Tata Motors : Jaguar Land Rover Limited

Jaguar Land Rover Limited

ANNUAL REPORT AND FINANCIAL STATEMENTS

(Company registered number: 01672070) For the year ended 31 March 2025

COMPANY INFORMATION

Directors

N. Blenkinsop

L. P. J. Hoornik

R. S. Leslie

A. J. Mardell

S. J. Marsh

Professor G. G. McGovern

R. J. Molyneux

T. Müller

Q. Pan

H. B. B. Sorensen

D. M. Williams

Company Secretary

D. A. R. Berry

N. H. Wilkinson

Registered office Abbey Road Whitley

Coventry CV3 4LF

United Kingdom

Auditor

KPMG LLP

One Snowhill

Snow Hill Queensway Birmingham

B4 6GH

United Kingdom

CONTENTS

Strategic Report 1

Directors' Report 7

Statement of directors' responsibilities in respect of the annual report and the financial statements 10

Independent auditor's report to the members of Jaguar Land Rover Limited 11

Income statement 15

Statement of comprehensive income and expense 15

Balance sheet 16

Statement of changes in equity 17

Notes to the financial statements 18

STRATEGIC REPORT

The directors present their Strategic Report for Jaguar Land Rover Limited (the 'Company') for the year ended 31 March 2025.

Principal activity

The Company's principal activity during the year was the design, development, manufacture and marketing of premium all-terrain vehicles and luxury performance cars.

Review of business and future developments

The Company continued to deliver a strong financial performance this year despite the headwinds and challenges across the automotive industry as a whole. Wholesales were broadly consistent with the prior year, despite supply chain disruptions impacting the first half of the year, and the wind down of the production of legacy Jaguar products ahead of the launch of all-new Jaguar in 2026.

Revenues for the year were £25,238 million (2024: £25,726 million), as the Company continued to optimise its product mix with the prioritisation of higher margin vehicles. The Company focused on driving brand profitability and elevating product offering through bespoke and personalised products. The Company's rich mix of Range Rover, Range Rover Sport and Defender have enjoyed strong demand throughout the year with minimal levels of variable marketing expense, although these costs are starting to increase across the product portfolio.

The Company introduced new vehicle variants, including the launch of the Defender OCTA, Range Rover SV models, and continued development of the Range Rover Electric. These efforts aim to elevate the Company's brands into new realms of luxury, improve margins, and demonstrate commitment to achieving the highest levels of quality, durability, and sustainability.

Core to the Reimagine strategy is the complete reimagining of Jaguar, returning it to its luxury position where it was most successful in the past. Jaguar took its first public steps into this reimagined future with the unveiling of its new brand, and the exuberant Type 00 design vision concept vehicle at Miami Art Week in December 2024, ahead of the first new Jaguar model, to be revealed later in 2025.

The Company is continuing the transformation of the business to become carbon net zero across our supply chain, products, and operations by 2039. This includes advancing electric vehicle preparations, expanding bespoke paint facilities with energy-efficient technology and filtration techniques, and partnering with Pirelli for sustainably sourced, FSC®-certified natural rubber tyres. All brands will be electrified by 2030, enabled by the new Electrified Modular Architecture and Jaguar Electrified Architecture.

Nothing is more important than the Company's people and their experiences. The Company has made incredible strides in nurturing a workplace that is welcoming and rewarding for everyone, where training, coaching and new policies support people with opportunities to grow and thrive. The Company is committed to its cultural transformation to create a positive, inclusive environment where everyone feels respected, valued and cared for.

Looking ahead, the Company remains vigilant to worldwide volatility, including the impact of changes in global trade conditions and the varying degrees of adoption of electric vehicles across different markets and evolving technologies. The Company is well positioned to be able to react to challenging market conditions and remains vigilant and resilient to headwinds.

While the Company has not observed any direct impacts from geopolitical instability over the past year due to specific events, the Company proactively scenario plans against a range of outcomes to ensure it's able to effectively respond as a business. In particular, the Company continues to monitor and assess the global tariffs environment to manage the implications as effectively as possible.

The Company ends this financial year in a strong position, with a portfolio of desirable products. The Company's luxury brands have global appeal and the business is resilient, being accustomed to changing market conditions. The Company plans to continue the strong momentum from this year and successfully reimagine its exciting future in the year ahead and beyond.

Further information on the purpose, strategy and sustainability initiatives of Jaguar Land Rover Automotive PLC and its subsidiaries (the 'Group'), of which the Company is a part, can be found in the Strategic Report of the Jaguar Land Rover Automotive PLC ('JLRA PLC') Annual Report for the year ended 31 March 2025. This report can be obtained from the Company's registered office.

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STRATEGIC REPORT (CONTINUED)

Key performance indicators

The key performance indicators (KPIs) used are set out below:

KPI 2025 2024 Commentary

Revenue

£25,238

million

£25,726

million

Broadly consistent total wholesales year on year with increased variable marketing expense exceeding the impact of product mix optimisation.

Profit before tax

£1,644

million

£1,679

million

Broadly consistent profit before tax year on year as the impact of increased employee costs and other expenses were offset by a reduction in depreciation and amortisation charge arising from the cessation of production of legacy Jaguar products and favourable external factors such as foreign exchange rate movements and reduced interest rates.

Net assets £5,999

million

£4,456

million

Increase in net assets is primarily driven by the impact of the profit for the year of £1,259 million (2024: £2,331 million) and net gains on cash flow hedges. Strong cash generation in the year has been utilised to reduce borrowings and further invest in tangible and intangible assets.

Headcount (average)

35,172

employees

33,257

employees

Increase in headcount due to growth in product development to support the continued expansion of the Company.

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