Tata Motors : Audited Financial Results for the quarter ended December 31, 2020 ('Results') and Allotment of Ordinary Shares to Tata Sons Private Limited upon exercise/conversion of Warrants into Ordinary Shares

BSE Limited		National Stock Exchange of India Ltd.
First Floor, New Trading Ring	ExchangePlaza, 5th Floor
Rotunda Building, P J Towers	Plot No.C/1, G Block
Dalal Street, Fort	Bandra-Kurla Complex
Mumbai 400 001	Bandra (East), Mumbai 400 051
Kind Attn.: Mr Khushro A. Bulsara	Kind Attn: Mr Lokesh Bhandari
General Manager & Head - Listing	Senior Manager
Compliance & Legal Regulatory	Listing & Compliance
January 29, 2021
Sc no.- 16230
Dear Sirs,
Ref: ISIN:	INE155A01022 - Ordinary Shares
	IN9155A01020 - 'A' Ordinary Shares
	Debt Securities on NSE & BSE

Sub: i. Audited Financial Results for the quarter ended December 31, 2020 ('Results")

1. Allotment of Ordinary Shares to Tata Sons Private Limited upon exercise/conversion of Warrants into Ordinary Shares

With further reference to our letters bearing sc no.15756 and 16207 dated December 5, 2019 and January 7, 2021 respectively and in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 ["SEBI Listing Regulations"] read with Schedule III of the SEBI Listing Regulations, we hereby inform you that the Board at their Meeting held today, inter alia, approved the following:-

1. the Audited Standalone Financial Results along with Auditor's Report; and the Unaudited Consolidated Financial Results along with Limited Review Report, for the quarter ended December 31, 2020, pursuant to Regulation 33 of the SEBI Listing Regulations. The Press Release along with the said Financial Results and the said Auditor's Reports are attached herewith as Annexure A.
   These results and the Press Release are also available on the Company's website at www.tatamotors.com/investor/results-press-releases/.
2. Allotment of 231,333,871 Ordinary Shares of face value Rs. 2 each to Tata Sons Private Limited upon exercise/conversion of 231,333,871 Convertible Warrants to Ordinary Shares at a price of Rs. 150/- per share (on receipt of Rs 112.50 per warrant - being 75% of the balance warrant issue price), which were allotted pursuant to and in terms of shareholders' approval dated November 22, 2019.

Pursuant to the allotment of said Ordinary Shares, the total subscribed and paid up capital of the Company has increased from 3,597,476,790 equity shares of Rs. 2 each to 3,828,810,661 equity shares of Rs.2 each.

The Ordinary shares allotted as aforesaid, shall rank pari passu with the existing Ordinary shares bearing ISIN INE155A01022 of the Company in all respects, including with respect to dividend and voting powers.

The Meeting commenced at 12.30 p.m. and concluded at 3.30 p.m.

Yours faithfully,

Tata Motors Limited

Hoshang K Sethna

Company Secretary

Encls: a/a

Tata Motors Group Results-Q3FY21

January 29, 2021

Tata Motors Consolidated Q3 FY21 Results: Strongall-roundperformance Revenue growth +5.5%, EBITDA at 11KCr, PBT 4.2 KCr, FCF(Auto) 7.9 KCr

Revenue 75.7KCr; EBIT at 6.4%; Improved performance over prior quarter and prior year JLR delivers strong results with EBITDA at 15.8% (+560 bps), TML(S) EBITDA at 6.8% (+570bps)

PV revenue up 78.5% y-o-y; EBITDA at 3.8% (+780 bps); CV revenue up 20.8% y-o-y; EBITDA at 8.0% (+560 bps) Strong positive Free Cash Flows continues in both JLR and TML(S)

Promoters exercise their warrants amounting to 2.6KCr in Jan 2021 increasing Tata Group shares(voting) to 45.82%

Mumbai, January 29, 2021: Tata Motors Ltd announced its results for quarter ending December 31, 2020.

Q3	FY21

9M

FY21

			Conso (	Cr Ind AS)		JLR (£m, IFRS)		TML (S) (	Cr, Ind AS)
			1		Vs. PY		1	Vs. PY		1		Vs. PY
	Net Revenue	75,654	5.5 %	5,982	(6.5) %	14,631	34.9 %
	EBITDA (%)		14.8		540 bps		15.8	560 bps		6.8		570 bps
	EBIT (%)	6.4		450 bps	6.7	400 bps	0.3		710 bps
	PBT		4,167		-		439	38.1%		(601)		-
	Net Revenue	161,167	(18.8) %	13,193	(24.9) %	26,986	(21.1) %
	EBITDA (%)		11.0		160 bps		11.6	180 bps		1.7		(60) bps
	EBIT (%)	0.02		(120) bps	0.2	(100) bps	(8.4)		(370) bps
	PBT		(2,831)		-		91	15.2%		(4,003)		-

JAGUAR LAND ROVER (JLR) Q3FY21	TATA MOTORS (STANDALONE, INCL JO) Q3FY 21
Retails up 13% q-o-q to 128.5K units; down 9% y-o-y	Retails(Domestic): Retails up 66% q-o-q to 152.1K units, up 3%
	y-o-y. CV down 24% y-o-y to 74.9K; PV up 56% y-o-y to 77.2K
Investments: £675m in products and technologies	units.
Positive Free Cash Flows of £562m	Investments: 547Cr in products and technologies
	Positive Free Cash Flows of 2.2 KCr

JLR: The quarter reflected strong sequential recovery in retails in all the markets except UK where Q3 remains seasonally lower. The business achieved 6.7% EBIT margin and strong positive free cash flows of £0.6b reflecting the recovery in sales, favourable mix and Charge+ delivery. Charge+ delivered £0.4b of savings in the quarter and £2.2b year to date.

TML: India operations continued its strong growth in the quarter with CV witnessing a sequential recovery and PV witnessing

continued strong growth of . PV absolute EBITDA is the highest in last 10 quarters. CV profitability improved sequentially due to better mix (higher MHCV & ILCVs) and ongoing cost savings. Business generated strong positive free cash flows led by the cash savings initiatives which yielded 2.6KCr in the quarter and 5.1KCr year to date.

Outlook: Despite continued pandemic related uncertainties, supply bottlenecks and commodity inflation, we expect to consolidate our gains and end the fiscal year on a strong note. We remain committed to consistent, competitive, cash accretive growth and deleverage the business through our focused execution of our strategy in all our businesses.

Tata Motors Group Results-Q3FY21

January 29, 2021

JAGUAR LAND ROVER (JLR)

HIGHLIGHTS

Profit before tax of £439 million, up £374 million on prior quarter and £121 million year-on-year Improved profits reflect revenue of £6 billion, up £1.6 billion from Q2 while still lower than last year Positive free cash flow (FCF) of £562 million, a Q3 record

transformation savings of £0.4 billion in Q3, YTD £2.2 billion

Liquidity of £6.4 billion with £4.5 billion of cash and £1.9 billion undrawn credit facility

Electrified options extended to 12 JLR models, including 8 plug-in hybrid, 11 mild-hybrid, and the all- electric Jaguar I-PACE

Despite prevailing external risks, expect to deliver strong EBIT margins and positive FCF in Q4

FINANCIALS

Fiscal Q3 retail sales were 128,469 vehicles, up 13.1% on Q2 but still 9% lower than pre-Covid levels a year ago. Sales in China were up 20.2% on the prior quarter and up 19.1% year-on-year. Most other regions also witnessed a sequential recovery though still below prior year. Sales of the new Land Rover Defender grew to 16,286 units, +66.0% over the previous quarter. Profit before tax (PBT) was £439 million (after £37 million of exceptional charges), up £374 million from Q2 and £121 million from a year ago. The significant improvement reflects revenue of £6 billion, up £1.6 billion from Q2 while still lower than pre- Covid levels a year ago, with favourable sales mix, cost performance and partial reversal of prior period reserves for emissions and residual values. EBIT margin improved to 6.7% (+400bps year on year).

Profit and cash improvements from the Project Charge+ transformation programme in the quarter were £0.4 billion, including £0.2 billion of cost and £0.2 billion of investment efficiencies. Free cash flow in the third quarter was £562 million, primarily reflecting the strong PBT and favourable working capital after £675 million of investment spending. Cash and short-term investments increased to £4.5 billion, including the $1.35 billion of five- and seven-year bonds issued in the quarter. Total liquidity was £6.4 billion including a £1.9 billion undrawn revolving credit facility.

LOOKING AHEAD

Jaguar Land Rover remains encouraged by the Brexit trade deal agreed in December between the UK and the European Union. This has avoided the risk of tariffs on automotive parts and finished vehicles, although there will still be increased customs administration requirements. The approval of effective Covid-19 vaccines is also encouraging, with the promise of an eventual end to the pandemic. While the are open and majority of retailers in most regions remain open. In markets where showrooms are closed by restrictions, for example in the UK, sales are generally able to continue through online ordering systems on

In this environment, Jaguar Land Rover continues to expect a gradual improvement in sales supported by new and refreshed vehicles incorporating the latest technologies. Recent new products include the short wheel-base Land Rover Defender 90 and the refreshed 21 model year Range Rover Velar, Land Rover Discovery, Jaguar F-PACE,E-PACE and XF. Additionally, electrification has been extended to most JLR models, including 8 with PHEV, 11 with MHEV, and the all-electric Jaguar I-PACE. Despite the external challenges, the company continues to expect to generate strong EBIT margins and positive free cash flow in Q4 FY21 and targets achieving positive free cash flow in subsequent years, reduce net debt and increase financial resilience.

Thierry Bolloré, Jaguar Land Rover Chief Executive Officer concluded:

I am encouraged by the improved financial performance in this first full quarter as CEO of Jaguar Land Rover. This performance is a credit to the outstanding efforts of the employees of Jaguar Land Rover to overcome many challenges this year and I would like to thank every one of our colleagues for their contribution, particularly those who are working safely in our plants and facilities. Looking ahead, these challenges continue, including the Covid pandemic and its impact on the global economy, the w trading relationship with the EU and the significant technological changes taking place in the automotive industry.

I look forward to sharing in due course.