Consolidated Balance Sheet

(all values in Crores Rs.)

Notes

March 31, 2017

I. ASSETS
(1) NON-CURRENT ASSETS

(a) Property, plant and equipment 3 59,594.56

(b) Capital work-in-progress 10,186.83

( c) Right of use assets 4

(d) Goodwill 673.32

(e) Other intangible assets 35,676.20

(f) Intangible assets under development 23,512.01

(g) Investment in equity accounted investees 4,606.01

(h) Financial assets:

(i) Other investments 10 690.76

 (ii) Finance receivables 18 10,753.13

(iii) Loans and advances 12 753.66

(iv) Other financial assets 13 2,911.12

(i) Deferred tax assets (net) 22 4,457.34

(j) Non-current tax assets (net) 972.31

(k) Other non-current assets 20 2,847.36
157,634.61
-2 CURRENT ASSETS
(a) Inventories 14 35,085.31
(b) Investment in equity accounted investees (held for 9 ( c) -
sale)
( c) Financial assets:
(i) Other investments 11 15,041.15
(ii) Trade receivables 15 14,075.55
(iii) Cash and cash equivalents 16 13,986.76
(iv) Bank balances other than (iii) above 17 22,091.12
(v) Finance receivables 18 6,810.12
(vi) Loans and advances 12 710.45
(vii) Other financial assets 13 1,555.94
(d) Current tax assets (net) 223.36
(e) Assets classified as held-for-sale -
(f) Other current assets 6,539.99
116,119.75
ToTal aSSETS 273,754.36
II. EQUITY AND LIABILITIES
EQUITY
(a) Equity share capital 23 679.22
(b) Other equity 24 57,382.67
 Equity attributable to owners of Tata Motors Ltd. 58,061.89
Non-controlling interests 453.17
58,515.06
LIABILITIES
(1) NON-CURRENT LIABILITIES
(a) Financial liabilities:
(i) Borrowings 26 60,629.18
(ii) Lease liabilities
(iii) Other financial liabilities 28 11,409.58
(b) Provisions 30 9,004.46
( c) Deferred tax liabilities (net) 22 1,174.00
(d) Other non-current liabilities 31 17,392.56
99,609.78
(2) CURRENT LIABILITIES
(a) Financial liabilities:
(i) Borrowings 27 13,859.94
(ii) Lease liabilities
(iii) Trade payables 57,698.33
(a) Total outstanding dues of micro and
small enterprises

(b) Total outstanding dues of creditors

other than micro and small enterprises

(iv) Acceptances 4,834.24

(v) Other financial liabilities 29 25,634.83
(b) Provisions 30 5,807.76
( c) Current tax liabilities (net) 1,392.58
(d) Other current liabilities 32 -
Liabilities directly associated with Assets
(e) 6,401.84
held-for-sale
115,629.52
ToTal EQUITY aND lIaBIlITIES 273,754.36
March 31, 2018 March 31, 2019 March 31, 2020

73,867.84 72,619.86 77,882.83

16,142.94 8,538.17 8,599.56

- 6,275.34

116.45 747.87 777.06

47,429.57 37,866.74 42,171.91

23,890.56 23,345.67 27,022.73

4,887.89 4,743.38 4,418.89

763.76 1,497.51 1,028.05

 15,479.53 22,073.17 16,833.77

495.41 407.42 782.78

4,563.87 2,809.18 4,749.57

4,158.70 5,151.11 5,457.90

899.9 1,024.56 1,152.05

2,681.25 2,938.73 5,381.57
195,377.67 183,763.37 202,534.01

42,137.63 39,013.73 37,456.88

497.35 591.5 -

14,663.75 8,938.33 10,861.54

19,893.30 18,996.17 11,172.69
14,716.75 21,559.80 18,467.80
19,897.16 11,089.02 15,259.17
8,401.65 11,551.52 14,245.30
2,279.66 1,268.70 935.25
3,029.12 3,213.56 4,586.48
208.91 184.37 142.8
2,585.19 162.24 194.43
7,662.37 6,862.22 6,264.91
135,972.84 123,431.16 119,587.25
331,350.51 307,194.53 322,121.26

679.22 679.22 719.54

94,748.69 59,500.34 62,358.99
 95,427.91 60,179.56 63,078.53
525.06 523.06 813.56
95,952.97 60,702.62 63,892.09

61,199.50 70,817.50 83,315.62

156.17 5,162.94
2,739.14 2,792.71 3,858.48
### 11,854.85 14,736.69
6,125.80 1,491.04 1,941.87
11,165.19 13,922.21 8,759.52
92,178.07 101,034.48 117,775.12

16,794.85 20,150.26 16,362.53

17.3 814.18
72,038.41
130.69 109.75

68,382.84 63,517.13

4,901.42 3,177.14 2,771.33

31,267.49 32,838.35 36,544.00
7,953.50 10,196.75 10,329.04
1,559.07 1,017.64 1,040.14
1,070.18 9,546.46 8,965.95
7,634.55
143,219.47 145,457.43 140,454.05
331,350.51 307,194.53 322,121.26
Consolidated Statement of Profit and Loss
(all values in Crores Rs.)
Notes

Revenue from operations 33

I.
(a) Revenue
(b) Other Operating Revenues
Total revenue from operations
II. Other income (includes Government grants) 34
III. Total Income (I+II)
IV. Expenses

(a) Cost of materials consumed

(i) Cost of materials consumed

(ii) Basis adjustment on hedge accounted

derivatives

(b) Purchase of products for sale

( c) Changes in inventories of finished goods, work-in-

progress and products for sale

(d) Employee benefits expense 35

(e) Finance costs 36

(f) Foreign exchange loss (net)

(g) Depreciation and amortisation expense

(h) Product development/Engineering expenses

(i) Other expenses 37

 (j) Amount transferred to capital and other account

(k) Excise duty

Total Expenses (IV)
V. Profit/ (Loss) before exceptional items and tax (III-IV)

VI. Exceptional Items

(a) Defined benefit pension plan amendment past

service cost

(b) Employee separation cost

Provision/write off/(reversal)(net) of impairment of

( c) capital work-in-progress and intangibles under 47 ( c)
development (net)
Provision for impairment of Passenger Vehicle
(d) Business 8 (a)

(e) Provision for Onerous Contracts 8 (b)

Provision/(reversal) for cost of closure of operation

(f)
of a subsidary

(g) Provision for impairment in Jaguar Land Rover 7

(h) Provision for impairment in subsidiaries 47 (b)

Profit on sale of investment in a subsidiary

(i) Company
(j) Provision for loan given to a Joint venture
(k) Others
VII. Profit/(Loss) before tax (V-VI)
VIII. Tax expense/(credit) (net): 22
(a) Current tax (including Minimum Alternate Tax)
(b) Deferred tax
Total tax expense/(credit) (net)

Profit/(loss) for the year from continuing operations (VII-VIII)

Ix. x. xI. Share of profit/(loss) of joint ventures and associates (net) 9
Profit/(loss) for the year (Ix+x)
Attributable to:
(a) Shareholders of the Company
(b) Non-controlling interests
Other comprehensive income/(loss):
xII.
(A) (i) Items that will not be reclassified to profit or loss:

(a) Remeasurement gains and (losses) on defined benefit

obligations (net)
(b) Equity instruments at fair value through other
comprehensive income (net)
( c) Share of other comprehensive income in equity
accounted investees (net)

(d) Gains and (losses) in cash flow hedges of forecast

inventory purchases

(ii) Income tax (expense)/credit relating to items that will

not be reclassified to profit or loss

(B) (i) Items that will be reclassified to profit or loss:

(a) Exchange differences in translating the financial
statements of foreign operations

(b) Gains and (losses) in cash flow hedges

( c) Gains and (losses) on finance receivables held at fair

value through other comprehensive income (net)
 (d) Share of other comprehensive income in equity
accounted investees (net)
(ii) Income tax (expense)/credit relating to items that will be
reclassified to profit or loss
Total other comprehensive income/(loss) for the year (net of
tax)
Attributable to:
(a) Shareholders of the Company
(b) Non-controlling interests
Total comprehensive income/(loss) for the year (net of tax)
xIII. (xI+xII)
Attributable to:
(a) Shareholders of the Company
(b) Non-controlling interests
Earnings per equity share (EPS) 45
xIV.
(a) Ordinary shares (face value of `2 each):
(i) Basic EPS Rs.
(ii) Diluted EPS Rs.
(b) ‘A’ Ordinary shares (face value of `2 each): Rs.
(i) Basic EPS Rs.
(ii) Diluted EPS Rs.
March 31, 2017 March 31, 2018 March 31, 2019 March 31, 2020

274,492.12 295,409.34 299,190.59 258,594.36

2,747.81 2,473.61
301,938.40 261,067.97
754.54 888.89 2,965.31 2,973.15
275,246.66 296,298.23 304,903.71 264,041.12

160,147.12 173,371.19 182,254.45 152,968.74

-777.57 -1,378.60 -1,245.37 -297.27

13,924.53 15,903.99 13,258.83 12,228.35

-7,399.92 -2,046.58 2,053.28 2,231.19

28,332.89 30,300.09 33,243.87 30,438.60

4,238.01 4,681.79 5,758.60 7,243.33

3,910.10 -1,185.28 905.91 1,738.74

17,904.99 21,553.59 23,590.63 21,425.43

3,413.57 3,531.87 4,224.57 4,188.49

55,430.06 60,184.21 62,238.12 57,087.46

-16,876.96 -18,588.09 -19,659.59 -17,503.40

4,799.61 790.16
267,046.43 287,118.34 306,623.30 271,749.66
8,200.23 9,179.89 -1,719.59 -7,708.54

- -3,609.01 147.93 -

67.61 3.68 1,371.45 436.14

180.97 -73.04

- 1,641.38 - 1,418.64

- 777

381.01 -65.62

27,837.91 -

- 353.2

-376.98 -

- 25.12
-1,182.17 -11.19 109.27 -
 9,314.79 11,155.03 -31,371.15 -10,579.98

3,137.66 3,303.46 2,225.23 1,893.05

113.57 1,038.47 -4,662.68 -1,497.80
3,251.23 4,341.93 -2,437.45 395.25

6,063.56 6,813.10 -28,933.70 -10,975.23

1,493.00 2,278.26 209.5 -1,000.00
7,556.56 9,091.36 -28,724.20 -11,975.23

7,454.36 8,988.91 -28,826.23 -12,070.85

102.2 102.45 102.03 95.62

-7,823.75 4,676.51 -2,561.26 8,803.29

83.15 42.86 35.6 -132.99

-6.08 -7.16 11.15 -2.48

2,026.77 1,227.74 -1,746.24 695.39

867.35 -991.02 697.41 -1,505.43

-9,678.58 9,518.15 -2,010.22 2,233.22

-15,565.66 18,069.71 52.82 1,455.31

- 136.24
 -304.7 429.41 -58.61 102.61

2,906.93 -3,403.69 3.58 -280.69

-27,494.57 29,562.51 -5,575.77 11,504.47

-27,460.30 29,535.61 -5,575.50 11,491.97

-34.27 26.9 -0.27 12.5
-19,938.01 38,653.87 -34,299.97 -470.76

-20,005.94 38,524.52 -34,401.73 -578.88

67.93 129.35 101.76 108.12

21.94 26.46 -84.89 -34.88

21.93 26.45 -84.89 -34.88

22.04 26.56 -84.89 -34.88

22.03 26.55 -84.89 -34.88
Consolidated Cash Flow Statement
(All values in Crore Rs.)
Year ended Year ended
March 31, 2017 March 31, 2018

Profit/(Loss) for the year 7,556.56 9,091.36

Adjustments for:
Depreciation and amortisation expense 17,904.99 21,553.59
Allowances for finance receivables -28.15 43.3
Allowances for trade and other receivables 132.93 14.57
Inventory write-down 295.59 607.42
Provision/(reversal) for costs of closure of operations of a
subsidiary Company
Provision for impairment in Jaguar Land Rover
Provision for impairment in subsidiaries
Provision for impairment of Passenger Vehicle Business
Provision for Onerous Contracts
Defined benefit pension plan amendment past service cost - -3,609.01
Employee separation cost
Accrual for Share-based payments
Exceptional items- Others -1,182.17 -11.19
(Gain) /Loss on Marked-to-market investments measured at fair -5.68 -32.05
value through profit or loss
(Profit) /Loss on sale of assets (including assets scrapped/written
off) (net) 373.69 2,382.55
Impairment of Goodwill 14.25 -
Profit on sale of investments (net) -176.14 -129.26
Profit on sale of investment in a subsidiary
Provision for loan given to a Joint ventures
Gain on fair value of below market interest loans -46.52 -6.02
Fair value gain on disposal of joint venture - -19.06
Share of (profit)/loss of joint ventures and associates (net) -1,493.00 -2,278.26
Tax expense /(Credit) (net) 3,251.23 4,341.93
Finance costs
Interest income 3,665.29 3,954.21
Dividend income
Foreign exchange loss (net) -1,422.76 -2,591.80
Cash flows from operating activities before changes in following
assets and liabilities 28,840.11 33,312.28
Finance receivables -1,783.64 -6,361.22
Trade receivables -2,368.66 -4,326.58
Loans and advances and other financial assets 379.93 -3,343.38
 Other current and non-current assets -1,274.96 151.25
Inventories -6,620.67 -3,560.43
Trade payables and acceptances 9,300.56 7,320.34
Other current and non-current liabilities 1,911.48 -4,756.95
Other financial liabilities 744.28 1,541.98
Provisions 2,965.92 6,901.29
Cash generated from operations 32,094.35 26,878.58
Income tax paid (net) -1,895.10 -3,021.16
Net cash from operating activities 30,199.25 23,857.42
Cash flows from investing activities:
Payments for property, plant and equipment ### ###
Payments for other intangible assets ### ###
Proceeds from sale of property, plant and equipment 53.39 30.3
Investments in Mutual Fund (purchased)/sold (net) 1,914.38 2,361.09
Acquisition of subsidiary Company
Investment in equity accounted investees -106.95 -4.21
Investments - others -6.36 -328.78
Loans given to others -9.78 -
Proceeds from loans given to others 0.75 -
Loans given to joint venture 132.5 -
Proceeds from sale of investments in a subsidiary Company - 14.45
Proceeds from sale of investments in other companies 50.61 19.43
Interest received 638.18 690.47
Dividend received 10.51 15.77
Dividend received from equity accounted investees 609.19 1,781.64
Deposits with financial institution 30 -
Realisation of deposit with financial institution -35 -
Deposits/restricted deposits with banks ### ###
Realisation of deposits/restricted deposits with banks 34,232.77 52,557.20
(Increase) / decrease in short term Inter-corporate deposits 30 -
Payments for acquisition of minority stake of subsidiary
Net cash used in investing activities ### ###
Cash flows from financing activities:
Proceeds from issue of shares and warrants (net of issue 4.55 0.00*
expenses)

Proceeds from long-term borrowings 18,384.52 15,145.21

Repayment of long-term borrowings -9,212.13 -10,587.25

Proceeds from Option settlement of long term borrowings
Proceeds from short-term borrowings 15,005.26 15,008.73
Repayment of short-term borrowings -11,753.71 -19,376.62
 Net change in other short-term borrowings (with maturity up to
three months) -766.25 7,328.24
Repayment of lease liability ( including interest) 0.62 -39.99
Dividend paid to non-controlling interests Shareholders of -73 -
subsidiaries (including dividend distribution tax)
Acquisition of minority -48.22 -55.97
Interest paid [including discounting charges paid `968.85 crores -5,336.34 -5,410.64
(March 31, 2019 `1,201.20 crores)]
Net cash from financing activities 6,205.30 2,011.71
Net increase/(decrease) in cash and cash equivalents -1,675.33 -332.48
Cash and cash equivalents as at April 1, (opening balance) 17,153.61 13,986.76
Reversal of/(classified as) held for sale - -243.94
Effect of foreign exchange on cash and cash equivalents -1,491.52 1,306.41
Cash and cash equivalents as at March 31, (closing balance) 13,986.76 14,716.75

Non-cash transactions:

Liability towards property, plant and equipment and intangible

assets purchased on credit/deferred credit Increase/(decrease) 3,346.35 8,346.54
in liabilities arising from financing activities on account of non-
cash transactions:
Exchange differences -2,671.09 2,768.03
Classified as held for sale - -142.55
Amortisation of prepaid discounting charges 257.41 202.7
Year ended Year ended
March 31, 2019 March 31, 2020

-28,724.20 -11,975.23

23,590.63 21,425.43
320.24 660.21
214.19 137.03
608.63 351.14
381.01 -65.62
27,837.91 -
- 353.2
- 1,418.64
- 777
147.93 -
1,367.22 409.78
8.44 4.7
109.27 -
-238.54 389.05

1,106.56 316.19

-128.61 -187.34
-376.98 -
- 25.12
-13.37 -

-209.5 1,000.00
-2,437.45 395.25
5,758.60 7,243.33
-786.46 -1,170.12
-17.28 -21.13
252.63 1,865.85
28,770.87 23,352.48
-10,063.79 2,020.77
954.7 7,928.93
230.13 64.53
 294.88 -2,830.89
2,068.64 2,325.50
-4,692.13 -8,084.81
4,365.55 -6,450.14
-30.01 272.74
-348.66 9,818.77
21,550.18 28,417.88
-2,659.43 -1,784.94
18,890.75 26,632.94

-17,419.55 -14,319.17
-17,883.97 -15,382.86
67.23 171.48
5,639.02 -1,339.29
- -27.04
-9.31 -606.4
-130.01 -99.41
-3.42 -
- 3.42
-3.75 -1.7
532.96 -
5.18 21.45
760.52 1,104.48
17.28 21.14
214.98 622.44
-500.03 -1,000.00
- 750
-24,331.07 -40,676.65
33,342.59 36,602.33
-1.98 -14.44
-7.76 -
-19,711.09 -34,170.22

- 3,888.77

26,101.86 28,986.21

-13,345.89 -17,000.52
- 190.9
20,112.46 10,707.30
-21,852.13 -12,852.93
 4,913.90 -1,587.12
- -1,345.61
-94.74 -56.84
- -22.15
-7,005.09 -7,518.40
8,830.37 3,389.61
8,010.03 -4,147.67
14,716.75 21,559.80
243.94 -
-1,410.92 1,055.67
21,559.80 18,467.80

7,286.32 6,626.78

1,120.15 4,641.70

158.19 108.3
Profit/ (Loss) before exceptional items and tax (III-IV)
Profit/(Loss) before tax (V-VI)
Total tax expense/(credit) (net)
Profit/(loss) for the year (Ix+x)
8,200.23 9,179.89 -1,719.59 -7,708.54
9,314.79 11,155.03 -31,371.15 -10,579.98
3,251.23 4,341.93 -2,437.45 395.25
7,556.56 9,091.36 -28,724.20 -11,975.23