Tata Motors to miss zero debt deadline, raises JLR outlook
Financial Express Mumbai|May 16, 2023
CONTINUED DEMAND SUPPORTED by the easing of supply chain issues has bolstered Tata Motors' outlook for Jaguar Land Rover (JLR) for FY24, with the company aiming to sell 7.5% more cars than FY23 and cut down debt by two-thirds at the two British luxury auto brands.
SWARAJ BAGGONKAR
Tata Motors to miss zero debt deadline, raises JLR outlook

While at the consolidated level Tata Motors CFO PB Balaji cautioned that the company won't be able to meet the net debt reduction plan for FY24, a massive reduction of JLR's debt to £1 billion this year from FY23's £3 billion is in the works. This is despite a 25% hike in capital expenditure for the year to £3 billion at the two brands.

By the close of FY23, Tata Motors' net automotive debt stood at ₹43,700 crore, including ₹6,200 crore at the standalone entity and ₹30,300 crore at JLR. Tata Sons chairman N Chandrasekaran had committed to bring down Tata Motors' debt to near-zero levels by FY24.

"The FY24 net debt reduction plan, we are confirming, we are not in a position to meet the FY24 numbers. But very clearly, FY25, we want this issue to be sorted out," Balaji added. Chandrasekaran had made the commitment in August 2020 when the company had a net automotive debt of ₹48,000 crore.

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