1. Figures for the previous period have been regrouped / reclassified wherever necessary.

2. (a) Total Income from operations for the year ended March 31, 2009 include: (i) Rs 13883 lakhs (Rs 16940 lakhs for the year ended March 31, 2008) towards transfer of technology to its subsidiary companies; and (ii) Rs 5074 lakhs towards gain on buyback of Foreign Currency Convertible Notes and Convertible Alternative Reference Securities.

(b) Other income for the year ended March 31, 2009 include profit of Rs 52027 lakhs (Rs 15699 lakhs for the year ended March 31, 2008) on sale of its long term Investments.

3. Effective from April 01, 2008, the Company has applied hedge accounting principles in respect of forward exchange contracts as Set out in Accounting Standard (AS) 30 - Financial Instruments Recognition and Measurement. Accordingly, all such contracts outstanding as on March 31, 2009 that are designated as hedging instruments to hodge the foreign currency cash flow risk of highly probable forecast transactions are marked to market and an effective portion of notional loss aggregating Rs 8751 lakhs (net of tax) arising on such contracts, has been directly recognised in the Hedging Reserve Account to be ultimately recognised in the Profit and Loss Account, depending on the exchange rate fluctuation till and when the underlying forecasted transaction occurs. Earlier such notional loss / gain was recognised in the Profit and Loss Account on the basis of exchange rate on the reporting date.

4. Consequent to the notification, issued by the Ministry of Corporate Affairs, amending the Accounting Standard (AS) 11 - The Effects of changes in Foreign Exchange Rates, the exchange differences on foreign currency denominated long term borrowings relating to the acquisition of depreciable capital assets are adjusted in the carrying cost of such assets and the exchange differences on other long term foreign currency monetary items is amortised over its tenor till maturity or March 31, 2011, whichever is earlier. Earlier such differences were recognised in the Profit and Loss Account. As a result, Profit before tax for the year ended March 31, 2009 is higher by Rs 51893 lakhs (net of tax Rs 41754 lakhs).

5. During the year, the Company has reviewed the estimation for provisioning for doubtful receivables in respect of its vehicle financing business based on past performance trends. The Company continues to provide for such doubtful receivables based on an assessment and the probable inherent loss in the business, and more conservatively than required under the RBI guidelines applicable to NBFC´s. The revised estimation has resulted in lower provisioning of Rs 5471 lakhs in the current year.

6. In October 2008, the Company decided to move the Nano project from Singur in West Bengal to Sanand in Gujarat. Based on managements assessment, presently no provision is considered necessary to the carrying cost of the Capital work in progress.

7. During the year ended March 31, 2009, the Company has made investment of Rs 780874 lakhs (Including investments out of proceeds from Rights issue, divestments etc.) in its subsidiary TML Holdings Pte Ltd, (Singapore) in connection with the Jaguar Land Rover acquisition / loan.

8. During the year ended March 31, 2009 the Company made a simultaneous but unlinked rights issues of Ordinary Shares and ‘A’ Ordinary Shares Following is the status on utilisation of said rights issue proceeds

- Amount Colleted

Planned - 414581 Lakhs
Actual - 413933 Lakhs*

- Issued Expenses paid / provided

Planned - 5386 Lakhs
Actual - 2967 Lakhs

- Investment in its subsidiary (included in (7) above) for downstream investment to prepary part of the short term bridge loan for financing the acquisition of Jaguar Land Rover

Planned - 409195 Lakhs
Actual - 410966 Lakhs

* Excluding for shares kept in abeyance pending court cases / legal disputes

9. Subsequent to the year ended March 31, 2009, the Company, raised Rs 420000 lakhs through issue of Secured Non Convertible Rupee Debentures for the part repayment of USD 1 billion out of the outstanding USD 2 billion bridge finance facility taken for acquiring Jaguar Land Rover business and the balance amount of Rs 507100 lakhs (equivalent to USD 1 billion) has been refinanced.

10. Public Shareholding of Ordinary Shares as on March 31, 2009 excludes 13.10% (12.69% as on March 31, 2008) of Citibank NA. as Depository for American Depository Shares (ADS) holders.

11. The Company is engaged mainly in the business of automobile product consisting of all types of commercial and passenger vehicles including financing of the vehicles sold by the Company. These, in the context of Accounting Standard 17 on Segment Reporting, as specified in the Companies (Accounting Standards) Rules, 2006, are considered to constitute one single primary segment.

12. The Board of Directors has recommended dividend of Rs 6/- per Ordinary share of Rs 10/- each and Rs 6.50 per ‘A’ Ordinary share of Rs 10/- each for the financial year 2008 -09 (Previous year Rs 15/- per Ordinary share), subject to approval of the Shareholders. Tax on dividend will be borne by the Company.

13. The Statutory Auditors have carried out an audit of the results stated in (B) above for the year ended March 31,2009.

14. The above Results have been reviewed by the Audit Committee of the Board and were approved by the Board of Director at its meeting held on May 29, 2009.

Ratan N Tata
Chairman