Motilal Oswal: Tata Motors - Near Net Debt Zero By FY24 Pivoted On Business Recovery  
A pedestrian walks past a Tata Motors Ltd. showroom in the Ambattur district of Chennai, India. (Photographer: Dhiraj Singh/Bloomberg)

Motilal Oswal: Tata Motors - Near Net Debt Zero By FY24 Pivoted On Business Recovery  

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Motilal Oswal Report

We had hosted Mr PB Balaji, Chief Financial Officer– Tata Motors LTd., for a meeting with a group of investors.

Mr Balaji articulated their approach to achieving a near net debt zero target by FY24, primarily pivoted on -

1. revenue improvement, b) cost-cutting, and c) capex control plans laid out for four key businesses (including non banking financial company).

He discussed the businesswise roadmap to attaining positive free cash flow.

Jaguar Land Rover (JLR) – recovery underway; FCF-positive from FY22 -Demand recovery is visible across markets in the U.S., UK, EU, and China.

Only rest of the world (RoW) markets are yet to see recovery.

JLR is seeing an additional boost from strong demand for the recently launched Evoque and Defender. This, coupled with a strong product pipeline, makes management positive on demand.

Click on the attachment to read the full report:

Motilal Oswal Tata Motors Company Update.pdf


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