legal advice considering the documentation of the UK schemes and the
regulatory environment. This confirmed the recoverability of any surplus in the scheme and JLR has based its accounting judgement on this
advice.
In line with the schedule of contributions agreed following the 2018 statutory funding valuations and amended in April 2020, the current
ongoing Group contribution rate for defined benefit accrual is c.21 per cent of pensionable salaries in the UK.
The average duration of the benefit obligation at March 31, 2021 is 19 years (2020: 19 years).
The expected net periodic pension cost for the year ended March 31, 2022 is expected to be `1.541.71 crores. The Group expects to pay
`2,478.83 crores to its defined benefit schemes, in total, for the year ended March 31, 2022.
Deficit contributions are paid in line with the schedule of contributions at a rate of `604.59 crores per year until March 31, 2024 followed by
`251.91 crores per year until March 31, 2028. In addition, contributions previously due for April, May and June 2020 have been re-spread
over FY22. This agreement is reflected in an updated Schedule of Contributions dated April 29, 2020.
Defined contribution plan
The Company’s contribution to defined contribution plans aggregated `1,509.05 crores, `1,030.55 crores for years ended March 31, 2021
and 2020, respectively.
39. COMMITMENTS AND CONTINGENCIES
In the ordinary course of business, the Company faces claims and assertions by various parties. The Company assesses such claims and
assertions and monitors the legal environment on an ongoing basis, with the assistance of external legal counsel, wherever necessary. The
Company records a liability for any claims where a potential loss is probable and capable of being estimated and discloses such matters in
its financial statements, if material. For potential losses that are considered possible, but not probable, the Company provides disclosure in
the financial statements but does not record a liability in its accounts unless the loss becomes probable.
The following is a description of claims and assertions where a potential loss is possible, but not probable. The Company believes that none
of the contingencies described below would have a material adverse effect on the Company’s financial condition, results of operations or
cash flows.
Litigation
The Company is involved in legal proceedings, both as plaintiff and as defendant. There are claims which the Company does not believe to be
of material nature, other than those described below.
Income Tax
The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. These mainly include disallowed
expenses, the tax treatment of certain expenses claimed by the Company as deductions and the computation of, or eligibility of, the Company’s
use of certain tax incentives or allowances.
Most of these disputes and/or disallowances, being repetitive in nature, have been raised by the income tax authorities consistently in most
of the years.
The Company has a right of appeal to the Commissioner of Income Tax (Appeals), or CIT (A), the Dispute Resolution Panel, or DRP, and to
the Income Tax Appellate Tribunal, or ITAT, against adverse decisions by the assessing officer, DRP or CIT (A), as applicable. The income
tax authorities have similar rights of appeal to the ITAT against adverse decisions by the CIT (A) or DRP. The Company has a further right of
appeal to the Bombay High Court or the Hon’ble Supreme Court against adverse decisions by the appellate authorities for matters involving
substantial question of law. The income tax authorities have similar rights of appeal.
As at March 31, 2021, contingent liabilities towards matters and/or disputes pending in appeal amount to `621.35 crores, which includes
`7.82 crores in respect of equity accounted investees (`602.77 crores, which includes `77.23 crores in respect of equity accounted investees
as at March 31, 2020).
Customs, Excise Duty and Service Tax
As at March 31, 2021, there are pending litigations for various matters relating to customs, excise duty and service tax involving demands,
including interest and penalties, of `642.73 crores, which includes `1.05 crores in respect of equity accounted investees (`665.94 crores,
which includes `1.83 crores in respect of equity accounted investees as at March 31, 2020). These demands challenged the basis of valuation
of the Company’s products and denied the Company’s claims of Central Value Added Tax, or CENVAT, credit on inputs. The details of the
demands for more than `100 crores are as follows:
As at March 31, 2021, the Excise Authorities have raised a demand and penalty of `268.27 crores, (`268.27 crores as at March 31, 2020),
due to the classification of certain chassis (as goods transport vehicles instead of dumpers) which were sent to automotive body builders by
the Company, which the Excise Authorities claim requires the payment of the National Calamity Contingent Duty (NCCD). The Company has
obtained a technical expert certificate on the classification. The appeal is pending before the Custom Excise & Service Tax Appellate Tribunal.

Sales Tax
The total sales tax demands (including interest and penalty), that are being contested by the Company amount to `1,421.98 crores, which
includes `8.96 crores in respect of equity accounted investees as at March 31, 2021 (`963.56 crores, which includes `9.64 crores in respect
of equity accounted investees, as at March 31, 2020). The details of the demands for more than `100 crores are as follows:
The Sales Tax Authorities have raised demand of `326.85 crores (`207.80 crores as at March 31, 2020) towards rejection of certain statutory
forms for concessional lower/nil tax rate (Form F and Form C) on technical grounds and few other issues such as late submission, single form
issued against different months / quarters dispatches / sales, etc. and denial of exemption from tax in absence of proof of export for certain
years The Company has contended that the benefit cannot be denied on technicalities, which are being complied with. The matter is pending
at various levels.
The Sales Tax authorities have denied input tax credit and levied interest and penalty thereon due to varied reasons aggregating to `270.50
crores as at March 31, 2021 (`221.77 crores as at March 31, 2020). The reasons for disallowing credit was mainly due to Taxes not paid
by Vendors, incorrect method of calculation of set off as per the department, alleging suppression of sales as per the department etc. The
matter is contested in appeal.
The Sales Tax Authorities have raised demand for Check Post/ Entry Tax liability at various states amouting to `434.59 crores as at March
31, 2021 (`65.81 crores as at March 31, 2020). The Company is contesting this issue.
The Sales Tax Authorities have raised demand of `148.84 crores as at March 31, 2021 (`148.84 as at March 31, 2020) towards full CST
liability on Chassis exported after enroot body building and interest thereon considering as CST sale. The Company has contended that the
Company’s manufacturing plant dispatching chassis for enroot body building to bodybuilders as bill to the Company and ship to bodybuilders
is constituted as export sale after Chassis export. The matter is contested in appeal.
Other Taxes and Dues
Other amounts for which the Company may contingently be liable aggregate to `246.96 crores, which includes `0.77 crores in respect of equity
accounted investees as at March 31, 2021 (`723.57 crores, which includes `16.72 crores in respect of equity accounted investees, as at March 31,
2020).
Other claims
There are other claims against the Company, the majority of which pertain to government body investigations with regards to regulatory compliances,
motor accident claims, product liability claims and consumer complaints. Some of the cases also relate to the replacement of parts of vehicles and/
or the compensation for deficiencies in the services by the Company or its dealers.
The Hon’ble Supreme Court of India (“SC”) by their order dated February 28, 2019, set out the principles based on which allowances paid to the
employees should be identified for inclusion in basic wages for the purposes of computation of Provident Fund contribution. There are interpretative
challenges and considerable uncertainty, including estimating the amount retrospectively. Pending the directions from the EPFO, the impact for past
periods, if any, is not ascertainable reliably and consequently no financial effect has been provided for in the financial statements. The Company has
complied with this on a prospective basis, from the date of the SC order.
The Company has, consequent to an Order of the Hon’ble Supreme Court of India in the case of R.C.Gupta Ors. Vs Regional Provident Fund Organisation
and Ors., evaluated the impact on its employee pension scheme and concluded that this is not applicable to the Company based on external legal
opinion and hence it is not probable that there will be an outflow of resources. Further a Supreme Court of India bench, allowed the review petitions
filed by the Employees Provident Fund Organisation (EPFO) and decided to reconsider the previous order that permitted grant of Provident Fund
pension on last drawn salary. The Supreme Court has recalled its 2019 order which had paved way for pension on last drawn salary for employees
by removing the current salary ceiling of `15,000.
Commitments
The Company has entered into various contracts with vendors and contractors for the acquisition of plant and machinery, equipment and various
civil contracts of a capital nature amounting to `9,632.52 crores, as at March 31, 2021 (`12,634.91 crores as at March 31, 2020), which are yet to be
executed.
The Company has entered into various contracts with vendors and contractors for the acquisition of intangible assets of a capital nature amounting to
`251.06 crores as at March 31, 2021, (`259.79 crores as at March 31, 2020), which are yet to be executed.
Under the joint venture agreement with Chery Jaguar Land Rover Automotive Co. Limited, the Company is committed to contribute `5,578.50 crores
as at March 31, 2021 (`5,311.40 crores as at March 31, 2020) towards its share in the capital of the joint venture of which `3,877.06 crores (`3,691.42
crores as at March 31, 2020) has been contributed as at March 31, 2021. As at March 31, 2021, the Company has an outstanding commitment of
`1,701.44 crores (`1,619.98 crores as at March 31, 2020).
The Company has contractual obligation towards Purchase Commitment for `23,766.43 crores as at March 31, 2021 (`19,165.64 crores as on March
31, 2020).

Consolidated
40. CAPITAL MANAGEMENT

The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the
Company.
The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment
plans. The funding requirements are met through equity, convertible and non-convertible debt securities, senior notes and other long-term/short-
term borrowings. The Company’s policy is aimed at combination of short-term and long-term borrowings.
The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.
Total debt includes all long and short-term debts as disclosed in notes 26, 27 and 29 to the consolidated financial statements. Equity comprises all
components excluding (profit)/loss on cash flow hedges and foreign currency translation reserve.
The following table summarizes the capital of the Company:

(` in crores)
As at As at
March 31, 2021 March 31, 2020
Equity* 47,661.09 63,087.37
Short-term borrowings and current portion of long-term debt 42,791.74 35,494.90
Long-term debt 93,112.77 83,315.62
Total debt 135,904.51 118,810.52
Total capital (Debt + Equity) 183,565.60 181,897.89
* Details of equity :
(` in crores)
As at As at
March 31, 2021 March 31, 2020
Total equity as reported in balance sheet 56,820.21 63,892.09
Currency translation reserve attributable to
- Shareholders of Tata Motors Limited (8,727.21) (4,874.70)
- Non-controlling interests (53.67) (35.20)
Hedging reserve and cost of hedge reserve (378.24) 4,105.18
Equity as reported above 47,661.09 63,087.37

41. DISCLOSURE ON FINANCIAL INSTRUMENTS

This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance
sheet items that contain financial instruments.
(a) Financial assets and liabilities
The following table presents the carrying amounts and fair value of each category of financial assets and liabilities
as at March 31, 2021.
(` in crores)
Derivatives
Cash and
other than Derivatives
other
Non -Derivative in hedging in hedging
financial Total carrying
Financial assets Financial assets relationship relationship Total fair value
assets at value
at fair value (at fair value (at fair
amortised
through profit value)
cost
or loss)
(a) Other investments - non-current - 1,368.30 - - 1,368.30 1,368.30
(b) Investments - current 16,078.84 2,972.35 - - 19,051.19 19,051.19
(c) Trade receivables 12,679.08 - - - 12,679.08 12,679.08
(d) Cash and cash equivalents 31,700.01 - - - 31,700.01 31,700.01
(e) Other bank balances 15,092.45 - - - 15,092.45 15,092.45
(f) Loans and advances - non-current 1,204.59 - - - 1,204.59 1,204.59
(g) Loans and advances - current 1,749.40 - - - 1,749.40 1,749.40
(h) Finance receivable - current 9,879.20 7,988.89 - - 17,868.09 17,868.09
(i) Finance receivable - non-current 16,846.82 - - - 16,846.82 17,181.68
(j) Other financial assets - non-current 2,552.76 - 637.52 2,623.70 5,813.98 5,813.98
(k) Other financial assets - current 2,422.90 - 759.88 2,091.54 5,274.32 5,274.32
Total 110,206.05 12,329.54 1,397.40 4,715.24 128,648.23 128,983.09
(` in crores)
Derivatives
Derivatives
other than Other financial
in hedging Total carrying Total fair
Financial liabilities in hedging liabilities (at
relationship value value
relationship amortised cost)
(at fair value)
(at fair value)
(a) Long-term borrowings (including current maturities of - - 114,241.72 114,241.72 109,317.56
long-term borrowings) (note below)
(b) Lease Liability (including current) - - 6,226.06 6,226.06 6,899.68
(d) Trade payables - - 68,179.84 68,179.84 68,179.84
(e) Acceptances - - 7,860.31 7,860.31 7,860.31
(f) Other financial liabilities - non-current 763.52 1,295.91 496.92 2,556.35 2,556.35
(g) Other financial liabilities - current 686.64 1,733.54 11,305.46 13,725.64 13,725.64
Total 1,450.16 3,029.45 229,973.10 234,452.71 230,202.17
Note:
1 Inculdes `7,900.02 crores designated as hedged item in fair value hedge relationaship. This includes a loss of `10.08 crores on
account of fair value changes attributable to the hedged interest rate risk.

Consolidated
(` in crores)
Cash and
Non Derivatives other
other Derivatives
-Derivative than in hedging
financial in hedging Total carrying Total fair
Financial assets Financial relationship (at
assets at relationship value value
assets at fair fair value through
amortised (at fair value)
value profit or loss)
cost
(a) Other investments - non-current - 1,028.05 - - 1,028.05 1,028.05
(b) Investments - current 9,354.61 1,506.93 - - 10,861.54 10,861.54
(c) Trade receivables 11,172.69 - - - 11,172.69 11,172.69
(d) Cash and cash equivalents 18,467.80 - - - 18,467.80 18,467.80
(e) Other bank balances 15,259.17 - - - 15,259.17 15,259.17
(f) Loans and advances - non-current 782.78 - - - 782.78 782.78
(g) Loans and advances - current 935.25 - - - 935.25 935.25
(h) Finance receivable - current 10,525.51 3,719.79 - - 14,245.30 14,245.30
(i) Finance receivable - non-current 16,833.77 - - - 16,833.77 16,356.14
(j) Other financial assets - non-current 2,458.41 - 388.93 1,902.23 4,749.57 4,749.57
(k) Other financial assets - current 2,195.18 - 1,566.76 824.54 4,586.48 4,586.48
Total 87,985.17 6,254.77 1,955.69 2,726.77 98,922.40 98,444.77
(` in crores)
Derivatives
Derivatives Other financial
other than Total
in hedging liabilities
in hedging carrying Total fair value
relationship (at amortised
relationship value
(at fair value) cost)
(at fair value)
(a) Long-term borrowings (including current maturities of long-term - - 102,447.99 102,447.99 92,953.58
borrowings) (note below)
(b) Lease Liability (including current) - - 5,977.12 5,977.12 6,187.86
(d) Trade payables - - 63,626.88 63,626.88 63,626.88
(e) Acceptances - - 2,771.33 2,771.33 2,771.33
(f) Other financial liabilities - non-current 587.96 2,667.92 602.60 3,858.48 3,858.48
(g) Other financial liabilities - current 1,926.29 2,354.31 13,131.03 17,411.63 17,411.63
Total 2,514.25 5,022.23 204,919.48 212,455.96 203,172.29
Note:
1 Inculdes `8,333.93 crores designated as hedged item in fair value hedge relationaship. This includes a loss of `422.03 crores on account of
fair value changes attributable to the hedged interest rate risk.
Fair Value Hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into
Level 1 to Level 3, as described below.
Quoted prices in an active market (Level 1): This level of hierarchy includes financial instruments that are measured by reference to quoted prices
(unadjusted) in active markets for identical assets or liabilities. This category consists quoted equity shares, quoted corporate debt instruments
and mutual fund investments.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other
than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e; as prices) or indirectly (i.e; derived from
prices). This level of hierarchy includes Company’s over-the-counter (OTC) derivative contracts.
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using
inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model
based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they
based on available market data. The main items in this category are investments in certain unquoted debentures and equity.

(` in crores)
(a) Investments 3,471.74 - 868.91 4,340.65
(b) Derivative assets - 6,112.64 - 6,112.64
(c) Finance receivables - - 7,988.89 7,988.89
Total 3,471.74 6,112.64 8,857.80 18,442.18
(a) Derivative laibilities - 4,479.61 - 4,479.61
Total - 4,479.61 - 4,479.61
Costs of certain unquoted equity instruments have been considered as an appropriate estimate of fair value because these investments are subject
to a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range. These investments in
equity instruments are not held for trading. Instead, they are held for medium or long-term strategic purpose. Upon the application of Ind AS 109,
the Company has chosen to designate these investments in equity instruments as at FVTOCI as the management believe that this provides a more
meaningful presentation for medium or long-term strategic investments, than reflecting changes in fair value in profit or loss.
Fair values of forward derivatives and commodity swap contracts are estimated by discounting expected future contractual cash flows using
prevailing market interest rate curves. Option contracts are fair valued using standard options pricing methodology, based on prevailing market
interest rates and volatality.
Reconciliation of financial assets measured at fair value using significant unobservable
(` in crores)
Reconciliation of financial assets measured at fair value using significant unobservable inputs (Level 3)
March 31, 2021 March 31, 2020
Balance at the beginning 4,431.38 738.26
Originated / purchased during the period 6,152.93 3,947.03
Interest accrued on loans measured at FVOCI 17.71 27.29
Disposals during the period (1,976.20) (283.10)
Loan loss provision recognised - (16.89)
Fair value changes recognized through OCI 241.17 133.32
Fair value changes recognized through P& L (8.34) (121.59)
Foreign exchange translation difference (0.85) 7.06
(` in crores)
(a) Investments 1,823.39 - 711.59 2,534.98
(b) Derivative assets - 4,682.46 - 4,682.46
(c) Finance receivables - - 3,719.79 3,719.79
Total 1,823.39 4,682.46 4,431.38 10,937.23
(a) Derivative liabilities - 7,536.48 - 7,536.48
Total - 7,536.48 - 7,536.48
There have been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2021 and 2020.

Consolidated
The following table provides an analysis of fair value of financial instruments that are not measured at fair value on recurring basis, grouped into
Level 1 to Level 3 categories:
(` in crores)
(a) Investments 16,078.84 - - 16,078.84
(b) Finance receivables - - 27,060.88 27,060.88
Total 16,078.84 - 27,060.88 43,139.72
(a) Long-term borrowings (including current maturities of long term 54,749.83 54,567.73 - 109,317.56
borrowing)
Total 54,749.83 76,230.52 - 130,980.35
(` in crores)
(a) Investments 9,354.61 - - 9,354.61
(b) Finance receivables - - 26,881.65 26,881.65
Total 9,354.61 - 26,881.65 36,236.26
(a) Long-term borrowings (including current maturities of long term 34,715.69 58,237.89 - 92,953.58
borrowing)
Total 34,715.69 74,600.42 - 109,316.11
Other short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.
The fair value of finance receivables has been estimated by discounting expected cash flows using rates at which loans of similar credit quality
and maturity would be made and internal assumptions such as expected credit losses and estimated collateral value for repossessed vehicles as
at March 31, 2021 and 2020. Since significant unobservable inputs are applied in measuring the fair value, finance receivables are classified in
Level 3.
The fair value of borrowings which have a quoted market price in an active market is based on its market price and for other borrowings the fair
value is estimated by discounting expected future cash flows, using a discount rate equivalent to the risk-free rate of return, adjusted for the credit
spread considered by the lenders for instruments of similar maturity and credit quality.
Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any
estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative
of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial
instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

Offsetting
Certain financial assets and financial liabilities are subject to offsetting where there is currently a legally enforceable right to set off recognized
amounts and the Company intends to either settle on a net basis, or to realise the asset and settle the liability, simultaneously.
Certain derivative financial assets and financial liabilities are subject to master netting arrangements, whereby in the case of insolvency, derivative
financial assets and financial liabilities with the same countries will be settled on a net basis.
The following table discloses the amounts that have been offset, in arriving at the balance sheet presentation and the amounts that are available
(` in crores)
Amounts subject to an
enforceable master
Gross amount Net amount
netting arrangement
Gross amount recognized as set presented in Net amount
recognized off in the balance the balance Cash after offsetting
sheet sheet Financial collateral
instruments (received/
pledged)
Financial assets
(a) Derivative financial instruments 6,112.64 - 6,112.64 (3,679.34) - 2,433.30
(c) Cash and cash equivalents 33,881.59 (2,181.58) 31,700.01 - - 31,700.01
Total 52,876.39 (2,384.66) 50,491.73 (3,679.34) - 46,812.39
(a) Derivative financial instruments 4,479.61 - 4,479.61 (3,679.34) - 800.27
(b) Trade payable 68,382.92 (203.08) 68,179.84 - - 68,179.84
(c) Loans from banks/financial institutions (short-term 44,973.32 (2,181.58) 42,791.74 - - 42,791.74
& current maturities of long term debt)
Total 117,835.85 (2,384.66) 115,451.19 (3,679.34) - 111,771.85
The following table discloses the amounts that have been offset in arriving at the balance sheet presentation and the amounts that are available
(` in crores)
Gross amount Amounts subject to an enforceable
Net amount
Gross amount recognized as master netting arrangement Net amount
presented in the
recognized set off in the Financial Cash collateral after offsetting
balance sheet
balance sheet instruments (received/pledged)
Financial assets
(c) Cash and cash equivalents 25,112.50 (6,644.70) 18,467.80 - - 18,467.80
Total 41,100.09 (6,777.14) 34,322.95 (3,631.46) - 30,691.49
(b) Trade payable 63,759.32 (132.44) 63,626.88 - - 63,626.88
(c) Loans from banks/financial institutions 42,139.60 (6,644.70) 35,494.90 - - 35,494.90
(short-term & current maturities of
long term debt)
Total 113,435.40 (6,777.14) 106,658.26 (3,631.46) - 103,026.80

Consolidated
(b) Transfer of financial assets

The Company transfers finance receivables through securitisation transactions and direct assignments. In such transactions the Company
surrenders control over the receivables, though it continues to act as an agent for the collection of receivables. Generally in such transactions,
the Company also provides credit enhancements to the transferee.
Because of the existence of credit enhancements in such transactions, the Company continues to have the obligation to pay to the transferee,
limited to the extent of credit enhancement provided, even if it does not collect the equivalent amounts from the original asset and hence
continues to retain substantially all risks and rewards associated with the receivables, and as a result of which such transfer or assignment
does not meet the derecognition criteria, resulting in the transfer not being recorded as sale. Consequently, the proceeds received from such
transfers are recorded as collateralized debt obligations.
Further the Company transfers certain trade receivables under the debt factoring arrangements. These do not qualify for derecognition,
due to existence of the recourse arrangement. Consequently the proceeds received from such transfers with a recourse arrangements are
recorded as loans from banks / financial institutions and classified under short-term borrowings.
The carrying amount of trade receivables and finance receivables transferred along with the associated liabilities is as follows:
(` in crores)
Carrying amount Carrying amount
Nature of Asset Carrying amount of Carrying amount of
of associated of associated
asset transferred asset transferred
liabilities liabilities
(a) Trade receivables 238.35 238.35 - -
(b) Finance receivables 3,008.431 2,972.16 4,257.371 4,228.24
1
Net of provision of `53.49 crores and `49.38 crores as at March 31, 2021 and 2020, respectively.
(c) Cash flow hedges
As at March 31, 2021, the Company have a number of financial instruments designated in a hedging relationship. The Company and its
subsidiaries use both foreign currency forward and option contracts, cross currency interest rate swaps and other currency options to hedge
changes in future cash flows as a result of foreign currency and interest rate risk arising from forecasted sales and purchases and repayment
of foreign currency bonds. The Company and its subsidiaries have also designated some of its U.S. dollar denominated bonds as hedging
instruments in a cash flow hedging relationship to hedge the changes in future cash flows as a result of foreign currency risk arising from
future anticipated sales.
The Company also have a number of foreign currency options and other currency options, which are entered into as an economic hedge of
the financial risks of the Company. These contracts do not meet the hedge accounting criteria of Ind AS 109, hence the change in fair value
of these derivatives are recognized in the statement of Profit and Loss.
Options are designated on spot discounted basis. The time value of options are identified as cost of hedge. Changes in the time value of
options are recognised in Cost of Hedge reserve to the extent they relate to the hedged item. Changes in the spot intrinsic value of options is
recognized in Hedge reserve. Changes in fair value arising from own and counterparty credit risk in options and forward exchange contracts
are considered ineffective in the hedge relationship and thus the change in fair value of options & forward exchange contracts attributable
to changes in credit spread are recognised in the consolidated statement of profit and loss. Cross currency basis spread was historically
included in the hedging relationship. Any ineffectiveness arising out of cross currency basis spread is recognised in the statement of profit
and loss as it arises. Cross currency basis spread arising from forward exchange contracts entered after 1st January 2018 is identified as
cost of hedge and accordingly changes in fair value attributable to this is recognized in cost of hedge reserve to the extent they relate to the
hedged item.
Changes in fair value of foreign currency derivative and bonds, to the extent determined to be an effective hedge, is recognized in other
comprehensive income and the ineffective portion of the fair value change is recognized in consolidated statement of Profit and Loss. The
fair value gain/losses recorded in Hedge reserve and Cost of Hedge reserve is recognised in the consolidated statement of profit and loss
when the forecasted transactions affects profit or loss occur. The accumulated gain/losses in hedge reserve and cost of hedge reserve are
expected to be recognized in consolidated statement of profit or loss during the years ending March 31, 2021 to 2025.
It is anticipated that the hedged sales will take place over the next one to five years, at which time the amount deferred in equity will be
reclassified to revenue in the consolidated statement of profit or loss.
It is anticipated that the hedged purchases will take place over the next one to five years, at which time the amount deferred in equity will
be included in the carrying amount of the raw materials. On sale of the finished product, the amount previously deferred in equity and
subsequently recognised in inventory will be reclassified to raw materials, components, and consumables in the consolidated statement of
profit or loss.
In light of the impact of COVID-19 on forecast exposures, the Company reassessed existing hedging relationships and released amounts
deferred in equity to profit and loss where appropriate
(` in crores)
As at As at
March 31,2021 March 31,2020
Fair value gain/(loss) on foreign currency derivative contracts entered for cash flow hedges of forecast 6,131.84 (2,926.97)
sales recognized in hedging reserve
Fair value gain/(loss) on foreign currency derivative contracts entered for cash flow hedges of forecast (1,797.52) 695.35
inventory purchases recognized in hedging reserve
Fair value gain/(loss) on foreign currency bonds designated as cash flow hedges of - (61.83)
forecast sales recognised in hedging reserve
Fair value gain/(loss) on derivatives entered for cash flow hedges of repayment of foreign currency 29.41 (81.89)
denominated borrowings recognized in hedging reserve
Fair value gain/(loss) on interest rate swaps entered for cash flow hedges of payment of interest on (19.21) (152.89)
borrowings benchmarked to LIBOR
Fair value gain/(loss) recognized in other comprehensive income during the year 4,344.52 (2,528.23)
Gain/(loss) reclassified from Hedging reserve and recognized in 'Revenue from operations' in the (980.14) (4,814.06)
statement of profit and loss on occurrence of forecast sales
Gain/(loss) reclassified out of Hedging reserve and recorded in Inventory in the Balance sheet on (130.04) 270.97
occurrence of forecast purchases
Gain/(loss) reclassified from Hedging reserve and recognized in 'Foreign exchange (gain)/loss (net)' 30.11 14.78
in the statement of profit and loss for the case where on account of forecast transactions no longer
expected to occur
Gain/(loss) reclassified from Hedging reserve and recognized in 'Foreign exchange (gain)/loss (net)' in (144.80) 120.35
the statement of profit and loss on account of repayment of foreign currency denominated borrowings
Gain/(loss) reclassified from Cost of Hedge reserve and recognized in 'Foreign exchange (gain)/loss - -
(net)' in the statement of profit and loss on account of forecast transactions no longer expected to occur
Gain/(loss) reclassified from equity other comprehensive income to the consolidated statement (1,224.87) (4,407.96)
of profit or loss
Gain/(loss) on foreign currency derivatives not hedge accounted, recognized in 'Foreign exchange (840.74) 531.84
(gain)/loss (net)' in the statement of profit and loss
Fair value gain/(loss) recognized in 'Foreign exchange (gain)/loss (net)' in the statement of profit and (94.13) (7.52)
loss on account of ineffectiveness arising from foreign currency basis spread on forward contracts
designated in cash flow hedge relationship
(934.87) 524.32
(d) Financial risk management
In the course of its business, the Company is exposed primarily to fluctuations in foreign currency exchange rates, interest rates, equity
prices, liquidity and credit risk, which may adversely impact the fair value of its financial instruments.
The Company has a risk management policy which not only covers the foreign exchange risks but also other risks associated with the
financial assets and liabilities such as interest rate risks and credit risks. The risk management policy is approved by the board of directors.
The risk management framework aims to:
• Create a stable business planning environment by reducing the impact of currency and interest rate fluctuations on the Company’s
business plan.
• Achieve greater predictability to earnings by determining the financial value of the expected earnings in advance.
(i) Market risk
Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a change in
the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity price fluctuations, liquidity and other market changes. Future specific market movements cannot be
normally predicted with reasonable accuracy.
(a) Foreign currency exchange rate risk:
The fluctuation in foreign currency exchange rates may have potential impact on the consolidated statement of profit & loss,
consolidated statement of comprehensive income, consolidated balance sheet, consolidated statement of changes in equity and
cosolidated statement of cash flows, where any transaction references more than one currency or where assets/liabilities are
denominated in a currency other than the functional currency of the respective consolidated entities.
Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising
from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar, GBP, Chinese
renminbi, Japanese yen, Singapore dollar and Euro, against the respective functional currencies of Tata Motors Limited and its
subsidiaries.

Consolidated
The Company, as per its risk management policy, uses foreign exchange and other derivative instruments primarily to hedge
foreign exchange and interest rate exposure. Furthermore, any movement in the functional currencies of the various operations
of the Company against major foreign currencies may impact the Company’s revenues and expenditure relating to its international
operations. Any weakening of the functional currency may impact the Company’s cost of imports and cost of borrowings and
consequently may increase the cost of financing the Company’s capital expenditures.
The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.
The foreign exchange rate sensitivity is calculated for each currency by aggregation of the net foreign exchange rate exposure of
a currency and a simultaneous parallel foreign exchange rates shift in the foreign exchange rates of each currency by 10% while
keeping the other variables as constant.
The following analysis is based on the gross exposure as of the relevant balance sheet dates, which could affect the income
statement. There is no exposure to the income statement on account of translation of financial statements of consolidated foreign
entities. Furthermore, the exposure as indicated below is mitigated by natural hedges resulting from anticipated revenue and cost
in foreign currency expected to arise in future as well as certain derivative contracts entered into by the Company.
The following table sets forth information relating to foreign currency exposure other than risk arising from derivatives contract
as of March 31, 2021:
(` in crores)
Chinese Canadian
U.S. dollar Euro GBP Others 1
Total
Renminbi dollar
(a) Financial assets 18,117.49 11,398.80 3,446.88 781.74 476.15 2,652.22 36,873.28
(b) Financial 48,042.33 43,344.41 12,033.17 5,671.40 1,325.35 2,895.62 113,312.28
liabilities
1
Others mainly include currencies such as the Russian rouble, Singapore dollars, Swiss franc, Australian dollars, South African
rand, Thai baht, Japanese Yen and Korean won.
The table below outlines the effect change in foreign currencies exposure for the year ended March 31, 2021:
Impact on Company's net income before tax Impact on Company's net income before tax
Change in assumption
for financial assets for financial liabilities
Appreciation in foreign currencies by 10% Increase by `3,687.33 crores Decrease by `(11,331.23) crores
Depreciation in foreign currencies by 10% Decrease by `(3,687.33) crores Increase by `11,331.23 crores
(Note: The impact is indicated on the income/loss before tax basis).

The following table set forth information relating to foreign currency exposure (other than risk arising from derivatives) as of
March 31, 2020:
(` in crores)
Chinese Canadian
U.S. dollar Euro GBP Others Total
Renminbi dollar
(a) Financial assets 18,594.94 11,414.53 4,526.86 1,313.38 1,535.41 2,412.27 39,797.39
(b) Financial liabilities 40,045.28 40,994.24 4,909.28 6,263.41 758.12 3,094.68 96,065.01
(b) Interest rate risk
Interest rate risk is the risk that changes in market interest rates will lead to changes in fair value of financial instruments or
changes in interest income, expense and cash flows of the Group.
The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company’s interest rate exposure
is mainly related to debt obligations. The Company also uses a mix of interest rate sensitive financial instruments to manage the
liquidity and fund requirements for its day to day operations like short term non-convertible bonds and short term loans.
In its financing business, the Company enters into transactions with customers which primarily result in receivables at fixed
rates. In order to manage this risk, the Company has a policy to match funding in terms of maturities and interest rates and
also for certain part of the portfolio, the Company does not match funding with maturities, in order to take advantage of market
opportunities.
The Company also enters into arrangements of securitization of receivables in order to reduce the impact of interest rate
movements. Further, Company also enters into interest rate swap contracts with banks to manage its interest rate risk.

As at March 31, 2021 and 2020 financial liabilities of `46,589.38 crores and `45,021.15 crores respectively, were subject to
variable interest rates. Increase/decrease of 100 basis points in interest rates at the balance sheet date would result in an impact
(decrease/increase of profit before tax) of `465.89 crores and `450.21 crores on income for the year ended March 31, 2021 and
2020, respectively.
The model assumes that interest rate changes are instantaneous parallel shifts in the yield curve. Although some assets and
liabilities may have similar maturities or periods to re-pricing, these may not react correspondingly to changes in market interest
rates. Also, the interest rates on some types of assets and liabilities may fluctuate with changes in market interest rates, while
interest rates on other types of assets may change with a lag.
The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also
assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that
date. The period end balances are not necessarily representative of the average debt outstanding during the period.
This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
The Company uses cross currency interest rate swaps to hedge some of its exposure to interest rate arising from variable rate
foreign currency denominated debt. The Company also uses cross currency interest rate swaps to convert some of its foreign
currency denominated fixed rate debt to floating rate debt.
(c) Equity Price risk
Equity Price Risk is related to the change in market reference price of the investments in equity securities.
The fair value of some of the Company’s investments in equity securities exposes the Company to equity price risks. In general,
these securities are not held for trading purposes. These investments are subject to changes in the market price of securities.
The fair value of some of the Company’s investment in quoted equity securities measured at FVOCI as of March 31, 2021 and
2020, was `499.37 crores and `158.68 crores, respectively. A 10% change in prices of these securities held as of March 31, 2021
and 2020, would result in a pre-tax impact of `49.94 crores and `15.87 crores on equity, respectively.
The fair value of some of the Company’s investments in quoted equity securities measured at FVTPL as of March 31, 2021 and
2020, was `Nil and `157.78 crores,respectively. A 10% change in prices of these securities measured at FVTPL held as of March
31, 2021 and 2020, would result in an impact of `Nil and `15.78 crores on profit before tax, respectively.
(ii) Credit risk
Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to the contractual terms
or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as
concentration risks.
Financial instruments that are subject to concentrations of credit risk, principally consist of investments in debt instruments, trade
receivables, finance receivables, loans and advances and derivative financial instruments. The Company strives to promptly identify
and reduce concerns about collection due to a deterioration in the financial conditions and others of its main counterparties by regularly
monitoring their situation based on their financial condition.
None of the financial instruments of the Company result in material concentrations of credit risks.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was
`1,27,872.52 crores as at March 31, 2021 and `98,304.54 crores as at March 31, 2020, being the total of the carrying amount of
balances with banks, short term deposits with banks, trade receivables, finance receivables, margin money and other financial assets
excluding equity investments.
Financial assets that are neither past due nor impaired
None of the Company’s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and
other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31, 2021,
and March 31,2020, that defaults in payment obligations will occur.

Consolidated
Credit quality of financial assets and impairment loss

The ageing of trade receivables and finance receivables as of balance sheet date is given below. The age analysis have been considered
from the due date.
(` in crores)
Trade receivables
Period (in months)
(a) Not due 10,296.72 (30.78) 10,265.94 8,199.18 (33.03) 8,166.15
(b) Overdue up to 3 months 1,445.78 (29.11) 1,416.67 1,980.20 (16.38) 1,963.82
(c) Overdue 3-6 months 246.69 (6.93) 239.76 363.58 (37.21) 326.37
(d) Overdue more than 6 months 1,679.08 (922.37) 756.711 1,743.73 (1,027.38) 716.35 1
Total 13,668.27 (989.19) 12,679.08 12,286.69 (1,114.00) 11,172.69
Trade receivables consist of a large number of various types of customers, spread across geographical areas. Ongoing credit evaluation
is performed on the financial condition of these trade receivables and where appropriate, allowance for losses are provided.
1
Trade receivables overdue more than six months include `538.91 crores as at March 31, 2021 (`471.35 crores as at March 31, 2020),
outstanding from Government organizations in India, which are considered recoverable.
The Company makes allowances for losses on its portfolio of finance receivable on the basis of expected future collection from
receivables. The future collection are estimated on the basis of past collection trend which are adjusted for changes in current
circumstances as well as expected changes in collection future based on expectations future with respect to certain macro economic
factor like GDP growth, fuel price and inflation.
(` in crores)
Finance receivables 2
Period (in months)
(a) Not due3 34,213.19 (938.31) 33,274.88 30,448.46 (529.04) 29,919.42
(b) Overdue up to 3 months 871.10 (61.12) 809.98 724.30 (31.43) 692.87
(c) Overdue more than 3 months 878.30 (248.25) 630.05 557.69 (90.91) 466.78
Total 35,962.59 (1,247.68) 34,714.91 31,730.45 (651.38) 31,079.07
2
Finance receivables originated in India.
3
Allowance in the “Not due” category includes allowance against instalments pertaining to impaired finance receivables which have
not yet fallen due.
(iii) Liquidity risk
Liquidity risk refers to the risk that the Company will encounter difficulty to meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.
The Company has obtained fund and non-fund based working capital lines from various banks. Furthermore, the Company has access
to funds from debt markets through commercial paper programs, non-convertible debentures, fixed deposits from public, senior notes
and other debt instruments. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual
funds, which carry no/low mark to market risks. The Company has also invested 15% of the amount of public deposits/non-convertible
debentures (taken by the Company) falling due for repayment in the next 12 months in bank deposits, to meet the regulatory norms of
liquidity.
The Company also constantly monitors funding options available in the debt and capital markets with a view to maintaining financial
flexibility.

The table below provides undiscounted contractual maturities of financial liabilities, including estimated interest payments as at March
31, 2021:
(` in crores)
Carrying Due in Due in Due in 3rd to Due after 5th Total contractual
Financial liabilities amount 1 st Year 2nd Year 5th Year Year cash flows
(a) Trade payables and acceptances 76,040.15 76,040.15 - - - 76,040.15
(b) Borrowings and interest thereon 137,507.31 49,104.06 27,800.46 56,341.29 16,444.68 149,690.49
(c) Lease Liability 6,226.06 1,307.36 1,091.91 2,446.69 4,812.38 9,658.35
(d) Derivative liabilities 4,479.61 2,598.31 1,193.78 1,229.93 - 5,022.02
(e) Other financial liabilities 10,199.58 9,702.66 218.32 416.76 100.19 10,437.93
Total 234,452.71 138,752.54 30,304.47 60,434.67 21,357.25 250,848.94
Contractual maturities of borrowings includes cash flows relating to collateralized debt obligations. This represents the amount
received against the transfer of finance receivables in securitization transactions and/or direct assignments, which do not qualify for
derecognition. The liability of the Company in such cases is limited to the extent of credit enhancements provided. The contractual
maturities of such collateralized debt obligations are as follows:
(` in crores)
Due in 3rd to 5th Total contractual
Financial liabilities Carrying amount Due in 1 st Year Due in 2nd Year
Year cash flows
Collateralized debt obligations 2,973.65 1,926.47 1,030.25 355.05 3,311.77
The table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments as
at March 31, 2020:
(` in crores)
Carrying Due in Due in Due in 3rd to Due after Total contractual
Financial liabilities amount 1 st Year 2nd Year 5th Year 5th Year cash flows
(a) Trade payables and acceptances 66,398.21 66,398.21 - - - 66,398.21
(b) Borrowings and interest thereon 120,095.62 40,654.07 21,429.66 54,775.14 20,570.21 137,429.08
(c) Lease Liability 5,977.12 1,312.67 1,062.61 2,305.21 4,912.07 9,592.56
(d) Derivative liabilities 7,536.48 4,635.15 2,546.11 1,361.61 219.38 8,762.25
(e) Other financial liabilities 12,448.53 11,868.04 202.33 406.95 62.52 12,539.84
Total 212,455.96 124,868.14 25,240.71 58,848.91 25,764.18 234,721.94
The contractual maturities of such collateralized debt obligations are as follows:
Due in 3rd to 5th Total contractual

Financial liabilities Carrying amount Due in 1 st Year Due in 2nd Year
Year cash flows
Collateralized debt obligations 4,229.94 2,445.13 1,494.20 717.95 4,657.28
(iv) Derivative financial instruments and risk management
The Company has entered into variety of foreign currency, interest rates and commodity forward contracts and options to manage
its exposure to fluctuations in foreign exchange rates, interest rates and commodity price risk. The counterparty is generally a bank.
These financial exposures are managed in accordance with the Company’s risk management policies and procedures.
The Company also enters into interest rate swaps and cross currency interest rate swap agreements, mainly to manage exposure on
its fixed rate or variable rate debt. The Company uses interest rate derivatives or currency swaps to hedge exposure to exchange rate
fluctuations on principal and interest payments for borrowings denominated in foreign currencies.
Specific transactional risks include risks like liquidity and pricing risks, interest rate and exchange rate fluctuation risks, volatility risks,
counterparty risks, settlement risks and gearing risks.
Fair value of derivative financial instruments are determined using valuation techniques based on information derived from observable
market data.

Consolidated
The fair value of derivative financial instruments is as follows:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
(a) Foreign currency forward exchange contracts and options 1,895.72 (2,463.20)
(b) Commodity Derivatives 13.32 (639.47)
(c) Others including interest rate and currency swaps (276.01) 248.65
Total 1,633.03 (2,854.02)
Following table provides sensitivity analysis in relation to derivative contracts:
(` in crores)
As at As at
March 31, 2021 March 31, 2020
10% depreciation of foreign currency:
Gain/(loss) in hedging reserve and cost of hedge reserve 4,722.70 5,585.17
Gain/(loss) in statement of Profit and loss (2,258.44) (1,023.32)
10% Appreciation of foreign currency:

Gain/(loss) in hedging reserve and cost of hedge reserve (5,453.51) (5,585.77)
Gain/(loss) in statement of Profit and loss 2,979.77 1,257.85
(v) Commodity Price Risk

The Group is exposed to commodity price risk arising from the purchase of certain raw materials such as aluminium, copper, platinum
and palladium. This risk is mitigated through the use of derivative contracts and fixed-price contracts with suppliers. The derivative
contracts are not hedge accounted under Ind AS 119 but are instead measured at fair value through profit or loss.
The gain/(loss) on commodity derivative contracts, recognized in the statement of Profit and Loss was `1,382.09 crores loss and
`688.18 crores loss for the years ended March 31, 2021 and 2020, respectively.
In respect of the Company’s commodity derivative contracts, a 10% depreciation/appreciation of all commodity prices underlying such
contracts, would have resulted in an approximate gain/(loss) of `397.87 crores and `458.32 crores in the statement of profit and loss
for the years ended March 31, 2021 and 2020, respectively.
Exposure to gain/loss on derivative instruments offset to some extent the exposure to foreign currency risk, interest rate risk as
disclosed above.
(Note: The impact is indicated on the income/loss before consequential tax impact,if any basis).

42. DISCLOSURE ON FINANCIALS INSTRUMENTS DESIGNATED AS HEDGING INSTRUMENT IN CASHFLOW HEDGE

The details of cash flow hedges entered by the Company to hedge interest rate risk arising on floating rate borrowings and by one of the
Company’s subsidiaries to hedge the currency fluctuation of its functional currency (GBP) against foreign currencies to hedge future cash
flows arising from revenue and cost of materials is as follows:
Nominal amounts Carrying value

Average strike rate
(` in crores) (` in crores)
Outstanding contracts
As at As at As at As at As at As at
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Foreign currency forwards
Cash flow hedges - USD
Sell - USD/ Buy - GBP
<1 year 0.760 0.723 28,549.84 16,518.99 1,375.29 (1,466.24)
Between 1-5 years 0.765 0.765 31,199.37 47,686.36 1,732.26 (1,778.03)
Buy - USD/ Sell - INR

<1 year 72.403 0.000 791.42 0.0 (2.27) 0
Cash flow hedges - Chinese Yuan

Sell - Chinese Yuan / Buy - GBP
<1 year 0.110 0.109 16,600.00 14,976.20 125.92 (552.52)
Between 1-5 years 0.109 0.110 6,334.03 11,120.42 107.34 (186.15)
Cash flow hedges -Euro

Buy - Euro / Sell - GBP
<1 year 0.907 0.911 27,160.55 24,647.93 (1,375.88) (4.44)
Between 1-5 years 0.901 0.910 19,139.50 31,651.30 (819.19) (157.47)
Cash flow hedges - Other

<1 year 0.000 0.000 12,258.07 8,972.69 246.26 493.72
Between 1-5 years 0.000 0.000 8,528.43 11,583.61 74.85 361.17
Cash flow hedges of foreign exchange risk
on recognised debt
Cross currency interest rate swaps
Buy - USD / Sell - GBP
Between 1-5 years 1.300 - 731.20 - (48.97) -
>5 years 0.759 0.759 3,825.28 3550.57 75.30 529.50
Buy - Euro / Sell - GBP
>5 years 0.891 0.891 4,490.26 4,168.04 (138.06) 29.08
Buy - USD / Sell - INR

Between 1-5 years 71.440 1,895.75 - (20.76) -
>5 years 83.520 83.520 3,929.97 4,488.29 506.64 654.99
Total foreign currency derivative 165,433.67 179,364.41 1,838.73 (2,076.39)
instruments
Cash flow hedges of interest rate risk arising on floating rate borrowings

Consolidated
Average strike rate Nominal amounts Carrying value

(USD in million) (` in crores)
Interest rate swaps linked to LIBOR
>5 years 2.86% 2.86% 237.50 237.50 (152.93) (219.08)
Total derivatives designated in hedge 1,685.80 (2,295.47)
relationship
Non derivatives designated in hedge relationship
Average strike rate Nominal amounts Carrying value

(GBP in million) (` in crores)
Net Investment Hedge - GBP - - 625.00 - - -
43. SEGMENT REPORTING

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.
These segment information is provided to and reviewed by Chief Operating Decision Maker (CODM).

(` in crores)
Automotive and related activity
Inter-
Tata and other brand vehicle 1 Intra-
Vehicle Jaguar Land Others segment Total
Commercial Passenger segment Total eliminations
Unallocable Total Financing Rover
vehicle vehicle eliminations
Revenues:
External revenue 33,317.71 16,606.24 157.48 50,081.43 4,276.88 193,822.71 - 248,181.02 1,613.73 - 249,794.75
Inter-segment/intra-segment revenue (213.57) - 125.28 (88.29) 213.57 - (125.28) - 998.73 (998.73) -
Total revenues 33,104.14 16,606.24 282.76 49,993.14 4,490.45 193,822.71 (125.28) 248,181.02 2,612.46 (998.73) 249,794.75
Earnings before other income (excluding (305.44) (1,564.16) (74.89) (1,944.49) 2,794.00 7,691.03 - 8,540.54 319.47 66.70 8,926.71
Incentives), finance costs, foreign exchange
gain/(loss) (net), exceptional items and tax :
Finance costs pertaining to borrowings - - - - (2,851.45) - - (2,851.45) - - (2,851.45)
sourced by vehicle financing segment
Segment results (305.44) (1,564.16) (74.89) (1,944.49) (57.45) 7,691.03 - 5,689.09 319.47 66.70 6,075.26
Other income/(loss) (excluding Incentives) 725.05
Finance costs (excluding pertaining to (5,245.72)
borrowings sourced by vehicle financing
segment)
Foreign exchange 1,732.15

Exceptional items (53.66) 1,673.71 (24.96) 1,595.09 - (15,350.70) - (13,755.61) (5.41) - (13,761.02)
Depreciation and amortisation expense 1,701.46 1,914.19 157.49 3,773.14 61.36 19,741.70 - 23,576.20 96.62 (126.11) 23,546.71
Capital expenditure 1,656.11 822.78 (68.24) 2,410.65 67.51 16,289.59 - 18,767.75 (39.18) - 18,728.57
Share of profit/(loss) of equity accounted - - (40.68) (40.68) - (363.32) - (404.00) 25.04 - (378.96)
investees (net)
Segment assets 27,086.92 16,296.91 2,086.18 45,470.01 39,565.55 179,341.50 - 264,377.06 2,477.58 (1,269.89) 265,584.75
Assets classified as held for sale 220.80 220.80 - 220.80 - - 220.80
Investment in equity accounted investees - - 427.14 427.14 - 3,182.53 - 3,609.67 591.12 - 4,200.79
Other Investments 20,419.49
Current and non-current tax assets (net) 1,868.61
Deferred tax assets (net) 4,520.35
Other unallocated financial assets 2 46,311.01
Segment liabilities 18,038.77 6,035.88 1,106.16 25,180.81 837.32 114,420.20 - 140,438.33 1,508.46 (271.47) 141,675.32
Current tax liabilities (net) 1,086.44
Deferred tax liabilities (net) 1,555.89
Other unallocated financial liabilities 3 6,083.43

1
|
Tata and other brand vehicles include Tata Daewoo and Fiat brand vehicles.
2
Includes interest-bearing deposits and accrued interest income.
3
Includes interest accrued and other interest bearing liabilities.
343
344
|
(` in crores)
Automotive and related activity
Inter-
Tata and other brand vehicles1 Intra-
Vehicle Jaguar Others segment Total
Ccommercial Passenger segment Total
Unallocable Total Financing Land Rover eliminations
vehicle vehicle eliminations
Revenues:
External revenue 36,329.44 10,481.74 144.94 46,956.12 4,295.49 208,040.02 - 259,291.63 1,776.34 - 261,067.97
Inter-segment/intra-segment revenue - - 70.59 70.59 - - (70.59) - 1,270.73 (1,270.73) -
Total revenues 36,329.44 10,481.74 215.53 47,026.71 4,295.49 208,040.02 (70.59) 259,291.63 3,047.07 (1,270.73) 261,067.97
Earnings before other income (excluding (368.22) (2,867.58) (255.86) (3,491.66) 2,854.71 594.05 - (42.90) 382.32 (55.43) 283.99
Incentives), finance costs, foreign exchange
gain/(loss) (net), exceptional items and tax :

Finance costs pertaining to borrowings - - - - (3,079.31) - (3,079.31) - - (3,079.31)
sourced by vehicle financing segment
Segment results (368.22) (2,867.58) (255.86) (3,491.66) (224.60) 594.05 - (3,122.21) 382.32 (55.43) (2,795.32)
Other income(excluding Incentives) 989.54
Finance costs (excluding pertaining to (4,164.02)
borrowings sourced by vehicle financing
segment)
Foreign exchange gain/(loss) (net) (1,738.74)
Exceptional items (10.41) (2,576.04) (15.91) (2,602.36) (9.30) (259.78) - (2,871.44) - - (2,871.44)
Depreciation and amortisation expense 1,646.15 1,742.96 163.05 3,552.16 50.95 17,787.80 - 21,390.91 103.97 (69.45) 21,425.43
Capital expenditure 2,380.15 2,255.27 426.34 5,061.76 71.61 26,161.07 - 31,294.44 (72.20) - 31,222.24
Share of profit/(loss) of equity accounted - - 62.87 62.87 (1.94) (1,033.76) - (972.83) (27.17) - (1,000.00)
investees (net)
Segment assets 26,016.50 16,150.81 3,614.16 45,781.47 33,587.64 187,333.67 - 266,702.78 2,440.21 (1,394.69) 267,748.30
Assets classified as held for sale - - 194.43 194.43 - - - 194.43 - - 194.43
Investment in equity accounted investees - - 468.96 468.96 - 3,384.36 - 3,853.32 565.57 - 4,418.89
Current and non-current income tax assets 1,294.85
(net)
Deferred income taxes (net) 5,457.90
Other unallocated financial assets 2 31,117.30
Segment liabilities 13,101.11 4,962.39 1,456.84 19,520.34 528.49 107,123.37 - 127,172.20 787.93 (330.98) 127,629.15
Current income tax liabilities (net) 1,040.14
Deferred income taxes (net) 1,941.87
Other unallocated financial liabilities 3 2,830.37
1 Tata and other brand vehicles include Tata Daewoo and Fiat brand vehicles.
Consolidated
2 Includes interest-bearing deposits and accrued interest income.

3 Includes interest accrued and other interest bearing liabilities.
Entity-wide disclosures
Information concerning principal geographic areas is as follows:
(` in crores)
Net sales to external customers by geographic area by location of customers:
March 31, 2021 March 31, 2020
(a) India 50,381.31 47,093.49
(b) United States of America 46,946.63 52,029.47
(c) United Kingdom 37,243.95 42,442.85
(d) Rest of Europe 34,045.11 43,227.46
(e) China 44,686.54 29,820.46
(f) Rest of the World 36,491.21 46,454.24
Total 249,794.75 261,067.97
(` in crores)
Non-current assets (Property, plant and equipment, Intangible assets, other non-current assets (non-financial) and As at As at
Goodwill) by geographic area: March 31, 2021 March 31, 2020
(a) India 30,094.71 30,394.18
(b) United States of America 784.91 814.73
(c) United Kingdom 112,673.92 115,323.30
(d) Rest of Europe 11,024.29 11,331.42
(e) China 1,423.24 1,583.26
(f) Rest of the World 3,670.47 3,282.54
Total 159,671.54 162,729.43
(` in crores)
Information about product revenues:
March 31, 2021 March 31, 2020
(a) Tata and Fiat vehicles 46,826.48 43,932.32

(b) Tata Daewoo commercial vehicles 3,254.52 3,058.52
(c) Finance revenues 4,276.88 4,260.30
(d) Jaguar Land Rover vehicles 193,822.71 208,040.02
(e) Others 1,614.16 1,776.81
Total 249,794.75 261,067.97

Consolidated
44. RELATED-PARTY TRANSACTIONS

The Company’s related parties principally includes Tata Sons Private Limited, subsidiaries and joint arrangements of Tata Sons Private
Limited, the Company’s associates and their subsidiaries, joint operations and joint ventures of the Company. The Company routinely enters
into transactions with these related parties in the ordinary course of business. Transactions and balances of the company with its own
subsidiaries and the transactions among subsidiaries are eliminated on consolidation.
All transactions with related parties are conducted under normal terms of business and all amounts outstanding are unsecured and will be
settled in cash
The following table summarizes related-party transactions and balances included in the consolidated financial statements for the year
ended/as at March 31, 2021:
(` in crores)
Tata Sons Pvt Ltd,
Associates and its
Joint ventures Joint operations its subsidiaries and Total
subsidiaries
joint ventures
(A) Transactions
Purchase of products 1,979.56 - 3,868.63 27.74 5,875.93
Sale of products 145.00 2,754.60 1,179.01 945.92 5,024.53
Services received 14.57 - 0.74 1,424.89 1,440.20
Services rendered 10.59 1,076.96 4.49 170.00 1,262.04
Purchase of property, plant and 24.82 - - 3.72 28.54
equipment
Interest (income)/expense, dividend 5.50 (0.09) 18.37 58.89 82.67
(income)/paid.(net)
Finance given (including loans and - - - 41.25 41.25
equity)
Finance taken (including loans and 211.00 - - 2,602.51 2,813.51
equity)
Finance taken, paid back (including 162.00 - - - 162.00
loans and equity)
Borrowing towards Lease Liability - - 167.99 - 167.99
Repayment towards lease liability - - 14.14 - 14.14
(B) Balances
Amount receivable in respect of Loans - 9.39 - 4.59 13.98
and interest thereon
Amounts payable in respect of loans 95.00 - - 6.07 101.07
Amount payable in respect of Lease - - 265.85 - 265.85
Liability
Trade and other receivables 40.57 481.29 - 348.46 870.32
Trade payables 65.31 - 156.94 222.48 444.73
Acceptances - - - 929.07 929.07
Provision for amount receivables - 9.30 - - 9.30

The following table summarizes related-party transactions included in the consolidated financial statements for the year ended as/at March
31, 2020:
(` in crores)
Tata Sons Pvt Ltd,
Associates and its
Joint ventures Joint operations its subsidiaries and Total
subsidiaries
joint ventures
(A) Transactions
Purchase of products 1,736.26 0.79 2,781.47 42.67 4,561.19
Sale of products 187.07 1,951.92 681.03 847.55 3,667.57
Services received 22.89 4.16 0.80 1,560.15 1,588.00
Services rendered 16.54 959.58 4.93 81.46 1,062.51
Purchase of property, plant and 81.00 - - 2.37 83.37
equipment
Sale of property, plant and equipment 2.18 - - 95.30 97.48
Interest (income)/expense, dividend (13.58) (606.43) 4.09 29.38 (586.54)
(income)/paid, (net)
Finance given (including loans and - 618.17 - - 618.17
equity)
Finance given, taken back (including - - - 3.50 3.50
loans and equity)
Finance taken (including loans and 104.00 - - 4,561.36 4,665.36
equity)
Finance taken, paid back (including 81.00 - - 858.34 939.34
loans and equity)
Borrowing towards Lease Liability - - 113.83 - 113.83
Repayment towards lease liability - - 1.83 - 1.83
(B) Balances
Amounts receivable in respect of loans - 25.13 - 4.18 29.31
Amounts payable in respect of loans 46.00 - - 1.93 47.93
Amount payable in respect of Lease - - 112.00 - 112.00
Liability
Trade and other receivables 27.45 628.66 - 189.23 845.34
Trade payables 272.61 3.19 269.59 158.17 703.56
Acceptances - - - 76.90 76.90
Provision for amount receivables - 25.12 - - 25.12
Details of significant transactions are given below:
(` in crores)
Particulars Nature of relationship
March 31, 2021 March 31, 2020
i) Services rendered
Chery Jaguar Land Rover Automotive Company Limited Joint ventures 1,076.95 959.00
ii) Vendor bills discounting
Tata Capital Tata Sons Ltd, its subsidiaries and 5,947.23 3,148.52
joint ventures
iii) Converstion of Warrant/ Preferential allotment
Tata Sons Pvt Ltd Tata Sons Ltd, its subsidiaries and 2,602.51 3,891.85
joint ventures

Consolidated
(` in crores)
March 31, 2021 March 31, 2020
Short-term benefits 82.74 62.26
Post-employment benefits* 13.30 7.56
Share based payment 0.68 0.62
The compensation of CEO and Managing Director is `20.58 crores and `16.48 crores for the year ended March 31, 2021 and 2020,
respectively. This compensation for the year ended March 31, 2021, includes `2.83 crores of performance bonus and long term incentive
for the year ended March 31, 2020, approved in the year ended March 31, 2021. The amount for the year ended March 31, 2021 excludes
Performance and Long Term Incentives, which will be accrued post approval by the Board of Directors. The Company has reappointed
CEO and Managing Director from February 15, 2021 till June 30, 2021, which is subject to the approval of the Central Government and the
Shareholders. Remuneration for the period February 15, 2021 to March 31, 2021 of `1.89 crores included above is subject to the approval.
The remuneration of `11.82 crores for the year ended March 31, 2020 and the performance and long term incentives for that year was
subject to the approval of shareholders, which was approved in the Annual General Meeting held on August 25, 2020.
The compensation paid to the previous CEO of Jaguar Land Rover is `49.75 crores and `40.10 crores for the year ended March 31, 2021 and
2020 respectively. The compensation paid to the present CEO of Jaguar Land Rover for the year ended March 31, 2021 is `17.63 crores.
* Excludes provision for encashable leave and gratuity for certain key management personnel as a separate actuarial valuation is not
available.
Refer note 38 for information on transactions with post-employment benefit plans.
45. EARNINGS PER SHARE (“EPS”)
March 31, 2021 March 31, 2020
(a) Profit / (Loss) for the period ` crores (13,451.39) (12,070.85)
(b) The weighted average number of Ordinary shares for Basic EPS Nos. 3,128,268,742 2,952,353,090
(c) The weighted average number of 'A' Ordinary shares for Basic EPS Nos. 508,502,896 508,502,473
(d) The nominal value per share (Ordinary and 'A' Ordinary) ` 2.00 2.00
(e) Share of profit / (loss) for Ordinary shares for Basic EPS ` crores (11,570.58) (10,297.28)
(f) Share of profit / (loss) for 'A' Ordinary shares for Basic EPS* ` crores (1,880.81) (1,773.57)
(g) Earnings Per Ordinary share (Basic) ` (36.99) (34.88)
(h) Earnings Per 'A' Ordinary share (Basic) ` (36.99) (34.88)
(i) Profit after tax for Diluted EPS ` crores # #
(j) The weighted average number of Ordinary shares for Basic EPS Nos. # #
(k) Add: Adjustment for Options relating to warrants and shares held in abeyance Nos. # #
(l) The weighted average number of Ordinary shares for Diluted EPS Nos. # #
(m) The weighted average number of 'A' Ordinary shares for Basic EPS Nos. # #
(n) Add: Adjustment for 'A' Ordinary shares held in abeyance Nos. # #
(o) The weighted average number of 'A' Ordinary shares for Diluted EPS Nos. # #
(p) Share of profit for Ordinary shares for Diluted EPS ` crores # #
(q) Share of profit for 'A' Ordinary shares for Diluted EPS* ` crores # #
(r) Earnings Per Ordinary share (Diluted) ` (36.99) (34.88)
(s) Earnings Per 'A' Ordinary share (Diluted) ` (36.99) (34.88)
* ‘A’ Ordinary shareholders are entitled to receive dividend at 5 percentage points more than the aggregate rate of dividend determined by Tata
Motors Limited on Ordinary shares for the financial year.
# Since there is a loss for the year ended March 31, 2021 and 2020, potential equity shares are not considered as dilutive and hence Diluted EPS is
same as Basic EPS.
Employee Stock options are not considered to be dilutive based on the average market price of ordinary shares during the period.

46 ADDITIONAL INFORMATION AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013, OF
ENTERPRISES CONSOLIDATED AS SUBSIDIARY / ASSOCIATES /JOINT VENTURES
(` in crores)
Net Assets, i.e. total assets Share of other Share of total
Share in profit or loss
minus total liabilities comprehensive income comprehensive income
As % of
Name of enterprises As % of As % of As % of total
Amount consolidated Amount Amount Amount
consolidated consolidated comprehensive
(ìn crores) (profit) or (ìn crores) (ìn crores) (ìn crores)
net assets OCI income
loss
Parent
Tata Motors Ltd 32.58% 17,997.77 19.98% (2,687.07) 15.05% 436.50 21.33% (2,250.57)
Subsidiaries
Indian
TML Business Services (0.03)% (14.12) 0.06% (8.72) 0.01% 0.20 0.08% (8.52)
Limited [name changed
from Concorde Motors
(India) Limited w.e.f March
31, 2020]
Tata Motors Finance Ltd 7.25% 4,002.72 (1.86)% 250.12 7.31% 212.11 (4.38)% 462.23
Tata Technologies Ltd 1.58% 873.14 (0.80)% 108.20 0.08% 2.29 (1.05)% 110.49
Tata Motors Insurance 0.11% 62.13 (0.17)% 22.66 (0.01)% (0.42) (0.21)% 22.24
Broking & Advisory Services
Ltd
TML Distribution Company 0.67% 368.52 (0.06)% 7.49 0.00% 0.13 (0.07)% 7.63
Ltd
TMF Holdings Limited 7.06% 3,901.24 0.82% (110.06) 0.00% 0.04 1.04% (110.02)
Tata Motors Financial 2.84% 1,570.30 (1.61)% 216.24 (0.02)% (0.62) (2.04)% 215.62
Solutions Ltd
Tata Marcopolo Motors Ltd 0.11% 58.55 0.68% (91.30) 0.00% 0.11 0.86% (91.19)
Jaguar Land Rover India 0.35% 190.89 (0.10)% 13.07 (0.46)% (13.45) 0.00% (0.38)
Limited
Brabo Robotics and (0.01)% (5.93) 0.25% (33.54) 0.00% 0.14 0.32% (33.40)
Automation Limited
JT Special Vehicles Pvt. 0.00% 1.91 (0.15)% 20.15 0.00% - (0.19)% 20.15
Limited (Ceased to be a
JV and became a Wholly-
owned Subsidiary w.e.f.
August 11, 2020)
TML Business Analytics (0.02)% (9.27) 0.07% (9.42) 0.00% - 0.09% (9.42)
Services Limited
(Incorporated with effect
from April 4, 2020)
Foreign
Tata Daewoo Commercial 3.33% 1,840.67 1.06% (143.06) 3.77% 109.32 0.32% (33.74)
Vehicle Co. Ltd
Tata Motors European 0.05% 27.88 0.11% (14.30) 0.00% 0.06 0.13% (14.24)
Technical Centre Plc
Tata Motors (SA) 0.03% 18.49 (0.01)% 1.62 0.08% 2.36 (0.04)% 3.98
(Proprietary) Ltd
Tata Motors (Thailand) Ltd (1.13)% (625.44) (0.08)% 10.18 (0.39)% (11.27) 0.01% (1.09)
TML Holdings Pte Ltd, 14.67% 8,104.75 6.15% (826.83) (0.17)% (4.87) 7.88% (831.70)
Singapore
Tata Hispano Motors (1.56)% (864.47) 0.13% (17.73) (1.01)% (29.33) 0.45% (47.06)
Carrocera S.A

Consolidated
(` in crores)
As % of
loss
Tata Hispano Motors (0.10)% (54.72) 0.05% (6.14) (0.13)% (3.73) 0.09% (9.87)
Carroceries Maghreb
Trilix S.r.l (0.05)% (29.83) (0.03)% 3.55 (0.05)% (1.58) (0.02)% 1.97
Tata Precision Industries 0.02% 13.70 (0.08)% 10.22 (0.00)% (0.07) (0.10)% 10.15
Pte Ltd
PT Tata Motors Indonesia 0.53% 294.17 0.01% (0.84) (0.03)% (0.86) 0.02% (1.70)
INCAT International Plc. 0.12% 67.90 0.01% (0.69) 0.23% 6.67 (0.06)% 5.98
Tata Technologies Inc. 0.74% 406.94 (0.45)% 59.96 (0.66)% (19.21) (0.39)% 40.75
Tata Technologies de 0.00% 2.55 0.01% (0.96) 0.11% 3.31 (0.02)% 2.35
Mexico, S.A. de C.V.
Cambric Limited, Bahama 0.04% 20.46 0.00% (0.02) 0.00% - 0.00% (0.02)
Cambric GmbH (Liquidated 0.00% - 0.01% (1.84) 0.01% 0.31 0.01% (1.53)
with effect from September
17, 2020)
Tata Technolgies SRL, 0.11% 59.13 (0.01)% 0.70 0.13% 3.87 (0.04)% 4.57
Romania
Tata Manufacturing 0.08% 45.07 0.06% (8.04) 0.08% 2.26 0.05% (5.78)
Technologies Consulting
(Shanghai) Limited
Tata Technologies Europe 1.62% 893.49 (0.56)% 75.63 2.82% 81.85 (1.49)% 157.48
Limited
Tata Technologies Nordics 0.01% 6.99 (0.00)% 0.48 0.12% 3.57 (0.04)% 4.05
AB (Name changed from
Escenda Engineering AB
with effect from November
2, 2020)
INCAT GmbH (in process of 0.04% 20.27 (0.00)% 0.40 (0.01)% (0.35) (0.00)% 0.05
liquidation)
Tata Technologies 0.00% (0.82) 0.04% (6.01) (0.00)% (0.01) 0.06% (6.02)
(Thailand) Limited
TATA Technologies Pte Ltd. 1.49% 822.38 (0.10)% 13.51 (0.62)% (17.99) 0.04% (4.48)
Jaguar Land Rover 38.70% 21,378.39 (0.02)% 3.08 0.00% - (0.03)% 3.08
Automotive plc
Jaguar Land Rover Limited 87.19% 48,168.48 128.27% (17,254.65) (22.82)% (661.86) 169.80% (17,916.51)
Jaguar Land Rover Holdings 86.80% 47,954.95 (19.70)% 2,649.88 0.00% - (25.11)% 2,649.88
Limited
JLR Nominee Company 0.00% 0.00 0.00% - 0.00% - 0.00% -
Limited
Jaguar Land Rover (South 4.02% 2,220.76 (2.16)% 290.99 0.00% - (2.76)% 290.99
Africa) Holdings Limited
Jaguar Cars Limited 0.00% - 0.00% - 0.00% - 0.00% -
Land Rover Exports Limited 0.00% 0.00 0.00% - 0.00% - 0.00% -
The Lanchester Motor 0.00% 0.00 0.00% - 0.00% - 0.00% -
Company Limited
The Daimler Motor 0.03% 15.11 0.00% - 0.00% - 0.00% -
Company Limited
S.S. Cars Limited 0.00% 0.00 0.00% - 0.00% - 0.00% -
Daimler Transport Vehicles 0.00% 0.00 0.00% - 0.00% - 0.00% -
Limited

(` in crores)
As % of
loss
Jaguar Land Rover Pension 0.00% - 0.00% - 0.00% - 0.00% -
Trustees Limited
Jaguar Cars South Africa 0.00% - 0.00% - 0.00% - 0.00% -
(Pty) Limited
Jaguar Land Rover Slovakia 10.52% 5,813.35 (0.81)% 109.59 (9.41)% (272.92) 1.55% (163.33)
s.r.o
Jaguar Racing Limited 0.05% 27.87 (0.05)% 6.64 0.00% - (0.06)% 6.64
InMotion Ventures Limited (0.46)% (256.47) 0.03% (3.80) 0.00% - 0.04% (3.80)
Lenny Insurance Limited (0.17)% (91.76) 0.57% (76.94) 0.00% - 0.73% (76.94)
(Renamed as In-Car
Ventures Limited w.e.f.
February 2, 2021)
InMotion Ventures 2 Limited (0.10)% (57.50) 0.11% (14.14) 0.00% - 0.13% (14.14)
InMotion Ventures 3 Limited (0.04)% (20.95) 0.09% (12.74) 0.00% - 0.12% (12.74)
InMotion Ventures 4 Limited 0.00% - (0.08)% 11.19 0.00% - (0.08)% 11.19
(Shareholding reduced
from 100% to 15% w.e.f.
December 1, 2020)
Jaguar Land Rover Ireland 0.17% 93.39 (0.61)% 82.48 (0.12)% (3.41) (0.75)% 79.07
(Services) Limited
Spark44 (JV) Limited 0.12% 67.81 (0.12)% 16.50 (0.39)% (11.36) (0.05)% 5.14
Spark44 Limited (London & 0.18% 101.67 (0.00)% 0.01 0.00% 0.06 (0.00)% 0.07
Birmingham)
Spark44 Pty Ltd (Sydney) 0.01% 6.95 (0.00)% 0.00 0.01% 0.39 (0.00)% 0.39
Spark44 GmbH (Frankfurt) 0.02% 8.77 0.00% (0.00) (0.01)% (0.40) 0.00% (0.40)
Spark44 GLLC (LA & NYC) 0.08% 41.72 (0.00)% 0.01 0.02% 0.47 (0.00)% 0.48
Spark44 Shanghai Limited 0.05% 29.32 (0.00)% 0.01 0.09% 2.67 (0.03)% 2.67
Spark44 Middle East DMCC 0.02% 11.49 (0.00)% 0.00 (0.01)% (0.40) 0.00% (0.39)
(Dubai)
Spark44 Demand Creation 0.00% 0.52 0.00% (0.00) 0.03% 0.78 (0.01)% 0.78
Partners Pte Ltd (Mumbai)
Spark44 Pte Ltd (Singapore) 0.01% 3.07 (0.00)% 0.00 0.00% 0.01 (0.00)% 0.01
Spark44 Communicacions 0.01% 5.16 0.00% (0.00) 0.01% 0.21 (0.00)% 0.21
SL (Madrid)
Spark44 SRL (Rome) 0.00% 0.20 (0.00)% 0.00 0.04% 1.10 (0.01)% 1.10
Spark44 Seoul Limited 0.01% 4.37 0.00% 0.00 (0.00)% (0.05) 0.00% (0.05)
Spark44 K.K. (Tokyo) 0.01% 4.83 0.00% 0.00 0.01% 0.29 (0.00)% 0.29
Spark44 Canada Inc 0.02% 8.46 0.00% 0.00 (0.00)% (0.02) 0.00% (0.02)
(Toronto)
Spark44 South Africa (Pty) 0.00% 1.51 0.00% 0.00 (0.01)% (0.26) 0.00% (0.26)
Limited
Spark44 Colombia S.A.S. 0.00% (0.60) 0.00% 0.00 0.00% 0.04 (0.00)% 0.04
Spark44 Taiwan Limited 0.00% 0.50 0.00% (0.00) 0.01% 0.15 (0.00)% 0.15
Limited Liability Company 0.31% 169.76 (1.07)% 143.93 0.00% - (1.36)% 143.93
Jaguar Land Rover (Russia)
Jaguar Land Rover (China) 33.05% 18,258.90 (23.39)% 3,146.42 0.00% - (29.82)% 3,146.42
Investment Co. Limited

Consolidated
(` in crores)
As % of
loss
Shanghai Jaguar Land 0.00% - 0.00% - 0.00% - 0.00% -
Rover Automotive Services
Company Limited
Jaguar Land Rover 0.00% (0.67) (0.08)% 10.51 0.00% - (0.10)% 10.51
Columbia S.A.S
Jaguar Land Rover 0.09% 51.01 (0.06)% 7.52 0.00% - (0.07)% 7.52
Mexico,S.A.P.I. de C.V.
Jaguar Land Rover 0.00% - 0.00% - 0.00% - 0.00% -
Servicios Mexico,S.A. de C.V.
Jaguar Land Rover France, 0.17% 95.25 (0.33)% 44.48 0.00% - (0.42)% 44.48
SAS
Jaguar Land Rover Portugal 0.12% 66.38 (0.05)% 6.66 0.00% - (0.06)% 6.66
- Veiculos e Pecas, Lda.
Jaguar Land Rover Espana 0.91% 502.67 0.00% (0.41) 0.19% 5.58 (0.05)% 5.17
SL
Jaguar Land Rover Italia 1.31% 725.13 (0.01)% 1.11 0.00% - (0.01)% 1.11
SpA
Land Rover Ireland Limited 0.01% 4.93 0.00% (0.23) 0.00% - 0.00% (0.23)
Jaguar Land Rover Korea 0.11% 59.00 (0.05)% 6.43 0.00% - (0.06)% 6.43
Company Limited
Jaguar Land Rover 1.14% 629.76 (0.09)% 11.92 0.90% 26.03 (0.36)% 37.95
Deutschland GmbH
Jaguar Land Rover Austria 0.16% 90.76 (0.06)% 8.53 0.00% - (0.08)% 8.53
GmbH
Jaguar Land Rover Australia 0.83% 456.55 (0.85)% 113.84 0.00% - (1.08)% 113.84
Pty Limited
Jaguar Land Rover North 7.57% 4,179.44 (4.64)% 624.01 0.01% 0.36 (5.92)% 624.37
America LLC
Jaguar Land Rover Japan 0.62% 343.31 0.30% (40.52) 0.00% - 0.38% (40.52)
Limited
Jaguar Land Rover Canada 1.16% 643.11 (0.41)% 55.65 0.00% - (0.53)% 55.65
ULC
Jaguar e Land Rover Brasil 1.41% 778.13 (0.48)% 64.64 0.00% - (0.61)% 64.64
industria e Comercio de
Veiculos LTDA
Jaguar Land Rover Belux 0.16% 90.80 (0.07)% 9.52 0.00% - (0.09)% 9.52
NV
Jaguar Land Rover 0.09% 48.31 0.01% (1.31) 0.00% - 0.01% (1.31)
Nederland BV
Jaguar Land Rover (South 0.04% 24.03 (1.63)% 219.37 0.00% - (2.08)% 219.37
Africa) (Pty) Limited
Jaguar Land Rover 0.07% 41.40 (0.08)% 10.55 0.00% - (0.10)% 10.55
Singapore Pte. Ltd
Jaguar Land Rover Taiwan 0.07% 39.51 (0.23)% 31.60 0.00% - (0.30)% 31.60
Company Limited
Jaguar Land Rover Classic 0.01% 3.58 0.04% (5.80) (0.01)% (0.17) 0.06% (5.97)
Deutschland GmbH
Jaguar Land Rover Hungary 0.02% 12.47 (0.06)% 8.61 (0.03)% (0.74) (0.07)% 7.88
KFT

(` in crores)
As % of
loss
Jaguar Land Rover Classic 0.00% - 0.00% - 0.00% - 0.00% -
USA LLC
Bowler Motors Limited 0.00% 0.77 0.06% (8.18) 0.00% - 0.08% (8.18)
Jaguar Land Rover Ventures 0.00% - 0.00% - 0.00% - 0.00% -
Limited
Jaguar Land Rover (Ningbo) 0.00% - 0.00% - 0.00% - 0.00% -
Trading Co. Limited
Tata Daewoo Commercial 0.03% 16.23 0.01% (1.35) 0.02% 0.72 0.01% (0.63)
Vehicle Sales and
Distribution Co. Ltd.
PT Tata Motors Distribusi 0.01% 5.77 0.18% (23.62) (0.22)% (6.41) 0.28% (30.03)
Indonesia
TMNL Motor Services 0.00% (0.24) 0.00% (0.02) 0.00% 0.02 0.00% (0.00)
Nigeria Ltd
Minority Interests in all subsidiaries

Indian
Tata Marcopolo Motors Ltd (0.05)% (28.44) (0.33)% 44.74 (0.00)% (0.06) (0.42)% 44.68
Tata Technologies Ltd (0.97)% (535.00) 0.45% (61.19) (0.44)% (12.80) 0.70% (73.99)
Tata Motor Finance Limited (1.74)% (963.00) 0.21% (28.75) 0.00% - 0.27% (28.75)
Foreign
Tata Motors (SA) (0.01)% (7.42) 0.00% (0.65) (0.03)% (0.94) 0.02% (1.59)
(Proprietary) Ltd
Tata Precision Industries (0.01)% (2.98) 0.02% (2.21) 0.00% 0.01 0.02% (2.20)
Pte Ltd
Spark 44 Ltd (0.16)% (87.54) 0.06% (8.23) (0.20)% (5.67) 0.13% (13.90)
Tata Motors (Thailand) 0.09% 50.88 0.00% - 0.01% 0.31 (0.00)% 0.31
Limited
Joint operations
Indian
Fiat India Automobiles 4.01% 2,214.37 (2.15)% 288.67 0.03% 0.96 (2.75)% 289.64
Private Limited
Tata Cummins Private Ltd 1.15% 632.89 (0.53)% 70.70 0.19% 5.53 (0.72)% 76.23
Adjustments arising out of (259.15)% (143,172.70) 3.53% (475.10) 100.61% 2,917.60 (23.26)% 2,442.49
consolidation
Sub - total ( a ) 51,045.93 (13,072.42) 2,747.17 (10,325.26)
Joint ventures (as per proportionate consolidation / investment as per the equity method)
Indian
Tata HAL Technologies Ltd 0.00% 0.84 0.00% - 0.00% - 0.00% -
Foreign
Chery Jaguar Land Rover 5.73% 3,167.36 2.69% (362.48) 5.10% 147.99 2.03% (214.49)
Automotive Company
Limited
Sub - total ( b ) 3,168.20 (362.48) 147.99 (214.49)

Consolidated
(` in crores)
As % of
loss
Associates (Investment as per the equity method)
Indian
Tata AutoComp Systems Ltd 0.45% 251.29 0.23% (30.31) 0.08% 2.24 0.27% (28.06)
Automobile Corporation of 0.25% 138.25 0.04% (5.43) (0.01)% (0.36) 0.05% (5.80)
Goa Ltd
Tata Hitachi Construction 1.07% 591.76 (0.19)% 25.04 0.04% 1.14 (0.25)% 26.19
Machinery Company
Private Ltd
Loginomic Tech Solutions 0.00% - 0.00% - 0.00% - 0.00% -
Private Limited
Foreign
Nita Company Ltd 0.06% 33.69 0.04% (5.01) (0.04)% (1.02) 0.06% (6.03)
Tata Precision Industries 0.01% 3.91 0.00% - 0.00% - 0.00% -
(India) Ltd
Synaptiv Limited 0.00% 0.79 0.01% (0.77) 0.00% 0.11 0.01% (0.67)
Jaguar Land Rover 0.02% 10.04 0.00% 0.15 (0.00)% 0.15
Switzerland AG(Jaguar
Land Rover Limited
increased its shareholding
from 10% to 30%
w.e.f. November 25, 2020)
Cloud Car Inc 0.00% 0.19 0.00% - 0.11% 3.27 (0.03)% 3.27
DriveClubService Pte. Ltd. 0.00% - 0.00% - 0.00% - 0.00% -
Jaguar Cars Finance Limited 0.00% 2.68 0.00% - (0.02)% (0.49) 0.00% (0.50)
Sub - total ( c ) 1,032.59 (16.48) 5.03 (11.45)
Total ( b + c ) 4,200.79 (378.96) 153.02 (225.94)
Total ( a + b + c) 100.00% 55,246.72 100.00% (13,451.39) 100.00% 2,900.19 100.00% (10,551.20)

47. OTHER NOTES

(a) The following subsidiaries have been considered on unaudited basis. Details for the same as per individual entity’s
financials are as under :
(` in crores)
Net Worth Total Revenue for Net Increase / (Decrease)
As at the year ended in Cash & Cash equivalent
March 31, 2021 March 31, 2021 during 2020-2021
(i) Subsidiaries :
TML Business Services Limited (14.12) 92.75 16.55
Tata Motors European Technical Centre PLC 27.88 181.46 4.94
Trilix S.R.L (29.83) 78.57 5.55
Tata Hispano Motors Carrocera S.A (864.47) - 1.48
Tata Precision Industries Pte Ltd 13.70 - 9.80
Tata Technologies de Mexico, S.A. de C.V. 2.55 2.69 (1.92)
INCAT International Plc. 67.90 0.51 (2.88)
INCAT GmbH.(under liquidation) 20.27 0.34 0.04
Cambric Limited 20.46 - (0.24)
Tata Technlogies SRL Romania 59.13 62.55 8.71
Total (696.53) 418.87 42.03
For the year ended / as at March 31, 2020 (545.50) 998.30 (99.48)
(b) During the year ended March 31, 2021, exceptional charge of `14,994.30 crores was recognised under the Jaguar Land Rover’s
Reimagine strategy comprising following:
(i) Asset write-downs of £ 951.83 million (` 9,606.11 crores) in relation to models cancelled.
(ii) Restructuring costs of £ 533.88 million (`5,388.19 crores) includes costs of £ 526.36 million (`5,312.29 crores) accruals to
settle legal obligations on work performed to date and provisions for redundancies and other third party obligations and defined
benefit past service cost of £ 7.52 million (` 75.90 crores).
(c) Jaguar Land Rover had recognised a past service cost due to the requirement to equalise male and female members’ benefits for the
inequalities within guaranteed minimum pension (‘GMP’) earned in the year ended March 31, 2019. This assessment has been updated
during the year ended March 31, 2021 based on new information and accordingly, a charge of `84.81 crores (£ 9.00 million) has been
recognised as an exceptional item.
(d) The Company’s certain assets related to defence business are classified as “Held for Sale” as they meet the criteria laid out under Ind
AS 105. The transaction has been completed in April 2021.
(e) The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for material
foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law/
accounting standards for material foreseeable losses on such long term contracts (including derivative contracts) has been made in
the books of account.
(f) During the year ended March 31, 2021, the Company and Marcopolo S.A. have entered into a share purchase agreement where the
Company will purchase the balance 49% shareholding in Tata Marcopolo Motors Ltd (TMML) for a cash consideration of `99.96 crores,
subject to certain closing conditions to be complied by both Parties. On completion of the transaction, TMML will become a wholly
owned subsidiary of the Company.
(g) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards
Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020
on November 13, 2020, and has invited suggestions from stakeholders which are under active consideration by the Ministry. The
Company will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.

Consolidated
(h) Exceptional amount of `114.00 crores and `(73.03) crores during the year ended March 31, 2021 and 2020, is related to write off/
provision (reversal) of certain property, plant and equipment, capital work-in-progress and intangibles under development.
(i) Subsequent to March 31, 2021, Jaguar Land Rover agreed a revolving credit facility of `13,200.29 crores ( £1,310.00 million) which
will become available when the existing facility expires in July 2022. The new facility will be available in full until March 2024.

For B S R & Co. LLP

Company Secretary
Place- Mumbai
Date: May 18, 2021 Date: May 18, 2021

Summarised statement of Assets and Liabilities (CONSOLIDATED)
(` in crores)
As at As at
March 31, 2021 March 31, 2020
WHAT THE COMPANY OWNED
(1) Property, plant and equipment and Other intangible assets 152,377.16 155,677.03
(2) Right of use assets 6,490.66 6,275.34
(3) Goodwill 803.72 777.06
(4) Non-current Investments 5,569.09 5,446.94
(5) Non-current Finance receivables 16,846.82 16,833.77
(6) Deferred tax assets (net) 5,523.65 6,609.95
(7) Other non-current assets 8,627.06 10,913.92
(8) Current assets 146,887.64 119,587.25
TOTAL ASSETS 343,125.80 322,121.26
WHAT THE COMPANY OWED

(1) Net worth
Equity share capital 765.81 719.54
Other equity 54,480.91 62,358.99
(2) Non-controlling interests 1,573.49 813.56
(3) Non-current borrowings 93,112.77 83,315.62
(4) Non-current provisions 13,606.76 14,736.69
(5) Deferred tax liabilities (net) 1,555.89 1,941.87
(6) Other non-current liabilities 20,280.99 17,780.94
(7) Current liabilities 157,749.18 140,454.05
TOTAL LIABILITIES 343,125.80 322,121.26

Consolidated
Summarised Statement of Profit and Loss (CONSOLIDATED)
(` in crores)
March 31, 2021 March 31, 2020
1 INCOME
Revenue 246,972.17 258,594.36
Other Operating Revenues 2,822.58 2,473.61
Total revenue from operations 249,794.75 261,067.97
Other income 2,643.19 2,973.15
Total 252,437.94 264,041.12
2 EXPENDITURE
Cost of materials consumed 141,357.27 152,671.47
Purchase of products for sale 12,250.09 12,228.35
Changes in inventories of finished goods, work-in-progress and products for sale 4,684.16 2,231.19
Employee benefits expense 27,648.48 30,438.60
Finance costs 8,097.17 7,243.33
Foreign exchange (gain)/loss (net) (1,732.15) 1,738.74
Product development/Engineering expenses 5,226.63 4,188.49
Other expenses 40,921.97 57,087.46
Amount transferred to capital and other accounts (12,849.13) (17,503.40)
Total Expenses 249,151.20 271,749.66
Profit/(loss) before exceptional items and tax 3,286.74 (7,08.54)
Total Exceptional items 13,761.02 2,871.44
3 PROFIT/(LOSS) BEFORE TAX FROM CONTINUING OPERATIONS (10,474.28) (10,579.98)
4 Tax expense/(credit) (net) 2,541.86 395.25
5 PROFIT/(LOSS) AFTER TAX FROM CONTINUING OPERATIONS (3-4) (13,016.14) (10,975.23)
6 Share of profit of joint ventures and associates (net) (378.96) (1,000.00)
7 PROFIT/(LOSS) FOR THE YEAR (13,395.10) (11,975.23)
8 TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) 2,919.34 11,504.47
9 TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (10,475.76) (470.76)

FINANCIAL STATISTICS - CONSOLIDATED
CAPITAL ACCOUNTS (` in lakhs) REVENUE ACCOUNTS (` in lakhs) RATIOS

Earnings Per Share Dividend Per
Profit/ Profit/
Reserves Dividend (Basic)* (`) Share*# (`) Net Worth
Year Gross Accumulated (Loss) (Loss) PAT to
Capital and Borrowings Net Block Turnover Depreciation Taxes including ‘A’ ‘A’ Per
Block Depreciation Before After Sales Ordinary Ordinary
Surplus tax Ordinary Ordinary Share* (`)
Taxes Taxes Share Share
Share Share
2001-02 31,982 183,617 282,031 634,984 252,475 382,509 932,220 39,222 (18,015) (6,740) (10,719) 45 (1.1)% (3.95) - - - 66
2002-03 31,983 190,018 178,965 648,959 284,038 364,921 1,144,801 40,190 54,350 22,640 29,712 14,497 2.6% 9.29 - 4.00 - 66
2003-04 35,683 329,884 169,842 728,468 323,749 404,719 1,634,104 42,556 144,487 53,077 91,529 32,099 5.6% 27.88 - 8.00 - 104
2004-05 36,179 403,537 271,420 834,162 375,933 458,229 2,284,217 53,101 184,809 49,062 138,534 52,346 6.1% 38.50 - 12.50! - 121
2005-06 38,287 574,860 337,914 1,027,949 484,356 543,593 2,750,725 62,331 234,898 64,000 172,809 58,439 6.3% 45.86 - 13.00 - 160
2006-07 38,541 733,626 730,190 1,294,083 542,665 751,418 3,707,579 68,809 308,800 88,321 216,999 68,822 5.9% 56.43 - 15.00 - 200
2007-08 38,554 831,198 1,158,487 1,892,393 606,049 1,286,344 4,060,827 78,207 308,629 85,154 216,770 67,674 5.3% 56.24 - 15.00 - 225
2008-09 51,405 542,659 3,497,385 6,900,238 3,326,905 3,573,333 7,489,227 250,677 (212,925) 33,575 (250,525) 36,458 (3.3)% (56.88) (56.88) 6.00 6.50 114
2009-10 57,060 763,588 3,519,236 7,291,985 3,441,352 3,850,633 9,736,054 388,713 352,264 100,575 257,106 100,185 2.6% 48.64 49.14 15.00 15.50 144
2010-11 63,771 1,853,376 3,281,055 8,291,975 3,969,870 4,322,105 12,684,370 465,551 1,043,717 121,638 927,362 148,130 7.3% 155.25 155.75 20.00 20.50 302
2011-12 63,475 3,206,375 4,714,896 10,572,497 4,951,247 5,621,250 17,133,935 562,538 1,353,387 (4,004) 1,351,650 148,862 7.9% 42.58** 42.68** 4.00** 4.10** 103
2012-13 63,807 3,699,923 5,371,571 12,158,556 5,172,265 6,986,291 19,451,406 760,128 1,364,733 377,666 989,261 75,614 5.1% 31.02 31.12 2.00 2.10 118
2013-14 64,378 6,660,345 6,064,228 16,619,078 6,881,538 9,737,540 23,745,502 1,107,816 1,886,897 476,479 1,399,102 76,577 5.9% 43.51 43.61 2.00 2.10 209
2014-15 64,378 5,561,814 7,361,039 18,684,665 7,442,406 11,242,259 26,760,664 1,338,863 2,170,256 764,291 1,398,629 (3,319) 5.2% 43.44 43.54 0.00 0.00 175
2015-16 67,918 8,010,349 7,046,849 21,639,756 8,754,689 12,885,067 28,107,844 1,701,418 1,398,087 287,260 1,102,375 11,052 3.9% 32.61 32.71 0.20 0.30 238
2016-17 67,922 5,738,267 7,860,398 19,653,773 6,756,813 12,896,960 27,524,666 1,790,499 931,479 325,123 745,436 - 2.7% 21.94 22.04 - - 171
2017-18 67,922 9,474,869 8,895,047 25,312,610 9,179,519 16,133,091 29,629,823 2,155,359 1,115,503 434,193 898,891 - 3.0% 26.46 26.56 - - 281
2018-19 67,922 5,950,034 10,617,534 26,365,294 12,128,250 14,237,044 30,490,371 2,359,063 (3,137,115) (243,745) (2,882,623) - (9.5)% (84.89) (84.89) - - 177
2019-20 71,954 6,235,899 11,881,052 30,752,494 14,557,257 16,195,237 26,404,112 2,142,543 (1,057,998) 39,525 (1,207,085) - (4.6)% (34.88) (34.88) - - 182
2020-21 76,581 5,448,091 13,590,451 33,385,256 17,498,474 15,886,782 25,243,794 2,354,671 (1,047,428) 254,186 (1,345,139) - (5.3)% (36.99) (36.99) - - 152
Notes :
@ On increased capital base due to conversion of Bonds / Convertible Debentures / Warrants / FCCN into shares.
* Equivalent to a face value of `2/- per share.
# Includes Interim Dividend where applicable.
! Includes a special dividend of ` 2.50 per share for the Diamond Jubilee Year.
++ On increased capital base due to Rights issue and conversion of FCCN into shares.
^ On increased capital base due to GDS issue and conversion of FCCN into shares.
^^ On increased capital base due to QIP issue and conversion of FCCN into shares.
** Consequent to sub-division of shares, figures for previous years are not comparable
^^^ The figures of FY 2016-17 is as per Ind AS

Consolidated
Summarised statement of Assets and Liabilities (STANDALONE)
(` in crores)
As at As at
March 31, 2021 March 31, 2020
WHAT THE COMPANY OWNED
(1) Property, plant and equipment, Right of use assets and Other intangible assets 29,330.47 29,603.69
(2) Goodwill 99.09 99.09
(3) Non-current Investments 16,114.91 15,730.86
(4) Deferred tax assets (net) 715.31 727.97
(5) Other non-current assets 2,945.29 2,859.50
(6) Current assets 15,854.59 13,568.76
TOTAL ASSETS 65,059.66 62,589.87
WHAT THE COMPANY OWED

(1) Net worth
Equity share capital 765.81 719.54
Other equity 18,290.16 17,668.11
(2) Non-current borrowings 16,326.77 14,776.51
(3) Non-current lease liabilities 593.74 522.24
(4) Non-current provisions 1,371.94 1,769.74
(5) Deferred tax liabilities (net) 266.50 198.59
(6) Other non-current liabilities 1,193.19 1,124.32
(7) Current liabilities 26,251.55 25,810.82
TOTAL LIABILITIES 65,059.66 62,589.87

Summarised Statement of Profit and Loss (Standalone)
(` in crores)
March 31, 2021 March 31, 2020
1 INCOME
Revenue from operations 47,031.47 43,928.17
Other income 842.96 1,383.05
Total 47,874.43 45,311.22
2 EXPENDITURE
Cost of materials consumed 30,010.61 26,171.85
Purchase of products for sale 5,490.67 5,679.98
Changes in inventories of finished goods, work-in-progress and products for sale (69.02) 722.68
Employee benefits expense 4,212.99 4,384.31
Finance costs 2,358.54 1,973.00
Foreign exchange loss (net) 1.67 239.00
Product development/Engineering expenses 907.64 830.24
Other expenses 5,801.90 7,720.75
Amount transferred to capital and other accounts (817.53) (1,169.46)
Total Expenses 51,579.08 49,927.64
Profit before exceptional items and tax (3,704.65) (4,616.42)
Total Exceptional items (1,392.08) 2,510.92
3 PROFIT BEFORE TAX FROM CONTINUING OPERATIONS (2,312.57) (7,127.34)
4 TAX EXPENSE/(CREDIT) (NET) 82.87 162.29
5 PROFIT/(LOSS) AFTER TAX FROM CONTINUING OPERATIONS (3-4) (2,395.44) (7,289.63)
6 TOTAL OTHER COMPREHENSIVE INCOME/(LOSS) 442.99 (378.72)
7 TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (1,952.45) (7,668.35)

Consolidated
FINANCIAL STATISTICS
CAPITAL ACCOUNTS (` in lakhs) REVENUE ACCOUNTS (` in lakhs) RATIOS

Profit/ Profit/ Earnings Per Share Dividend Per Net
Reserves Dividend (Basic)* (`) Share*# (`) Worth Per
Year Gross (Loss) (Loss) PAT to 'A' 'A'
Capital and Borrowings Depreciation Net Block Turnover Depreciation Taxes including Ordinary Ordinary
Block Before After Sales Ordinary Ordinary Share*
Surplus tax Share Share
Taxes Taxes Share Share (`)
1945-46 100 1 - 31 2 29 12 2 1 - 1 - 8.3% 0.07 - - - 10
1949-50 200 11 94 233 44 189 167 15 11 5 6 - 3.6% 0.03 - - - 10
1953-54 500 27 412 731 270 461 321 97 3 - 3 - 0.9% 0.11 - - - 11
1954-55 627 27 481 792 303 489 445 35 - - - - 0.0% - - - - 11
1955-56 658 120 812 1,010 407 603 1,198 105 125 32 93 59 7.8% 1.32 - 0.60 - 12
1956-57 700 149 1,382 1,352 474 878 2,145 70 116 27 89 44 4.1% 1.64 - 0.80 - 13
1957-58 700 117 1,551 1,675 668 1,007 2,694 129 99 6 93 52 3.5% 1.72 - 0.90 - 12
1958-59 1,000 206 1,245 2,050 780 1,270 2,645 113 155 13 142 56 5.4% 1.68 - 0.90 - 12
1959-60 1,000 282 1,014 2,201 940 1,261 2,825 161 222 93 129 108 4.6% 1.50 - 1.25 - 13
1960-61 1,000 367 1,263 2,593 1,118 1,475 3,735 180 313 122 191 126 5.1% 2.26 - 1.45 - 14
1961-62 1,000 432 1,471 2,954 1,336 1,618 4,164 220 378 188 190 124 4.6% 2.28 - 1.45 - 15
1962-63 1,000 450 1,758 3,281 1,550 1,731 4,364 223 327 185 142 124 3.3% 1.68 - 1.45 - 15
1963-64 1,198 630 2,470 3,920 1,802 2,118 5,151 260 404 200 204 144 4.0% 1.97 - 1.45 - 16
1964-65 1,297 787 3,275 4,789 2,144 2,645 6,613 345 479 208 271 157 4.1% 2.39 - 1.45 - 17
1965-66 1,640 995 3,541 5,432 2,540 2,892 7,938 398 477 189 288 191 3.6% 2.20 - 1.45 - 18
1966-67 1,845 1,027 4,299 6,841 3,039 3,802 9,065 505 620 192 428 235 4.7% 2.80 - 1.45+ - 17
1967-68 1,845 1,121 5,350 7,697 3,608 4,089 9,499 572 395 66 329 235 3.5% 2.10 - 1.45 - 18
1968-69 1,845 1,295 5,856 8,584 4,236 4,348 10,590 630 582 173 409 235 3.9% 2.66 - 1.45 - 19
1969-70 1,845 1,333 6,543 9,242 4,886 4,356 9,935 662 274 - 274 221 2.8% 1.72 - 1.35 - 19
1970-71 1,845 1,516 6,048 10,060 5,620 4,440 13,624 749 673 270 403 251 3.0% 2.49 - 1.45 - 20
1971-72 1,949 2,020 6,019 10,931 6,487 4,444 15,849 758 885 379 506 273 3.2% 3.04 - 1.50 - 23
1972-73 1,949 2,194 5,324 12,227 7,491 4,736 15,653 820 832 360 472 266 3.0% 2.87 - 1.50 - 24
1973-74 1,949 2,394 6,434 13,497 8,471 5,026 16,290 902 1,007 450 557 180 3.4% 3.43 - 0.93 - 26
1974-75 1,949 2,827 9,196 15,838 9,593 6,245 22,510 1,134 677 136 541 266 2.4% 3.32 - 1.50 - 28
1975-76 2,013 3,691 9,399 18,642 10,625 8,017 27,003 1,054 855 91 764 276 2.8% 4.60 - 1.50 - 33
1976-77 2,328 3,833 11,816 20,709 11,685 9,024 28,250 1,145 1,056 - 1,056 323 3.7% 5.38 - 1.50+ - 30
1977-78 2,118 4,721 11,986 22,430 12,723 9,707 28,105 1,101 1,044 - 1,044 313 3.7% 5.37 - 1.50 - 35
1978-79 3,151 5,106 11,033 24,900 13,895 11,005 37,486 1,200 1,514 - 1,514 467 4.0% 5.36 - 1.60+ - 27
1979-80 3,151 6,263 17,739 28,405 15,099 13,306 44,827 1,300 1,762 - 1,762 605 3.9% 5.96 - 2.00 - 31
1980-81 3,151 8,095 15,773 33,055 16,496 16,559 60,965 1,616 2,437 - 2,437 605 4.0% 8.27 - 2.00 - 38
1981-82 4,320 10,275 25,476 38,819 18,244 20,575 79,244 1,993 4,188 - 4,188 839 5.3% 10.18 - 2.00+ - 35
1982-83 4,226 12,458 23,361 43,191 20,219 22,972 86,522 2,187 3,481 460 3,021 827 3.5% 7.34 - 2.00 - 40
1983-84 5,421 14,103 25,473 46,838 23,078 23,760 85,624 2,923 2,163 235 1,928 923 2.3% 3.61 - 2.00 - 37
1984-85 5,442 15,188 30,226 52,819 26,826 25,993 93,353 3,895 2,703 390 2,313 1,241 2.5% 4.32 - 2.30 - 39
1985-86 5,452 16,551 44,651 61,943 29,030 32,913 102,597 3,399 1,832 215 1,617 1,243 1.6% 3.00 - 2.30 - 41
1986-87 5,452 15,886 53,476 68,352 30,914 37,438 119,689 2,157 293 - 293 552 0.2% 0.51 - 1.00 - 40
1987-88 6,431 17,491 44,406 75,712 34,620 41,092 140,255 3,822 3,205 510 2,695 1,356 1.9% 4.25 - 2.30 - 38
1988-89 10,501 30,740 32,396 83,455 38,460 44,995 167,642 4,315 8,513 1,510 7,003 2,444 4.2% 6.74 - 2.50 - 40
1989-90 10,444 37,870 48,883 91,488 43,070 48,418 196,910 4,891 14,829 4,575 10,254 3,126 5.2% 9.87 - 3.00 - 47
1990-91 10,387 47,921 48,323 100,894 48,219 52,675 259,599 5,426 23,455 9,250 14,205 4,154 5.5% 13.69 - 4.00 - 56
1991-92 11,765 61,863 105,168 123,100 54,609 68,491 317,965 6,475 20,884 7,800 13,084 4,389 4.1% 12.45 - 4.00 - 67
1992-93 12,510 64,207 144,145 153,612 61,710 91,902 309,156 7,456 3,030 26 3,004 3,642 1.0% 2.47 - 3.00 - 63
1993-94 12,867 70,745 141,320 177,824 70,285 107,539 374,786 9,410 10,195 20 10,175 5,020 2.7% 7.91 - 4.00 - 65
1994-95 13,694 128,338 115,569 217,084 81,595 135,489 568,312 11,967 45,141 13,246 31,895 8,068 5.6% 23.29 - 6.00 - 104
1995-96 24,182 217,400 128,097 294,239 96,980 197,259 790,967 16,444 76,072 23,070 53,002 14,300 6.7% 21.92 - 6.00 - 100
1996-97 25,588 339,169 253,717 385,116 117,009 268,107 1,012,843 20,924 100,046 23,810 76,236 22,067 7.5% 30.40 - 8.00 - 143
1997-98 25,588 349,930 330,874 487,073 141,899 345,174 736,279 25,924 32,880 3,414 29,466 15,484 4.0% 11.51 - 5.50 - 147
1998-99 25,590 350,505 344,523 569,865 165,334 404,531 659,395 28,132 10,716 970 9,746 8,520 1.5% 3.81 - 3.00 - 147
1999-00 25,590 349,822 300,426 581,233 182,818 398,415 896,114 34,261 7,520 400 7,120 7,803 0.8% 2.78 - 2.50 - 147
2000-01 25,590 299,788 299,888 591,427 209,067 382,360 816,422 34,737 (50,034) - (50,034) - - (18.45) - - - 127
2001-02 31,982 214,524 230,772 591,006 243,172 347,834 891,806 35,468 (10,921) (5,548) (5,373) - - (1.98) - - - 77
2002-03 31,983 227,733 145,831 608,114 271,307 336,807 1,085,874 36,213 51,037 21,026 30,011 14,430 2.8% 9.38 - 4.00 - 81
2003-04 35,683 323,677 125,977 627,149 302,369 324,780 1,555,242 38,260 129,234 48,200 81,034 31,825 5.2% 24.68 - 8.00 - 102
2004-05 36,179 374,960 249,542 715,079 345,428 369,651 2,064,866 45,016 165,190 41,495 123,695 51,715 6.0% 34.38 - 12.50! - 114
2005-06 38,287 515,420 293,684 892,274 440,151 452,123 2,429,052 52,094 205,338 52,450 152,888 56,778 6.3% 40.57 - 13.00 - 145
2006-07 38,541 648,434 400,914 1,128,912 489,454 639,458 3,206,467 58,629 257,318 65,972 191,346 67,639 6.0% 49.76 - 15.00 - 178
2007-08 38,554 745,396 628,052 1,589,579 544,352 1,045,227 3,357,711 65,231 257,647 54,755 202,892 65,968 6.0% 52.64 - 15.00 - 203
2008-09 51,405 1,171,610 1,316,556 2,085,206 625,990 1,459,216 2,949,418 87,454 101,376 1,250 100,126 34,570 3.4% 22.70 23.20 6.00 6.50 238
2009-10 57,060 1,439,487 1,659,454 2,364,896 721,292 1,643,604 4,021,755 103,387 282,954 58,946 224,008 99,194 5.6% 42.37 42.87 15.00 15.50 262
2010-11 63,771 1,937,559 1,591,543 2,568,235 846,625 1,721,610 5,160,692 136,077 219,652 38,470 181,182 146,703 3.5% 30.28 30.78 20.00 20.50 315
2011-12 63,475 1,899,126 1,588,057 2,902,206 996,587 1,905,619 5,979,502 160,674 134,103 9,880 124,223 146,372 2.1% 3.90** 4.00** 4.00** 4.10** 62
2011-13 63,807 1,849,677 1,679,895 3,181,998 1,161,144 2,020,854 5,140,793 181,762 17,493 (12,688) 30,181 72,423 0.6% 0.93 1.03 2.00 2.10 60
2013-14 64,378 1,853,287 1,505,280 3,514,652 1,355,088 2,159,564 4,159,103 207,030 (102,580) (136,032) 33,452 74,196 0.8% 1.03 1.13 2.00 2.10 60
2014-15 64,378 1,421,881 2,113,441 3,785,500 1,603,098 2,182,402 4,141,264 260,322 (397,472) 76,423 (473,895) - -11.4% (14.72) (14.72) - - 46
2015-16 67,918 2,168,890 1,588,725 4,077,235 1,852,749 2,224,486 4,877,959 245,375 15,039 (8,384) 23,423 7,300 0.5% 0.68 0.78 0.20 0.30 66
2016-17 67,922 2,012,993 1,957,398 4,591,464 1,853,922 2,737,542 5,007,925 296,939 (242,077) 5,922 (247,999) - -5.0% (7.30) (7.30) - - 61
2017-18 67,922 1,949,176 1,846,384 4,826,322 2,156,196 2,670,126 6,118,229 310,189 (94,692) 8,793 (103,485) - -1.7% (3.05) (3.05) - - 59
2018-19 67,922 2,148,330 1,863,963 5,158,440 2,311,007 2,847,433 7,175,742 309,864 239,893 37,833 202,060 - 2.8% 5.94 6.04 - - 65
2019-20 71,954 1,766,811 2,544,477 5,614,576 2,654,207 2,960,369 4,531,122 337,529 (712,734) 16,229 (728,963) - -16.1% (21.06) (21.06) - - 51
2020-21 76,581 1,829,016 2,174,872 5,814,264 2,881,217 2,933,047 4,787,443 368,161 (231,257) 8,287 (239,544) - -5.0% (6.59) (6.59) - - 50
Notes :
@ On increased capital base due to conversion of Bonds / Convertible Debentures / Warrants / FCCN into shares.
$ On increased capital base due to issue of Bonus Shares. Net Worth excludes ordinary dividends.
* Equivalent to a face value of `2/- per share.
# Includes Interim Dividend where applicable.
+ Including on Bonus Shares issued during the year.
! Includes a special dividend of ` 2.50 per share for the Diamond Jubilee Year.
++ On increased capital base due to Rights issue and conversion of FCCN into shares.
^ On increased capital base due to GDS issue and conversion of FCCN into shares.
^^ On increased capital base due to QIP issue and conversion of FCCN into shares.
** Consequent to sub-division of shares, figures for previous years are not comparable
^^^ The figures of FY 2016-17 is as per Ind AS with Joint operation

STATEMENT PURSUANT TO FIRST PROVISO TO SUB-SECTION (3) OF SECTION 129 OF THE COMPANIES
ACT 2013, READ WITH RULE 5 OF COMPANIES (ACCOUNTS) RULES, 2014 IN THE PRESCRIBED FORM AOC-1
RELATING TO SUBSIDIARY COMPANIES
PART - A
Share
capital (incl. Profit/ Investments
Profit/ Profit/ Proposed
advances Reserves Tax (Loss) (except in case
Sr. Reporting Exchange Total Total (Loss) (Loss) dividend % of
Subsidiary Country towards and Turnover Expense/ for the of investment
No currency Rate Assets Liabilities Before after and tax shareholding
capital Surplus (Credit) period/ in the
Tax tax thereon
where year * subsidiaries)
applicable)
1 TML Business Services Limited [name changed India INR 1.00 244.18 (258.30) 86.10 100.21 99.00 (13.98) (5.26) (8.72) (8.72) 15.34 - 100.00
from Concorde Motors (India) Limited w.e.f
March 31, 2020]
2 Tata Motors Finance Ltd India INR 1.00 1,571.28 2,431.44 36,817.49 32,814.77 3,733.38 219.55 (30.57) 250.12 250.12 - 869.80 100.00
3 Tata Daewoo Commercial Vehicle Co. Ltd South KRW 0.06 57.57 1,783.10 3,734.52 1,893.85 3,433.73 (89.46) 53.60 (143.06) (143.06) - - 100.00
(subsidiary w.e.f March 30, 2004) Korea
4 Tata Technologies Ltd (subsidiary w.e.f India INR 1.00 41.81 825.54 1,936.52 1,069.11 1,050.84 146.45 42.08 104.37 104.37 - 497.08 74.42
September 10, 1997)
5 Tata Motors Insurance Broking & Advisory India INR 1.00 5.00 57.13 132.94 70.81 215.90 30.54 7.88 22.66 22.66 - 57.78 100.00
Services Ltd (subsidiary w.e.f October 21,
2004)
6 Tata Motors European Technical Centre Plc UK GBP 100.77 474.57 (446.69) 168.77 140.89 185.75 (12.71) 1.59 (14.30) (14.30) - - 100.00
(subsidiary w.e.f September 1, 2005)
7 TML Distribution Company Ltd (subsidiary India INR 1.00 225.00 143.52 404.29 35.77 32.54 8.04 0.55 7.49 7.49 - 119.83 100.00
w.e.f March 28, 2008)
8 Tata Motors (SA) (Proprietary) Ltd (subsidiary South ZAR 4.95 12.98 5.51 271.61 253.12 136.99 2.24 0.62 1.62 1.62 - - 60.00
w.e.f December 5, 2007) Africa
9 TMF Holdings Ltd (Name changed from Tata India INR 1.00 3,128.28 2,122.96 7,999.14 2,747.90 57.77 (92.64) 17.42 (110.06) (110.06) - 843.71 100.00
Motors Finance Limited w.e.f. June 30, 2017)
(subsidiary w.e.f June 1, 2006)
10 Tata Motors Financial Solutions Ltd (subsidiary India INR 1.00 1,700.50 (130.20) 8,222.64 6,652.34 735.91 202.38 (13.86) 216.24 216.24 - 370.97 100.00
w.e.f January 19, 2015)
11 Tata Marcopolo Motors Ltd (subsidiary w.e.f India INR 1.00 170.00 (111.45) 383.29 324.74 264.64 (91.34) (0.04) (91.30) (91.30) - - 51.00
September 20, 2006)
12 Tata Motors (Thailand) Ltd (subsidiary w.e.f Thailand THB 2.34 985.45 (1,610.88) 77.84 703.28 23.36 10.18 - 10.18 10.18 - - 97.21
February 28, 2008)
13 TML Holdings Pte Ltd, Singapore (subsidiary Singapore GBP 100.77 12,691.10 (4,586.34) 19,084.00 10,979.25 - (826.82) 0.02 (826.83) (826.83) - 201.53 100.00
w.e.f February 4, 2008)
14 Brabo Robotics and Automation Limited India INR 1.00 9.90 (15.83) 5.91 11.85 8.38 (33.64) (0.10) (33.54) (33.54) - - 100.00
15 JT Special Vehicles Pvt. Limited (Ceased to be India INR 1.00 5.00 (3.09) 3.37 1.45 27.03 18.97 (1.18) 20.15 20.15 - - 100.00
a JV and became a Wholly-owned Subsidiary
16 TML Business Analytics Services Limited India INR 1.00 0.15 (9.42) 7.14 16.42 - (9.42) - (9.42) (9.42) 100.00
(Incorporated with effect from April 4, 2020)
17 Tata Hispano Motors Carrocera S.A (subsidiary Spain EUR 85.78 2.88 (867.36) 8.20 872.67 - (17.73) - (17.73) (17.73) - - 100.00
w.e.f October 16, 2009)
18 Tata Hispano Motors Carroceries Maghreb Morocco MAD 8.07 146.30 (201.02) 40.84 95.55 0.11 (6.14) - (6.14) (6.14) - - 100.00
19 Trilix S.r.l (subsidiary w.e.f October 4, 2010) Italy EUR 85.78 0.61 (30.44) 16.03 45.86 78.87 15.14 11.59 3.55 3.55 - - 100.00
20 Tata Precision Industries Pte Ltd (subsidiary Singapore SGD 54.36 41.56 (27.87) 14.01 0.31 - 10.22 - 10.22 10.22 - - 78.39
21 PT Tata Motors Indonesia (subsidiary w.e.f Indonesia IDR 0.01 375.40 (81.24) 295.26 1.09 - (0.86) (0.02) (0.84) (0.84) - - 100.00
December 29, 2011)
22 INCAT International Plc. (subsidiary w.e.f UK GBP 100.77 2.45 45.04 47.58 0.09 0.14 0.49 0.09 0.40 0.40 - - 74.42
October 3, 2005)
23 Tata Technologies Inc. (Including Midwest USA USD 73.11 875.19 (399.18) 625.82 149.81 771.11 77.83 20.63 57.20 57.20 - - 74.48
Managed Services Inc.which got merged into
Tata Technologies Inc. w.e.f. Feb 28, 2018)
(subsidiary w.e.f October 3, 2005)
24 Tata Technologies de Mexico, S.A. de C.V. Mexico MXN 3.58 0.63 1.95 4.23 1.65 2.73 (1.00) - (1.00) (1.00) - - 74.48
25 Cambric Limited, Bahamas (subsidiary w.e.f Bahamas USD 73.11 19.74 0.72 20.46 - 0.00 (0.02) - (0.02) (0.02) - - 74.48
May 1, 2013)

Consolidated
Share
Tax tax thereon
applicable)
26 Cambric GmbH (subsidiary w.e.f May 1, 2013) Germany EUR 85.78 - - - - - 0.08 - 0.08 0.08 - - 74.48
27 Tata Technolgies SRL, Romania (erstwhile Romania RON 17.23 5.36 54.53 67.41 7.52 64.91 5.31 0.76 4.55 4.55 - - 74.48
Cambric Consulting SRL was renamed w.e.f
February 4, 2015) (subsidiary w.e.f May
1, 2013)
28 Tata Manufacturing Technologies Consulting China CNY 11.16 3.43 35.89 59.57 20.24 46.70 (12.43) 0.00 (12.43) (12.43) - - 74.42
(Shanghai) Limited .(subsidiary w.e.f March
10, 2014)
29 Tata Technologies Europe Limited (subsidiary UK GBP 100.77 0.11 893.38 1,167.38 273.89 668.63 96.04 18.41 77.63 77.63 - - 74.42
30 Tata Technologies Nordics AB (Name changed Sweden SEK 8.38 0.18 6.68 70.16 63.30 86.87 0.42 (0.13) 0.55 0.55 - - 74.42
from Escenda Engineering AB with effect from
November 2,2020)
31 INCAT GmbH (subsidiary w.e.f October 3, 2005) Germany EUR 85.78 1.41 18.86 20.33 0.07 0.34 0.40 1.35 (0.95) (0.95) - - 74.42
32 Tata Technologies (Thailand) Limited Thailand THB 2.34 8.25 (9.06) 7.09 7.89 9.64 (5.88) - (5.88) (5.88) - - 74.42
33 TATA Technologies Pte Ltd. (subsidiary w.e.f Singapore USD 73.11 394.81 427.57 850.92 28.54 97.79 13.55 0.20 13.36 13.36 - - 74.42
December 7, 2005)
34 Jaguar Land Rover Automotive plc (subsidiary UK GBP 100.77 15,121.28 6,257.14 77,910.61 56,532.19 - 3.01 - 3.01 3.01 - - 100.00
w.e.f June 2, 2008)
35 Jaguar Land Rover Holdings Limited(formally UK GBP 100.77 50.38 47,904.59 57,626.46 9,671.49 2.02 2,775.81 181.16 2,594.65 2,594.65 - - 100.00
known as Land Rover) (subsidiary w.e.f June
2, 2008)
36 Jaguar Land Rover Limited (previously Jaguar UK GBP 100.77 35,878.00 12,075.60 313,385.81 265,432.22 168,110.84 (16,723.89) 136.83 (16,860.72) (16,860.72) - - 100.00
Cars Limited) (subsidiary w.e.f June 2, 2008)
37 Jaguar Land Rover North America, LLC. USA USD 73.11 292.45 3,898.59 15,472.84 11,281.80 46,570.56 1,114.63 (25.70) 1,140.33 1,140.33 - - 100.00
38 Jaguar Land Rover Deutschland GmbH Germany EUR 85.78 114.25 505.41 4,027.77 3,408.11 8,103.35 41.10 54.70 (13.60) (13.60) - - 100.00
(subsidiary w.e.fJune 2, 2008)
39 Jaguar Land Rover Belux N.V. (subsidiary w.e.f Belgium EUR 85.78 10.72 80.23 1,084.14 993.18 2,646.85 21.56 6.97 14.59 14.59 - - 100.00
June 2, 2008)
40 Jaguar Land Rover Austria GmbH (subsidiary Austria EUR 85.78 1.24 90.94 602.60 510.41 1,466.45 15.78 3.91 11.87 11.87 - - 100.00
w.e.f June 2, 2008)
41 Jaguar Land Rover Italia SpA (subsidiary w.e.f Italy EUR 85.78 353.97 371.45 3,482.03 2,756.62 6,104.90 58.55 23.77 34.78 34.78 - - 100.00
June 2, 2008)
42 Jaguar Land Rover Australia Pty Limited Australia AUD 55.71 3.90 459.21 2,630.64 2,167.53 3,039.03 72.10 19.76 52.34 52.34 - - 100.00
43 Jaguar Land Rover Espana SL Spain EUR 85.78 357.20 115.03 1,248.37 776.15 2,005.71 28.80 7.02 21.78 21.78 - - 100.00
44 Jaguar Land Rover Nederland BV (subsidiary Holland EUR 85.78 0.39 47.40 462.75 414.96 1,099.73 5.31 3.42 1.89 1.89 - - 100.00
w.e.f June 2, 2008)
45 Jaguar Land Rover Portugal-Veiculos e Pecas, Portugal EUR 85.78 11.41 54.97 246.90 180.53 419.12 12.18 2.59 9.59 9.59 - - 100.00
Lda. (subsidiary w.e.f June 2, 2008)
46 Jaguar Land Rover (China) Investment Co Ltd China CNY 11.16 74.76 18,015.61 34,433.91 16,343.54 38,536.42 4,235.61 1,061.86 3,173.75 3,173.75 - - 100.00
47 Shanghai Jaguar Land Rover Automotive China LRE CNY 11.16 17.85 (23.18) 21.34 26.66 6.91 0.40 1.03 (0.63) (0.63) - - 100.00
Service Co. Ltd (subsidiary w.e.f March
10, 2014)
48 Jaguar Land Rover Japan Limited (subsidiary Japan JPY 0.66 31.72 310.01 1,210.32 868.59 2,321.28 40.50 20.13 20.37 20.37 - - 100.00
49 Jaguar Land Rover Korea Co. Ltd.(subsidiary Korea KRW 0.06 0.32 75.83 1,016.18 940.03 2,417.24 69.25 25.39 43.85 43.85 - - 100.00
w.e.f June 2, 2008)
50 Jaguar Land Rover Canada, ULC (subsidiary Canada CAD 58.03 - 642.06 2,447.32 1,805.25 4,513.34 59.82 10.51 49.31 49.31 - - 100.00
w.e.f June 2, 2008)
51 Jaguar Land Rover France SAS (subsidiary France EUR 85.78 37.44 57.35 1,511.66 1,416.86 5,071.56 68.51 22.71 45.81 45.81 - - 100.00
52 Jaguar e Land Rover Brasil Indústria e Brazil BRL 12.89 795.05 (462.85) 1,452.77 1,120.57 1,616.75 25.31 21.81 3.50 3.50 - - 100.00
Comércio de Veículos LTDA (subsidiary w.e.f
June 2, 2008)

Share
Tax tax thereon
applicable)
53 Limited Liability Company Jaguar Land Russia RUB 0.97 4.68 174.28 1,248.59 1,069.63 4,238.02 230.61 53.77 176.84 176.84 - - 100.00
Rover (Russia) (incorporated on 25-5-2008)
(subsidiary w.e.f May 15, 2009)
54 Jaguar Land Rover (South Africa) Holdings UK GBP 100.77 0.00 31,228.64 32,118.87 890.22 - 5,545.67 98.03 5,447.64 5,447.64 - - 100.00
Limited (subsidiary w.e.f February 2, 2009)
55 Jaguar Land Rover (South Africa) (Pty) Limited South ZAR 4.95 0.00 73.89 979.48 905.59 1,810.29 281.56 78.98 202.58 202.58 - - 100.00
(subsidiary w.e.f June 2, 2008) Africa
56 Jaguar Land Rover India Limited (subsidiary India INR 1.00 280.25 (88.89) 800.57 609.21 1,096.59 30.13 14.66 15.47 15.47 - - 100.00
57 Daimler Transport Vehicles Limited (subsidiary UK GBP 100.77 - - - - - - - - - - - 100.00
w.e.f June 2, 2008) (dormant)
58 S S Cars Limited (subsidiary w.e.f June 2, UK GBP 100.77 - - - - - - - - - - - 100.00
2008) (dormant)
59 The Lanchester Motor Company Limited UK GBP 100.77 - - - - - - - - - - - 100.00
(subsidiary w.e.f June 2, 2008) (dormant)
60 The Daimler Motor Company Limited UK GBP 100.77 15.11 - 15.11 - - - - - - - - 100.00
61 Jaguar Land Rover Pension Trustees Limited UK GBP 100.77 - - - - - - - - - - - 100.00
62 JLR Nominee Company Limited UK GBP 100.77 - - - - - - - - - - - 100.00
63 Jaguar Cars Limited (subsidiary w.e.f June 2, UK GBP 100.77 - - - - - - - - - - - 100.00
2008) (dormant)
64 Land Rover Exports Limited UK GBP 100.77 - - - - - - - - - - - 100.00
65 Land Rover Ireland Limited - (no longer a Ireland EUR 85.78 0.00 4.92 19.34 14.43 - - - - - - - 100.00
trading NSC) (subsidiary w.e.f June 2, 2008)
66 Jaguar Cars (South Africa) (Pty) Ltd (subsidiary South ZAR 4.95 - - - - - - - - - - - 100.00
w.e.f June 2, 2008) (dormant) Africa
67 Jaguar Land Rover Slovakia s.r.o. (JLRHL Slovakia EUR 85.78 5,361.23 440.08 9,624.66 3,823.36 2,347.33 106.04 - 106.04 106.04 - - 100.00
0.01% and JLRL 99.99%)
68 Jaguar Land Rover Singapore Pte. Ltd Singapore SGD 54.36 4.08 37.61 175.11 133.43 200.74 16.05 3.42 12.64 12.64 - - 100.00
(incorporated w.e.f November 25,2015)
(subsidiary w.e.f November 25, 2015)
69 Jaguar Racing Limited (Incorporated w.e.f. UK GBP 100.77 0.00 27.87 81.58 53.70 - 6.50 - 6.50 6.50 - - 100.00
February 2, 2016) (subsidiary w.e.f February
2, 2016)
70 InMotion Ventures Limited (Incorporated UK GBP 100.77 0.00 (256.47) 224.38 480.85 - (3.72) - (3.72) (3.72) - - 100.00
w.e.f. March 18, 2016) (subsidiary w.e.f March
18, 2016)
71 In-Car Ventures Limited ((Formerly Lenny UK GBP 100.77 - (91.76) 0.32 92.08 0.30 (75.33) - (75.33) (75.33) - - 100.00
Insurance Limited name change on February
2, 2021) (100% Shareholding transferred
from InMotion Ventures Limited to JLRHL on
February 18, 2021)
72 InMotion Ventures 2 Limited UK GBP 100.77 - (57.50) 25.97 83.47 8.64 (13.84) - (13.84) (13.84) - - 100.00
73 InMotion Ventures 3 Limited UK GBP 100.77 - (20.95) 285.35 306.30 32.78 (12.47) - (12.47) (12.47) - - 100.00
74 Jaguar Land Rover Colombia SAS (subsidiary Colombia COP 0.02 43.54 (46.00) 72.95 75.42 101.36 27.22 17.56 9.66 9.66 - - 100.00
w.e.f August 22, 2016)
75 Jaguar Landrover Mexico S.A.P I de C.V Mexico MXN 3.58 13.76 40.16 179.04 125.13 435.79 5.16 0.33 4.83 4.83 - - 100.00
76 Jaguar Landrover Services Mexico S.A C.V Mexico MXN 3.58 - - - - - - - - - - - 100.00
77 Jaguar Land Rover Taiwan Company Pte. Ltd Taiwan TWD 2.57 9.88 31.66 312.32 270.78 1,287.43 40.92 8.29 32.63 32.63 - - 100.00
78 Land Rover Ireland (Services) Limited Ireland EUR 85.78 0.00 79.50 203.31 123.80 184.38 76.94 4.85 72.09 72.09 - - 100.00
79 Jaguar Land Rover Classic USA LLC ( USA USD 73.11 - - - - - - - - - - - 100.00
Incorporated w.e.f June 1, 2018) (dormant)
80 Jaguar Land Rover Classic Deutschland GmbH Germany EUR 85.78 21.44 (17.87) 13.73 10.16 17.38 (5.68) - (5.68) (5.68) - - 100.00
(Incorporated w.e.f. August 10,2018)
81 Jaguar Land Rover Hungary KFT (Incorporated Hungary HUF 0.24 0.07 12.42 90.84 78.35 108.14 8.31 0.03 8.28 8.28 - - 100.00
w.e.f July 30, 2018)

Consolidated
Share
Tax tax thereon
applicable)
82 Jaguar Land Rover (Ningbo) Trading Co., Ltd. China CNY 11.16 1.12 487.52 1,481.33 992.70 5,062.45 591.66 112.79 478.87 478.87 - - 100.00
83 Jaguar Land Rover Ventures Limited UK GBP 100.77 - - - - - - - - - - - 100.00
84 Bowler Motors Limited (Name changed from UK GBP 100.77 30.23 (29.46) 16.97 16.20 0.54 (8.01) - (8.01) (8.01) - - 100.00
Jaguar Land Rover Auto Ventures Limited on
28 January 2020)
85 Spark44 (JV) Ltd (Shareholding changed from UK GBP 100.77 20.27 275.49 548.53 252.77 17.60 17.31 1.11 16.19 16.19 - - 50.50
50% to 50.50% w.e.f. August 31, 2017)
86 Spark44 Limited (London & Birmingham) UK GBP 100.77 0.00 101.67 176.84 75.17 15.14 16.89 2.23 14.56 14.56 - - 50.50
87 Spark44 LLC (LA & NYC) USA USD 73.11 - 30.26 38.16 7.90 0.05 1.93 (3.35) 5.28 5.28 - - 50.50
88 Spark44 Canada Inc (Toronto) Canada CAD 58.03 - 4.87 7.83 2.96 - 0.62 0.12 0.50 0.50 - - 50.50
89 Spark44 GmbH (Frankfurt) Germany EUR 85.78 0.18 6.52 22.06 15.35 1.03 (7.97) (0.36) (7.61) (7.61) - - 50.50
90 Spark44 Communicacions SL (Madrid) Spain EUR 85.78 0.02 4.44 7.89 3.50 0.10 (0.44) 0.23 (0.67) (0.67) - - 50.50
91 Spark44 SRL (Rome) Italy EUR 85.78 0.07 (0.88) 6.18 6.00 - 0.16 0.11 0.05 0.05 - - 50.50
92 Spark44 Pty Ltd (Sydney) Australia AUD 55.71 0.00 3.84 4.96 1.11 - 1.22 0.37 0.85 0.85 - - 50.50
93 Spark44 Middle East DMCC (Dubai) UAE AED 19.92 0.02 2.27 3.25 0.98 - 0.40 - 0.40 0.40 - - 50.50
94 Spark44 Limited (Seoul) Korea KRW 0.06 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 - - 50.50
95 Spark44 Pte Ltd (Singapore) Singapore SGD 54.36 - 1.78 2.58 0.92 - 0.64 0.05 0.59 0.59 - - 50.50
96 Spark44 K.K. (Tokyo) Japan JPY 0.66 0.00 0.03 0.06 0.03 - 0.01 0.00 0.01 0.01 - - 50.50
97 Spark44 Demand Creation Partners Pte Ltd India INR 1.00 0.02 (0.02) 0.02 0.01 - (0.00) - (0.00) (0.00) - - 50.50
(Mumbai)
98 Spark44 South Africa (Pty) Limited South ZAR 4.95 0.00 0.09 0.20 0.12 - 0.00 0.00 0.00 0.00 - - 50.50
Africa
99 Spark44 Limited (Shanghai) China CNY 11.16 0.12 3.21 5.79 2.54 0.18 1.26 0.32 0.94 0.94 - - 50.50
100 Spark44 Taiwan Limited (Taiwan) (Incorporated Taiwan TWD 2.57 0.00 0.01 0.04 0.03 - (0.00) 0.00 (0.00) (0.00) - - 50.50
w.e.f. May 7,2018)
101 Spark44 Colombia S.A.S (Colombia) Colombia COP 0.02 0.00 (0.00) 0.00 0.00 - 0.00 0.00 0.00 0.00 - - 50.50
(Incorporated w.e.f. May 10,2018)
102 TMNL Motor Services Nigeria Ltd Nigeria NGN 0.18 0.33 (0.57) - 0.24 - (0.02) - (0.02) (0.02) - - 100.00
(incorporated w.e.f September 2, 2015)
(subsidiary w.e.f September 2, 2015)
103 Tata Daewoo Commercial Vehicle Sales and South KRW 0.06 4.00 12.23 82.17 65.94 67.49 (1.65) (0.30) (1.35) (1.35) - - 100.00
Distribution Co. Ltd. (subsidiary w.e.f April Korea
9, 2010)
104 PT Tata Motors Distribusi Indonesia (subsidiary Indonesia IDR 0.01 292.41 (286.64) 99.19 93.42 11.23 (23.64) (0.02) (23.34) (23.34) - - 100.00
Details of Direct subsidiaries, on consolidated basis including their respective subsidiaries included above
1 Tata Technologies Limited (subsidiary w.e.f 41.81 2,083.88 3,556.19 1,430.51 2,388.33 315.28 76.09 239.19 239.19 - 497.07 74.42
September 10, 1997)
2 Tata Motors Finance Holdings Ltd (subsidiary 4,332.01 397.93 45,700.54 40,970.60 4,490.38 288.77 (3.18) 291.95 291.95 - 2,084.48 100.00
w.e.f June 1, 2006)
3 TML Holdings Pte Ltd, Singapore** (subsidiary - - - - - - - - - - - 100.00
TML Holdings Pte Ltd, Singapore holds fully Jaguar Land Rover Automtive Plc,Tata Daewoo Commercial Vehicle Co. Ltd. and PT Tata Motors Indonesia, the consolidated accounts of which are given below :
1 Jaguar Land Rover Automotive Plc 11,282.71 41,734.57 237,300.85 184,283.57 193,782.73 (8,256.40) 2,278.69 (10,535.09) (10,535.09) - 16,095.38 100.00
Consolidated (subsidiary w.e.f June 2, 2008)
2 Tata Daewoo Commercial Vehicle Co. Ltd 57.57 1458.56 3,393.36 1,877.33 3,315.73 (91.11) 53.30 (144.41) (144.42) - - 100.00
(subsidiary w.e.f March 30, 2004)
3 PT Tata Motors Indonesia (subsidiary w.e.f 150.06 375.21 2,354.10 1,828.83 1,983.69 (82.44) 23.87 (106.31) (106.31) - - 100.00
December 29, 2011)
* Profit for the year is after share of minority interest and share of profit/(loss) in respect of investment in associate companies.

STATEMENT PURSUANT TO SECTION 129 (3) OF THE COMPANIES ACT, 2013 RELATED TO ASSOCIATE
COMPANIES AND JOINT VENTURES
PART - B
Sr. Name of Associates/Joint Ventures Shares of Associate/Joint Ventures held Profit/(loss) for the year
No by the company on the year end
Latest audited No. Amount of Extent of Networth Considered Not Description Reason why the
Balance Sheet Investment Holding % attributable in Considered of how associate/ joint venture
Date in Associates/ to Shareholding Consolidation in there is is not consolidated
Joint Venture as per latest (` in crore) Consolidation significant
(` in crore) audited Balance (` in crore) influence
Sheet (` in crore)
Joint Operations
1 Fiat India Automobiles Private Limited March 31, 2021 122,257,983 1,567.04 50.00% 2,214.37 288.67 - Note (a) -
2 Tata Cummins Private Ltd March 31, 2021 90,000,000 90.00 50.00% 632.89 70.70 - Note (a) -
Joint ventures
1 Chery Jaguar Land Rover Automotive Co Ltd March 31, 2021 - 2,126.45 50.00% 3,168.04 (417.41) - Note (a) -
2 Tata HAL Technologies Limited March 31, 2021 50,70,000 - 37.21% - - - There is no Provision for impairment
significant was considered in full in
influence. FY 16-17
3 Loginomic Tech Solutions Private Limited March 31, 2021 665,000 - 26.00% - - - Note (a) -
(“TruckEasy”)
Associates
1 Tata AutoComp Systems Ltd March 31,2021 52,333,170 77.47 26.00% 251.29 (30.30) - Note (b) -
2 Nita Company Ltd March 31,2021 16,000 1.27 40.00% 33.76 (4.95) - Note (b) -
3 Automobile Corporation of Goa Ltd March 31,2021 29,82,214 108.22 49.77% 136.87 (5.43) - Note (b) -
4 Jaguar Cars Finance Limited March 31, 2021 49,900 3.61 49.90% 2.73 - - Note (b) -
5 Synaptiv Limited March 31, 2021 15,600,000 1.57 37.50% 0.79 - - Note (b) -
6 CloudCar Inc March 31, 2021 133,255,012 - 26.30% - - - Note (b) -
7 DriveClubService Pte. Ltd. March 31, 2021 251 2.02 25.07% - - - Note (b) -
8 Jaguar Land Rover Switzerland AG (Jaguar Land March 31, 2021 300 10.08 30.00% 10.08 Note (b) -
Rover Limited increased its shareholding from 10%
to 30% w.e.f. November 25, 2020)
9 Tata Hitachi Construction Machinery Company March 31,2021 45,428,572 238.50 39.99% 590.05 25.04 - Note (b) -
Private Ltd
10 Tata Precision Industries (India) Limited March 31,2021 200,000 - 39.19% 3.91 - - Note (b) -
Unaudited financials considered for Consolidation
Note :
(a) - There is a significant influence by virtue of joint control
(b) - There is a significant influence due to percentage (%) of share capital

Notice
(PURSUANT TO SECTION 101 OF THE COMPANIES ACT, 2013)
Dear Member, Company has received a notice in writing from a Member under
Section 160(1) of the Act proposing his candidature for the office
NOTICE IS HEREBY GIVEN THAT THE SEVENTY SIXTH ANNUAL
of Director of the Company, be and is hereby appointed as a
GENERAL MEETING OF TATA MOTORS LIMITED will be held on Friday,
Director of the Company liable to retire by rotation.”
July 30, 2021 at 3:00 p.m. IST through video conferencing / other audio
visual means to transact the following business: 6. Appointment of Mr Kosaraju V Chowdary
(DIN: 08485334) as a Director and as an Independent
ORDINARY BUSINESS
Director
1. To receive, consider and adopt the Audited Financial Statements
of the Company for the financial year ended March 31, 2021 To consider and, if thought fit, to pass the following resolution as
together with the Reports of the Board of Directors and the an Ordinary Resolution:
Auditors thereon. “RESOLVED that Mr Kosaraju V Chowdary (DIN: 08485334), who
2. To receive, consider and adopt the Audited Consolidated Financial was appointed as an Additional Director of the Company with
Statements of the Company for the financial year ended March effect from October 27, 2020 by the Board of Directors, based
31, 2021 together with the Report of the Auditors thereon. on the recommendation of the Nomination and Remuneration
Committee, and who holds office upto the date of this Annual
3. To appoint a Director in place of Mr N Chandrasekaran (DIN: General Meeting of the Company under Section 161(1) of
00121863) who, retires by rotation and being eligible, offers the Companies Act, 2013 (‘Act’) (including any statutory
himself for re-appointment. modification(s) or re-enactment(s) thereof for the time being
in force) and Article 132 of the Articles of Association of the
SPECIAL BUSINESS
Company, but who is eligible for appointment and in respect of
4. Appointment of Mr Mitsuhiko Yamashita (DIN: 08871753) whom the Company has received a notice in writing under Section
as a Director 160(1) of the Act from a Member proposing his candidature for
the office of Director, be and is hereby appointed as a Director of
To consider and, if thought fit, to pass the following resolution as
the Company.
an Ordinary Resolution:
RESOLVED FURTHER that pursuant to the provisions of Sections
“RESOLVED that Mr Mitsuhiko Yamashita (DIN: 08871753),
149, 150, 152 and other applicable provisions, if any, of the Act
who was appointed by the Board of Directors, based on the
read with Schedule IV to the Act and the Companies (Appointment
recommendation of the Nomination and Remuneration Committee,
and Qualification of Directors) Rules, 2014, as amended from
as an Additional Director of the Company w.e.f. September 16,
time to time, Regulation 17 and other applicable regulations of
2020 and who holds office up to the date of this Annual General
the Securities and Exchange Board of India (Listing Obligations
Meeting of the Company in terms of Section 161(1) and any
and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing
other applicable provisions, if any, of the Companies Act, 2013
Regulations’) the appointment of Mr Kosaraju V Chowdary, that
(‘Act’) (including any statutory modification(s) or re-enactment(s)
meets the criteria for independence as provided in Section 149(6)
thereof for the time being in force) and Article 132 of the Articles
of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations
of Association of the Company and who is eligible for appointment
and who has submitted a declaration to that effect, and who
and has consented to act as a Director of the Company and in
is eligible for appointment as an Independent Director of the
respect of whom the Company has received a notice in writing
Company, for a term of five years commencing from October 27,
from a Member under Section 160(1) of the Act proposing his
2020 up to October 26, 2025 and who would not be liable to retire
candidature for the office of Director of the Company, be and is
by rotation, be and is hereby approved.”
hereby appointed as a Director of the Company liable to retire by
rotation.” 7. Re-appointment of Mr Guenter Butschek
(DIN: 07427375) as the Chief Executive Officer and
5. Appointment of Mr Thierry Bolloré (DIN: 08935293)
Managing Director and payment of remuneration for the
as a Director
period February 15, 2021 to June 30, 2021
an Ordinary Resolution: To consider and, if thought fit, to pass the following resolution as
a Special Resolution:
“RESOLVED that Mr Thierry Bolloré (DIN: 08935293), who was
appointed by the Board of Directors, based on the recommendation “RESOLVED that based on the recommendation of the Nomination
of the Nomination and Remuneration Committee, as an Additional and Remuneration Committee and pursuant to the provisions of
Director of the Company w.e.f October 27, 2020 and who holds Sections 196, 197, 203 and other applicable provisions, if any,
office up to the date of this Annual General Meeting of the read alongwith Schedule V of the Companies Act, 2013 (‘Act’)
Company in terms of Section 161(1) and any other applicable (including any statutory modification(s) or re-enactment(s)
provisions, if any, of the Companies Act, 2013 (‘Act’) (including any thereof for the time being in force), the Companies (Appointment
statutory modification(s) or re-enactment(s) thereof for the time and Remuneration of Managerial Personnel) Rules, 2014, as
being in force) and Article 132 of the Articles of Association of the amended from time to time and subject to the approval of the
Company and who is eligible for appointment and has consented Central Government and on such conditions and modifications
to act as a Director of the Company and in respect of whom the as may be prescribed or imposed, if any, whilst granting such

approval, the consent of the Members be and is hereby accorded (vii) Retirement benefits will be limited to contributions
to the re-appointment and terms of remuneration of Mr Guenter to Provident Fund and Gratuity Fund only as per the
Butschek (DIN: 07427375) as the Chief Executive Officer and Rules of the Company.
Managing Director of the Company (‘MD’) for a period from
(viii) Additional payment of €204,000 per annum in lieu of
February 15, 2021 upto June 30, 2021, upon the following terms
loss of pension in home country. This payment will be
and conditions, including the remuneration to be paid in the event
made after adjusting for contributions made towards
of loss or inadequacy of profits, calculated under Section 198 of
elements of pension in India, listed in (vii) above.
the Act, in any financial year during his tenure, with liberty to the
Directors to alter and vary the terms and conditions of the said (ix) Leave entitlement as per rules of the Company.
appointment in such manner as may be agreed to between the Unavailed leave would lapse if not availed during the
Directors and Mr Butschek: said term.
I. NATURE OF DUTIES: (x) Relocation expenses from Mumbai to his hometown at

the end of his above tenure.
The MD shall, devote his whole time and attention to the business
of the Company and carry out such duties as may be entrusted to c) Incentive Remuneration in the form of:
him by the Board from time to time and separately communicated (i) Performance Linked Bonus: The target performance
to him. Subject to the superintendence, control and directions linked bonus will be €5,50,000 per annum upto a
of the Board, the MD be entrusted with substantial powers maximum of €8,25,000 per annum. This performance
of management which are in connection with and in the best linked bonus would be payable subject to the
interests of the business of the Company and the business of achievement of certain performance criteria and such
any one or more of its subsidiaries and/or associate companies, other parameters as may be considered appropriate
including performing duties as assigned by the Board from time to from time to time by the Board which will be payable after
time by serving on the boards of such associate companies and/ the Annual Accounts have been approved. An indicative
or subsidiaries or any other executive body or any committee of list of factors that may be considered for determining
such a company. the extent of performance linked bonus by the Board
as recommended by the Nomination and Remuneration
II. REMUNERATION:
Committee of Directors are:
a) Basic Salary: €27,500 per month
• Company performance on certain defined qualitative
b) Benefits, Perquisites and Allowances: and quantitative parameters as may be decided by
the Board from time to time.
Details of Benefits, Perquisites and Allowances are as
follows: • Industry benchmarks of remuneration.
• Performance of the individual.
(i) Living allowance of €110,000 per month intended
to support the transition for Mr Butschek (who is a
(ii) Long Term Incentive: With the objective of achieving long
German citizen) to India.
term value creation through retention and continuity of
(ii) Rent-free residential accommodation (furnished or the leadership, it is intended that a long term incentive
otherwise) with the Company bearing the cost of plan would be made available. The value of the long term
repairs, maintenance, society charges and utilities incentive plan is intended to be a target of €5,50,000 per
(e.g. gas, electricity and water charges) for the said annum but not exceeding €8,25,000 per annum. This
accommodation. incentive would be payable subject to the achievement of
(iii) Reimbursement of hospitalization and major medical certain performance criteria and such other parameters
expenses incurred as per rules of the Company. as may be considered appropriate from time to time by
(iv) Two Company maintained cars with drivers as per the Board. No amount would be payable if termination of
Company Policy. the agreement is initiated by the MD prior to completion
of the term.
(v) Telecommunication facility as per rules of the
Company. III. FOREIGN EXCHANGE CONVERSION AND TAXES:
(vi) Other perquisites and allowances given below:-
The above remuneration would be paid in rupee equivalent according
• Medical Insurance Plan with global cover for self to the prevalent €/` rate at the time of each payment and would be
and spouse. subject to deduction of all applicable taxes at source. All applicable
taxes would be payable by and to the account of Mr Butschek, except
• Business Class travel, four times a year for self
for certain categories of benefits and perquisites.
and spouse to Austria.
• Personal Accident Insurance Premium. IV. MINIMUM REMUNERATION:
• Premium towards policy for compensating loss of Notwithstanding anything to the contrary herein contained, where
life. in any financial year during the currency of the tenure of the MD, the
Company has no profits or its profits are inadequate, the Company
• Annual club membership fees. will pay to the MD remuneration by way of basic salary, benefits,
perquisites and allowances, incentive remuneration and retirement
benefits as specified above.

V. OTHER TERMS OF APPOINTMENT: Company for any reason whatsoever, he shall cease to be a
Director and Chief Executive Officer and MD of the Company.
i. The terms and conditions of the said appointment may be
altered and varied from time to time by the Board as it may, ix. The terms and conditions of appointment with the MD also
in its discretion deem fit, irrespective of the limits stipulated include clauses pertaining to adherence with the TCoC, no
under Schedule V to the Act or any amendments made conflict of interest with the Company, protection and use of
hereafter in this regard in such manner as may be agreed to Intellectual Properties, non-solicitation post termination of
between the Board and the MD, subject to such approvals as agreement and maintenance of confidentiality.
may be required.
RESOLVED FURTHER that the Board of Directors or a Committee
ii. The MD shall not become interested or otherwise concerned, thereof, be and is hereby, authorized to take all such steps as
directly or through his spouse and/or children, in any selling may be necessary for obtaining necessary approvals - statutory,
agency of the Company. contractual or otherwise, in relation to the above and to settle
all matters arising out of and incidental thereto and to sign and
iii. The Contract with the MD may be terminated earlier, execute deeds, applications, documents and writings that may be
without any cause by either party giving to the other party required, on behalf of the Company and generally to do all such
three months’ notice of such termination or the Company other acts, deeds, matters and things that may be necessary,
paying three months’ remuneration which shall be limited proper, expedient or incidental for giving effect to this Resolution.”
to provision of basic salary, benefits, perquisites and
allowances (including Living Allowance) and any pro-rated 8. Appointment of Mr Girish Wagh (DIN: 03119361) as a
incentive remuneration, in lieu of such notice. Additionally, in Director
case of termination initiated by the Company before the end To consider and, if thought fit, to pass the following resolution as
of the Term for the reasons other than Tata Code of Conduct an Ordinary Resolution:
(‘TCoC’), the MD shall be entitled to severance pay for
balance term of the agreement and which shall be limited to “RESOLVED that Mr Girish Wagh (DIN: 03119361), who was
provision of basic salary, living allowance and any pro-rated appointed by the Board of Directors, based on the recommendation
incentive remuneration. of the Nomination and Remuneration Committee, as an Additional
Director of the Company w.e.f. July 1, 2021 and who holds office
iv. This appointment may not be terminated by the Company up to the date of this Annual General Meeting of the Company in
without notice or payment in lieu of notice except for reasons terms of Section 161(1) and any other applicable provisions, if
of breach of TCoC. In case of breach of TCoC, MD shall not be any, of the Companies Act, 2013 (‘Act’) (including any statutory
entitled to Severance. modification(s) or re-enactment(s) thereof for the time being
in force) and Article 132 of the Articles of Association of the
v. In the event the MD is not in a position to discharge his official Company and who is eligible for appointment and has consented
duties due to any physical or mental incapacity, he shall be to act as a Director of the Company and in respect of whom the
entitled to receive notice pay and the severance as mentioned Company has received a notice in writing from a Member under
above and this contract shall stand terminated. Section 160(1) of the Act proposing his candidature for the office
of Director of the Company, be and is hereby appointed as a
vi. Upon the termination by whatever means of employment of Director of the Company liable to retire by rotation.”
the MD:
9. Appointment of Mr Girish Wagh (DIN: 03119361) as
• the MD shall immediately cease to hold offices held by
Executive Director and payment of remuneration
him in any subsidiaries or associate companies without
claim for compensation for loss of office by virtue of To consider and, if thought fit, to pass the following resolution as
Section 167(1)(h) of the Act and shall resign as trustee of a Special Resolution:
any trust connected with the Company.
“RESOLVED that based on the recommendation of the Nomination
• the MD shall not without the consent of the Board at and Remuneration Committee and pursuant to the provisions of
any time thereafter represent himself as connected Sections 196, 197, 203 and other applicable provisions, if any, read
with the Company or any of its subsidiaries or associate with Schedule V of the Companies Act, 2013 (‘Act’) (including any
companies. statutory modification(s) or re-enactment(s) thereof for the time
being in force), the Companies (Appointment and Remuneration
vii. All Personnel Policies of the Company and the related Rules of Managerial Personnel) Rules, 2014, as amended from time to
which are applicable to other employees of the Company time, the consent of the Members be and is hereby accorded to the
shall also be applicable to the MD, unless specifically appointment and terms of remuneration of Mr Girish Wagh (DIN:
provided otherwise. 03119361) as the Executive Director of the Company for a period
of 5 years with effect from July 1, 2021 upto June 30, 2026, upon
viii. If and when the Agreement expires or is terminated for any the following terms and conditions, including the remuneration to
reason whatsoever, the appointee will cease to be the Chief be paid in the event of loss or inadequacy of profits, as calculated
Executive Officer and MD and also cease to be a Director. under Section 198 of the Act, in any financial year during his
If at any time, the appointee ceases to be a Director of the tenure, with liberty to the Directors to alter and vary the terms
Company for any reason whatsoever, he shall cease to be and conditions of the said appointment in such manner as may be
the MD and the Agreement shall forthwith terminate. If at any agreed to between the Directors and Mr Wagh:
time, the appointee ceases to be in the employment of the

I. NATURE OF DUTIES: • Company performance on certain defined qualitative

and quantitative parameters as may be decided by the
The Executive Director shall, devote his whole time and attention Board from time to time.
to the business of the Company and carry out such duties as
• Industry benchmarks of remuneration.
may be entrusted to him by the Board from time to time and
separately communicated to him and exercise such powers as • Performance of the individual.
may be assigned to him, subject to superintendence, control d) Employees Stock Option Plan (‘ESOP’) or Performance
and directions of the Board in connection with and in the best Share Award Plan (‘PSP’) and such other Long Term
interests of the business of the Company and the business of Incentive Plan (‘LTIP’) as per rules of the Company.
one or more of its associated companies and / or subsidiaries,
including performing duties as assigned to the Executive Director III. MINIMUM REMUNERATION:
from time to time by serving on the boards of such associated Notwithstanding anything to the contrary herein contained,
companies and / or subsidiaries or any other executive body or where in any financial year during the period of 3 years in the
any committee of such a company. currency of the tenure of the Executive Director, the Company
has no profits or its profits are inadequate, the Company will pay
II. REMUNERATION:
to the Executive Director remuneration by way of basic salary,
a) Basic Salary: `7,50,000/- per month; upto a maximum of benefits, perquisites and allowances, performance bonus (not
`15,00,000/- per month. exceeding 187.5% of basic salary) and Long Term incentive plan
and retirement benefits, as specified above.
The annual increment which will be effective 1st April
each year, will be decided by the Board based on the IV. OTHER TERMS OF APPOINTMENT:
recommendation of the Nomination and Remuneration a) The terms and conditions of the said appointment may be
Committee (‘NRC’) in consonance with individual altered and varied from time to time by the Board as it may,
performance and the performance of the Company, within in its discretion deem fit, irrespective of the limits stipulated
the aforementioned maximum basic salary limit. The annual under Schedule V to the Act or any amendments made
increment that would be effective on 1st April every year, hereafter in this regard in such manner as may be agreed
would be limited upto an amount not exceeding 20% of the to between the Board and the Executive Director, subject to
basic salary as may be decided by the Board in the above such approvals as may be required.
manner.
b) The Executive Director shall not become interested or
otherwise concerned, directly or through his spouse and/or
b) Benefits, Perquisites and Allowances:
children, in any selling agency of the Company.
Details of Benefits, Perquisites and Allowances are as per c) This appointment may be terminated by either party by giving
the rules of the Company, as follows: to the other party six months’ notice of such termination
− House Rent and Maintenance Allowance of 50% or the Company paying six months’ remuneration, which
of Basic Salary; Medical insurance cover and shall be limited to provision of Salary, Benefits, Perquisites,
domiciliary expenses; Life insurance cover; Car facility; Allowances and any Incentive Remuneration, including Stock
Telecommunication facility; Club Membership; Leave Option plans, Performance Share plans (paid at the discretion
and encashment of unavailed leave. of the Board), in lieu of such notice.
− Other perquisites and allowances given below: d) The employment of the Executive Director, may be
terminated by the Company without notice or payment in
a) Leave Travel Concession/Allowance 8% of basic salary lieu of notice:
b) Other Allowances 100% of basic salary
• if the Executive Director is found guilty of any gross
− Retirement benefits: Contribution to Provident Fund, negligence, default or misconduct in connection with or
Superannuation Fund or Annuity Fund and Gratuity affecting the business of the Company or any subsidiary
Fund as per the rules of the Company. or associate company to which he is required by the
Agreement to render services; or
c) Performance Linked Bonus:
• in the event of any serious repeated or continuing
The target performance linked bonus will be 150% of basic breach (after prior warning) or non-observance by the
salary per annum upto a maximum of 225% of basic salary Executive Director, of any of the stipulations contained
per annum. This Performance Linked Bonus would be in the Agreement to be executed between the Company
payable subject to the achievement of certain performance and the Executive Director; or
criteria and such other parameters as may be considered
appropriate from time to time by the Board which will be • in the event the Board expresses its loss of confidence
payable annually after the Annual Accounts have been in the Executive Director.
approved. e) in the event the Executive Director is not in a position
An indicative list of factors that may be considered for to discharge his official duties due to any physical or
determining the extent of performance linked bonus, by the mental incapacity, the Board shall be entitled to terminate
Board (recommended by the NRC) are: his contract on such terms as the Board may consider
appropriate in the circumstances.

f) Upon the termination by whatever means of employment of and/or Whole Time Directors) in case of no / inadequate profits,
the Executive Director: as calculated under Section 198 of the Act, for the three Financial
Years 2020-21, 2021-22 and 2022-23, in accordance with the
• the Executive Director shall immediately cease to hold
limits prescribed under Schedule V of the Act and the same be
offices held by him in any holding company, subsidiaries
paid and distributed amongst such Directors in such a manner as
or associate companies without claim for compensation
the Board of Directors may from time to time determine.”
for loss of office by virtue of Section 167(1)(h) of the Act
and shall resign as trustee of any trust connected with 11. Tata Motors Limited Share-based Long Term Incentive
the Company. Scheme 2021 and grant of stock options and / or
• the Executive Director shall not without the consent of performance share units to the Eligible Employees under
the Board at any time thereafter represent himself as the Scheme
connected with the Company or any of its subsidiaries To consider and, if thought fit, to pass the following resolution as
or associate companies. a Special Resolution:
g) All Personnel Policies of the Company and the related rules “RESOLVED that based on the recommendations of the
which are applicable to other employees of the Company Nomination and Remuneration of Committee (‘NRC’) and
shall also be applicable to the Executive Director, unless pursuant to the provisions of Section 62(1)(b) and other
specifically provided otherwise. applicable provisions of the Companies Act, 2013 (‘Act’) read
with relevant rules made thereunder, provisions of Foreign
h) If and when the Agreement expires or is terminated for
Exchange Management Act, 1999, the rules and regulations
any reason whatsoever, the appointee will cease to be
framed thereunder and any rules, circulars, notifications,
the Executive Director and also cease to be a Director. If
guidelines and regulations issued by the Reserve Bank of India
at any time, the appointee ceases to be a Director of the
(‘FEMA’), provisions of the Securities and Exchange Board of
Company for any reason whatsoever, he shall cease to be
India (Share Based Employee Benefits) Regulations, 2014
the Executive Director and the Agreement shall forthwith
(‘SBEB Regulations’), the Securities and Exchange Board of India
terminate. If at any time, the appointee ceases to be in the
(Listing Obligations and Disclosure Requirements) Regulations,
employment of the Company for any reason whatsoever, he
2015 (‘SEBI Listing Regulations’), provisions of any regulations/
shall cease to be a Director and Executive Director of the
guidelines prescribed by the Securities and Exchange Board
Company.
of India (‘SEBI’) and other applicable laws for the time being in
i) The terms and conditions of appointment with the Executive force (including any amendment thereto or modification(s) or
Director also include clauses pertaining to adherence with re-enactment(s) thereof from time to time), relevant provisions
the Tata Code of Conduct, no conflict of interest with the of Memorandum of Association and Articles of Association of
Company, protection and use of Intellectual Properties, the Company and subject to any applicable approval, consent,
non-solicitation post termination of agreement and permission and sanction of any authority(ies) and also any
maintenance of confidentiality. condition(s) and modification(s) as may be prescribed or imposed
by such authority(ies) while granting any such approval, consent,
RESOLVED FURTHER that the Board of Directors or a Committee
permission and sanction, and subject to acceptance of such
thereof, be and is hereby, authorized to take all such steps as
condition(s) or modification(s) by the Board of Directors of the
may be necessary for obtaining necessary approvals - statutory,
Company (hereinafter referred to as the ‘Board’, which term
contractual or otherwise, in relation to the above and to settle
shall include NRC or their delegated authority to exercise its
all matters arising out of and incidental thereto and to sign and
powers, including the powers conferred by this Resolution), the
execute deeds, applications, documents and writings that may be
consent of the Members be and is hereby accorded to the Board
required, on behalf of the Company and generally to do all such
to adopt and implement the ‘Tata Motors Limited Share-based
other acts, deeds, matters and things that may be necessary,
Long Term Incentive Scheme 2021’ (‘TML SLTI Scheme 2021’ /
proper, expedient or incidental for giving effect to this Resolution.”
‘the Scheme’) (the salient features of the Scheme are furnished
10. Remuneration to Non-Executive Directors (including in the Explanatory Statement to this Notice) and to create, offer
Independent Directors) and grant such number of performance share units and/or stock
options (hereinafter referred to as PSUs and/or ‘Options’) and to
issue and allot such number of Ordinary Shares not exceeding
an Ordinary Resolution:
75,00,000 (Seventy Five Lakh Only) PSUs, representing in the
“RESOLVED that in partial modification of the resolution at aggregate 0.198% of the issued share capital of the Company
Item No. 5 passed by the Members at the Annual General and not exceeding 14,00,000 (Fourteen Lakh Only) Options,
Meeting held on July 30, 2019, based on the recommendation representing in the aggregate 0.037% of the issued share capital,
of the Nomination and Remuneration of Committee (‘NRC’) from time to time, to the permanent employees of the Company,
and pursuant to the provisions of Sections 149, 197, Schedule whether working in India or out of India, present or future, and
V and other applicable provisions of the Companies Act, to any whole-time director as may be decided by the Board and
2013 (‘Act’) (including any statutory modification(s) or permitted under the SBEB Regulations, but does not include
re-enactment(s) thereof for the time being in force) and Regulation an employee who is a promoter or a person belonging to the
17(6) of the Securities and Exchange Board of India (Listing promoter group, independent directors and a director who either
Obligations and Disclosure Requirements) Regulations, 2015 by himself or through his relative or through any body corporate,
(‘SEBI Listing Regulations’) as amended from time to time, read holds directly or indirectly more than 10% of the outstanding
with the Articles of Association of the Company, consent of the equity shares of the Company (‘Eligible Employees’), with each
Company be and is hereby accorded for payment of remuneration PSUs and/or ‘Options’ giving a right, but not an obligation, to the
to the Non-Executive Directors, including Independent Directors, Eligible Employees to subscribe to one fully paid-up Ordinary
of the Company (i.e. Directors other than the Managing Director Share of the face value of `2/- (Rupees Two Only), (a) at a price of

`2/- (Rupees Two Only) per Ordinary Share in case of PSUs; and any rules, circulars, notifications, guidelines and regulations
(b) at a price of `338/- (Rupees Three Hundred and Thirty Eight issued by the Reserve Bank of India (‘FEMA’), provisions of
Only) per Ordinary Share in case of Options, and that the grant the Securities and Exchange Board of India (Share Based
of PSUs and/or Options, vesting and exercise thereof shall be in Employee Benefits) Regulations, 2014 (‘SBEB Regulations’),
one or more tranches and on such terms and conditions, as may the Securities and Exchange Board of India (Listing Obligations
be determined by the Board in accordance with the provisions of and Disclosure Requirements) Regulations, 2015 (‘SEBI
the Scheme, the accounting policies, SBEB Regulations and in due Listing Regulations’), provisions of any regulations/guidelines
compliance with the applicable laws and regulations in force. prescribed by the Securities and Exchange Board of India (‘SEBI’)
and other applicable laws for the time being in force (including
RESOLVED FURTHER that the Ordinary Shares to be issued
any amendment thereto or modification(s) or re-enactment(s)
pursuant to the Scheme shall rank pari passu in all respects with
thereof from time to time), relevant provisions of Memorandum
the existing Ordinary Shares of the Company.
of Association and the Articles of Association of the Company
RESOLVED FURTHER that in case of any corporate action(s) and subject to any applicable approval, consent, permission
such as rights issues, bonus issues, stock splits, consolidation and sanction of any authority(ies) and also any condition(s)
of shares, change in capital structure, merger, sale of division/ and modification(s) as may be prescribed or imposed by such
undertaking or other re-organization, the outstanding PSUs and/ authority(ies) while granting such approval, consent, permission
or Options to be granted under the Scheme shall be suitably and sanction, and subject to acceptance of such condition(s)
adjusted for the number of PSUs and/or Options as well as their or modification(s) by the Board of Directors of the Company
exercise price, as applicable and that the Board be and is hereby (hereinafter referred to as the ‘Board’, which term shall include
authorized to do all such acts, deeds, matters and things as it NRC or their delegated authority to exercise its powers, including
may deem fit in its absolute discretion and as permitted under the powers conferred by this Resolution), the consent of the
applicable laws, so as to ensure that fair and equitable benefits Members be and is hereby accorded to the Board to extend the
under the Scheme are passed on to the Eligible Employees. benefit and coverage of the ‘Tata Motors Limited Share-based
Long Term Incentive Scheme 2021’ (‘TML SLTI Scheme 2021’/’the
RESOLVED FURTHER that the Board be and is hereby authorized
Scheme’) referred to in resolution under Item No. 11 of this Notice,
to approve the grant letter, application form, Performance Share
for issue of performance share units and/or Options to such
Unit / Stock Option agreement and other related documents, to
Eligible Employees (as defined in the TML SLTI Scheme 2021),
grant PSUs and/or ‘Options’ to the Eligible Employees (including
of any present and future subsidiary companies of the Company
deciding the number of PSUs and/or ‘Options’ to be granted
(‘Eligible Employees of subsidiary companies’), selected on the
to Eligible Employees at same work level), to allot Ordinary
basis of criteria decided by the Board thereof in the manner,
Shares upon exercise of PSUs and/or ‘Options’ by the Eligible
including the exercise price.
Employees, to take necessary steps for listing of the Ordinary
Shares allotted under the Scheme on the stock exchanges, RESOLVED FURTHER that the Board be and is hereby authorized
to make any modifications/changes/variations/alterations/ to approve the grant letter, application form, Performance Share
revisions in the Scheme or suspend/ withdraw/revive the Unit / Stock Option agreement and other related documents,
Scheme from time to time in conformity with the applicable laws, to grant PSUs and/or Options to the Eligible Employees of
Memorandum of Association and Articles of Association of the subsidiary companies (including deciding the number of PSUs
Company as may be required, in case of any change in applicable and/or Options to be granted to Eligible Employees of subsidiary
laws or as specified by any statutory authority, without being companies at same work level), to allot Ordinary Shares upon
required to seek any further consent or approval of the Members exercise of PSUs and/or Options by the Eligible Employees of
to the end and intent that they shall be deemed to have given their subsidiary companies, to take necessary steps for listing of
approval thereto expressly by the authority of this resolution the Ordinary Shares allotted under the Scheme on the stock
provided that such change is not detrimental to the interest of the exchanges, to make any modifications/changes/variations/
Eligible Employees, to do all such acts, deeds, matters and things alterations/revisions in the Scheme or suspend/withdraw/revive
as it may, in its absolute discretion, deem necessary, expedient the Scheme from time to time, in conformity with the applicable
or proper and to settle all questions, difficulties or doubts that laws, Memorandum of Association and Articles of Association
may arise in relation to the implementation, administration and of the Company as may be required, in case of any change in
evolution of the Scheme. applicable laws or as specified by any statutory authority,
without being required to seek any further consent or approval
RESOLVED FURTHER that the Company shall conform to the
of the Members to the end and intent that they shall be deemed
accounting policies prescribed from time to time under SBEB
to have given their approval thereto expressly by the authority of
Regulations and any other applicable laws and regulations to the
this resolution provided that such change is not detrimental to the
extent relevant and applicable to the TML SLTI Scheme 2021.”
interest of the Eligible Employees of subsidiary companies, to do
12. Extending the Tata Motors Share-based Long Term all such acts, deeds, matters and things as it may, in its absolute
Incentive Scheme 2021 to eligible employees of certain discretion, deem necessary, expedient or proper and to settle all
subsidiary companies of the Company. questions, difficulties or doubts that may arise in relation to the
implementation, administration and evolution of the Scheme.”
a Special Resolution: 13. Appointment of Branch Auditors
“RESOLVED that based on the recommendation of the Nomination To consider and, if thought fit, to pass the following resolution as
and Remuneration of Committee (‘NRC’) and pursuant to the an Ordinary Resolution:
provisions of Section 62(1)(b) and other applicable provisions
of the Companies Act, 2013 (‘Act’) read with relevant rules “RESOLVED that pursuant to the provisions of Section 143(8) and
made thereunder, provisions of Foreign Exchange Management other applicable provisions, if any, of the Companies Act, 2013
Act, 1999, the rules and regulations framed thereunder and (‘Act’) (including any statutory modification(s) or re-enactment(s)

thereof for the time being in force) and the Companies (Audit and ratifies the remuneration of `5,00,000/- (Rupees Five Lakhs
Auditors) Rules, 2014, as amended from time to time, the Board of Only) plus applicable taxes, travel and out-of-pocket expenses
Directors be and is hereby authorised to appoint Branch Auditor(s) incurred in connection with the audit, as approved by the Board
of any Branch Office of the Company, whether existing or which of Directors, payable to M/s Mani & Co., Cost Accountants (Firm
may be opened/acquired hereafter, outside India, in consultation Registration No. 000004) who are appointed as Cost Auditors to
with the Company’s Auditors, any persons, qualified to act as conduct the audit of the cost records maintained by the Company
Branch Auditors within the provisions of Section 143(8) of the Act for the financial year ending March 31, 2022.”
and to fix their remuneration.”
By Order of the Board of Directors
14. Ratification of Cost Auditor’s Remuneration
To consider and, if thought fit, to pass the following resolution as HOSHANG K SETHNA
an Ordinary Resolution: Company Secretary
Mumbai, June 23, 2021 FCS No: 3507
“RESOLVED that pursuant to the provisions of Section 148(3) and Registered Office:
other applicable provisions, if any, of the Companies Act, 2013 Bombay House, 24, Homi Mody Street, Mumbai 400 001
(including any statutory modification(s) or re-enactment(s) thereof Tel: +91 22 6665 8282
for the time being in force) and the Companies (Audit and Auditors) Email: [email protected]; Website: www.tatamotors.com
Rules, 2014, as amended from time to time, the Company hereby CIN: L28920MH1945PLC004520
NOTES: 4. PURSUANT TO THE PROVISIONS OF THE ACT, A MEMBER

ENTITLED TO ATTEND AND VOTE AT THE AGM IS ENTITLED
1. In view of the COVID-19 pandemic, the Ministry of Corporate Affairs
TO APPOINT A PROXY TO ATTEND AND VOTE ON HIS/HER
(‘MCA’) has vide its General Circular No. 20/2020 dated May 5, 2020
BEHALF AND THE PROXY NEED NOT BE A MEMBER OF THE
in relation to clarification on holding of annual general meeting
COMPANY. SINCE THIS AGM IS BEING HELD PURSUANT TO THE
(‘AGM’) through video conferencing (‘VC’) or other audio visual
MCA CIRCULARS THROUGH VC/OAVM, THE REQUIREMENT OF
means (‘OAVM’) read with General Circulars No. 14/2020 dated
PHYSICAL ATTENDANCE OF MEMBERS HAS BEEN DISPENSED
April 8, 2020, No. 17/2020 dated April 13, 2020, No. 33/2020 dated
WITH. ACCORDINGLY, IN TERMS OF THE MCA CIRCULARS AND
September 28, 2020, No. 39/2020 dated December 31, 2020 and
THE SEBI CIRCULARS, THE FACILITY FOR APPOINTMENT OF
No. 10/2021 dated June 23, 2021 in relation to ‘Clarification on
PROXIES BY THE MEMBERS WILL NOT BE AVAILABLE FOR THIS
passing of ordinary and special resolutions by companies under the
AGM AND HENCE THE PROXY FORM, ATTENDANCE SLIP AND
Companies Act, 2013 and the rules made thereunder on account of
ROUTE MAP OF AGM ARE NOT ANNEXED TO THIS NOTICE.
the threat posed by COVID-19’ and General Circular No.02/2021
dated January 13, 2021 (collectively referred to as ‘MCA Circulars’) 5. Institutional investors and corporate Members are encouraged
and the Securities and Exchange Board of India (‘SEBI’) vide its to attend and vote at the 76th AGM through VC/ OAVM facility.
circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, Institutional investors and corporate Members intending to appoint
2020 in relation to ‘Additional relaxation in relation to compliance their authorized representatives pursuant to Sections 112 and
with certain provisions of SEBI (Listing Obligations and Disclosure 113 of the Act, as the case maybe, to attend the AGM through VC/
Requirements) Regulations 2015 – COVID-19 pandemic’ and circular OAVM or to vote through remote e-voting are requested to send a
No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021 certified copy of the Board Resolution to the Scrutinizer by email at
(collectively referred to as ‘SEBI Circulars’) permitted the holding [email protected] with a copy marked to evoting@nsdl.
of the Annual General Meeting (‘AGM’/‘the Meeting’) through VC/ co.in.
OAVM, without the physical presence of the Members at a common
6. Only registered Members (including the holders of ‘A’ Ordinary
venue. In compliance with the provisions of the Companies Act, 2013
Shares) of the Company may attend and vote at the AGM through
(‘Act’), the SEBI (Listing Obligations and Disclosure Requirements)
VC/OAVM facility. The holders of the American Depositary Receipts
Regulations, 2015 (‘SEBI Listing Regulations’) and MCA Circulars,
(‘ADR’) of the Company shall not be entitled to attend the said AGM.
the 76th AGM of the Company is being held through VC/OAVM on
However, the ADR holders are entitled to give instructions for
Friday, July 30, 2021 at 3.00 p.m. IST. The deemed venue for the
exercise of voting rights at the said Meeting through the Depositary,
AGM will be the Registered Office of the Company Bombay House,
to give or withhold such consent, to receive such notice or to
24 Homi Mody Street, Mumbai 400 001.
otherwise take action to exercise their rights with respect to such
2. As per the provisions of clause 3.A.II. of the General Circular No. underlying shares represented by each such ADR. A brief statement,
20/2020 dated May 5, 2020, issued by the MCA, the matters as to the manner in which such voting instructions may be given, is
of Special Business as appearing at Item Nos. 4 to 14 of the being sent to the ADR holders by the Depositary.
accompanying Notice, are considered to be unavoidable by the
7. In case of joint holders, the Member whose name appears as the first
Board and hence, form part of this Notice.
holder in the order of names as per the Register of Members of the
3. The Explanatory Statement pursuant to Section 102 of the Act Company will be entitled to vote at the AGM.
in respect of the business under Item Nos. 4 to 14 set out above
8. Members attending the AGM through VC/OAVM shall be counted for
and the relevant details of the Directors seeking appointment/
the purpose of reckoning the quorum under Section 103 of the Act.
re- appointment at this AGM as required under Regulation 36(3) of
the SEBI Listing Regulations and Secretarial Standard on General 9. The Members can join the AGM in the VC/OAVM mode 15 minutes
Meetings issued by The Institute of Company Secretaries of India before and after the scheduled time of the commencement of the
(‘Secretarial Standard’) are annexed hereto. Requisite declarations Meeting by following the procedure mentioned in the Notice. The
have been received from the Directors seeking appointment/re- facility of participation at the AGM through VC/OAVM will be made
appointment. available to at least 1,000 Members on a first come first served basis

as per the MCA Circulars. This will not include large shareholders a) Change in their residential status on return to India for
(shareholders holding 2% or more shareholding), Promoter/ permanent settlement.
Promoter Group, Institutional Investors, Directors, Key Managerial
b) Particulars of their bank account maintained in India with
Personnel, the Chairpersons of the Audit Committee, Nomination
complete name, branch, account type, account number and
and Remuneration Committee and Stakeholders Relationship
address of the bank with pin code number, if not furnished
Committee, Auditors etc. who are allowed to attend the AGM without
earlier.
restriction on account of first come first served basis.
16. Members holding shares in dematerialised mode are requested
10. In line with the General Circulars No. 20/2020 dated May 5, 2020
to intimate all changes pertaining to their bank details/NECS/
and No. 02/2021 dated January 13, 2021, issued by the MCA
mandates, nominations, power of attorney, change of address/name,
and the SEBI Circulars, Notice of the AGM along with the Annual
Permanent Account Number (‘PAN’) details, etc. to their Depository
Report 2020-21 is being sent only through electronic mode to
Participant only and not to the Company’s RTA. Changes intimated to
those Members whose email addresses are registered with the
the Depository Participant will then be automatically reflected in the
Company/Depositories/RTA. The Notice of AGM and Annual
Company’s records which will help the Company and its RTA provide
Report 2020-21 are available on the Company’s website viz.
efficient and better service to the Members.
www.tatamotors.com and may also be accessed from the relevant
section of the websites of the Stock Exchanges i.e. BSE Limited and In case of Members holding shares in physical form, such information
National Stock Exchange of India Limited at www.bseindia.com and is required to be provided to the Company’s RTA in physical mode,
www.nseindia.com respectively. The AGM Notice is also available after restoring normalcy or in electronic mode at csg-unit@tpclindia.
on the website of NSDL at www.evoting.nsdl.com co.in, as per instructions mentioned in the form. The said form can
be downloaded from the Members’ Referencer available on the
11. Electronic copies of all the documents referred to in the
Company’s website under Investor resources.
accompanying Notice of the AGM and the Explanatory Statement
shall be made available for inspection. During the 76th AGM, Members’ Referencer giving guidance on securities related matters
Members may access the scanned copy of Register of Directors and is put on the Company’s website and can be accessed at link: https://
Key Managerial Personnel and their shareholding maintained under www.tatamotors.com/investors/
Section 170 of the Act; the Register of Contracts and Arrangements
17. SEBI HAS MANDATED SUBMISSION OF PAN BY EVERY
in which Directors are interested maintained under Section 189 of
PARTICIPANT IN THE SECURITIES MARKET. MEMBERS HOLDING
the Act; the certificate from the Statutory Auditors of the Company
SHARES IN ELECTRONIC FORM ARE, THEREFORE, REQUESTED
stating that the Company has implemented the Tata Motors Limited
TO SUBMIT THEIR PAN DETAILS TO THEIR DEPOSITORY
Employees Stock Option Scheme 2018 (‘Scheme’) in accordance
PARTICIPANTS. MEMBERS HOLDING SHARES IN PHYSICAL
with the Securities and Exchange Board of India (Share Based
FORM ARE REQUESTED TO SUBMIT THEIR PAN DETAILS TO THE
Employee Benefits) Regulations, 2014; and the special resolution
COMPANY’S RTA.
passed by the Members of the Company approving the Scheme on
August 3, 2018. Members desiring inspection of statutory registers 18. As per Regulation 40 of the SEBI Listing Regulations, as amended,
and other relevant documents may send their request in writing to transfer of securities would be carried out in dematerialised form
the Company at [email protected] only with effect from April 1, 2019, except in case of transmission
or transposition of securities. However, Members can continue to
12. As per the provisions of Section 72 of the Act, the facility for making
hold shares in physical form. In view of the same and to eliminate
nomination is available for the Members in respect of the shares held
all risks associated with physical shares and for ease of portfolio
by them. Members who have not yet registered their nomination
management, Members holding shares in physical form are
are requested to register the same by submitting Form No. SH-13.
requested to consider converting their holdings to dematerialized
The said form can be downloaded from the Members’ Referencer
form. Members can contact the Company’s RTA for assistance in this
available on the Company’s website under Investor resources.
regard.
Members are requested to submit the said details to their Depository
Participants in case the shares are held by them in electronic form 19. Members are requested to note that, dividends if not encashed for
and to the Company’s Registrar and Transfer Agent (‘RTA’) in case a consecutive period of 7 years from the date of transfer to Unpaid
the shares are held by them in physical form, quoting their folio Dividend Account of the Company, are liable to be transferred to
number. the Investor Education and Protection Fund (‘IEPF’). The shares in
respect of such unclaimed dividends are also liable to be transferred
13. Members holding shares in physical form, in identical order of
to the demat account of the IEPF Authority. In view of this, Members
names, in more than one folio are requested to send to the Company’s
are requested to claim their dividends from the Company, within
RTA, the details of such folios together with the share certificates
the stipulated timeline. The Members, whose unclaimed dividends/
for consolidating their holdings in one folio. A consolidated share
shares have been transferred to IEPF, may claim the same by making
certificate will be issued to such Members after making requisite
an application to the IEPF Authority in Form No. IEPF-5 available on
changes.
www.iepf.gov.in.
14. To prevent fraudulent transactions, Members are advised to
20. To support the ‘Green Initiative’, Members who have not yet
exercise due diligence and notify the Company of any change in
registered their email addresses are requested to register the same
address or demise of any Member as soon as possible. Members
with their DPs in case the shares are held by them in electronic form
are also advised to not leave their demat account(s) dormant for
and with the Company’s RTA in case the shares are held by them in
long. Periodic statement of holdings should be obtained from the
physical form.
concerned Depository Participant and holdings should be verified
from time to time. 21. The Company has made special arrangement with the RTA and NSDL
for registration of email addresses in terms of the MCA Circulars
15. Non-Resident Indian Members are requested to inform the
for Members who wish to receive the Annual Report along with
Company’s RTA immediately of:
the AGM Notice electronically and to cast the vote electronically.

Eligible Members whose email addresses are not registered with e-voting during the AGM (as explained at ‘para G’ below).
the Company/ DPs are required to provide the same to RTA on or Instructions for Members for attending the AGM through
before 5:00 p.m. IST on Tuesday, July 20, 2021 pursuant to which, VC/OAVM are explained at ‘para H’ below.
any Member may receive on the email address provided by the
B. The voting rights of the Ordinary Shareholders shall be in
Member the Notice of this AGM along with the Annual Report 2020-
the same proportion to the paid-up ordinary share capital
21 and the procedure for remote e-voting along with the login ID and
and in case of voting rights on the ‘A’ Ordinary Shares, the
password for remote e-voting.
holder shall be entitled to one vote for every ten ‘A’ Ordinary
(i) Process for registration of email addresses with RTA is as Shares held.
under:
C. A person, whose name is recorded in the Register of
a) Visit the link https://tcpl.linkintime.co.in/EmailReg/ Members or in the Register of Beneficial Owners maintained
email_register.html by the depositories as on Friday, July 23, 2021 (‘cut-off
date’) shall be entitled to vote in respect of the shares held,
b) Select the name of the Company from dropdown.
by availing the facility of remote e-voting prior to the AGM
c) Enter details in respective fields such as DP ID and Client or remote e-voting during the AGM.
ID (if you hold the shares in demat form) / Folio no. and
D. The Members can opt for only one mode of remote e-voting
Certificate no. (if shares are held in physical form), Name
i.e. either prior to the AGM or during the AGM. The Members
of the Shareholder, PAN details, mobile number and
present at the Meeting through VC/OAVM who have not
e-mail ID.
already cast their vote by remote e-voting prior to the
d) System will send OTP on mobile number and e-mail ID. Meeting shall be able to exercise their right to cast their vote
by remote e-voting during the Meeting. The Members who
e) Enter OTP received on mobile number and e-mail ID and
have cast their vote by remote e-voting prior to the AGM are
submit.
eligible to attend the Meeting but shall not be entitled to
After successful submission of the e-mail address, NSDL cast their vote again.
will email a copy of the the Notice of this AGM along with the
E. The Board of Directors has appointed Mr P N Parikh
Annual Report 2020-21 as also the remote e-Voting user
(Membership No. FCS 327) and failing him; Ms Jigyasa
ID and password on the e-mail address registered by the
Ved (Membership No. FCS 6488) and failing her; Mr Mitesh
Member. In case of any queries, Members may write to csg-
Dhabliwala (Membership No. FCS 8331) of M/s Parikh
[email protected] or [email protected].
& Associates, Practicing Company Secretaries, as the
(ii) Registration of email address permanently with RTA/DP: Scrutinizer to scrutinize the remote e-voting process, in a
Members are requested to register the email address with fair and transparent manner.
their concerned DPs, in respect of shares held in demat
F. INSTRUCTIONS FOR REMOTE E-VOTING PRIOR TO THE
mode and with RTA, in respect of shares held in physical
AGM
mode, by writing to them.
Any person, who acquires shares of the Company and
(iii) Alternatively, those Members who have not registered their
becomes a Member of the Company after dispatch of the
email addresses are required to send an email request to
Notice and holding shares as of the cut-off date i.e. Friday,
[email protected] along with the following documents
July 23, 2021 may obtain the login ID and password by
for procuring user id and password for e-voting for the
sending a request at [email protected].
resolutions set out in this Notice:
The remote e-voting period starts on Tuesday, July 27,
• In case shares are held in physical mode, please provide
2021 (9.00 a.m. IST) and ends on Thursday, July 29, 2021
Folio No., Name of shareholder, scanned copy of the
(5.00 p.m. IST). Remote e-voting shall be disabled by NSDL
share certificate (front and back), self-attested scanned
at 5:00 p.m. on July 29, 2021 and Members shall not be
copy of PAN card, self-attested scanned copy of Aadhar
allowed to vote through remote e-voting thereafter. Once
Card.
the vote on a resolution is cast by the Member, the Member
• In case shares are held in demat mode, please provide shall not be allowed to change it subsequently.
DPID-Client ID (8 digit DPID + 8 digit Client ID or 16
The way to vote electronically on NSDL e-voting system
digit beneficiary ID), Name, client master or copy of
consists of ‘Two Steps’ which are mentioned below:
Consolidated Account statement, self-attested scanned
copy of PAN card, self-attested scanned copy of Aadhar Step 1: Access to NSDL e-voting system
Card.
I. Login method for e-voting and joining virtual
22. VOTING BY MEMBERS: meeting for Individual shareholders holding
A. In compliance with the provisions of Section 108 of the securities in demat mode
Act read with Rule 20 of the Companies (Management In terms of SEBI circular dated December 9, 2020
and Administration) Rules, 2014 (as amended), Regulation on e-voting facility provided by Listed Companies,
44 of the SEBI Listing Regulations (as amended), MCA individual shareholders holding securities in demat
Circulars and the SEBI Circulars, the Company is providing mode are allowed to vote through their demat
its Members the facility to exercise their right to vote on account maintained with Depositories and Depository
resolutions proposed to be considered at the AGM by Participants. Members are advised to update their
electronic means (by using the electronic voting system mobile number and email Id in their demat accounts in
provided by NSDL) either by (i) remote e-voting prior to the order to access e-voting facility.
AGM (as explained at ‘para F’ herein below) or (ii) remote

Login method for Individual shareholders holding i. Existing users who have opted for Easi /
securities in demat mode is given below: Easiest, they can login through their user id
and password. Option will be made available
• For individual Members holding securities in demat
to reach e-voting page without any further
mode with NSDL:
authentication. The URL for users to login to Easi
i. Existing IDeAS user can visit the e-Services / Easiest are https://web.cdslindia.com/myeasi/
website of NSDL Viz. https://eservices.nsdl.com home/login or www.cdslindia.com and click on
either on a Personal Computer or on a mobile. On New System Myeasi.
the e-Services home page click on the ‘Beneficial
ii. After successful login of Easi/Easiest the user
Owner’ icon under ‘Login’ which is available
will be also able to see the E Voting Menu. The
under ‘IDeAS’ section, this will prompt you to
Menu will have links of e-voting service provider
enter your existing User ID and Password. After
i.e. NSDL. Click on NSDL to cast your vote.
successful authentication, you will be able to see
e-voting services under Value added services. iii. If the user is not registered for Easi/Easiest,
Click on ‘Access to e-Voting’ under e-voting option to register is available at https://
services and you will be able to see e-voting w e b.c d s l in di a .c o m /my e a s i / Re gi s t r at io n /
page. Click on company name or e-voting service EasiRegistration
provider i.e. NSDL and you will be re-directed to
iv. Alternatively, the user can directly access e-voting
e-voting website of NSDL for casting your vote
page by providing demat Account Number and
during the remote e-voting period or joining
PAN No. from a link in www.cdslindia.com home
virtual meeting and voting during the meeting.
page. The system will authenticate the user by
ii. If you are not registered for IDeAS e-Services, sending OTP on registered Mobile & Email as
option to register is available at https:// recorded in the demat Account. After successful
eservices.nsdl.com. Select ‘Register Online for authentication, user will be provided links for the
IDeAS Portal’ or click at https://eservices.nsdl. respective ESP i.e. NSDL where the e-voting is in
com/SecureWeb/IdeasDirectReg.jsp progress.
iii. Visit the e-voting website of NSDL. Open web • Individual Shareholders (holding securities in demat
browser by typing the following URL: https:// mode) login through their depository participants
www.evoting.nsdl.com/ either on a Personal
You can also login using the login credentials of
Computer or on a mobile. Once the home page
your demat account through your Depository
of e-Voting system is launched, click on the icon
Participant registered with NSDL/CDSL for
‘Login’ which is available under ‘Shareholder/
e-voting facility. Upon logging in, you will be able
Member’ section. A new screen will open. You
to see e-voting option. Click on e-voting option, you
will have to enter your User ID (i.e. your sixteen
will be redirected to NSDL/CDSL Depository site
digit demat account number hold with NSDL),
after successful authentication, wherein you can
Password/OTP and a Verification Code as shown
see e-Voting feature. Click on company name or
on the screen. After successful authentication,
e-voting service provider i.e. NSDL and you will be
you will be redirected to NSDL Depository site
redirected to e-voting website of NSDL for casting
wherein you can see e-voting page. Click on
your vote during the remote e-voting period or
company name or e-voting service provider
joining virtual meeting & voting during the meeting.
i.e. NSDL and you will be redirected to e-voting
website of NSDL for casting your vote during the Important note: Members who are unable to retrieve
remote e-voting period or joining virtual meeting User ID/ Password are advised to use Forget User ID and
and voting during the meeting. Forget Password option available at abovementioned
website.
iv. Shareholders/Members can also download
NSDL Mobile App ‘NSDL Speede’ facility by Helpdesk for Individual Shareholders holding securities
scanning the QR code mentioned below for in demat mode for any technical issues related to login
seamless voting experience. through Depository i.e. NSDL and CDSL.
Login type Helpdesk details

Individual Members facing any technical issue in
Shareholders login can contact NSDL helpdesk by
holding securities sending a request at [email protected]
in demat mode or call at toll free no.: 1800 1020 990
with NSDL and 1800 22 44 30
Individual Members facing any technical issue
Shareholders in login can contact CDSL helpdesk
holding securities by sending a request at helpdesk.
• Individual Shareholders holding securities in
in demat mode [email protected] or contact at
demat mode with CDSL
with CDSL 022- 23058738 or 022-23058542-43

II. Login Method for e-voting and joining virtual email ID. Trace the email sent to you from
meeting for shareholders other than Individual NSDL from your mailbox. Open the email
shareholders holding securities in demat mode and and open the attachment i.e. a .pdf file. Open
shareholders holding securities in physical mode. the .pdf file. The password to open the .pdf
file is your 8 digit client ID for NSDL account,
i. Visit the e-voting website of NSDL. Open web
last 8 digits of client ID for CDSL account or
browser by typing the URL: https://www.evoting.
folio number for shares held in physical form.
nsdl.com/ either on a Personal Computer or on a
The .pdf file contains your ‘User ID’ and your
mobile.
‘initial password’.
ii. Once the home page of e-voting system is launched,
If your email ID is not registered, please follow steps
click on the icon ‘Login’ which is available under
mentioned below in process for those shareholders
‘Shareholders’ section.
whose email ids are not registered.
iii. A new screen will open. You will have to enter your
If you are unable to retrieve or have not received the
User ID, your Password and a Verification Code as
‘initial password’ or have forgotten your password:
shown on the screen.
a) Click on ‘Forgot User Details/ Password?’
Alternatively, if you are registered for NSDL
(If you are holding shares in your Demat
eservices i.e. IDeAS, you can log-in at https://
account with NSDL or CDSL) option available
eservices.nsdl.com/ with your existing IDeAS login.
on www.evoting.nsdl.com.
Once you log in to NSDL eservices after using your
log in credentials, click on e-voting and you can b) ‘Physical User Reset Password?’ (If you
proceed to step 2 i.e. Cast your vote electronically. are holding shares in physical mode) option
available on www. evoting.nsdl.com.
iv. Your User ID details will be as per details given
below: c) If you are still unable to get the password by
aforesaid two options, you can send a request
a) For Members who hold shares in demat
at [email protected] mentioning your Demat
account with NSDL: 8 Character DP
account number/folio number, your PAN,
ID followed by 8 Digit Client ID (For
your name and your registered address.
example if your DP ID is IN300*** and
Client ID is 12****** then your user ID is d) Members can also use the One Time
IN300***12******). Password (OTP) based login for casting the
votes on the e-Voting system of NSDL
b) For Members who hold shares in demat
account with CDSL: 16 Digit Beneficiary vi. After entering your password, tick on ‘I hereby
ID (For example if your Beneficiary ID is agree to all Terms and Conditions’.
12************** then your user ID is
vii. Click on ‘Login’ button.
12**************).
viii. After you click on the ‘Login’ button, Home page of
c) For Members holding shares in Physical
e-voting will open.
Form: EVEN Number followed by Folio
Number registered with the Company (For Step 2: Cast your vote electronically on NSDL e-voting system
example, for Members holding Ordinary
i. After successful login at Step 1, you will be able to see
Shares, if folio number is 001*** and EVEN
all the companies ‘EVEN’ in which you are holding shares
is 116056 then user ID is 116056001***. For
and whose voting cycle and General Meeting is in active
Members holding ‘A’ Ordinary Shares, if folio
status.
number is 001*** and EVEN is 116057 then
user ID is 116057001***). ii. Select ‘EVEN’ of the Company to cast your vote during
the remote e-voting period or during the AGM. For joining
v. Password details for shareholders other than
virtual meeting, you need to click on ‘VC/OAVM’ link
Individual shareholders are given below:
placed under ‘Join General Meeting’.
a) If you are already registered for e-voting,
a. EVEN for Ordinary Shares is 116056.
then you can use your existing password to
login and cast your vote. b. EVEN for ‘A’ Ordinary Shares is 116057.
b) If you are using NSDL e-voting system for the iii. Now you are ready for e-voting as the Voting page opens.
first time, you will need to retrieve the ‘initial
iv. Cast your vote by selecting appropriate options i.e. assent
password’ which was communicated to you.
or dissent, verify/modify the number of shares for which
Once you retrieve your ‘initial password’,
you wish to cast your vote and click on ‘Submit’ and also
you need to enter the ‘initial password’ and
‘Confirm’ when prompted.
the system will force you to change your
password. v. Upon confirmation, the message ‘Vote cast successfully’
will be displayed.
c) How to retrieve your ‘initial password’?
vi. You can also take the printout of the votes cast by you by
If your email ID is registered in your demat
clicking on the print option on the confirmation page.
account or with the Company, your ‘initial
password’ is communicated to you on your

vii. Once you confirm your vote on the resolution, you will not ii. Members are encouraged to join the Meeting through
be allowed to modify your vote. laptops for better experience. Further Members will be
required to allow camera and use internet with a good
G. INSTRUCTIONS FOR REMOTE E-VOTING DURING AGM
speed to avoid any disturbance during the Meeting. Please
i. The procedure for remote e-voting during the AGM is note that participants connecting from mobile devices or
same as the instructions mentioned above for remote tablets or through laptop connecting via mobile hotspot
e-voting since the Meeting is being held through VC/ may experience audio/video loss due to fluctuation in
OAVM. their respective network. It is therefore recommended to
use stable Wi-Fi or LAN Connection to mitigate any kind of
ii. The Chairman shall, at the AGM, at the end of discussion on
aforesaid glitches.
the resolutions on which voting is to be held, allow voting,
by use of remote e-voting system for all those Members iii. Members are encouraged to submit their questions
who will be present in the AGM through VC/OAVM facility in advance with regard to the financial statements
but have not cast their vote on the resolutions by availing or any other matter to be placed at the AGM, from
the remote e-voting facility and are otherwise not barred their registered email address, mentioning their
from doing so. The remote e-voting module during the name, DP ID and Client ID number / folio number
AGM shall be disabled by NSDL for voting 15 minutes and mobile number, to reach the Company’s email
after the conclusion of the Meeting. address [email protected] on or before
5.00 p.m. IST on Monday, July 26, 2021. Queries that
General Guidelines for Shareholders
remain unanswered at the AGM will be appropriately
• Institutional/corporate Members (i.e. other than responded by the Company at the earliest post the
individuals, HUF, NRI, etc.) are required to send a conclusion of the AGM.
scanned copy (PDF/JPG Format) of the relevant
iv. Members who would like to express their views/ask
Board Resolution/Authority letter, etc. with
questions as a speaker at the Meeting may pre-register
attested specimen signature of the duly authorized
themselves by sending a request from their registered
signatory(ies) who are authorized to vote, to the
email address mentioning their names, DP ID and Client
Scrutinizer by email to [email protected]
ID/folio number, PAN and mobile number at inv_rel@
with a copy marked to [email protected].
tatamotors.com between Friday, July 23, 2021 (9:00 a.m.
• It is strongly recommended not to share your IST) and Wednesday, July 28, 2021 (5:00 p.m. IST). Only
password with any other person and take utmost those Members who have pre-registered themselves
care to keep your password confidential. Login as a speaker will be allowed to express their views/ask
to the e-voting website will be disabled upon five questions during the AGM. The Company reserves the
unsuccessful attempts to key in the correct password. right to restrict the number of speakers depending on the
In such an event, you will need to go through the availability of time for the AGM.
‘Forgot User Details/Password?’ or ‘Physical User
v. Members who need assistance before or during the AGM
Reset Password?’ option available on www.evoting.
may contact NSDL on [email protected] or 1800-222-
nsdl.com to reset the password.
990 or contact Mr Amit Vishal, Senior Manager – NSDL at
• In case of any queries/grievances pertaining to [email protected] or call on +91 22 2499 4360.
remote e-voting (prior to and/or during the AGM),
you may refer to the Frequently Asked Questions 23. DECLARATION OF RESULTS ON THE RESOLUTIONS:
(‘FAQs’) for Shareholders and e-voting user manual • The Scrutinizer shall, immediately after the completion of the
for Shareholders available in the ‘Downloads’ section scrutiny of the e-voting (votes cast during the AGM and votes
of www.evoting.nsdl.com. cast through remote e-voting), within 2 working days from the
conclusion of the AGM, submit a consolidated Scrutinizer’s report
H. INSTRUCTIONS FOR MEMBERS FOR ATTENDING AGM
of the total votes cast in favour and against the resolution(s),
THROUGH VC / OAVM
invalid votes, if any, and whether the resolution(s) has/have been
i. Members will be provided with a facility to attend the carried or not, to the Chairman or a person authorized by him in
AGM through VC/OAVM through the NSDL e-voting writing.
system. Members may access by following the steps
• The result declared along with the Scrutinizer’s Report shall
mentioned above for access to NSDL e-voting system.
be placed on the Company’s website www.tatamotors.com and
After successful login, you can see link of ‘VC/OAVM link’
on the website of NSDL www.evoting.nsdl.com immediately
placed under ‘Join General meeting’ menu against the
after the result is declared. The Company shall simultaneously
Company name. You are requested to click on VC/OAVM
forward the results to BSE Limited and National Stock Exchange
link placed under Join General Meeting menu. The link for
of India Ltd., where the securities of the Company are listed.
VC/OAVM will be available in Shareholder/Member login
where the EVEN of Company will be displayed. Please • Subject to the receipt of requisite number of votes, the Resolutions
note that the Members who do not have the User ID and shall be deemed to be passed on the date of the Meeting i.e.
Password for e-voting or have forgotten the User ID and July 30, 2021.
Password may retrieve the same by following the remote
e-voting instructions mentioned in the notice to avoid last
minute rush.

EXPLANATORY STATEMENT Given his experience, the Board considers it desirable and in the interest
of the Company to have Mr Bolloré on the Board of the Company and
The Explanatory Statement pursuant to Section 102 of the Companies
accordingly the Board recommends the appointment of Mr Bolloré as
Act, 2013 (‘Act’), given hereunder sets out all material facts relating to
a Non-Executive Director as proposed in the resolution set out at Item
the special business mentioned at Item Nos. 4 to 14 of the accompanying
No. 5 for approval by the Members.
Notice dated June 23, 2021.
Except for Mr Bolloré and/or his relatives, no other Director, Key
Item No. 4 Managerial Personnel or their respective relatives are, in any way,
Based on the recommendation of the Nomination and Remuneration concerned or interested, financially or otherwise, in the said resolution.
Committee (‘NRC’), the Board of Directors appointed Mr Mitsuhiko
Yamashita (DIN: 08871753) as an Additional Director of the Item No. 6
Company and also an Non-Executive, Independent Director w.e.f Based on recommendation of NRC, the Board of Directors appointed
September 16, 2020, subject to approval of the Members. Mr Mr Kosaraju V Chowdary (DIN: 08485334) as Additional Director
Yamashita was appointed as a Senior Technical Advisor to the of the Company and also Independent Director, not liable to retire
Chairman, Tata Sons Private Limited-Company’s Promoter and by rotation, for a term of five years i.e. from October 27, 2020 up to
based on the recommendation of the NRC, the Board of Directors October 26, 2025 subject to approval of the Members.
approved change in designation of Mr Yamashita as a Non-Executive
Pursuant to the provisions of Section 161(1) of the Act and Article
Non-Independent (Additional) Director of the Company w.e.f. October 27,
132 of the Articles of Association of the Company, Mr Chowdary shall
2020, liable to retire by rotation.
hold office up to the date of this AGM and is eligible to be appointed
Pursuant to the provisions of Section 161(1) of the Act and Article 132 of as a Director. The Company has, in terms of Section 160(1) of the Act,
the Articles of Association of the Company, Mr Yamashita shall hold office received in writing a notice from Member, proposing his candidature for
up to the date of this Annual General Meeting (‘AGM’) and is eligible to the office of Director. The profile and specific areas of expertise of Mr
be appointed as a Director. The Company has, in terms of Section 160(1) Chowdary are provided as Annexure to this Notice.
of the Act, received a notice in writing from a Member, proposing his
Mr Chowdary has given his declaration to the Board that he meets the
candidature for the office of Director. Mr Yamashita, once appointed will
criteria of independence as provided under Section 149(6) of the Act
be liable to retire by rotation. The profile and specific areas of expertise of
and Regulation 16(1)(b) of the Securities and Exchange Board of India
Mr Yamashita are provided as Annexure to this Notice.
(Listing Obligations and Disclosure Requirements) Regulations, 2015
Mr Yamashita has given his declaration to the Board that he is not (‘SEBI Listing Regulations’), is not restrained from acting as a Director
restrained from acting as a Director by virtue of any Order passed by the by virtue of any Order passed by SEBI or any such authority and is
Securities and Exchange Board of India (‘SEBI’) or any such authority and eligible to be appointed as a Director in terms of Section 164 of the Act.
is eligible to be appointed as a Director in terms of Section 164 of the Act. He has also given his consent to act as a Director.
He has also given his consent to act as a Director.
In the opinion of the Board, Mr Chowdary is a person of integrity,
Given his experience, the Board considers it desirable and in the interest possesses the relevant expertise / experience and fulfills the conditions
of the Company to have Mr Yamashita on the Board of the Company and specified in the Act and the SEBI Listing Regulations for appointment as
accordingly the Board recommends the appointment of Mr Yamashita an Independent Director and he is independent of the management.
as a Non-Executive Director as proposed in the resolution set out at
Given his experience, the Board considers it desirable and in the interest
Item No. 4 for approval by the Members.
of the Company to have Mr Chowdary on the Board of the Company and
Except for Mr Yamashita and/or his relatives, no other Director, Key accordingly the Board recommends the appointment of Mr Chowdary
Managerial Personnel or their respective relatives are, in any way, as an Independent Director as proposed in the resolution set out at Item
concerned or interested, financially or otherwise, in the said resolution. No. 6 for approval by the Members.
Item No. 5 Electronic copy of the terms and condition of appointment of the
Independent Directors is available for inspection. Please refer to Note
Based on the recommendation of the NRC, the Board of Directors
11 given in the Notice on inspection of documents.
appointed Mr Thierry Bolloré (DIN: 08935293) as an Additional Director
of the Company and also Non-Executive Director, liable to retire by Except for Mr Chowdary and/or his relatives, no other Director, Key
rotation, w.e.f October 27, 2020, subject to approval of the Members. Managerial Personnel or their respective relatives are, in any way,
concerned or interested, financially or otherwise, in the said resolution.
Pursuant to the provisions of Section 161(1) of the Act and Article
132 of the Articles of Association of the Company, Mr Bolloré shall Item Nos. 7 to 9
hold office up to the date of this AGM and is eligible to be appointed
as a Director. The Company has, in terms of Section 160(1) of the Act, In respect of Item No. 7 of the Notice dealing with the re-
received a notice in writing from a Member, proposing his candidature appointment of Mr Guenter Butschek as the Chief Executive
for the office of Director. Mr Bolloré, once appointed will be liable to Officer and Managing Director and payment of remuneration
retire by rotation. The profile and specific areas of expertise of Mr The Members will recall having approved, at the 71st AGM held on August 9,
Bolloré are provided as Annexure to this Notice. 2016 by way of Special Resolution, the appointment of Mr Guenter Butschek
as the Chief Executive Officer and Managing Director (‘Mr Butschek’ or ‘MD’)
Mr Bolloré has given his declaration to the Board that he is not
of the Company for a tenure of 5 years commencing from February 15,
restrained from acting as a Director by virtue of any Order passed by the
2016, including the terms of his remuneration as summarized below:
SEBI or any such authority and is eligible to be appointed as a Director
in terms of Section 164 of the Act. He has also given his consent to act
as a Director.

Remuneration: would be due and paid upon Mr Butschek fulfilling his responsibilities
for remainder of his term under the employment contract:
a) Salary: €27,500 per month (rupee equivalent at the applicable rate on
the date of payment); • LTIP for FY 2017-18: `5,66,14,074/- (€6,60,000) payable in August
b) Benefits, perquisites and allowances, including retirement benefits; 2021.
and • LTIP for FY 2018-19: `5,09,52,667/- (€5,94,000) is due and
c) Incentive Remuneration in the form of Performance Bonus and Long payable in April 2022.
Term Incentive. • LTIP for FY 2019-20: `1,41,53,519/- (€1,65,000) is due and
Minimum Remuneration: Notwithstanding anything to the contrary herein payable in April 2023.
contained, where in any financial year during the currency of the term • LTIP for FY 2020-21: `4,81,45,552/- (€5,61,275) is due and
of the MD, the Company has no profits or its profits are inadequate, the payable in April 2024. Out of the same, an amount of `60,18,194
Company will pay to the MD, remuneration by way of basic salary, benefits, pertaining to the period February 15, 2021 to March 31, 2021 is
perquisites and allowances, incentive remuneration and retirement benefits subject to approval of the Members.
as specified above.
The LTIP amount for FY 2017-18, FY 2018-19 and FY 2019-20 has
Further, the Members at the 75th AGM held on August 25, 2020, also by been revised due to foreign currency due to exchange rate fluctuation.
Special Resolutions approved the payment of minimum remuneration to
Approval of the Members is being sought by way of a special resolution
the MD in view of inadequacy of profits/losses as calculated under the
at Item No. 7 for the re-appointment and payment of remuneration
provisions of Section 198 of the Act, for FY 2019-20 and FY 2020-21 (upto
(including for the period February 15, 2021 to March 31, 2021) to Mr
February 14, 2021).
Butschek. Mr Butschek, being a German citizen and non-resident of
To facilitate the introduction and smooth transition of Mr Butschek’s role India, approval of Central Government is also being sought for his re-
to the successor, the Board of Directors, based on the recommendation of appointment.
the NRC, has on February 12, 2021 approved the re-appointment of Mr
Butschek as the MD for a period from February 15, 2021 to June 30, 2021
In respect of Item Nos. 8 and 9 of the Notice dealing with the
on similar terms and conditions of remuneration during his prior tenure
appointment of Mr Girish Wagh as a Director and Executive
Director and payment of remuneration
(of February 15, 2016 to February 14, 2021). The above is taking into
consideration the request of Mr Butschek to return to his home country for The Board of Directors, based on the recommendation of the NRC has,
personal reasons. However considering the critical phase and challenges at its meeting held on June 23, 2021, approved the appointment of
currently faced by the Company, it has been agreed that Mr Butschek’s Mr Girish Wagh as an Additional Director and the Executive Director
expertise would continue to be made available as a Consultant to advise on (‘ED’) of the Company w.e.f July 1, 2021 (the ‘Date of Appointment’) and
significant/strategic initiatives upto the period March 31, 2022. entrusted him with the overall responsibility of Tata Motors’ operations
pertaining to Commercial Vehicle business of Tata Motors in India and
The following is the calculation of remuneration to Mr Butschek in view of international markets which, inter alia, included South Korea, Thailand,
absence of profits / losses for FY 2020-21 and for the period February 15, Spain, Indonesia and South Africa.
2021 to March 31, 2021:
Pursuant to the provisions of Section 161(1) of the Act, the Rules framed
(` in crores) thereunder and the Articles of Association of the Company, Mr Wagh
Prorated for period would cease to hold office at the ensuing Annual General Meeting but
FY 2020-21 Feb 15, 2021 to would be eligible for appointment as a Director. Notice under Section
March 31, 2021 160 of the Act has been received from a Member signifying his intention
a. Mr Butschek’s Remuneration 27.38 3.42 to propose Mr Wagh’s appointment as a Director and the Members’
b. Amounts not to be considered for 0.18 0.03 approval is sought for the said proposal given in the Resolution No. 8.
limits as per Schedule V Members’ approval is also sought for the appointment and payment
c. Maximum limit prescribed under 2.40 0.30 of remuneration, including minimum remuneration, to Mr Wagh as the
Schedule V on his remuneration# Executive Director of the Company w.e.f July 1, 2021 for a period of 5
d. Performance bonus and LTIP 9.63 1.20 years, pursuant to Sections 196, 197, Schedule V and other applicable
recommended by the NRC and the provisions, if any, of the Act.
Board on June 23, 2021 but not
paid In respect of Item Nos. 7 to 9 of the Notice
e. Excess paid beyond prescribed 15.17* 1.89 The Company recorded a loss for FY 2020-21 of `2,687.07 crores on
Schedule V limit [a-b-c-d] a standalone basis (without Joint Operations). The Company incurred a
#
the maximum prescribed is calculated based on the effective capital of loss of `2,832.92 crores for FY 2020-21 as calculated under Section
`12,288.86 crores as per Schedule V of the Act. 198 of the Act for the payment of Managerial Remuneration as per the
*
out of the above, an amount of `13.28 crores was inter alia approved by the provisions of Section 197 read with Schedule V of the Act and the rules
Members on August 25, 2020.
thereunder. Further, whilst the Company has improved its performance
in FY 2020-21, it may be likely that the Company may have a scenario
It may be noted that as per the terms of the agreement with Mr wherein there are inadequacy of profits under the said provisions of
Butschek, the following LTIP have been approved by the Board based the Act in FY 2021-22. As a measure of prudence, Members’ approval
on the recommendation of the NRC in the previous year which have is being sought for payment of minimum remuneration as defined in the
been accrued in the books of accounts in the respective years and proposed resolutions at Item Nos. 7 to 9 of the Notice .

THE STATEMENT CONTAINING ADDITIONAL INFORMATION AS REQUIRED UNDER SCHEDULE V OF THE ACT
I. General Information
1. Nature of Industry:
The Company is mainly engaged in the business of manufacture, assembly and sale of automobile products consisting of all types of
commercial and passenger vehicles, including spare parts.
2. Date or expected date of commencement of commercial production:

The Company was incorporated on September 1, 1945 and on receipt of Commencement of Business Certificate on November 20, 1945, the
Company had since commenced its business.
3. In case of new companies, expected date of commencement of activities as per project approved by financial institutions
appearing in the prospectus:
Not Applicable.
4. Financial Performance based on given indicators:
(` in crores)
FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17
Particulars
Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated Standalone Consolidated
Revenue from Operations 46,536.61 2,49,794.75 42,963.03 2,61,067.91 67,611.07 301,938.40 57,258.60 2,95,409.34 48,319.90 274,492.12
(Gross)
Profit/(Loss) for the period (2,687.07) (13,395.10) (7,453.98) (11,975.23) 1,903.94 (28,724.20) (1,266.19) 9,091.36 2,597.62 7,556.56
Profit/(Loss) under Sec. (2,832.92) NA (7,083.20) NA 396.12 NA (1,511.32) NA (2,564.03) NA
198
Note: Above amounts are extracted from financial statements of the Company on consolidated and standalone basis (without Joint Operations) for the respective
financial year.
It may be noticed from the above table that there is significant 5. Foreign Investment or collaborations, if any:
improvement in the Company’s operating performance and financial The Company has not entered into any material foreign
results in FY 2020-21, primarily due to strong volumes for passenger collaboration and no direct capital investment has been made in
vehicles, improved product mix and structural cost improvements. the Company. Foreign investors, mainly comprising FIIs and ADR
Further, there is reversal of impairment losses and onerous contract holders, are investors in the Company on account of past issuances
provisions as on March 31, 2021, on the back of the significant of securities and secondary market purchases.
improvement in the performance and outlook of the PV business. Our
new BSVI Commercial vehicles product range was well received by II. INFORMATION ABOUT THE APPOINTEES
the customers. CV business consistently posted sequential quarter on
A. Mr Guenter Butschek, Chief Executive Officer and
quarter growth and improved realization. A clear shift towards personal
Managing Director
mobility and the rich preference for our ‘New Forever’ range of cars and
SUVs led to the PV business recording its highest ever annual sales 1. Background details:
in 8 years and growing its market share to 8.2%. Despite challenging Aged 60, Mr Guenter Butschek is a graduate in Business
environment, the Company has posted positive EBITDA of `1,197 Administration and Economics with a diploma from the
crores in FY 2020-21 as compared to negative EBITDA of `324 crores University of Cooperative Education Stuttgart, Germany,
in FY 2019-20 on a standalone basis. The Company managed cash flows with wide and varied experience in business in the aerospace
exceptionally well under very challenging circumstances, with detailed and the automobile industries leading industrial strategies,
planning, monitoring and actions, ending the year on a better footing as operational excellence, turnaround initiatives and large
compared to expectations. Further, the Company could reduce some of scale business transformations and setting the footprint for
its borrowing costs consequent to Tata Sons Private Limited exercising future profitable growth. Before joining Tata Motors, he has
conversion option on its 23,13,33,871 warrants into 23,13,33,871 worked in the Airbus Group, Daimler AG and Mercedes-Benz
Ordinary Shares by paying balance subscription money of `2,603 crores AG in Stuttgart, Germany for over three decades in various
during the year ended March 31, 2021. positions and functions across geographies. He has optimized
Tata Motors’ Standalone financial performance reflects lesser negative manufacturing footprints, aligned end-to-end demand and
results as compared to previous year’s loss as stated above under supply chains and improved global operating systems. He
Section 198 of the Act. Tata Motors’ Consolidated financial performance led joint ventures, created partnerships with social partners
continues to show improvements. (trade unions), private and public authorities, fostering a
culture of teaming, agility and accountability.

2. Past remuneration: 4. Remuneration proposed:

(` in Lakhs) Details on remuneration have been stated in the Resolution
FY FY FY No. 7 of the Notice. In monetary terms the remuneration for
Particulars period is given hereunder:
2020-21 2019-20 2018-19
Salary 285.55 259.67 266.88
Perquisites and 1,318.43 1,222.12 1,410.46 (` in Lakhs)
Allowances April 1, 2021 to February 15, 2021
Particulars
(includes payment in lieu June 30, 2021 to March 31, 2021
of pension) Salary 70.60 35.69
Commission, Bonus and 962.91(1) 282.72 922.72
Perquisites and 320.49 164.80
Performance Linked
Incentive Allowances (includes
Retirals 171.33 166.03 32.02 payment in lieu of
Total Remuneration 2,738.22 1,930.54 2,632.08 pension)#
payable (2) Commission, Bonus and 235.32* 120.36
Performance Linked
(1) Performance bonus and LTIP of `962.91 lakhs for FY 2020-
Incentive
21 recommended by NRC and Board on June 23, 2021 Retirals 42.36 21.42
(subject to Members’ approval) but not paid. Total Remuneration 668.77 342.27
(2) There is no change in the ` denominated remuneration of # Certain Perquisites and Allowances are based on realistic
Mr Butschek, except for performance linked bonus and long assumptions.
term Incentives, during the five financial years. The change in
amount is mainly on account of foreign exchange conversion * Estimated at €550,000 on achievement of target at 100%. The
into Rupees (Euro rate fluctuates from `80.82 on April 1, Agreement provides a range from €550,000 to €825,000 each for
2018 to `85.78 on March 31, 2021). The exchange rates used performance bonus and LTIP. The remuneration is denominated in €
converted into ` on the date of payment. The Foreign Exchange rate
for remuneration are conversion rate on the date of actual
for all future payments of remuneration is assumed at a constant
payment.
of 1€=`85.57 (rate as on the date of payment for March 2021).
Mr Butschek is not entitled to any stock options under the The remuneration for FY 2021-22 is estimated on similar basis as
Tata Motors Limited Employees Stock Options Scheme, FY 2020-21 but is pro-rated for a period of 3 months i.e. upto June
2018. 30,2021.
3. Job profile and his suitability: 5. Comparative remuneration profile with respect
Mr Butschek is the Chief Executive Officer and Managing to the industry, size of the Company, profile of the
Director (‘MD’) of the Company since February 15, 2016 and position and person (in case of expatriates the
is entrusted with the overall responsibility of Tata Motors’ relevant details would be with respect to the country
operations in India and international markets (but excluding of his origin):
Jaguar Land Rover operations). Mr Butschek provides Tata Remuneration of Mr Butschek has been subjected to peer
Motors with profound knowledge in complex restructuring/ level benchmarks with the help of survey conducted by Aon
turnaround programs and cultural transformation initiatives Hewitt, an independent global compensation consultant.
by filling in critical skill gaps, onboarding employees and The proposed remuneration is commensurate with the
creating ownership in the organization. His leadership creates prevailing level for position of Business Leaders of global
international teams and fosters a culture of cross-functional automobile companies who are nationals of US or Europe
teamwork, agility and accountability. Taking into consideration and serve as CEO/MD which represents suitable talent
the size of the Company, the complex nature of its operations, market for the incumbent. The table below illustrates the
the strategic and operational restructuring and transformation requisite comparative data of the CEO/ MD remuneration in
required and Mr Butschek’s broad functional and general global automotive companies:
management skills, his rich global experience of growing
Total Cost to Company (‘TCC’) with Long Term Incentive
organizations and developing new markets, the Board has
considered Mr Butschek suitable for this position. Also as (` in lakhs)
a Director, he is nominated on the Board of certain strategic 10th 25th 75th 90th
Median
subsidiary companies. It may be noted that the Company or percentile percentile percentile percentile
its subsidiaries does not additionally compensate him in any 2,570 2,989 5,110 8,765 10,063
manner for these additional activities.
(Data Source: Aon Hewitt Executive Compensation team).
As may be seen from the Company’s financials briefly stated
6. Results, Recognition and Awards:
in point no. 4 under the heading ‘General Information’ stated
above, while the Company’s performance in FY 2019-20, • For FY 2020-21, the Company’s Passenger Vehicles
was impacted due to various challenges such as continuing business posted a growth of 69% vis-à-vis FY2019-
pressure on liquidity, high fuel prices, revised axle load 20 with a market share of 8.2% (+340 basis points
norms, mandatory transition to BSVI norms, plus weak over FY2019-20). The gain in market share is not only
consumer sentiments, the Company significantly improved highest in the industry but also highest in any single
its performance in FY 2020-21 due to strong recovery in year since inception of Tata Motors. Passenger Vehicles
Passenger Vehicles business and strong structural cost business cemented its #3 position after 9 years, with
improvement actions. Some major steps taken by the Company secular demand across the “New Forever” product
under Mr Butschek’s leadership are summarised in point no. 2 portfolio. Nexon EV dominated the personal segment
under the heading ‘Other Information’ given below. with a market share of 69.8% in Q4 FY21.
• Nexon, India’s safest car received 5-star GNCAP rating the Company’s employees and their families. After
followed by similar rating for Altroz. Tiago and Tigor a complete washout in Q1 (first wave Covid), the
became the safest cars in their respective segments Company could manage profitability and cash flows
with 4-star GNCAP rating. We have been instrumental through a Business Continuity Plan, which holistically
in setting new benchmarks in safety standards for the addressed the entire ecosystem for the three phases of
industry. lockdown, restart and revival that made the second part
of the fiscal year, in particular Q4 an exceptional period
• Customer metrics (NPS, CSI) improved significantly –
of structural recovery, delivering on the essence of the
Passenger Vehicle Business achieved Rank 2 (highest
Turnaround achievements.
score ever) in JDP CSI (Customer Satisfaction Index) for
a third consecutive year in FY 2019-20. • Based on the learnings from the initial Business
Continuity Plan, Tata Motors crafted a forward-looking
• Commercial Vehicles Business continued to improve
Business Agility Plan in order to master the challenge of
its market share in MHCV to 58.1% (+310 bps vs FY19),
the 2nd wave, build on the new strengths in operations,
ILCV, 45.9% (+50 bps vs FY 19). The service and spare
sales and financials and taking advantage of continuity
part penetration increased by 600 bps in FY 2020-21 vs
of the leadership team in this demanding period of time.
FY 2019-20, with higher contribution to revenue.
• Greater empowerment within Business Units by
• CVBU Net Promoter Score (NPS), a customer loyalty
creation of Product Line structure, greater customer
and satisfaction measurement, improved for 5th
facing roles in frontline leading to improved customer
consecutive year to 68 from 65 in FY20, total + 11 points
centricity, agility and accountability in operations to
improvement in three years. In FY21, CV Business
streamline supply bottlenecks and address product
improved its Industry leading score further showing
development issues.
progress on all 9 sub aspects of Dealer Satisfaction
Index • There was strong performance in the business despite
COVID-19 pandemic. The Company continued to focus
• CVBU won several awards this year, which included a)
on operational efficiencies and delivered cash and cost
CII Customer Obsession award, for the 3rd consecutive
savings of `9,300 crores against targets of `6,000
year, recognizing the Company’s service for customer
crores. PV business recorded its highest ever annual
centricity, b) Tata InnoVista award for modular Intra
sales in 8 years and increased its market share to 8.2%.
vehicle platform, c) Two Golden Peacock awards
The Company strengthened its market share in EV’s
one each for DigiVOR, and 9x9 electric Bus, d) Most
to 71.4%, led by good response for Nexon EV’s. The
innovative environmental project for Tata Motors
Company maintained its leadership position in CV’s with
Prolife, e) World innovation congress award for Digi
market share of 42.4%. The market share in MHCV’s
VOR and f) First price in national energy conservation
improved by 70 bps to 58.1% in FY 2020-21. Both CV
by ministry of power and bureau of energy efficiency for
and PV business witnessed strong improvement in
Jamshedpur Plant.
margins in FY 2020-21.
• Commercial Vehicles BSVI product range was well
received by the customers and continued to create B. Mr Girish Wagh, Executive Director
new paradigms of functionality, productivity, comfort, 1. Background details:
performance and connectivity, thereby bringing forth
Aged 50, Mr Girish Wagh has done his MBA from S. P.
the core benefit of lower TCO (total cost of ownership)
Jain Institute of Management & Research, BE from Pune
and/or enhanced returns on investment for customers.
University. Mr Wagh has been the President and Head of the
Leveraging the superior portfolio, Commercial Vehicles
Commercial Vehicle Business Unit and a member of the Tata
business consistently posted sequential quarter on
Motors Executive Committee (ExCom) since 2017. During
quarter growth and improved realization.
his 29 years with Tata Motors, he has worked with both
• Leading the industry in supporting Govt’s Vision and the business units - Passenger Vehicles and Commercial
fueling e-mobility aspirations, both in PV as well as CV, Vehicles, as also various functions in the value chain.
a full range of xEV solutions (hybrid, electric, fuel cell,
In his illustrious career, he is credited with delivering key
LNG) has been developed, highlighting state of the art
projects such as the Tata ACE - Mini Truck and Nano, and
in-house engineering capabilities.
the recent passenger cars like Bolt, Zest, Tiago, Hexa
• In FY 2018-19 the Company was adjudged as the 2nd and Tigor, before taking charge to lead the Commercial
Most Attractive brand by ET and the Most Trusted Vehicle Business Unit. For his excellent contribution to the
Automotive Brand by Brand Equity. It was ranked Automotive Industry, he was recognized as a ‘Rising Star’
31st out of 2,000 and 5th among global automobile by Automotive News Europe in 2011. He played a pivotal
manufacturers in Forbes World’s Best Regarded role in successfully navigating the CV Business through two
Companies 2019. years of growth in FY18 and FY19 which was followed by
unprecedented contraction in the Industry volumes due to
• The Company was amongst the top 10 companies in
regulatory changes in FY20 and COVID-pandemic in FY21.
BSE 100 companies evaluated by IiAS on the Indian
In 2020, he was also awarded, the ‘CV Man of the Year’, by
Corporate Governance Scorecard in 2018, 2019, 2020.
the prestigious CV Apollo Awards magazine. Mr Wagh is a
• FY 2020-21 was an exceptionally challenging year – member of CII’s (Confederation of Indian Industries) National
unpredictable markets perpetuated by the pandemic Council, and the Chairman of the SIAM’s Commercial Vehicle
as well as the concerns around health & safety of CEO Council.

2. Past remuneration: which includes TATA Samarth program – health & accident
insurance and financial planning for drivers, Saarthi Aaram
(` in Lakhs)
Kendras- rest stops for on route drivers; ‘Desh ke Saarthi
FY FY FY to facilitate driver job search. Further, for local mechanics:
Particulars
2020-21 2019-20 2018-19
a ‘Bandhu’ portal has been rolled out to connect them with
Basic Salary 76.70 76.70 64.74 customers.
Benefits, Perquisites and 201.48 155.63 129.00
Allowances All these efforts helped CVBU Net Promoter Score (NPS),
Performance Payment 115.95 39.09 108.69 customer loyalty and satisfaction measurement, improve for
Retirement Benefits* 10.70 10.70 9.27
5th consecutive time to 68 in FY21, vs 65 in FY20, total +11
points improvement in three years as per the study done by
Total Remuneration Payable 404.83 282.12 311.70
Milward Brown (Kantar Group). CVBU has delivered a strong
*Excludes provision for encashable leave and gratuity as a separate
performance through market share growth in MHCV and
actuarial valuation is not available.
ILCV segments, and arresting and reversing the FY20 fall
In the year 2018, Mr Wagh was granted 2,28,600 stock in SCV and Pickup segment in H2 FY21, while also gaining
options exercisable into 2,28,600 Ordinary Shares under share in traditionally weaker Pickup Segment. Concerted
the Tata Motors Limited Employees Stock Options Scheme, actions have been rolled out and continue to be a priority for
2018 and the same would vest on fulfillment of certain sustained winning in the SCV&PU segment.
performance criteria. Mr Wagh would be eligible for grant of
Special focus on the Dealer profitability initiative, under
Performance Share and/or Options under the Tata Motors
his tenure, helped in institutionalizing it, thereby helping
Limited Share-based Long Term Incentive Scheme 2021, to
TML CVBU dealers immensely. Through efforts under this
be approved by the Members at this AGM.
initiative, the average volume breakeven of its dealers has
3. Job profile and his suitability: come down by ~25% and Tata Motors CVBU leapfrogged in
Dealer Satisfaction scores from below industry average in
The appointment of Mr Wagh is in the context of the following:
FY17 to Rank#2 in FY18 and Rank #1 in FY20, as per the
• Over the last couple of years, the Company’s Commercial last syndicated study done by JD power DSWAMI survey.
Vehicle has been going through a set of unprecedented
Tata Motors’ CVBU has undertaken a rigorous cost reduction
circumstances, including on account of the COVID
drive over the last 4 years. These efforts have helped TML
pandemic i.e. sustained sector and market share
CVBU shave off 4-6% of its annual purchase value each
shrinkage, industry volumes shrinkage, heightened
year while protecting and enhancing customer value. This
competitive pressures from global OEM’s, flux in
has cumulatively helped TATA Motors CVBU reduce its
regulatory environment and drop in profitability.
breakeven by as much as 23.4% from last year in volume
• The Commercial Vehicle business requires due focus terms. While also ensuring Industry-leading performance
and strategy correction. Mr Wagh as the President of the on all customer-facing metrics. These efforts have been
business has significantly contributed to its growth over recognized as TML CVBU was adjudged under “Exemplary
the years. category” in TCM (Total Cost Management) maturity by CII
(Confederation of Indian Industries).
Mr Wagh has been a Mentor and Leader for TBEM
assessment of companies within TATA Group. This includes TATA Motors CVBU bagged several awards in FY21 some of
leading assessment of JRD QV award-winning companies these include: a) CII Customer Obsession Award, for the 3rd
like TCS, Tata Steel & Titan as a Team Leader. He has been consecutive year, recognizing TML’s service for customer
actively involved in mentoring teams conducting assessment centricity, b) 3rd consecutive CV Manufacturer of the Year
of other Tata Companies in the Group. Award by Apollo CV awards 2021, along with five other
segmental awards c) Two Golden Peacock awards one
Under his able leadership and vision to upgrade the
each for i) TATA Urban Electric Bus-Zero emission - urban
standard of commercial vehicle transportation in the
people Mover” and ii) “Digi-VOR”, a digitalized Vehicle off-
country, Tata Motors commercial vehicle business unit went
road spare part ordering system which aggregates the
beyond compliance and completely reimagined and re-
entire service network inventory and pickups up the nearest
conceptualized its entire range, as a part of BSVI transition
location for sourcing spare parts thereby reducing parts
in FY21. The all-new BSVI range of CV products has been
delivery time by 90%.
well accepted by the customers for its improved total cost of
ownership (TCO) and/or enhanced profitability, comfort and Standing true to the commitment towards a sustainable
convenience for the end customer. environment, Tata Motors CV Business along with its
channel partners, launched the ‘Go Green’ initiative, under
Mr Wagh with his visionary leadership has been driving
which, a sapling is planted for sale of every new commercial
a few other key initiatives to strengthen and transform
vehicle and for every new customer who gets their vehicle
the CV Business this includes a) Digitalization, under
serviced at the company’s service network. More than 2.6
which a comprehensive roadmap has been formed and is
lac plants have already been planted under this initiative.
being deployed b) Financier partnerships c) Go to Market
Excellence for front end engagement and sales process, 4. Remuneration proposed:
d) Ecosystem Management under which various programs
Details on remuneration have been stated in Resolution
have been introduced for stakeholders in the CV ecosystem,
No. 9 of the Notice. In monetary terms the remuneration for

the 3 years period from the date of his appointment is given improved its market share in M&HCV segment to 58.1%
hereunder: (+410 bps from FY 2017-18) and ILCV segment to 45.9%
(+90 bps from FY 2017-18)
(` in Lakhs)
FY FY FY FY • After the setback in FY 2016-17 due to unexpected
Particulars Supreme court ruling on BSIV transition, we were
2021-22 2022-23 2023-24 2024-25
much better prepared on achieving successful BSVI
3 months
transition. Through focused action plans, we achieved
Basic Salary1 90.00 99.00 108.90 29.95
a successful BSVI transition despite several headwinds.
Benefits, Perquisites 158.28 172.50 188.14 47.32
and Allowances2 • The commercial vehicle industry witnessed major
Performance Payment3 135 148.50 163.35 4.02 headwinds with volumes falling to the lowest over
PSP and ESOP4 60.00 93.00 129.30 44.92 last decade, reaching the FY 2009-10 levels. We
undertook a number of measures to navigate the
Retirement Benefits5 24.30 26.73 29.40 27.31
downturn and ensure our readiness for quick response
Total Remuneration 467.58 539.73 619.09 153.51
during subsequent recovery phase. Despite decline in
Payable
volumes by 23.4% and revenues by 9.2% as compared
1
Assumed increase of 10% each year in basic salary. to FY 2019-20, we achieved EBITDA margins of 5.3% in
2
Excludes medical insurance cover and domiciliary expenses; Life FY 2020-21 ( 130 bps improvement over FY 2019-20)
insurance cover; Telecommunication facility and Club Membership and break-even EBIT margins. As a result of cost saving
which will be provided as per the Company rules. actions, we reduced our EBIT breakeven point by 25%
3
Performance payment estimated on achievement of 100% target in FY 2020-21.
outlined in Balance Scorecard and includes Market Shares,
• The Commercial Vehicles business won CV
Financial metrics (Revenue, EBIT and Free Cash Flows) and ESG
Manufacturer of the Year award for 3rd year in a row
amongst others.
along with five other segmental awards at prestigious
4
PSP/ESOP estimated on achievement of target at 100% as outlined
Apollo CV awards 2021.
in the scheme.
5
Excludes provision for encashable leave and gratuity as a separate • The Commercial Vehicles business won CII Customer
actuarial valuation is not available. Obsession Award for 3rd year in a row in FY 2020-21.
* The above salary increase, incentives and other perquisites and
• CVBU Net Promoter Score (NPS), a customer loyalty
allowances are based on realistic assumptions and could change
and satisfaction measurement, improved for 5th
based on Company and individual performance, industry scenario
consecutive year to 68 from 65 in FY20, total + 11
and other parameters. These will be taken into consideration by
points improvement in three years.
the NRC from time to time.
5. Comparative remuneration profile with respect to the 7. Pecuniary relationship directly or indirectly with
industry, size of the Company, profile of the position and the Company, or relationship with the managerial
person (in case of expatriates the relevant details would be personnel, if any:
with respect to the country of his origin): Mr Butschek and Mr Wagh have been appointed in a
professional capacity and meet the criteria of a professional
Remuneration of Mr Wagh has been subjected to peer
directors as prescribed under Schedule V of the Act,
level benchmarks with the help of survey conducted by
with appropriate qualifications, currently do not hold
Deloitte, an independent global compensation consultant.
any securities of the Company and are not related to the
The proposed remuneration is commensurate with the
Promoters or any Director of the Company. For details
industry standards and Board level positions held in
pertaining to grant of stock options, please refer to details
similar sized domestic companies, taking into consideration
under the heading ‘Past Remuneration’ above.
the responsibilities shouldered by him. The table below
illustrates the requisite comparative data of the ED/CEO Except for drawing remuneration in their professional
remuneration in the domestic automotive and other major capacity, there is no other pecuniary relationship with the
companies having positions of similar size and scale: Company or with the managerial personnel of the Company.
Total Cost to Company with Long Term Incentive III. Other Information
(` in Lakhs) 1. Reasons of loss or inadequate profits:
10th 25th 75th 90th The performance highlights for FY 2020-21 were as
Median
percentile percentile percentile percentile
follows:
554.82 612.76 733.99 960.00 1,429.82
• FY 2020-21 continued to remain a challenging year as
(Data Source: Deloitte ED Compensation Benchmarking Report a result of COVID-19 pandemic. The Indian Economy
2021) witnessed a slowdown, primarily due to COVID-19
6. Results, Recognition and Awards: Some of the significant pandemic and India’s GDP is estimated to contract by
Awards and recognitions received by the Company during 8% in FY 2020-21. According to data released by SIAM,
the year are given below: in FY 2020-21, the Indian automotive industry recorded
a 6.1% decline in domestic sales. The Passenger Vehicle
• The new BS VI range of commercial vehicles have been segment declined 2.0% in FY 2020-21. The Commercial
well accepted in the market. The business maintained Vehicle industry in India registered a 21.7% decline in
its market leadership position in Commercial Vehicles FY 2020-21.
with market share of 42.4% in FY 2020-21. Company

• Our turnaround initiatives had started delivering • The Commercial Vehicles business has taken various
results. This was witnessed by an industry leading initiatives, to maintain its leadership, improve
EBITDA margin of 11% for CV business in FY 2018- 19 market share and financial performance. It has been
and breakeven EBITDA for PV business in FY 2018-19. aggressively pursuing and implementing its strategies
Our financial performance was impacted primarily by to improve volumes, reduce costs, improve cash flows,
several external challenges in FY 2019-20. and launch new products with advanced technologies
coupled with sale, service, marketing campaigns and
• Despite challenging FY 2020-21, the Company
customer engagement programs.
managed to achieve 5.3% EBITDA margin and 2.2%
EBITDA margin for its Commercial Vehicles and • The Company’s strategic intervention to reposition its
Passenger Vehicles business, respectively. brand, expand capacity and launch of ‘New Forever’
range placed it well to capitalise on the revival in
• Despite losses in FY 2020-21, there was a significant
demand of Passenger Vehicles. Strong transformation
improvement in the Company’s operating performance
actions undertaken over the past years have aided the
and financial results in FY 2020-21 as compared to FY
robust turnaround in the PV business.
2019-20.
• Some of the major initiatives driven for the urgently
• There was reversal of impairment losses and onerous
required transformation and to implement structural
contract provisions as on March 31, 2021, on the back
positive changes have been:
of the significant improvement in the performance and
outlook of the PV business. Strategy & Business
The Company continues to face challenges in the near term − Looking beyond the short-term challenges, we
as a result of semi-conductor shortages and COVID-19 continue to focus on the megatrends impacting CV
pandemic. As a result, Company anticipates weaker Q1 industry and our strategic actions are aligned to
FY 2021-22 and expects business to sequentially recover leverage the emerging opportunities and to counter
from thereafter. The Company has implemented a strategic the potential threats. Our future focal points include
Business Agility Plan to address the short-term challenges increasing efficiency, market development and
by keeping its costs low and ecosystem viable while exploration of new opportunity.
delivering innovative mobility solutions across product
− The Company aims to build on to the lead of FY
customer segments.
2020-21 for PV business and its strategy includes
The Company’s leadership continues to play a key role in strengthening of product portfolio, proactively
launching new products and variants and strategic and leading EV space by introducing wide range of
restructuring initiatives that are being taken to make the products, driving a customer centric culture and
Company more agile and FutuReady to take advantage of continuing to differentiate on Design, Safety and
the opportunities that would be available on the economic Driving pleasure
revival. In FY 2020-21, the Company achieved cash and cost
− PV Subsidiarization has been announced as a
savings of `9,300 crores against targets of `6,000 crores.
strategic move with implementation planned in Q2
Members’ attention is being drawn to the Management
this year.
Discussion and Analysis section for the various steps
being taken to mitigate risks and improve performance. − TML Defense business was realigned to TASL, a
The Company may however end FY 2021-22 with no/ new group company focused on defense solutions,
inadequate profits as calculated for payment of Managerial through a slump sale arrangement.
Remuneration as per the provisions of Sections 197 and
− Subsidiary clean ups are underway, unlocking cash
198 read with Schedule V of the Act.
from non-core investments.
2. Steps taken or proposed to be taken for improvement:
Product Portfolio
• As the need of the hour the team raised the bar from
− The Company successfully transitioned its product
‘Transformation’ as long term change initiative to an
portfolio both in PV & CV to the BSVI regime, not only
immediate ‘Turnaround’ with a focus on business and
to meet emission compliance, but to go beyond and
performance improvements, rigorous cost reductions in
set new standards in the industry
FY 2017-18. As a result, the Company turned positive
just after two quarters, followed with PV’s EBITDA − In Commercial Vehicles business, the all new
breakeven in FY 2018-19. The Company achieved an BSVI product range was well received by the
overall positive PBT in FY 2018-19. customers and continued to create new paradigms
of functionality, productivity, comfort, performance
• FY 2019-20 was a transition year to BSVI. The Company
and connectivity, thereby bringing forth the core
focused on system stock reduction through retail
benefit of lower TCO (total cost of ownership) and/
acceleration thereby enabling a smooth transition to
or enhanced returns on investment for customers.
BSVI. As a result the Company has achieved the target
of zero BSIV vehicle stock at the end of FY 2019-20. − Commercial Vehicles Business launched a series
of innovative products and services, the first or the
• In FY 2020-21, despite COVID-19 pandemic, with strong
largest of their kind in the Industry. This includes
actions focused to ensure ecosystem viability and
a) Sampoorna Seva, the universe of services to
focussed structural cost reductions, the Company ended
take care of all fleet and maintenance needs of the
the year on a strong positive note with improvement in
customer, b) Advanced connectivity solution ‘Fleet
EBITDA and EBIT margins.

Edge’ to enable the end customer to improve their asset − Next wave of transformation underway with Data
efficiencies, c) Unique products such as LPT 4925 with Analytics, Industry 4.0, Logistics 4.0, and Digitalization.
twin lift axles, 5525 4x2 prime mover with highest GCW, A comprehensive CX transformation for the PV business
Ace Gold Petrol, INTRA V30 (Smart Pickup), Yodha 1.7 T; in digital and Reimagining Front-end program is also
and an entire range of trucks for vaccine transportation underway.
as an earnest commitment to the nation for smooth
− With continuing focus on CESS (Connected, Electric,
movement of the countrywide COVID-19 vaccine and
Shared and Safe) and mobility services, the Company
d) Industry defining value-added services like Uptime
would ensure the right set of skills and competencies to
Guarantee, Service time assurance(TATA Zippy), India’s
master the transformation from physical to digital.
largest and one of the first GCC (Gross cost contract)
based Electric Bus solution to BEST(Mumbai). The T.7 − Engineering Efficiency project has been launched to
range of Ultra Trucks with sleek cabin, best in class improve return on capex, establish a portfolio cycle
driving experience & payload capacity (7 ton GVW planning process, optimise work load capacity and
category) were received with great success in the improve new product development process.
market.
− The Company will soon undergo a Talent retention plan
− Passenger Vehicles Business launched a fully and Culture building exercise to energize and engage
refreshed portfolio In Jan’20. The portfolio updated the workforce and build future leadership.
with major upgrade in Design, Technology and
− In FY 2020-21, the Company achieved cash and cost
Powertrain to provide ‘New Forever’ experience to
savings of `9,300 crores against targets of `6,000
the customers while delivering best of Technology &
crores. Company remains committed to significantly
Driving Pleasure. Our ‘New Forever’ range, are being
leveraging its balance sheet and achieving net zero
appreciated for Best-in-class Safety, Stylish Design and
debt.
Driving Pleasure. We have seen resurgence of demand
for all the products in our portfolio. Passenger Vehicles The Company expects to successfully navigate the headwinds
business had the highest sale of SUVs (86K units) for faced by auto-industry.
the Company in any financial year. We saw the highest
3. Expected increase in productivity and profits in
sales since launch of Nexon (63K) and Harrier (18.8K)
measurable terms:
in FY 2020-21. Safari was launched as top of the line
flagship product, garnering overwhelming response • Focused actions on cost reduction & cost control through
from the market. VAVE and fixed cost management have led to improved
operational & financial performance.
People and Culture
• The Company aims to achieve double digit EBITDA margins
− A focused organization-wide cross-functional initiative,
and strong positive free cash flows for its CV business.
co-created with active involvement of employees
across the organization, has been rolled out defining • The Company aims to achieve high single digit EBITDA
TML’s ‘To-Be’ culture embedding greater ownership, margins in next three years, achieve breakeven free cash
team-working and a sense of urgency. flows by FY 23 & positive free cash flows there after for its
PV business.
− Hybrid policy for work-from-home has been announced
to ensure safety of employees while enabling business The Company remains committed to delivering consistent,
continuity. competitive, cash accretive growth while deleveraging its balance
sheet.
Future Focus
The NRC currently comprising of three directors viz. Mr Om Prakash
The following will be the areas of focus in the future: Bhatt, Independent Director (as NRC Chairman), Ms Hanne Sorensen,
− PV aspirations have been set out to ‘Win Sustainably’, Independent Director and Mr N Chandrasekaran, Non-Executive
while we aim to ‘Win Proactively in the EV space. We Chairman of the Board, reviews and recommends the changes in the
aim for the PV business unit to fully realise potential and remuneration on a yearly basis. This review is based on the Balance
strengthen the business over the long-term, the Board Score Card that includes the performances of the Company and the
in-principle approved to subsidiarise the Company’s senior management includng the individual director on certain defined
PV and EV business. This is the first step in securing qualitative and quantitative parameters such as volumes, EBITDA,
mutually beneficial strategic alliances that provide cash flows, cost reduction initiatives, safety, strategic initiatives and
access to products, architectures, powertrains, new age special projects as decided by the Board vis-à-vis targets set in the
technologies and capital. beginning of the year. This review also takes into consideration the
benchmark study undertaken by reputed independent HR agencies
− CV business unit is getting ready to ‘Win Decisively’
on comparative industry remuneration and practices. The decisions
as the demand recovers through business agility plan.
taken at the NRC and the Board are within the broad framework of
We endeavour to deliver on the continuously rising
remuneration as approved by the Members.
customer expectations for improved performance,
better turnaround time, lower cost of ownership and The Company remains committed to pursue the long term interest of
refinements. all stakeholders, including the Company’s Members and employees.
The Company remains committed to delivering consistent,
− We are continuing with our Research and Development
competitive, cash accretive growth while deleveraging its balance
activities related to advanced propulsion systems and
sheet. It is necessary to balance this with recruiting and retaining
are committed to drive actions in the areas related
industry proven management team through the long term. This
to alternate fuel options for the sustainable future.
involves ensuring that the Company’s leadership and talent base is
Electrification remains key focus area.
appropriately remunerated, notwithstanding cyclical phases. This However, taking into consideration the financial performance and the
is particularly important when the Company has ongoing significant profitability of the Company, no commission was paid to the Non-
turnaround and growth strategies under execution. Executive Directors for FY 2019-20. The Company has incurred a
loss as computed under Section 198 of the Act and therefore no
The Board recommends the resolutions set out at Item Nos. 7, 8 and 9
commission would be payable to the Non-Executive Directors for FY
of the Notice for approval by the Members.
2020-21.
Electronic copies of addendum to the agreement with Mr Butschek
With the recent amendments in Sections 149(9), 197(3) and Section II
for his re-appointment and a draft of the agreement to be executed
of Part II of Schedule V of the Act notified by MCA vide circulars dated
with Mr Wagh with the Company, the Articles of Association of the
March 18, 2021, companies having no / inadequate profits can pay
Company, relevant resolutions passed at the Board and Committee
remuneration to its Non-Executive Directors (including Independent
Meetings referred to hereinabove would be available for inspection
Directors) within the limits based on the ‘effective capital’ of a
by the Members. Please refer to Note 11 given in the Notice on
company in accordance with the provisions contained in the amended
inspection of documents.
Schedule V to the Act.
The Company has not defaulted in payment of dues to any bank or
With the enhanced Corporate Governance requirements under the Act
public financial institution or non-convertible debenture holders or
and the SEBI Listing Regulations coupled with the size, complexity and
other secured creditor.
global operations of Tata Motors’ Group, the role and responsibilities
Except for Mr Butschek and Mr Wagh and/or their respective relatives, of the Board, particularly Independent Directors has become more
no other Director, Key Managerial Personnel or their respective onerous, requiring greater time commitments, attention as also a
relatives are, in any way, concerned or interested, financially or higher level of oversight. In view of the above, to incentivize them for
otherwise, in the respective resolution(s) for their re-appointment/ their time, contribution rich experience and critical guidance provided,
appointment. including at the Board and Committee meetings and pursuant to the
amended provisions of Sections 149(9), 197(3) and Section II of Part
Item No. 10 II of Schedule V of the Act and based on the recommendations of the
The Members had, at the AGM held on July 30, 2019 approved, NRC at its meeting held on May 5, 2021, the Board of Directors at its
under the provisions of Section 197 and other applicable provisions meeting held on May 18, 2021 have recommended and approved
of the Act, payment of commission to the Non-Executive Directors, payment of remuneration to the Non-Executive Directors (including
an amount not exceeding 1% of the net profits of the Company for FY Independent Directors) of the Company within the limits prescribed
2018-19 and onwards, in terms of Section 197 of the Act, computed in under Section II of Part II of Schedule V of the Act for the Financial
accordance with the provisions of Section 198 of the Act or such other Years 2020-21, 2021-22 and 2022-23 in case of inadequacy of
percentage as may be specified from time to time. profits/ losses for in any of the said financial year(s).
STATEMENT CONTAINING ADDITIONAL INFORMATION AS REQUIRED UNDER SCHEDULE V TO THE ACT

For details regarding point no. I pertaining to the General Information and point no. III pertaining to Other Information, as provided in Schedule
V to the Act, the Members may refer to the details provided above in the Explanatory Statement to Item Nos. 7 to 9 of the Notice.
Given below is the information about the appointees as required under Schedule V of the Act, the effective capital of the Company for various
financial years as applicable to the Non-Executive Directors and the maximum amount of remuneration that may be payable to them:
Name of Director O P Bhatt H Sorensen V Bhandarkar M Yamashita K V Chowdary

Background Details, Job Profile, Suitability, The details for each of these Directors can be found on the website of the company at
Recognition and Rewards https://www.tatamotors.com/about-us/leadership/. Please also refer to the Report on
Corporate Governance, which forms part of this Annual Report.
Date of appointment in the Company 9-May-17 3-Jan-18 26-Jun-19 16-Sep-20 27-Oct-20
Past Remuneration (in ` Lakhs)
FY 2019-20 12.8 8.2 8.6 NA NA
FY 2018-19 98.2 78.6 NA NA NA
FY 2017-18 7.2 3 NA NA NA
Effective Capital as applicable to them (based on date of 13,548.21 13,548.21 13,126.79 12,288.74 12,288.74
appointment) (in ` crores)
*Maximum amount of remuneration for FY20-21 (in ` Lakhs) 156.98 156.98 152.77 77.53 61.32
Remuneration proposed (in ` Lakhs) 45 40 45 20 20
Comparative remuneration profile with respect to industry, size The remuneration has been considered by the NRC and the Board of Directors
of the company, profile of the position and person (in case of of the Company and is in line with the remuneration being drawn by similar
expatriates the relevant details would be with respect to the positions in the automotive industry.
country of his origin)
Pecuniary relationship directly or indirectly with the company, The Non−Executive Directors do not have any pecuniary relationship with the
or relationship with the managerial personnel, if any. Company except to the extent of Sitting Fees, Commission or Remuneration, as
applicable, and reimbursement of out of pocket expenses received by them for
attending the meetings.
*
The limit on remuneration is based on Effective Capital which shall be calculated as of the last date of the financial year preceding the financial year in which
the appointment of the Director is made as per Schedule V to the Act (Base amount of `24 Lakhs plus 0.1% of the Effective Capital in excess of `250 crores).
1. As a policy, Mr N Chandrasekaran, Chairman, has abstained from receiving remuneration from the Company and hence not stated.
2. Mr Thierry Bolloré is a Non-executive Director and is not paid any remuneration from the Company in view of his appointment as Chief Executive Officer and
Director of Jaguar Land Rover Automotive PLC.

Regulation 17(6) of the SEBI Listing Regulations authorises the The Board believes that the above two initiatives to link the
Board of Directors to recommend all fees and compensation, if employees performance in Tata Motors with other initiatives
any, paid to Non-Executive Directors, including Independent taken in the Tata Motors group would assist in improving the
Directors and the same would require approval of members in financials of the Company, both standalone and consolidated.
general meeting.
The PSU and Options are being introduced with the following
This remuneration will be distributed amongst all or some of the main objectives:
Non-Executive Directors, taking into consideration parameters
i. To offer competitive compensation to attract and retain
such as attendance at Board and Committee meetings, contribution
talent; and
at or other than at meetings, etc. in accordance with the directions
given by the Board as prescribed under the Remuneration Policy ii. To redefine the fixed and performance drive pay mix to drive
of the Company. Kindly refer to https://investors.tatamotors. a performance culture in the Company.
com/pdf/directors-appointment-remuneration.pdf
PSUs together with existing fixed pay and performance pay will
The above resolution would be valid for a period of 3 years i.e. comprise the total compensation being offered to select senior
upto and including remuneration to be paid for the financial management employees of the Company. The number of PSUs
year 2022-23. It is clarified that in case of adequate profits, the to be granted to Eligible Employees will be determined based on
Company would pay commission to its Non-Executive Directors Long Term Incentive Pay to be awarded to Eligible Employees
upto an amount not exceeding 1% of the profits for that financial divided by the Closing Market Price of the Company’s Ordinary
year as approved by the Members at the AGM held on July 30, Shares prior to the Board Meeting date (i.e. Closing price as on
2019. 22 June 2021 - `338) for grant in FY 2021-22 and by the Closing
Market Price of the Company’s Ordinary Shares on the National
The above remuneration shall be in addition to fees payable to the
Stock Exchange of India Limited one day prior to the NRC Meeting
Director(s) for attending meetings of the Board/Committees or for
date for approval of grants in FY 2022-23 and FY 2023-24
any other purpose whatsoever, as may be decided by the Board
respectively.
and reimbursement of expenses for participation in the Board and
other meetings. Options will be granted at the same price as above (i.e. `338) only
to select senior leaders that can make a significant difference to
The Board recommends the Ordinary Resolution set out at Item
the Company’s performance to align their rewards directly to the
No. 10 of the Notice for approval by the members. Accordingly,
Company’s performance. The value of the award can be realized
members’ approval is sought by way of an Ordinary Resolution
only on superior business performance leading to superior share
for payment of remuneration to the Non-Executive Directors as
price performance over the said grant price.
set out in the said resolution.
The Scheme has been formulated in accordance with the
The Company has not defaulted in payment of dues to any bank or
provisions of the Act and the Securities and Exchange Board of
public financial institution or non-convertible debenture holders
India (Share Based Employee Benefits) Regulations, 2014 (‘SBEB
or other secured creditor.
Regulations’).
None of the Directors, Key Managerial Personnel or their
respective relatives, are concerned or interested in the The salient features of the Scheme are as under:
Resolution mentioned at Item No. 10 of the Notice, except the a. Brief description of the Scheme:
Non-Executive Directors and Independent Directors, to the extent
The TML SLTI Scheme 2021 is intended to reward, retain
of the remuneration that may be received by them, including for
and motivate the Eligible Employees of the Company
FY 2020-21.
and Eligible Employees of the subsidiary companies
Item Nos. 11 and 12: (collectively referred to as ‘Eligible Employees’ hereunder)
for their performance and participation in the growth and
Stock options in the hands of the employees have since long
profitability of the Company. The Eligible Employees shall
been recognised as an effective instrument to align the interests
be granted stock options and / or performance share units
of the employees with that of the Company. With a view to drive
(hereinafter referred to as PSUs and/or ‘Options’), as
long term objectives of the Company, to attract, motivate and
determined by the NRC, which will vest on particular dates
retain employees by rewarding for their performance, ring fence
and could be exercisable into Ordinary Shares, on the terms
and incentivize key talent to drive long term objectives of the
and conditions as provided hereunder, in accordance with
Company, to ensure that the senior management employees
the provisions of the applicable laws and regulations for the
compensation and benefits match the long gestation period
time being in force.
of certain key initiatives and to drive ownership behaviour and
collaboration amongst employees, it is proposed to approve and b. Total number of PSUs and/or Options to be granted:
adopt Tata Motors Limited Share-based Long Term Incentive
• The total number of PSUs to be granted under the
Scheme 2021 (‘TML SLTI Scheme 2021’ / ‘the Scheme’).
Scheme: Not exceeding 75,00,000 (Seventy Five Lakh
The NRC at its meeting held on June 23, 2021 formulated the Only) in aggregate, that would entitle the grantees
detailed terms and conditions of the Scheme which was duly to acquire, in one or more tranches, not exceeding
approved by the Board of Directors at its meeting held on even 75,00,000 (Seventy Five Lakh Only) Ordinary Shares
date, subject to approval of the Members. of the Company of the face value of `2/- (Rupees Two
Only) each fully paid up (representing 0.198% of the
The Company had implemented Tata Motors Limited Employee
issued share capital of the Company as on date).
Stock Options Scheme 2018 for grant of options to eligible
employees in FY 2018-19.

• The total number of Options to be granted under the Employee; provided further that the number of PSUs and/or
Scheme: Not exceeding 14,00,000 (Fourteen Lakh Options vested would be a minimum of 50% of the number of
Only) in aggregate, that would entitle the grantees the PSUs and/or Options granted.
to acquire, in one or more tranches, not exceeding
All the PSUs and/or Options would vest within a maximum
14,00,000 (Fourteen Lakh Only) Ordinary Shares of the
period of 3 years (for example, the grants made in 2021
Company of the face value of `2/- (Rupees Two Only)
shall vest in 2024, grants made in 2022 shall vest in 2025
each fully paid up (representing 0.037% of the issued
and so on and so forth) subject to minimum vesting period
share capital of the Company as on date).
of 1 year, where after the Eligible Employees would have
The total aggregate limit of 75,00,000 (Seventy Five Lakh the right to subscribe to the Ordinary Shares during the
Only) PSUs and 14,00,000 (Fourteen Lakh Only) Options Exercise Period.
may be adjusted for any corporate action(s), as may be
Where an Eligible Employee discontinues to be in the
decided by the Board/NRC.
permanent employment of the Company due to:
c. Identification of classes of employees entitled to • Resignation or Termination of services: All the PSUs
participate in the Scheme: and/or Options which are granted and yet not vested
At the outset, the following Eligible Employees, are identified as on that day shall expire and the vested PSUs and/
for grant of PSUs and/or Options under the Scheme: or Options should be exercised on or before the date of
such discontinuation. For employees whose office has
• Eligible Employees for PSUs: Whole-time Directors
been terminated due to misconduct during the period,
and employees of the Company and wholly-owned
the number of PSUs and/or Options vested as on that
subsidiaries (‘WOS’) as defined under the Scheme in
day would lapse in accordance with the terms and
the levels of LC, L1, L2 and L3 and its equivalent to the
conditions detailed in the Scheme.
Company, on the grant date for PSUs;
• Retirement: A grantee, whose tenure of service is liable
• Eligible Employees for Options: Whole-time Directors
to retirement or have taken voluntary retirement from
and employees of the Company and WOS as defined
the Company before the vesting period, shall be granted
under the Scheme in the levels of LC and L1 and its
PSUs and/or Options eligible as per the Scheme. 50%
equivalent to the Company and employees falling in the
of all unvested PSUs and/or Options will vest on the
above level by way of new appointments or promotions,
retirement date.
on the grant date for Options.
All the vested PSUs and/or Options shall be permitted
The above is the initial identification and the NRC shall
to be exercised before the expiry of the exercise period
determine the Eligible Employees under the Scheme from
as per the Scheme. Any vested PSUs and/or Options not
time to time.
exercised within this aforesaid period shall automatically
As per SBEB Regulations, the following category of lapse at the end of the aforesaid period and the contract
employees/directors shall not be eligible to participate in referred under the Scheme shall stand automatically
the Scheme: terminated without surviving any right/liability for the
grantee or the Company in respect of such PSUs and/
• An employee of the Company or its subsidiary
or Options.
companies, who is a promoter or belongs to the
promoter group; • Transfer to an Associate Company: In the event that
an employee who has been granted PSUs and/or
• A director of the Company or its subsidiary companies,
Options under the Scheme is transferred or deputed
who either by himself or through his relatives or
to an Associate Company prior to vesting or exercise,
through any body corporate, directly or indirectly, holds
the vesting and exercise as per the terms of grant
more than 10% of the outstanding equity shares of the
shall continue in case of such transferred or deputed
Company; and
employee even after the transfer or deputation. The
• Independent Directors of the Company or its subsidiary vesting and exercise period would be as per the Scheme.
companies.
• Death: All the PSUs and/or Options granted to the
d. Requirements of vesting and period of vesting: employee till such date shall immediately vest in his/
her legal heirs or nominees on the date of death of the
The PSUs and/or Options shall vest in employees subject
employee.
to continuing employment with the Company / WOS /
Associate Company (as defined in the Scheme) on the • Permanent incapacity: All the PSUs and/or Options
Company achieving these performance matrices viz. Market granted to the employee as on the date of permanent
share, EBIT and Free Cash Flows as per the Company’s incapacitation, shall vest in him/her on that day.
Standalone financials. The NRC would determine the said
An employee can be granted long leave (defined as a
matrices, detailed terms and conditions relating to such
period of not more than one year in line with the Company’s
vesting including the proportion in which PSUs and/or
sabbatical policy). Where an Eligible Employee is on long
Options granted would vest. At the time of vesting, NRC
leave at any time during the period of grant of PSUs and/
may adjust the number of PSUs and/or Options already
or Options up till the vesting date, the PSUs and/or Options
granted by +/-20% for the quality of results provided that
would be granted or vested on pro-rata basis for the period
the number of PSUs and/or Options vested will not exceed
(after adjusting the period of long leave).
120% of PSUs and/or Options granted to any Eligible

e. Maximum period within which the PSUs and/or in any one year would not exceed 25,00,000 and in
Options shall be vested: aggregate the maximum number of PSUs would not
exceed 75,00,000 (representing 0.198% of the total
PSUs and/or Options granted under TML SLTI Scheme
issued share capital of the Company).
2021 would vest within a maximum period of 3 (three) years
but after minimum 1(one) year from the date of grant of such • In case of Options: The number of Options that may
PSUs and/or Options, respectively. be granted to an Eligible Employee under the Scheme
in any one year would not exceed 14,00,000 and in
f. Exercise Price or pricing formula: aggregate the maximum number of Options would not
• The Exercise Price for PSUs: Exercise Price shall be exceed 14,00,000 (representing 0.037% of the total
`2/- (Rupees Two Only) per PSU, i.e. at the face value of issued share capital of the Company).
the underlying Ordinary Share of the Company.
The maximum number of Ordinary Shares that may be
• The Exercise Price for Option: Exercise Price shall be issued/allotted pursuant to exercise of PSUs and/or
`338/- (Rupees Three Hundred and Thirty Eight Only) Options granted to an Eligible Employee, in aggregate, shall
i.e. equivalent to closing market price of the Company’s not exceed 3,47,000 Ordinary Shares of the Company of
Ordinary Shares on the National Stock Exchange of the face value of `2/- (Rupees Two Only) each fully paid-up
India Limited on June 22, 2021 (one day prior to the representing 0.009% of the issued share capital, for each
Board Meeting date for approving the Scheme). year of the Scheme.
The Exercise Price may be adjusted for any corporate The PSUs and/or Options granted and the Exercise Price
action(s), as may be decided by the Board. NRC may also shall be adjusted for any corporate action(s) such as rights
approve cashless exercise of the vested PSUs and/or issues, bonus issues, stock splits, consolidation of shares,
Options by adjusting for the exercise price, applicable taxes change in capital structure, merger, sale of division/
and other amounts including any transaction fees and undertaking or other re-organization, as applicable under
shall provide necessary procedures and/or mechanism for the terms and conditions detailed in the Scheme and
exercising such PSUs and/or Options subject to applicable the decision of the Board shall be final in respect of such
laws, rules and regulations. adjustment.
g. Exercise Period and the process of Exercise: j. Maximum Quantum of benefits to be provided per
The Exercise Period would commence from the date of employee:
vesting of PSUs and/or Options and will expire at the end Please refer to i. above. The maximum quantum of benefits
of twelve months from the date of vesting of PSUs and/or underlying the PSUs and/or Options issued to an Eligible
Options respectively. NRC may extend the Exercise Period Employee shall depend upon the number of PSUs and/
by a further period of two years, as it may deem fit. or Options held by him/her and the market price of the
Ordinary Shares as on the date of sale.
The PSUs and/or Options will be exercisable by the
employees by a written application to the Company k. Route of Scheme implementation:
accompanied by payment of the Exercise Price in such
The Scheme shall be implemented and administered
manner and on execution of such documents, as may be
directly by the Company.
prescribed by the NRC from time to time.
The PSUs and/or Options will lapse if not exercised within l. Source of Shares:
the specified Exercise Period. Lapsed PSUs and/or Options The Scheme contemplates issue of new Ordinary Shares by
cannot be re-issued by the Company. the Company.
In case of cashless system of exercise of vested PSUs m. The amount of loan provided for implementation of
and/or Options, the NRC shall be entitled to specify such the Scheme by the Company to the Trust, its tenure,
procedures and/or mechanisms subject to applicable utilisation, repayment terms, etc.:
laws, rules and regulations, for the shares to be dealt with
Not applicable. Company would not provide any loan for
thereon as may be necessary and the same shall be binding
implementation of the Scheme.
on the Eligible Employees.
n. Maximum percentage of Secondary Acquisition
h. Appraisal process for determining the eligibility of
(subject to limits specified under the Regulations)
employees:
that can be made by the Trust for the purchase under
The appraisal process for determining the eligibility of the the scheme:
employees to the PSUs and/or Options at the time of grant
This is not applicable under the present Scheme.
and to the number of Ordinary Shares at the time of vesting
will be decided by the NRC from time to time. The broad o. Accounting and Disclosure Policies:
criteria for appraisal and selection may include parameters
The Company shall follow Ind AS 102 ‘Employee Share
like tenure of association with the Company/its subsidiary,
based Payments’, as prescribed by Ministry of Corporate
his/her future potential, critical position, performance
Affairs under the Companies (Indian Accounting Standards)
evaluation, performance linked parameters, etc.
Rules as amended from time to time, the Guidance Note
i. Maximum number of PSUs and/or Options to be on Accounting for Employee Share based Payments,
issued per employee and in aggregate: as applicable, as may be prescribed by the Institute of
Chartered Accountants of India from time to time, including
• In case of PSUs: The number of PSUs that may be
the disclosure requirements prescribed therein.
granted to an Eligible Employee under the Scheme

p. Method of Valuation: The Board recommends the Ordinary Resolution set out at Item
No. 13 of the Notice for approval by the Members.
The Company will determine the fair value of the options
using the suitable option pricing model when the same are None of the Directors, Key Managerial Personnel or their relatives
issued to the employees. are, in any way, concerned or interested, financially or otherwise,
in the said resolution.
q. In case the Company opts for expensing of share
based employee benefits using the intrinsic value, Item No. 14
the difference between the employee compensation Pursuant to Section 148 of the Act read with the Companies
cost so computed and the employee compensation (Audit and Auditors) Rules, 2014, as amended from time to time,
cost that shall have been recognized if it had used the the Company is required to have audit of its cost records for
fair value, shall be disclosed in the Board’s Report specified products conducted by a Cost Accountant. Based on
and the impact of this difference on profits and on the recommendation of the Audit Committee, the Board had, at
earnings per share (‘EPS’) of the Company shall also its meeting held on May 18, 2021, approved the re-appointment
be disclosed in the Board’s Report. of M/s Mani & Co. (Firm Registration No. 000004) as the Cost
The said Statement is not applicable to the Company since Auditors of the Company to conduct audit of cost records
the Company is opting for the Fair Value Method. maintained by the Company, pertaining to the relevant products
prescribed under the Companies (Cost Records and Audit) Rules,
Pursuant to Regulation 6(1) of SBEB Regulations and Section
2014, for FY 2021-22 at a remuneration of `5,00,000/- (Rupees
62(1)(b) of the Act, approval of the Members is being sought, by
Five Lakh Only) plus applicable taxes, out-of-pocket and other
way of a special resolution, for approval of the Scheme and issue
expenses.
of further shares to the Eligible Employees of the Company under
the said Scheme as detailed in Item No. 11 of this Notice. Further, It may be noted that the records of the activities under Cost
pursuant to Regulation 6(3)( c) of SBEB Regulations and Section Audit is no longer prescribed for ‘Motor Vehicles but applicable
62(1)(b) of the Act, approval of the Members is being sought, by to certain parts and accessories thereof’. However, based on the
way of a separate special resolution for extending the Scheme recommendations of the Audit Committee, the Board has also
to the Eligible Employees of certain subsidiary companies as approved the appointment of M/s Mani & Co. for submission of
detailed in Item No. 12 of this Notice. reports to the Company on cost records pertaining to these
activities for a remuneration of `20,00,000 (Rupees Twenty Lakh
Issue of the said Ordinary Shares would be well within the
Only) plus applicable taxes, out-of-pocket and other expenses for
Authorised Share Capital of the Company.
the said financial year.
The Board recommends the special resolution set out at Item Nos.
In accordance with the provisions of Section 148 of the Act read
11 and 12 of the Notice for approval by the Members.
with Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
Electronic copies of the draft TML SLTI Scheme 2021 setting as amended from time to time, ratification for the remuneration
out the terms and conditions of the Scheme and the relevant payable to the Cost Auditors to audit the cost records of the
resolutions passed at the Board and Committee Meetings Company for the said financial year by way of an Ordinary
referred to in the resolutions would be available for inspection Resolution is being sought from the Members as set out at Item
by the members. Please refer to Note 11 given in the Notice on No. 14 of the Notice.
inspection of documents.
M/s Mani & Co. have furnished a certificate dated May 3, 2021
None of the Directors, Key Managerial Personnel or their regarding their eligibility for appointment as Cost Auditors of the
respective relatives are, in any way, concerned or interested, Company. They have vast experience in the field of cost audit and
financially or otherwise, in the resolution set out at Item Nos. 11 have conducted the audit of the cost records of the Company for
and 12 of the Notice, except to the extent of PSs and/or Options previous years under the provisions of the Act.
that may be granted to them under the Scheme and the resultant
The Board recommends the Ordinary Resolution set out at Item
Ordinary Shares issued, as applicable.
No. 14 of the Notice for approval by the Members.
Item No. 13 None of the Directors, Key Managerial Personnel or their relatives
In line with its global aspirations, the Company has undertaken / are, in any way, concerned or interested, financially or otherwise,
would undertake projects/establishments in and outside India for in the said resolution.
setting up manufacturing facilities, showrooms, service centers
By Order of the Board of Directors
and offices as branch offices of the Company. Whilst generally
and to the extent possible, the Company would appoint its
auditors for the said branch offices, in some cases/jurisdictions it
may not be possible/practical to appoint them and the Company HOSHANG K SETHNA
would be required to appoint an accountant or any other person Company Secretary
duly qualified to act as an auditor of the accounts of the said Mumbai, June 23, 2021 FCS No: 3507
branch offices in accordance with the laws of that country. To Registered Office:
enable the Directors to appoint Branch Auditors for the purpose Bombay House, 24, Homi Mody Street, Mumbai 400 001
of auditing the accounts of the Company’s Branch Offices outside Tel: +91 22 6665 8282
India (whether now existing or as may be established), necessary Email: [email protected]; Website: www.tatamotors.com
authorisation of the Members is being obtained in accordance CIN: L28920MH1945PLC004520
with the provisions of Section 143 of the Act, in terms of the
Resolution at Item No. 13 of the Notice.

ANNEXURE TO NOTICE
394
Details of Directors seeking appointment/re-appointment in the forthcoming Annual General Meeting
|
[Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standard-2 on General Meetings]
Particulars N Chandrasekaran Mitsuhiko Yamashita Thierry Bolloré Kosaraju V Chowdary Guenter Butschek Girish Wagh
Director Identification 00121863 08871753 08935293 08485334 07427375 03119361
Number (DIN)
Date of Birth / Age June 2, 1963 April 17, 1953 May 30, 1963 October 10, 1954 October 21, 1960 December 2, 1970
58 years 68 years 58 years 66 years 60 years 50 years
Date of first appointment January 17, 2017 September 16, 2020 October 27, 2020 October 27, 2020 February 15, 2016 July 1, 2021
on the Board
Educational Qualification Bachelor’s degree in Applied Science and a Master’s Degree in MBA from Paris-Dauphine Mathematics from Loyola Business Administration MBA from S. P. Jain Institute
Master’s degree in Computer Applications from Aeronautical Engineering University, specialising in College Chennai and Post and Economics with a of Management & Research,
Regional Engineering College, Trichy, India. from Kyoto University Finance. Graduation in Mathematics diploma from the University BE from Pune University.
and has also studied at from IIT, Chennai. of Cooperative Education

Massachusetts Institute Stuttgart, Germany.
of Technology (Advanced
Research).
Experience (including Mr N Chandrasekaran is the Chairman of the Mr Yamashita brings more Mr Thierry Bolloré is the Mr Chowdary started Mr Butschek is the Chief Mr Wagh has been President
expertise in specific Board of Tata Sons, the holding company and than 40 years of experience CEO of Jaguar Land Rover his career in 1976 as a Executive Officer and and Head of Commercial
functional areas) / Brief promoter of more than 100 Tata operating having worked for leading September 2020. probationary officer in Managing Director of the Vehicle Business Unit - Tata
Resume companies with aggregate annual revenues of Japanese Automotive Started his career in 1990 Andhra Bank and later joined Company. Mr. Butschek Motors Ltd. and a member
more than US $100 billion. Prior to this, companies like Nissan with Michelin’s Heavy Truck the Indian Revenue Service has 28+ years of global of the Executive Committee
Mr Chandrasekaran had a 30 year career with Motors Company and tyre factory, Mr Bolloré has in 1978. experience in international (ExCom) since 2017. He
TCS rising thru the ranks to become its CEO. Mitsubishi Motor Corporation held various senior positions He held several executive automotive management started his career at Tata
In addition to his professional career at Tata, in various capacities and and gained more than 30 positions and retired across multiple functions Motors as Graduate Engineer
Mr Chandrasekaran was also appointed as a has served on advisory years’ of global experience as Chairman of Central such as production, Trainee (GET) in 1992 at Pune
Director on the Board of India’s Central Bank, panels in the Ministry of with companies like Faurecia, Board of Direct Taxes. On industrialisation and in CVBU manufacturing plant.
the Reserve Bank of India, in 2016 and has Foreign Affairs and on an auto component company Superannuation, he was procurement. Besides In his illustrious career of 29
served as Chairperson of the Information and several committees in the and Groupe Renault. As appointed as an Advisor to Daimler AG, he has worked in years at Tata Motors, he has
Communication Technology Industry Governors Ministry of Economy, Trade CEO of Jaguar Land Rover, the Department of Revenue, the Airbus Group as its Chief held roles with increasing
and NASSCOM, the apex trade body for IT and Industry. Yamashita has he chairs the boards of Ministry of Finance. Operating Officer (‘COO’) and complex responsibilities
services firms in India. Mr Chandrasekaran is rich experience in various major JLR group companies He functioned as the Central and a member of the Group to deliver key projects across
an active member of India’s bilateral business areas of design, engineering, including Jaguar Land Rover Vigilance Commissioner from Executive Committee. Passenger Vehicle and
forums including USA, UK, Australia and Japan. research and development Limited, UK, Jaguar Land June 2015 to June 2019. Commercial Vehicle Business
He has rich experience in various areas of including development of Rover Automotive Plc, UK and Units.
business, technology, operations, societal and electric vehicles, autonomous Jaguar Land Rover Holdings
governance matters. drive business and other Limited, UK
automotive technologies.
Directorships held • Tata Sons Private Limited NIL NIL • CCL Products (India) Limited • Tata Cummins Private • Automobile Corporation of
in other companies • Tata Steel Limited • Divi’s Laboratories Limited Limited. Goa Limited
(excluding foreign • The Indian Hotels Company Limited • Reliance Industries Limited • Tata Hitachi Construction • Tata Cummins Private
companies) • Tata Consultancy Services Limited Machinery Company Private Limited
• The Tata Power Company Limited Limited. • Tata Marcopolo Motors
• Tata Consumer Products Limited • Tata Technologies Limited. Limited
• TCS Foundation
• Tata Chemicals Limited
Particulars N Chandrasekaran Mitsuhiko Yamashita Thierry Bolloré Kosaraju V Chowdary Guenter Butschek Girish Wagh
Memberships/ • Tata Motors Limited - Member of Nomination • Tata Motors Limited NIL • Tata Motors Limited – • Tata Motors Limited – • Tata Cummins Private
Chairmanships of and Remuneration Committee – Member of Safety, Member of Audit Committee; Member of Stakeholders’ Limited – Member of Audit
Committees across • Tata Sons Private Limited – Member of Health and Sustainability and Corporate Social Relationship Committee; Committee
companies (excluding Nomination and Remuneration Committee and Committee; and Risk Responsibility Committee Safety, Health and • Automobile Corporation
foreign companies) Chairman of Corporate Social Responsibility Management Committee. • CCL Products (India) Sustainability Committee; of Goa Limited – Member
Committee Limited – Member of Audit Corporate Social of Nomination and
Committee Responsibility Committee Remuneration Committee
• Tata Steel Limited - Member of Nomination
and Risk Management and Chairman of Capital
and Remuneration Committee and Chairman • Divi’s Laboratories
Committee. Investment Committee
of Executive Committee of the Board. Limited – Member of Audit
• Tata Consultancy Services Limited – Committee; Compensation, • Tata Hitachi Construction

Nomination and Machinery Company
Chairman of Corporate Social Responsibility
Remuneration Committee; Private Limited - Chairman
Committee and Executive Committee of
and Stakeholders of Remuneration Committee.
the Board, Member of Nomination and
Remuneration Committee Relationship Committee • Tata Technologies Limited -
• Reliance Industries Member of Nomination and
• The Indian Hotels Company Limited –
Limited – Member of Remuneration Committee.
Member of Nomination and Remuneration
Committee. Audit Committee; Human
Resources, Nomination
• The Tata Power Company Limited - Member
and Remuneration;
of Nomination and Remuneration Committee
Stakeholders’ Relationship
and Chairman of Executive Committee of the
Committee; and Risk
Board.
Management Committee
• Tata Consumer Products Limited - Member of
Nomination and Remuneration Committee.
• Tata Chemicals Limited - Member of

Nomination and Remuneration Committee
Relationship with
other Directors/Key Not related to any Director / Key Managerial Personnel of the Company.
Managerial Personnel
No. of shares held in the
Company either by self
2,00,000 NIL NIL NIL NIL NIL
or on a beneficial basis
for any other person
For details regarding the number of meetings of the Board/Committees attended by the above Directors during the year and remuneration drawn/sitting fees received, please refer
to the Boards’ Report and the Corporate Governance Report forming part of the Annual Report.

|
395
NOTES

76 Integrated Annual Report 2020-21

Uploaded by

Copyright:

Available Formats

76 Integrated Annual Report 2020-21

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

76 Integrated Annual Report 2020-21

Uploaded by

Copyright:

Available Formats

76th Integrated Annual Report

OPERATING FINANCIAL ENVIRONMENTAL SOCIAL

8,37,783 2,49,795 20% 7,58,053

Amid stringent restrictions on mobility and large-scale disruptions in supply

SCOPE AND BOUNDARY MATERIALITY

COUNTRIES OF OPERATION MARKET CAPITALISATION* CUSTOMER TOUCHPOINTS

125+ US$ 14.60 BN 8,800+

*as on March 31, 2021

4 | 76th Integrated Annual Report 2020-21

Jaguar Land Rover

Other subsidiaries Revenue mix FY 21 (%)

Resilience and Rebound | 5

6 | 76th Integrated Annual Report 2020-21

Resilience and Rebound | 7

Tata Motors Limited

SIGNA PRIMA ULTRA

INTRA ACE YODHA

WINGER MAGIC AMBULANCE STAR BUS EV ULTRA EV

8 | 76th Integrated Annual Report 2020-21

Resilience and Rebound | 9

Jaguar Land Rover

10 | 76th Integrated Annual Report 2020-21

RANGE ROVER RANGE ROVER SPORT

DISCOVERY DISCOVERY SPORT

DEFENDER 90 DEFENDER 110

Resilience and Rebound | 11

Jaguar Land Rover

12 | 76th Integrated Annual Report 2020-21

Tata Motors Limited

Jaguar Land Rover

Resilience and Rebound | 13

16 | 76th Integrated Annual Report 2020-21

Resilience and Rebound | 17

18 | 76th Integrated Annual Report 2020-21

JLR CEO’s Message

We will create a knowledge-sharing

Jaguar Land Rover will focus on value

Resilience and Rebound | 19

(12.9%) 61.4% (23.0%) (27.0%)

FY 21 8,37,783 FY 21 2,22,638 FY 21 2,67,513 FY 21 3,47,632

FY 20 9,61,463 FY 20 1,37,924 FY 20 3,47,587 FY 20 4,75,952

FY 19 12,74,072 FY 19 2,34,500 FY 19 5,27,286 FY 19 5,07,895

Free Cash flow

(4.3%) 370 bps

FY 21 2,49,795 FY 21 12.2 FY 21 5,317 FY 21 40,876

Y-o-Y Growth *CJLR: Chery Jaguar Land Rover

20 | 76th Integrated Annual Report 2020-21

Specific (Scope 1+2) GHG Patents Ratio of female employees Water

(14.4%) (55.6%) (31bps) (22%)

FY 21 0.59 FY 21 79 FY 21 5.48 FY 21 13,36,479

FY 20 0.69 FY 20 178 FY 20 5.79 FY 20 17,20,965

FY 19 0.69 FY 19 104 FY 19 5.16 FY 19 14,06,350

Energy Scope 1 GHG emissions Operational waste POWERTRAIN MIX

(16%) (18%) (25%)

Resilience and Rebound | 21

Connected Technology and Digital

24 | 76th Integrated Annual Report 2020-21

Tata Motors Limited

Jaguar Land Rover