Tata Motors Shs Sponsored American Deposit Receipt Repr 5 Shs (NYSE:TTM) Q3 2020 Earnings Conference Call - Final Transcript

Jan 30, 2020 • 08:00 am ET


Tata Motors Shs Sponsored American Deposit Receipt Repr 5 Shs (NYSE:TTM) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, welcome to the Q3 FY '20 Results of Tata Motors hosted by Emkay Global Financial Services. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions at the end of today's presentation. [Operator Instructions] Please note that this conference is being recorded.

I would now like to hand the conference over to Mr. Raghunandhan N. L. from Emkay Global. Thank you and over to you, sir.

Raghunandhan N. L.

Thank you, Stanford. Good evening, everyone. I would like to welcome the management and thank them for giving us this opportunity. We have with us today Mr. P.B. Balaji, Group's CFO, Tata Motors; Butschek, MD and CEO, Tata Motors; Professor Sir Ralf Speth, CEO, JLR; Mr. Adrian Mardell, CFO, JLR.

I would now hand over the call to the management for opening remarks. Over to you, sir.

P.B. Balaji

Yeah. Thanks, Raghu. Thanks all of you for joining the call. Unfortunately, Ralf is not able to join this particular call. From our side, we also have Shailesh, who Heads our EV business as well as Girish, who Heads our CV business has joined the discussions as well. So without further ado, let me cut to the chase. Like last time, I don't intend to cover every slide. You already have the deck in front of you. I'll draw your attention to the page number on the right corner, right-hand top corner and we will then roll with that.

So moving on to slide two, which is the standard disclosure. And thereafter, let me move to slide three. The key developments and this has been an intense quarter for both JLR and Tata Motors. In the case of Tata Motors, I particularly draw your attention to the almost fully packed agenda that we have had on passenger vehicles as we move to the BSVI beyond New Forever as well as the BSVI and beyond. And the launch of the Altroz with 5-Star GNCAP, the second car from Tata Motors and in India, which is 5-Star GNCAP, and of course, the launch of the entire Tata Universe ecosystem, which has delivered the Nexon EV as well. So Shailesh will talk about that later in the call, but these three were exciting. And of course, JLR, the much awaited Defender production commences and a series of product launches starting with F-TYPE begins. And of course, the first was into infra technology, which was revealed at the CES. So as we had committed earlier, product defensive continues, innovation continues.

Moving on to the numbers. It's been a quarter, where I think we had a fair number of challenges that we had to deal with. And in that context, I think delivering an EBITDA of 9.9% for the quarter has been good. Revenue growth, of course, has been negative 7% and EBITDA of 240 bps and particularly reassuring the free cash flow line at positive INR4,000 crores for the quarter. In the case of G&A, if