Consolidated Balance Sheet

(₹ in crores)
As at As at
Particulars Notes
March 31, 2024 March 31, 2023
I. ASSETS
(1) NON-CURRENT ASSETS
(a) Property, plant and equipment 3(B) 73,124.66 76,641.43
(b) Capital work-in-progress 3(C) 10,937.33 5,219.87
(c) Right of use assets 4 8,059.49 7,801.04
(d) Goodwill 5 860.26 840.60
(e) Other intangible assets 6(B) 39,241.05 46,796.69
(f) Intangible assets under development 6(C) 24,761.10 9,054.63
(g) Financial assets:
(i) Investment in equity accounted investees 8 5,340.28 4,675.66
(ii) Other investments 9 3,377.55 2,865.19
(iii) Finance receivables 17 6,094.66 7,416.41
(iv) Loans 11 441.58 745.31
(v) Other financial assets 12 9,084.66 7,153.00
(h) Deferred tax assets (net) 22 13,099.02 5,184.67
(i) Non-current tax assets (net) 2,129.73 1,556.36
(j) Other non-current assets 19 5,720.44 8,602.05
202,271.81 184,552.91
(2) CURRENT ASSETS
(a) Inventories 13 47,788.29 40,755.39
(b) Financial assets:
(i) Investments 10 14,253.24 18,838.31
(ii) Trade receivables 14 16,951.81 15,737.97
(iii) Cash and cash equivalents 15 40,014.76 31,886.95
(iv) Bank balances other than (iii) above 16 5,791.93 5,128.61
(v) Finance receivables 17 24,069.50 23,417.31
(vi) Loans 11 196.70 123.53
(vii) Other financial assets 12 8,121.47 4,966.03
(c) Current tax assets (net) 101.15 259.26
(d) Other current assets 20 10,429.39 9,587.33
167,718.24 150,700.69
(3) Assets classified as held-for-sale 21 673.91 827.78
TOTAL ASSETS 370,663.96 336,081.38
II. EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 23 766.50 766.02
(b) Other equity 24 84,151.52 44,555.77
Equity attributable to owners of Tata Motors Limited 84,918.02 45,321.79
Non-controlling interests 8,175.91 7,277.72
93,093.93 52,599.51
LIABILITIES
(1) NON-CURRENT LIABILITIES
(a) Financial liabilities:
(i) Borrowings 26 62,148.53 88,695.81
(ii) Lease liabilities 7,669.52 7,568.49
(iii) Compulsorily Convertible Preference Shares - liability portion 2,547.90 2,500.00
(iv) Other financial liabilities 28 1,673.12 5,822.47
(b) Provisions 31 16,536.66 13,196.53
(c) Deferred tax liabilities (net) 22 1,143.35 1,406.95
(d) Other non-current liabilities 32 12,233.95 9,264.29
103,953.03 128,454.54
(2) CURRENT LIABILITIES
(a) Financial liabilities:
(i) Borrowings 27 36,351.56 36,964.66
(ii) Lease liabilities 1,092.89 884.48
(iii) Trade payables 30
(a) Total outstanding dues of micro and small enterprises 502.31 316.01
(b) Total outstanding dues of creditors other than micro and small enterprises 87,540.64 71,739.76
(c) Acceptances 5,935.57 7,195.99
(iv) Other financial liabilities 29 15,385.12 13,828.58
(b) Provisions 31 12,291.47 11,810.66
(c) Current tax liabilities (net) 1,527.14 1,254.19
(d) Other current liabilities 33 12,990.30 11,033.00
173,617.00 155,027.33
TOTAL EQUITY AND LIABILITIES 370,663.96 336,081.38
See accompanying notes to consolidated financial statements
In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOQ8625
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024

79th Integrated Annual Report

278
2023-24
Consolidated Statement of Profit and Loss
(₹ in crores)
Year ended Year ended
Particulars Notes
March 31, 2024 March 31, 2023
Revenue from operations 34
(a) Revenue 434,984.12 342,874.59
(b) Other operating revenues 2,943.65 3,092.38
I. Total revenue from operations 437,927.77 345,966.97
II. Other income 35 5,949.92 4,633.18
III. Total income (I+II) 443,877.69 350,600.15
IV. Expenses:
(a) Cost of materials consumed 249,277.79 208,944.31
(b) Purchase of products for sale 25,043.44 22,306.95
(c) Changes in inventories of finished goods, work-in-progress and products for sale (1,565.53) (4,781.62)
(d) Employee benefits expense 36 42,486.64 33,654.70
(e) Finance costs 37 9,985.76 10,225.48
(f) Compulsorily convertible preference share measured at Fair Value 47.90 13.75
(g) Foreign exchange loss/(gain) (net) 23.84 (103.88)
(h) Depreciation and amortisation expense 27,270.13 24,860.36
(i) Product development/engineering expenses 38 10,958.72 10,661.96
(j) Other expenses 39 78,874.98 61,785.96
(k) Amount transferred to capital and other account (26,758.35) (18,434.84)
Total expenses (IV) 415,645.32 349,133.13
V. Profit before share of profit in equity accounted investees, exceptional items and tax (III-IV) 28,232.37 1,467.02
VI. Share of profit in equity accounted investees (net) 8 699.80 336.38
VII. Profit before exceptional items and tax (V+VI) 28,932.17 1,803.40
VIII. Exceptional items 40 977.06 (1,590.53)
IX. Profit before tax (VII-VIII) 27,955.11 3,393.93
X. Tax (credit)/expense (net):
(a) Current tax 4,937.13 3,258.35
(b) Deferred tax (8,788.77) (2,554.29)
Total tax (credit)/expense (net) 22 (3,851.64) 704.06
XI. Profit for the year (IX-X) 31,806.75 2,689.87
Attributable to:
(a) Shareholders of the Company 31,399.09 2,414.29
(b) Non-controlling interests 407.66 275.58
XII. Other comprehensive income/(loss) :
(A) (i) Items that will not be reclassified to profit or loss:
(a) Remeasurement losses on defined benefit obligations (net) (4,285.63) (198.00)
(b) Equity instruments at fair value through other comprehensive income (net) 426.96 (137.65)
(c) Share of other comprehensive (loss)/ income in equity accounted investees (net) (0.12) 6.29
(ii) Income tax credit relating to items that will not be reclassified to profit or loss 1,031.15 73.53
(B) (i) Items that will be reclassified to profit or loss:
(a) Exchange differences in translating the financial statements of foreign
operations 793.42 737.36
(b) Gains/(losses) in cash flow hedges (including forecast inventory purchases) 9,481.53 (1,298.76)
(c) (Losses)/gains on finance receivables held at fair value through other
comprehensive income (net) (89.58) 77.66
(d) Share of other comprehensive (loss)/ income in equity accounted investees (net) (135.89) 5.30
(ii) Income tax expense relating to items that will be reclassified to profit or loss (897.92) (1,181.06)
Total other comprehensive income/(loss) for the year (net of tax) 6,323.92 (1,915.33)
Attributable to:
(a) Shareholders of the Company 6,365.24 (1,935.09)
(b) Non-controlling interests (41.32) 19.76

XIII. Total comprehensive income for the year (net of tax) (XI+XII) 38,130.67 774.54
Attributable to:
(a) Shareholders of the Company 37,764.33 479.20
(b) Non-controlling interests 366.34 295.34
XIV. Earnings per equity share (EPS) 48
(a) Ordinary shares (face value of ₹2 each):
(i) Basic EPS ₹ 81.95 6.29
(ii) Diluted EPS ₹ 81.88 6.29
(b) ‘A’ Ordinary shares (face value of ₹2 each):
(i) Basic EPS ₹ 82.05 6.39
(ii) Diluted EPS ₹ 81.98 6.39
See accompanying notes to consolidated financial statements
In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOQ8625
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024

INTEGRATED STATUTORY CONSOLIDATED STANDALONE

279 4 132 262 383
REPORT REPORTS FINANCIALS FINANCIALS
Consolidated Statement of Cash Flows
(₹ in crores)
Year ended Year ended
Particulars
March 31, 2024 March 31, 2023
Cash flows from operating activities:
Profit for the year 31,806.75 2,689.87
Adjustments for:
Depreciation and amortisation expense 27,270.13 24,860.36
Allowances for finance receivables 1,153.39 2,039.15
Allowances for trade and other receivables 197.03 80.63
Inventory write-down (net) 1,334.47 723.21
Discounting of warranty and other provisions (107.48) (140.76)
Fair value adjustments in relation to asset held for sale 58.49 -   
Non cash exceptional items 977.06 (1,602.53)
Accrual for share-based payments 42.73 30.03
Marked-to-market gain on investments measured at fair value through profit or loss (25.20) (93.27)
Loss on sale of assets (including assets scrapped/written off) (net) 303.20 354.96
Profit on sale of investments (net) (261.87) (303.44)
Share of profit in equity accounted investees (net) (699.80) (336.38)
Tax (credit)/expense (net) (3,851.64) 704.06
Finance costs 9,985.76 10,225.48
Compulsorily convertible preference share measured at Fair value 47.90 13.75
Interest income (2,608.60) (1,251.18)
Dividend income (46.70) (46.42)
Other non cash item 68.39 -   
Unrealised Foreign exchange loss/(gain) (net) (537.55) 3,746.61
Cash flows from operating activities before changes in following assets and liabilities 65,106.46 41,694.13
Finance receivables (724.60) 617.45
Trade receivables (1,150.69) (2,830.10)
Loans and other financial assets (3,083.10) (736.04)
Other current and non-current assets 1,665.73 (3,182.09)
Inventories (7,265.23) (5,665.36)
Trade payables 13,705.83 6,944.85
Other current and non-current liabilities 4,699.26 537.16
Other financial liabilities 1,844.58 706.43
Provisions (2,366.61) 480.57
Cash generated from operations 72,431.63 38,567.00
Income tax paid (net) (4,516.27) (3,178.99)
Net cash from operating activities 67,915.36 35,388.01
Cash flows used in investing activities:
Payments for property, plant and equipments (12,974.74) (8,492.63)
Payments for other intangible assets (18,438.89) (9,603.05)
Proceeds from sale of property, plant and equipments 231.09 285.03
Loan given to related party (206.76) -   
Settlement of loan given to a related party 206.76 -   
Payment for acquisition of Ford assets (refer note 3(b)) -    (836.29)
Investments in mutual fund sold (net) 5,142.37 3,963.25
Investment in an associate company (150.00) -   
Disposal of subsidiaries (net of cash disposed) 107.65 19.37
Investment in government securities (5,491.94) (2,839.87)
Proceeds from sale of investments in government securities 5,399.58 2,872.88
Investments-others (74.41) (50.00)
Proceeds from sale of investments in other companies 278.00 59.33
Interest received 2,492.74 973.44
Purchase of other assets with a view to resale -    (298.20)
Dividend received 46.70 46.42
Dividend received from equity accounted investees 49.18 21.69

79th Integrated Annual Report

280
2023-24
 (₹ in crores)
Year ended Year ended
Particulars
March 31, 2024 March 31, 2023
Inter corporate deposits (24.50) -   
Deposit/restricted deposits with financial institution -    (4,542.90)
Realisation of deposit with financial institution -    1,469.59
Deposits/restricted deposits with banks (7,325.50) (15,350.01)
Realisation of deposits/restricted deposits with banks 7,904.58 15,497.79
Net cash used in investing activities (22,828.09) (16,804.16)
Cash flows from financing activities:
Proceeds from issue of shares and share application pending allotment (net of issue expenses) 81.87 19.60
Proceeds from issuance of compulsorily convertible preference shares -    3,750.00
Buy back of stake from non-controlling interest -    (295.92)
Payment for acquisition of non-controlling interest of subsidiary -    (99.50)
Proceeds from sale of stake to non-controlling interest 3,812.31 -   
Proceeds from long-term borrowings 11,629.40 16,315.06
Repayment of long-term borrowings (31,675.20) (31,559.46)
Payments from option settlement of long term borrowings (82.78) (106.51)
Proceeds from short-term borrowings 10,194.10 28,125.45
Repayment of short-term borrowings (15,656.51) (30,997.82)
Net change in other short-term borrowings (with maturity up to three months) (2,993.77) (753.73)
Repayment of lease liability (including interest) (1,924.01) (1,516.61)
Distribution to non controlling interest (289.81) (140.88)
Dividend paid (769.27) -   
Proceeds from issuance of perpetual debt instrument classified as equity by a subsidiary (net) -    353.38
Interest paid [including discounting charges paid ₹962.37 crores (March 31, 2023 ₹740.75 crores)] (9,332.32) (9,335.96)
Net cash used in financing activities (37,005.99) (26,242.90)
Net increase/(decrease) in cash and cash equivalents 8,081.28 (7,659.05)
Cash and cash equivalents as at April 1, (opening balance) 31,886.95 38,159.01
Effect of foreign exchange on cash and cash equivalents 46.53 1,386.99
Cash and cash equivalents as at March 31, (closing balance) 40,014.76 31,886.95

Non-cash transactions:
Liability towards property, plant and equipment and intangible assets purchased on credit/ 4,870.08 3,941.33
deferred credit

See accompanying notes to consolidated financial statements

In terms of our report attached For and on behalf of the Board

For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI

Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOQ8625
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024

INTEGRATED STATUTORY CONSOLIDATED STANDALONE

281 4 132 262 383
REPORT REPORTS FINANCIALS FINANCIALS
 Consolidated Statement of Changes in Equity for the year ended March 31, 2024
A. Equity Share Capital
(₹ in crores)
Equity Share Capital
Balance as at April 1, 2023 766.02
Issue of shares on exercise of stock options by employees 0.48
Balance as at March 31, 2024 766.50

2023-24
B. Other Equity
(₹ in crores)
Reserves Other components of equity
Attribut-
Share Reserve for Debt Equity able to
Share- Currency Non-con-
application Capital Debenture research Earned instruments instruments Cost of Owners Total other
Particulars Securities based Special Capital Retained Hedging trans- trolling
money redemption redemption and human surplus through Other through Other hedging of Tata equity
Premium payments reserve Reserve earnings Reserve lation interests
pending reserve reserve resource de- reserve Comprehensive Comprehen- reserve Motors
reserve reserve
allotment velopment Income sive Income Limited
Opening balance as at April 1, 2023 14,164.33 63.22 2.46 2.28 211.34 200.74 643.24 45.65 1,164.20 25,251.02 458.80 570.85 (6,555.88) (1,005.48) 9,339.00 44,555.77 7,277.72 51,833.49

79th Integrated Annual Report

Profit for the year -    -    -    -    -    -    -    -    -    31,399.09 -    -    -    -    -    31,399.09 407.66 31,806.75
Remeasurement losses on defined
benefit obligations (net) -    -    -    -    -    -    -    -    -    (3,210.80) -    -    -    -    -    (3,210.80) -    (3,210.80)
Other comprehensive income /(loss)
for the year -    -    -    -    -    -    -    -    -    -    (67.03) 379.06 7,599.45 961.60 809.65 9,682.73 (41.32) 9,641.41
Total comprehensive income/(loss)
for the year -    -    -    -    -    -    -    -    -    28,188.29 (67.03) 379.06 7,599.45 961.60 809.65 37,871.02 366.34 38,237.36
Amounts recognized in inventory -    -    -    -    -    -    -    -    -    -    -    -    10.40 10.40 -    20.80 -    20.80
Transfer from debenture redemption
reserve -    -    -    -    (84.26) -    -    -    -    84.26 -    -    -    -    -    -    -    -   
Transactions with owners of the
company
Share based payments -    42.73 -    -    -    -    -    -    -    -    -    -    -    -    -    42.73 -    42.73
Money received on exercise of stock
options by employees 82.14 -    -    -    -    -    -    -    -    -    -    -    -    -    -    82.14 -    82.14
Exercise of stock option by
employees 16.73 (16.73) (0.73) -    -    -    -    -    -    -    -    -    -    -    (0.73) -    (0.73)
Utilization of deferred tax asset on
sale of interest in subsidiary -    -    -    -    -    -    -    -    -    (609.08) -    -    -    -    (609.08) -    (609.08)
Sale of stake in a subsidiary company
to non-controlling interest (refer
note below) -    -    -    -    -    -    -    -    -    3,089.85 -    -    -    (106.69) 2,983.16 829.15 3,812.31
Sale of a subsidiary company -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    (7.49) (7.49)
Distribution to non-controlling
interest -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    -    (289.81) (289.81)
Dividend paid -    -    -    -    -    -    -    -    -    (771.16) -    -    -    -    -    (771.16) -    (771.16)
Expenses related to equity
transactions -    -    -    -    -    -    -    -    -    (23.13) -    -    -    -    -    (23.13) -    (23.13)
Balance as at March 31, 2024 14,263.20 89.22 1.73 2.28 127.08 200.74 643.24 45.65 1,164.20 55,210.05 391.77 949.91 1,053.97 (33.48) 10,041.96 84,151.52 8,175.91 92,327.43
Note: During the year ended March 31, 2024, the Company has partially sold its stake (21.3%) represented by 8,64,36,184 equity shares in Tata Technologies Limited (TTL) for total consideration of ₹ 3,812.31 crores. The gain on sale of
₹ 3,089.85 crores has been accounted in retained earnings as the Company has retained the control over TTL.

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 N CHANDRASEKARAN [DIN: 00121863] P B BALAJI
Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOQ8625
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024

282
 Consolidated Statement of Changes in Equity for the year ended March 31, 2023

283
A. Equity Share Capital
(₹ in crores)
Equity Share Capital
Balance as at April 1, 2022 765.88
Issue of shares on exercise of stock options by employees 0.14
Balance as at March 31, 2023 766.02

B. Other Equity
(₹ in crores)

REPORT
Reserves Other components of equity
Attribut-
Share Reserve for Debt Equity able to

INTEGRATED
Share- Currency
application Capital Debenture research Earned instruments instruments Cost of Owners Non-con- Total other
Particulars Securities based Special Capital Retained Hedging trans- trolling
money redemption redemption and human surplus through Other through Other hedging of Tata equity
Premium payments reserve Reserve earnings Reserve lation interests
pending reserve reserve resource de- reserve Comprehensive Comprehen- reserve Motors
reserve reserve
allotment velopment Income sive Income Limited

4
Opening balance as at April 1, 2022 14,137.14 38.28 6.39 2.28 411.14 200.74 617.25 45.65 1,164.20 22,946.58 399.74 663.22 (5,519.59) 65.95 8,616.39 43,795.36 4,271.06 48,066.42
Profit for the year - - - - - - - - - 2,414.29 - - - - - 2,414.29 275.58 2,689.87
Remeasurement gains/(losses) on
defined benefit obligations (net) - - - - - - - - - (163.18) - - - - - (163.18) - (163.18)
Other comprehensive income /(loss)
for the year - - - - - - - - - - 78.92 (92.37) (1,355.78) (1,105.44) 722.61 (1,752.06) 19.76 (1,732.30)

REPORTS
Total comprehensive income/(loss)
for the year - - - - - - - - - 2,251.11 78.92 (92.37) (1,355.78) (1,105.44) 722.61 499.05 295.34 794.39

STATUTORY
Amounts recognised in inventory - - - - - - - - - - - - 319.49 34.01 - 353.50 - 353.50
Amount reclassified to profit and loss - - - - - - - - - - (19.86) - - - - (19.86) - (19.86)
Tranfer from debenture redemption
reserve - - - - (199.80) - - - - 199.80 - - - - - - - -
Transactions with owners of the

132
company
Share based payments - 30.03 - - - - - - - - - - - - - 30.03 - 30.03
Money received on exercise of stock
options by employees 23.40 - (3.93) - - - - - - - - - - - - 19.47 - 19.47
Exercise of stock option by
employees 3.79 (3.79) - - - - - - - - - - - - - - - -
Transfer of lapsed stock options - (1.30) - - - - - - - 1.30 - - - - - - - -
Transfer (from)/to retained earnings - - - - - - 25.99 - - (25.99) - - - - - - - -

FINANCIALS
Issue of perpetual instrument
classified as equity by a subsidiary

CONSOLIDATED
(refer note below) - - - - - - - - - - - - - - - - 360.00 360.00
Proceeds from Compulsorily
Convertible Preference Shares (net of

262
Debt issue cost) - - - - - - - - - - - - - - - - 2,472.39 2,472.39
Acquisition of Non-Controlling
Interest - - - - - - - - - (121.78) - - - - - (121.78) 19.81 (101.97)
Distribution to Non-Controlling
Interest - - - - - - - - - - - - - - - - (140.88) (140.88)
Balance as at March 31, 2023 14,164.33 63.22 2.46 2.28 211.34 200.74 643.24 45.65 1,164.20 25,251.02 458.80 570.85 (6,555.88) (1,005.48) 9,339.00 44,555.77 7,277.72 51,833.49

Note: During the year ended March 31, 2023, Tata Motors Finance Limited, a subsidiary of the Company issued perpetual securities of ₹ 360.00 crores bearing a coupon interest rate of 9.23% and 9.30% per annum , with a

FINANCIALS
step up provision if the securities are not called after 10 years from the issue date. The payment of any coupon may be cancelled or suspended at the discretion of the Board of Directors of Tata Motors Finance Limited.

STANDALONE
Accordingly, the Company had accounted these securities as equity instruments and any amount attributable to investors of these perpetual securities had been presented as non-controlling interest.

See accompanying notes to financial statements

In terms of our report attached For and on behalf of the Board

383
For B S R & Co. LLP N CHANDRASEKARAN [DIN: 00121863] P B BALAJI
Chartered Accountants Chairman Group Chief Financial Officer
Firm’s Registration No: 101248W/W-100022

SHIRAZ VASTANI GIRISH WAGH [DIN: 03119361] MALOY KUMAR GUPTA [ACS: 24123]
Partner Executive Director Company Secretary
Membership No.: 103334
UDIN: 24103334BKGEOQ8625
Place: Mumbai Place: Mumbai
Date: May 10, 2024 Date: May 10, 2024