FY12 Results Review Press / Analyst Meet

29th May, 2012

INVESTOR RELATIONS 1

Statements in this presentation describing the objectives, projections, estimates and expectations of the Company i.e. Tata Motors Ltd and its direct and indirect subsidiaries and its associates may be forward looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include, among others, economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Company operates, changes in Government regulations, tax laws and other statutes and incidental factors

Q4 FY12 represents the period from 1st January 2012 to 31st March 2012 Q4 FY11 represents the period from 1st January 2011 to 31st March 2011 Q3 FY12 represents the period from 1st October 2011 to 31st December 2011 FY12 represents the period from 1st April 2011 to 31st March 2012 FY11 represents the period from 1st April 2010 to 31st March 2011 Financials (other than JLR) contained in the presentation are as per Indian GAAP. JLR Financials contained in the presentation are as per IFRS as approved in the EU
INVESTOR RELATIONS 2

Financial Highlights

Standalone Business

Consolidated financials
JLR

Standalone financials
Other Subsidiaries

Way Forward

INVESTOR

RELATIONS

Tata Motors Consolidated P&L For the Quarter ended March 2012 (Y-o-Y)
Rs Crores Q4 FY 12 Net Revenue ^ EBITDA ^ EBITDA margin Profit before exceptional items & tax Exceptional items PBT PAT
#

USD million @ Q4 FY 12 10,007.5 1,411.3 14.1% 903.4 (33.7) 869.7 1,225.5 Q4 FY 11 6,936.7 954.5 13.8% 537.4 34.9 572.3 518.5 44.3% 47.9% 30 bps 68.1% NM 52.0% 136.4%

Q4 FY 11 % change 35,287.1 4,855.5 13.8% 2,733.9 177.4 2,911.3 2,637.5

50,907.9 7,179.1 14.1% 4,595.6 (171.3) 4,424.3 6,234.0

Strong growth in volumes across products and markets drives business performance
^ Excludes Other Income # After Minority Interest and share of Profit/(loss) in respect of associate companies and after deferred tax adjustment @ At conversion rate of USD 1 = 50.87 INR. For reference only.
INVESTOR RELATIONS 4

Tata Motors Consolidated P&L For the year ended March 2012 (Y-o-Y)
Rs Crores FY 12 Net Revenue ^ EBITDA ^ EBITDA margin Profit before exceptional items & tax Exceptional items PBT PAT
#

USD million @ % change 35.6% 33.0% (30 bps) 40.8% NM 29.7% 45.8% FY 12 32,564.3 4,659.0 14.3% 2,823.9 (163.5) 2,660.5 2,657.1 FY 11 24,007.8 3,502.1 14.6% 2,006.3 45.4 2,051.7 1,823.0

FY 11 1,22,127.9 17,815.0 14.6% 10,206.2 231.0 10,437.2 9,273.6

1,65,654.5 23,700.5 14.3% 14,365.4 (831.5) 13,533.9 13,516.5

^ Excludes Other Income # After Minority Interest and share of Profit/(loss) in respect of associate companies after deferred tax adjustment. @ At conversion rate of USD 1 = 50.87 INR. For reference only

INVESTOR

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Tata Motors Consolidated Balance Sheet For the year ended March 2012
In Rs Crores EQUITY AND LIABILITIES Shareholders' Funds Minority Interest Non-Current Liabilities Current Liabilities ASSETS Fixed Assets Other Non-Current Assets Foreign Currency Monetary Item Translation Difference (Net) Current Assets Mar 12 1,45,383 33,150 307 38,658 73,268 1,45,383 56,213 24,257 451 64,461 Mar 11 1,01,014 19,171 247 26,470 55,126 1,01,014 43,221 15,704 42,089

Increase in Net worth Rs 13,979 crs Cash & Cash Equivalents stood at Rs 25,730 crs (JLR GBP 2.43 bn, TML Rs 1,841 crs) Net Automotive Debt Equity as on March 31, 2012 stood at 0.25:1 vs 0.56:1 as on Dec 31, 2011 EPS (basic) stood at Rs 42.58 for FY12 as compared to Rs 31.05 for FY11

INVESTOR

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Tata Motors standalone P&L For the Quarter ended March 2012 (Y-o-Y)
Rs Crores Q4 FY 12 Net Revenue ^ EBITDA ^ EBITDA margin Profit before exceptional items & tax Exceptional items PBT PAT 16,390.7 1,561.3 9.5% 862.3 (210.2) 652.1 565.3 Q4 FY 11 % change 14,325.5 1,278.1 8.9% 644.9 (54.4) 590.5 573.3 14.4% 22.2% 60 bps 33.7% NM 10.4% -1.4% USD million @ Q4 FY 12 3,222.1 306.9 9.5% 169.5 (41.3) 128.2 111.1 Q4 FY 11 2,816.1 251.2 8.9% 126.8 (10.7) 116.1 112.7

Growth in volumes, lower costs favorably impacted Revenue & EBITDA margins Exceptional items include provision made for certain investments Tata Hispano, Spain and exchange loss (net) on revaluation of foreign currency borrowings, deposits and loans
^ Excludes Other Income @ At conversion rate of USD 1 = 50.87 INR. For reference only
INVESTOR RELATIONS 7

Tata Motors standalone P&L For the year ended March 2012 (Y-o-Y)
Rs Crores FY 12 Net Revenue ^ EBITDA ^ EBITDA margin Profit before exceptional items & tax Exceptional items PBT PAT 54,306.6 4,411.8 8.1% 1,926.3 (585.2) 1,341.0 1,242.2 FY 11 47,088.4 4,806.4 % change 15.3% -8.2% USD million @ FY 12 10,675.6 867.3 8.1% 378.7 (115.0) 263.6 244.2 FY 11 9,256.6 944.8 10.2% 460.7 (28.9) 431.8 356.2

10.2% (210 bps) 2,343.6 (147.1) 2,196.5 1,811.8 -17.8% NM -38.9% -31.4%

^ Excludes Other Income @ At conversion rate of USD 1 = 50.87 INR. For Reference only

INVESTOR

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Tata Motors Standalone Balance Sheet For the year ended March 2012
In Rs Crores EQUITY AND LIABILITIES Shareholders' Funds Non-Current Liabilities Current Liabilities ASSETS Fixed Assets Other Non-Current Assets Foreign Currency Monetary Item Translation Difference (Net) Current Assets Mar 12 54,519 19,626 12,716 22,177 54,519 19,056 21,492 258 13,713 Mar 11 54,190 20,013 15,177 19,000 54,190 17,216 26,003 10,972

Cash & Cash Equivalents stood at Rs 1,841 crs FY 12 Capex spend Rs 3,118 crs Net Debt Equity as on Mar 31, 2012 stood at 0.72 vs 0.76 on Dec 31, 2011 Inventory days as on Mar 31, 2012 at ~ 31 vs 37 as on Dec 31, 2011 Receivable days as on Mar 31, 2012 at ~ 18 vs 19 as on Dec 31, 2011

The Board of Directors recommended a dividend of Rs 4 Per Ordinary Share of Rs 2/- each and Rs 4.10 per A Ordinary share of Rs 2/- each for FY 2011-12
INVESTOR RELATIONS 9

Financial Highlights

Standalone Business

Commercial Vehicles
JLR

Passenger Vehicles Exports

Other Subsidiaries

Way Forward

INVESTOR

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Healthy growth in Commercial Vehicles

Robust growth in FY 12. MHCV at ~ 5% LCV at ~ 23%
15.7% 458,288 530,204

Domestic CV industry grew 19% in FY 12. Growth was driven by LCVs supported by healthy agricultural output, increasing penetration into tier 2 and 3 cities and increasing rural and last mile connectivity. During FY12, for TML, excluding buses, CV grew at 20% and overall market share was 59.4% In MHCV trucks, our growth was 8.2% and market share stood at 62.2% for FY 12

16.2% 133,913 155,672

Ramp up of production in our Pantnagar plant and our outperformance in the LCV trucks has led to increased market share in Q4 FY 12 at 60.6% (FY 12 59.6%) in the segment. Commenced commercial production from Dharwad. During FY 12, our major launches were Ace Zip, Magic Iris, Tata Divo, a super-luxury inter-city bus and new variants in the Tata Starbus Ultra range. Average Price increases taken in FY 12 is ~ 3%
INVESTOR RELATIONS 11

Our CV Market share for FY 12 stood at 59.4%

Tough market conditions in Passenger cars continues

Domestic Passenger car industry grew 4%
4.0% 320,252 333,044

in FY12 on a Y-o-Y basis. Tata Motors grew in line with the industry driven by sales of the Nano , Indica, Indigo, Sumo & Venture. Customer preference for diesel over petrol vehicles helped grow sales

18.1% 95,266 112,470

Focused sales.

marketing

initiatives

and

network actions have positively influenced During FY 12, the new launches include
Note: Data includes JLR & Fiat; Premium/Luxury includes Jaguar vehicles sold in India ; Utility Vehicles includes Land Rover vehicles sold in India Vans - Tata Venture. Source : SIAM & Company data

Sumo Gold & Nano 2012, with several new features, including improved fuel efficiency which aided volume traction. Price increases of ~ 3.3 % during FY 12 in passenger vehicles.
INVESTOR RELATIONS 12

Our Passenger Vehicles Market Share in FY 12 is 13.1% (Q4 14.2%)

Exports demonstrate healthy growth trend

8.6% 63,105 58,089

16.0% 15,416

17,877

During the year, Sri Lanka & Bangladesh continued to be the largest export markets Exports to African countries showed strong growth

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Financial Highlights

Standalone Business

JLR

Jaguar Land Rover PLC

Other Subsidiaries

Way Forward

INVESTOR

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Jaguar Land Rover PLC - P&L under IFRS (Unaudited)

GBP million Y-o-Y % Q4 FY12 Q4 FY11 change Net Revenue EBITDA EBITDA margin PBT PAT 4,144.2 605.4 14.6% 530.4 695.9 2,735.0 374.8 13.7% 299.0 261.0 51.5% 61.5% 90 bps 77.4% 166.6% USD million @ Q4 FY12 6,634.0 969.1 14.6% 849.1 1,114.0 Q4 FY11 4,378.2 600.0 13.7% 478.6 417.8

Note: EBITDA is net of Product development expenses to the extent not capitalized, excludes Other Income @ At conversion rate of 1GBP = USD 1.6008 USD. For reference only

Continued Strong Revenue & Profit performance Strong volume growth, improved product & market mix China and developing markets showed strong demand Exchange rate continues to remain range bound During Q4 FY 12, we recognized ~ GBP 217 mn of deferred tax assets, (additional GBP 171m through reserves), on account of sustained improvement in business performance and certainty of future profitability outlook
INVESTOR RELATIONS 15

Jaguar Land Rover PLC - P&L under IFRS (Unaudited)

GBP million FY 12 Net Revenue EBITDA EBITDA margin PBT PAT 13,511.7 2,026.9 15.0% 1,506.7 1,481.1 FY 11 9,870.7 1,501.7 15.2% 1,114.9 1,035.9 Y-o-Y % change 36.9% 35.0% (20 bps) 35.1% 43.0% USD million @ FY 12 21,629.5 3,244.7 15.0% 2,411.9 2,370.9 FY 11 15,801.0 2,403.9 15.2% 1,784.7 1,658.3

Note: EBITDA is net of Product development expenses to the extent not capitalized, excludes Other Income @ At conversion rate of 1GBP = USD 1.6008 USD. For reference only

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Jaguar Land Rover: Highlights

Highest ever volumes 314,433 units up 29.1% Y-o-Y Growth has been backed by exciting products & strong market mix. The recently launched, all-new Range Rover Evoque continues to receive overwhelmingly positive response. The new Jaguar XF 2.2L diesel has aided volume growth Added third shift and 1000 new employees at each of Halewood and Solihull plants to meet increased demand and future product actions. China and other developing markets continue to grow strongly. Announced new engine plant at Wolverhampton, UK to manufacture all-new, advanced low-emissions engines

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Jaguar Land Rover: Highlights .. contd

Issued 1.5 bn of unsecured bonds with 7-10 year term during FY 12 (GBP 1 bn in May 2011 & GBP 0.5 bn in March 2012). Completed an unsecured Revolving Credit Facilty (RCF) totaling 710m for 3-5 years with a consortium of banks. These facilities have significantly strengthened JLRs debt, capital and liquidity structure In March 2012, JLR announced that it has signed a joint venture agreement with Chery Automotive Co Ltd to build vehicles for the Chinese market, subject to Chinese regulatory approvals JLR has decided to consolidate its two primary operating companies in the UK (Land Rover and Jaguar Cars Limited) as a single subsidiary (renamed Jaguar Land Rover Limited) of Jaguar Land Rover PLC (to be renamed Jaguar Land Rover Automotive PLC) later this year

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Wholesale volumes & market mix For Q4 FY 12

98,021 48.2%

66,131

Sales of Evoque triggered strong volume growth. China continued to show strong demand Q4 FY 12

Jaguar

Land Rover

Robust volume growth backed by exciting products Q4 FY 11

INVESTOR RELATIONS 19

Wholesale volumes & market mix For FY 12

29.1% 243,621 314,433

Strong Volume growth backed by new product actions and strong demand in developing markets FY 12

Jaguar

Land Rover

FY 11
INVESTOR RELATIONS 20

Financial Highlights

Standalone Business

Tata Motors Finance Tata Technologies Tata Daewoo TML Drivelines Ltd

JLR

Other Subsidiaries

Way Forward

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Tata Motors Finance

Rs Crores Rs. Crores Disbursal (Nos) Net Revenue * Operating Income (post Net interest charges) * Operating Margin PAT % of Revenue FY 12 2,29,022 2,017.6 330.0 16.4% 239.9 11.9% FY 11 1,59,699 1,399.2 179.1 12.8% 127.1 9.1% Y-o-Y % change 43.4% 44.2% 84.3% 360 bps 88.7% 280 bps USD million @ FY 12 2,29,022 396.6 64.9 16.4% 47.2 11.9% FY 11 1,59,699 275.1 35.2 12.8% 25.0 9.1%
* Excludes Other Income @ 1USD INR 50.87 for reference only

Finance disbursed during FY 12 stood at Rs. 10,505 Cr. The book size as on March 31, 2012 for TMFL and TML (Vehicle Financing) stood at Rs 15,866 Cr and Rs 102 Cr respectively. FY12 market share stood at 27.6%. NIM of vehicle financing business for FY12 was 8.3% Announced their first ever dividend of 5% per equity share.
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Tata Technologies
Rs crores Y-o-Y % change 30.8% 44.4% 160 bps 49.9% 160 bps USD million @

Rs. Crores Net Revenue * EBITDA * % of Revenues PAT % of Revenues

FY 12 1,642.6 280.9 17.1% 208.4 12.7%

FY 11 1,255.8 194.5 15.5% 139.0 11.1%

FY 12 322.9 55.2 17.1% 41.0 12.7%

FY 11 246.9 38.2 15.5% 27.3 11.1%

* Excludes Other Income @ 1USD INR 50.87 for reference only

Revenue & PAT continued its upward trend. Offshore revenue strongly grew by 66% Strong Cash & cash equivalents Rs 489.9 crs as on March 31, 2012 Operational efficiency measures continue to improve performance.

North America 29.9%

Europe 30.2%

APAC (Including India) 39.9%

Revenue break-up FY12

INVESTOR RELATIONS 23

Tata Daewoo
KRW billion FY 12 Sales (Units) Net Revenue * EBITDA * % of Revenues PAT % of Revenues 9,531 766.5 39.4 5.1% 3.6 0.5% FY 11 8,748 728.4 52.3 7.2% 18.4 2.5% Y-O-Y % Change 9.0% 5.2% -24.7% (210 bps) -80.5% (200) bps USD million @ FY 12 9,531 676.4 34.7 5.1% 3.2 0.5% FY 11 8,748 642.8 46.1 7.2% 16.3 2.5%
* Excludes Other Income @ 1USD = KRW 1133.1 for reference only

Overall demand for Heavy commercial vehicles showed moderation. Product mix comprised of a larger share of Medium commercial vehicles Adverse product mix and Lower realization on exports due to appreciation in KRW were some of the major reasons which resulted in decline in EBITDA and PAT. Continuing cost reduction efforts to control impact of material & other operating cost increases Expect the Korea-US FTA to have favorable impact in coming years.
INVESTOR RELATIONS 24

TML Drivelines Ltd

Rs Crores TML Drivelines FY12 Net Revenue * EBITDA * % of Revenues PAT % of Revenues 627.8 351.6 56.0% 190.4 30.3% HVAL FY11 305.3 179.7 58.8% 94.2 30.9% HVTL FY11 294.4 174.5 59.3% 90.8 30.8% USD million @ TML Drivelines HVAL HVTL FY11 FY11 FY12 123.4 69.1 37.4 60.0 35.3 18.5 57.9 34.3 17.8

56.0% 58.8% 59.3% 30.3% 30.9% 30.8%

* Excludes Other Income ; @ 1USD INR 50.87 for reference only

During FY 12, HV Transmission Limited has been amalgamated with HV Axles. The name has been subsequently changed to TML Drivelines Ltd. Sales volumes increased on the back of growth in domestic CV market While overall cost pressures increased, EBITDA margins were supported by volumes and cost control initiatives
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Financial Highlights

Standalone Business

JLR

Tata Motors Jaguar Land Rover

Other Subsidiaries

Way Forward

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Way Forward Tata Motors Ltd

Slower industrial growth, weak economic outlook, excise duty increases, and present concern deregulation of diesel prices impact overall demand. Freight rates dipped marginally, however, finance availability is adequate. Interest rates are expected to moderate. Demand pressure for some of the MHCV applications. A good monsoon and increase in infrastructure spending could propel demand for MHCV trucks. LCV / SCV continues to grow. Commenced production of Ace Zip in Dharwad, Magic Iris to follow. Services and agriculture sector along with rural connectivity, proliferation of hub & spoke model and demand of passenger applications is expected to drive growth in LCV/SCV segment Company well placed with a wide and compelling product portfolio and customer support against the increasing competitive intensity in CVs.

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Way Forward Tata Motors Ltd.. contd

Competitive intensity and increasing costs poses significant challenge to the passenger vehicle industry, with higher inflation, interest costs, fuel price increases dampening the demand. Customer preference expected to continue to tend towards diesel vehicles. Significant market initiatives which have resulted in improving retail sales for passenger vehicles and market share in Q3 FY 12 and Q4 FY 12 in to continue. Future products in pipeline for FY 12 Variants from Prima range, World LCV range, ACE variants. Safari Storme unveiled in January 2012. Further expand sales and service network in India and enhanced customer care. Extend export potential. For overall industry, RM & component prices are expected to be under control. For the Company, material cost reductions and expense reduction focus will continue.
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Way Forward Jaguar Land Rover

Continue to focus on profitable volume growth, managing costs and improving efficiencies to sustain the growth momentum . Continue to build on momentum of Range Rover Evoque and refreshed Jaguar XF with 2.2 litre diesel. Successfully launch forthcoming new products. Growth in volumes and overall performance has facilitated increase in investments in future capacity, new products and technologies.. With Strong operating cash flows, we expect to self support the growth strategy Capex and Investment plans expected to be about GBP 2 bn in FY 13. Continue flexibility and agility in pursuing business plans Continue to monitor economic and sales trends closely to balance sales and production Continue to progress China JV plans
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THANK YOU

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