This excerpt taken from the TTM 6-K filed Jun 26, 2009.
Jaguar Land Rover: Jaguar Land Rover made a profit in 2007 and continued to do so in the first half of 2008. However, the global meltdown, especially after July 2008 with vehicle financing and demands drying up, impacted the auto industry worldwide, including Jaguar Land Rover. In 2008 therefore, Land Rover sales fell considerably. However, Jaguar was able to maintain the sales level primarily on the back of a very strong consumer response to the newly launched XF sedan.
The company has actively responded to this changed situation by taking a number of urgent and long term measures. These include cutting costs drastically and working on a plan of substantial cost reduction, aligning production with demand and tight control over cash flows. In addition, the company has introduced successfully new variants on both Jaguar and Land Rover brands, and is to unveil the all new XJ sedan shortly.
TDCV: While market illiquidity and high interest rates in South Korea impacted the companys domestic performance, it strongly grew exports. The company is focusing on aggressive growth in both home and international markets harnessing stimulus packages announced by different governments, as also product development initiatives.
Telcon: The company has launched several new products, but was impacted by the credit squeeze in the third quarter of the year. It expects demand revival supported by infrastructure spend in the country.
HVAL & HVTL: Though impacted by lower volumes on the back of decline in medium and heavy trucks, the two companies significantly reduced variable costs to counter the slowdown. Their plans include strengthening in-house design and validation capabilities and expanding customer base in India and abroad.
TMFL: In line with Tata Motors sales in 2008-09, there was a decline in disbursals. It is focused on incremental captive vehicle financing of Tata Motors through increased securitisation and borrowings on its own books with higher ability to leverage.
Tata Technologies: The company has consolidated position among the top three solution and software provider of leading Engineering and PLM products in all major geographies winning several projects, and has expanded presence in aerospace design and aero structures. While the year ahead is challenging, it has developed appropriate business structures and processes to strengthen relationship with strategic clients.
The Consolidated Audited Financial Results for the financial year ended March 31, 2009, are enclosed.