Tata Motors : Jaguar e Land Rover Brasil Industria e Comercio de Veiculos Ltda.

Jaguar e Land Rover Brasil Indústria e Comércio de Veículos

Financial statements for the financial year ended March 31, 2024

KPDS 1211798

Jaguar e Land Rover Brasil Indústria e

Comércio de Veículos Ltda.

Financial statements for the

Period ended March 31, 2024

Report of the independent auditors on the financial statements	3
Balance sheet	6
Profit and loss statement	7
Statement of comprehensive income	8
Statement of changes in equity	9
Statement of cash flow	10
Accompanying notes to the financial statements	11

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KPMG Auditores Independentes Ltda.

Rua Verbo Divino, 1400, Conjunto Térreo ao 801 - Parte, Chácara Santo Antônio, CEP 04719-911, São Paulo - SP Caixa Postal 79518 - CEP 04707-970 - São Paulo - SP - Brasil Phone [phone]

kpmg.com.br

Report of the independent auditors on the financial statements

To the management and officers of

Jaguar e Land Rover Indústria e Comércio de Veículos Ltda.

São Paulo - SP

Opinion

We have examined the financial statements of Jaguar e Land Rover Brasil Indústria e Comércio de Veículos Ltda. ("Company"), which comprise the balance sheet at March 31, 2024 and the respective profit and loss statements, comprehensive income, changes in equity, and cash flows for the year ended on this date, as well as the respective accompanying notes, including the summary of the main accounting practices and other explanatory information.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Jaguar e Land Rover Brasil Indústria e Comércio de Veículos Ltda. at March 31, 2024, its financial performance, and its cash flows for the year ended on this date, in accordance with accounting practices adopted in Brazil.

Basis for opinion

Our audit was conducted in accordance with the Brazilian and international audit rules. Our responsibilities, in compliance with these rules, are described in the following section referred to as "Independent auditor's responsibility for the financial statements." We are independent with respect to the Company, in accordance with the significant ethical principles set forth in the Code of Professional Ethics of the Accountant and in the professional standards issued by the Federal Accounting Council, and we comply with the other ethical responsibilities according to such rules. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Jaguar e Land Rover Brasil Indústria e

Comércio de Veículos Ltda.

Financial statements for the

Period ended March 31, 2024

Management's responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting practices adopted in Brazil, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In the preparation of the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, when applicable, matters related to its operational continuity and the use of this accounting basis in the preparation of the financial statements, unless management intends to liquidate the Company or cease its operations, or has no realistic alternative but to do so.

Auditors' responsibilities for auditing the financial statements

Our purposes are to obtain reasonable assurance that the financial statements, taken as a whole, are free from material misstatement, whether due to fraud or error, and to issue an audit opinion. Reasonable assurance means a high level of assurance, but not a guarantee that the audit carried out in accordance with Brazilian and international auditing standards will always detect any material misstatements. Distortions may be due to fraud or errors and are considered relevant when, individually or jointly, they can reasonably influence the economic decisions of users taken on the basis of those financial statements.

As a part of the audit carried out in accordance with Brazilian and international auditing standards, we perform a professional judgment and maintain professional skepticism throughout the audit. In addition:

• We identify and evaluate the risks of material misstatement in the financial statements, whether due to fraud or error, we plan and perform audit procedures in response to such risks, as well as we obtain audit evidence appropriate and enough to base our opinion. The risk of not detecting significant distortion resulting from fraud is greater than that resulting from error, since fraud may involve the act of circumventing internal controls, collusion, falsification, omission or false representations.
• We obtain an understanding of internal controls relevant to the audit in order to plan audit procedures that are appropriate to the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal controls.
• We evaluate the appropriateness of the accounting policies used and the reasonableness of accounting estimates and respective disclosures made by management.
• We have reached a conclusion on the adequacy of Management's use of the going concern accounting basis and, based on the audit evidence obtained, if there is a material misstatement regarding the events or conditions which may raise significant doubt with respect to the Company's ability to continue as going concern. Should we conclude that there is a material misstatement, we should draw your attention in our audit report to the respective disclosures in the financial statements or include change in our opinion if the disclosures are inappropriate. Our conclusions are based on evidence obtained up to the date of our report. However, future events or conditions may cause the Company to no longer be a going concern.
• We evaluate the overall presentation, structure and content of financial statements, including disclosures, and whether the financial statements represent the related transactions and events in a manner consistent with the appropriate presentation purpose.

We communicate with the Management, inter alia, the planned scope, timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we have identified during our work.

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Jaguar e Land Rover Brasil Indústria e

Comércio de Veículos Ltda.

Financial statements for the

Period ended March 31, 2024

São Paulo, June 3rd, 2024

KPMG Auditores Independentes Ltda.

CRC 2SP-014428/O-6

Mariana Zamana Forte

Accountant CRC 1SP243636/O-3

5

Jaguar e Land Rover Brasil Indústria e Comércio de Veículos Ltda.

Balance sheet at March 31, 2024 and 2023

(Amounts expressed in thousands of Reais - R$)

	Note					Note
Assets	.	2024	2023	Liabilities	.	2024	2023
Cash and cash equivalents	4	133.117	215.536	Trade Payables	11	313.623	578.474
Accounts receivable	5	97.332	53.887	Tax and social contribution payable	12	44.124	92.834
Inventories	6	354.914	368.570	Salaries and social charges		17.908	12.461
Taxes recoverable	7	45.615	55.918	Provision for warranty, sales incentives and others	13	171.899	71.820
Other accounts receivable		3.877	3.281	Deferred income	14	28.192	26.702
					Provision for current tax income		1.793	11.638
Total current assets		634.855	697.192	Lease liabilities	21	3.062	2.463
					Other payables		33.313		27.107
					Total current liabilities		613.914		823.499
Long-term receivables					Provision for warranty, sales incentives and others	13	54.899	45.161
Taxes recoverable	7	3.750	4.070	Provision for tax, civil, and labor risks	15	80.578	70.724
Judicial deposits	15	30.984	30.154	Deferred income	14	76.194	52.873
Deferred taxes assets	9	262.985	121.202	Lease liabilities	21	16.654	19.643
Other accounts receivable	10	7.105		2.645
Total long-term receivables		304.824	158.071	Total non-current liabilities		228.325	188.401
Fixed Asset	8	404.237	425.235
Intangible	8	548	-	Equity
					Share capital	16	616.628	616.628
					Profit retention reserve		98.589	98.589
					Accumulated deficit		(212.992)		(446.619)
Total non-current assets		709.609		583.306	Total equity		502.225		268.598
Total assets		1.344.464	1.280.498	Total liabilities and equity		1.344.464	1.280.498
								-

The accompanying notes are an integral part of these financial statements.

Jaguar e Land Rover Brasil Indústria e Comércio de Veículos Ltda

Profit and loss statement

For the years ended March 31, 2024 and 2023 (Amounts expressed in thousands of Reais - R$)

	Note
	.		2024			2023
Net operating revenue	17		2.296.460		1.891.049
Cost of products sold	18		(1.864.573)		(1.585.844)
Gross profit			431.887		305.205
Operating expenses
Commercial	18		(182.800)		(84.653)
General and administrative	18		(117.920)		(100.853)
Impairment of accounts receivable	5		45		(43)
Other expenses	19		(19.464)		(48.422)
Other income	19		7.320		15.253
			(312.819)		(218.718)
Income before financial expenses
net and taxes			119.068		86.487
Finance income	20		7.154		7.479
Finance expenses	20		(4.062)		(5.682)
Finance income, net			3.092		1.797
Profit or loss before taxes			122.160		88.284
Income tax and social contribution
Current	9		(30.317)		(15.447)
Deferred	9		141.784		12.970
Profit for the year			233.627		85.807

The accompanying notes are an integral part of these financial statements.

Jaguar e Land Rover Brasil Indústria e

Comércio de Veículos Ltda.

Financial statements for the

Period ended March 31, 2024

Jaguar e Land Rover Brasil Indústria e Comércio de Veículos Ltda.

Statement of comprehensive income

For the years ended March 31, 2024 and 2023 (Amounts expressed in thousands of Reais - R$)

		2024			2023
Profit for the year	233.627		85.807
Other comprehensive income	-		-
Total comprehensive income for the year	233.627		85.807

The accompanying notes are an integral part of these financial statements.

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Jaguar e Land Rover Brasil Indústria e

Comércio de Veículos Ltda.

Financial statements for the

Period ended March 31, 2024

Jaguar e Land Rover Brasil Indústria e Comércio de Veículos Ltda.

Statement of changes in equity

For the years ended March 31, 2024 and 2023 (Amounts expressed in thousands of Reais - R$)

	Capital		Profit Accumulated
	stock		reserve s		deficit		Total
Balances at March 31, 2022	616.628	98.589	(532.426)	182.791
Profit for the year					85.807		85.807
Balances at March 31, 2023	616.628		98.589		(446.619)		268.598
Profit for the year					233.627		233.627
At March 31, 2024	616.628	98.589	(212.992)	502.225

The accompanying notes are an integral part of these financial statements.

9

Jaguar e Land Rover Brasil Indústria e

Comércio de Veículos Ltda.

Financial statements for the

Period ended March 31, 2024

Jaguar e Land Rover Brasil Indústria e Comércio de Veículos Ltda.

Statement of cash flow

For the years ended March 31, 2024 and 2023 (Amounts expressed in thousands of Reais - R$)

	Note		2024			2023
	.
Cash flow from operating activities
Income before income tax and social contribution			122.160		88.284
Adjustments to reconcile the result for the financial period
Provision for tax, civil, and labor risks	15		15.460		47.460
Depreciation and amortization	8		30.921		38.208
Reversal (Provision) for obsolescence and loss of stock	6		(83)		(551)
Reversal (Provision) for impairment losses on accounts receivable	5		(45)		(43)
Residual value of property, plant and equipment/intangible assets written-off	8		4.004		962
Exchange rate variations	20		(30)		1
Deferred income	14		24.811		(1.347)
Provision for interest on leases	21		2.614		5.124
Changes in assets and liabilities
Accounts receivable	5		(43.400)		(19.896)
Inventories	6		13.739		(130.158)
Taxes recoverable	7		10.623		32.526
Judicial deposits	15		(830)		9.247
Other accounts receivable			(5.056)		9
Trade Payables	11		(264.820)		(6.000)
Tax and social contribution payable	12		(48.710)		79.670
Salaries and social charges			5.447		(1.028)
Payment of provision for tax, civil and labor risks	15		(5.606)		(8.121)
Provision for warranty, sales incentives and others	13		109.817		(305)
Other payables			6.206		(309)
Cash provided by (used in) operating activities, before income tax and
social contribution
Income tax and social contribution			(40.162)		(15.665)
Net cash provided by (used in) operating activities			(62.940)		118.068
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets	8		(14.360)		(3.369)
Net cash used in investing activities			(14.360)		(3.369)
Cash flows from financing activities
Capital lease principal payment	21		(4.330)		(4.218)
Capital lease interests payment	21		(789)		(789)
Net cash used in financing activities			(5.119)		(5.007)
Increase (decrease) in cash and cash equivalents			(82.419)		109.692
Cash and cash equivalents at the beginning of the financial period			215.536		105.844
Cash and cash equivalents at the end of the financial period			133.117		215.536
Increase (decrease) in cash and cash equivalents			(82.419)		109.692

The accompanying notes are an integral part of these financial statements.

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