H2 will be better than H1: Tata Motors Chairman

NEW DELHI: Home-grown auto major Tata Motors expects the second half of the financial year 2023 to be better in terms of performance with gradual improvement in the overall supply situation and stabilisation in commodity prices.

“The overall supply situation, including that of semiconductors, is gradually improving and commodity prices are stabilising... Accordingly, expect performance to progressively improve through the year with the second half of FY23 being notably better than the first half,” said Tata Motors chairman N Chandrasekaran during the company’s 77th annual general meeting.

The chairman noted that demand for the company’s vehicles across segments remained robust despite various external challenges. He stated that history will record the last few years as relentless -- a global pandemic that refuses to go away, record-high inflation, unfortunate military conflict, rising geopolitical risks and unprecedented supply chain challenges. On the company’s domestic business, Chandrasekaran noted that while the overall industry volumes grew by 15% last fiscal, the company’s domestic business grew by 49% by volumes and 11.5% by revenues.