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Mar 15
Chairman's Speech (Tata Motors) Year : Mar '16
Dear Shareholders,
 
 The Financial Year 2015-16 was one of continued global volatility
 across different markets. The fall in oil prices and commodities have
 had varied impact across different companies and countries.  The China
 slowdown continues to be an important global economic factor.
 
 The news was more positive for India with robust GDP growth, making the
 country one of the fastest growing economies worldwide. The sustained
 start-up environment has also played an important role in bringing in
 global and domestic investment, opening up new opportunities and also
 helping to carry economic development beyond just the tier one cities.
 Moreover, there is, rightly so, a greater thoughtfulness towards
 investing in new or emerging companies with a greater attention to the
 right business models. This is a positive sign of a more mature and
 responsible economy.
 
 Nonetheless there remain key challenges. The continued delay of some of
 the tax reforms continue to pose operational bottlenecks in a more
 streamlined movement of goods and services across the country. The
 shadow of NPAs continue to haunt the Indian financial sector even as
 the sector is all set to grow with new financial institutions.
 
 For the Tata Motors Group, 2015-16 was a year of mixed results but it
 was important to note the return to profitability. It was therefore a
 turnaround year, backed by strong Jaguar Land Rover growth despite
 challenges, as well as the start of the turnaround for Tata Motors
 standalone.
 
 Jaguar Land Rover continued to show strong global sales, despite the
 China slowdown. It showed a strong growth in the key markets of North
 America and Europe. Its strong revenue growth reflected the demand for
 the new models such as Land Rover Discovery Sport, Jaguar XE and XF,
 that helped the Company add new customers to both brands across UK,
 Europe and North America.  Jaguar Land Rover''s solid financial
 performance through last year was clearly showcased by its selling more
 than half a million cars in one year for the first time.
 
 Last year, it thus produced and sold more cars than at any time in its
 history. Its vehicles have received more than 140 awards for design,
 technology, safety and environmental sustainability.  Besides winning
 the accolade of ''Best UK Employer''by Bloomberg, Jaguar Land Rover is
 one of the UK''s largest exporters, with more than 80 percent of its
 revenue coming from exports.
 
 There was good news for the Tata Motors standalone business as well.
 Tata Motors M&HCV business showed sustained growth for a year to lead
 the turnaround of the Indian business. Within this while some segments
 like the multi-axle vehicles and tractor trailers emerged as the key
 growth drivers, the tipper segment also started showing signs of
 recovery with demand coming primarily from coal mining regions. After
 the launch of advanced new platforms like Prima and Ultra, the launch
 of Signa in the last quarter of 2015-16 ensures that we lead from the
 front in bringing the most advanced technology to mainstream trucking.
 We expect this growth to sustain especially with the planned
 infrastructure projects now getting into execution. Strong GDP growth
 and consumer sentiment will also help sustain this momentum as will the
 upcoming regulatory changes.
 
 As one of the world''s largest bus manufacturers, with the most complete
 range of transit vehicles, meeting every need arising from day-to-day
 travel, Tata Motors continued to bring global technology for safe,
 comfortable and economical travel.  The Company''s push towards electric
 hybrid buses and articulated buses to meet the future transport needs
 for the envisaged Smart Cities got a significant validation with the
 order from MMRDA for 25 hybrid buses for Mumbai''s modernistic business
 hub, the Bandra Kurla Complex.
 
 We have witnessed some encouraging growth in LCVs and will continue to
 lead and grow in this space with new product introductions, also
 reaching out to customers in smaller cities and towns through new sales
 and service points.
 
 2015-16 also saw a strong growth in defence as the Company transitions
 from a supplier of defence logistics solutions to a design and
 development company providing a comprehensive range of solutions
 including armoured combat vehicles. This has opened up significant
 domestic as well as international opportunities as Tata Motors joins
 hands with global partners to develop solutions for defence agencies
 everywhere.
 
 The year was an exciting one for PV  not only did it mark the launch
 of the stylishly designed hatchback Tiago but it also was the first
 preview for what''s coming. Since its launch, Tiago as the first
 completely new product marking the PV transformational journey has
 received strong bookings and great customer response. I was also
 delighted personally by the response that our new cars Hexa, Nexon and
 Kite-5 received from the industry and customers at the Greater Noida
 (Delhi) Auto Expo 2016. Our continued efforts towards enhanced customer
 experience also bore results as we saw strong improvement in the JD
 Power Customer Satisfaction Index, as we moved up to the third rank in
 the industry.
 
 We are all becoming used to unpredictable and dynamic market
 environments, learning to manage by anticipating customer needs,
 leveraging strong processes and building competitive product portfolios
 and networks. The new financial year will not be any different in the
 challenges it will pose, especially as the continued sway of technology
 is impacting the entire industry as consumer behaviour undergoes
 significant change. The recent Brexit Referendum will also add some
 uncertainty to the world of global business, but we are confident we can
 see through it with careful understanding of its long-term impact and
 strong robust processes to handle volatility. At Jaguar Land Rover, we
 will continue to invest in a sustainable, profitable growth strategy
 with a market defining product portfolio.  The Company remains the
 largest investor in automotive research in the UK, with cutting- edge
 innovation as the key to its future growth.
 
 For the Tata Motors standalone business, this will mark a milestone
 year of growth, great launches and transformation. There continues to
 be the growing pressure of competition and we will look to bring in
 significant launches in PV and CV with focus on cost efficiencies to
 remain competitive.
 
 A very important aspect of this transformational journey is the
 appointment of Guenter Butschek as the new CEO and MD for the Tata
 Motors standalone business. He brings tremendous global experience and
 expertise as well as operational insights to lead this transformation.
 I am delighted to welcome him on board.
 
 I am optimistic about the future  it may be challenging but offers many
 positive opportunities across Tata Motors and Jaguar Land Rover. We
 remain committed to all our stakeholders and to the communities we work
 in, for sustainable profitable growth with continual community
 engagement.
 
 Thank you all for your continued support, which I gently appreciate and
 cherish.
 
 Chairman
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