At Tata Motors AGM, Chandrasekaran pays homage to Air India plane crash victims

Mint

6 hours ago

New Delhi, Jun 20 (PTI) Tata Motors Chairman N Chandrasekaran on Friday led the management and the company's shareholders in paying homage to the victims of the Air India plane crash by observing a one-minute silence at the company's 80th annual general meeting (AGM) here.
Chandrasekaran, who is also chairman of Tata Sons, stated that the Tata Group will miss out its former chairman Ratan Tata, who died last year.
This was the first AGM of a Tata Group company that Chandrasekaran has attended since the June 12 plane crash.
He had not attended the AGMs of two other group companies -- TCS and TCPL -- which took place earlier this week.
Chandrasekaran said: "Going forward, volatility will continue to mark economic cycles -- from widespread geopolitical conflicts, military escalations, the redrawing of supply chains and tariff regimes, to AI and energy transition. Nowhere are all these disruptions visible more than in the automotive sector."
"...Now I would like to share a few thoughts. There is a lot to talk about today. First thought I would like us to begin with a moment of silence to honour those who lost their lives, along with all the families and loved ones affected by Air India flight (AI)171 tragedy," he said in his address to the shareholders.
The London-bound Air India flight AI-171 carrying 242 passengers and crew members crashed in Ahmedabad on June 12. All but one on board the plane died along with 29 on the ground when the aircraft smashed into a medical complex in the Meghaninagar area of the city shortly after its take-off.
After observing one-minute silence, Chandrasekaran resumed his address and said, "My thoughts are with them, and I know yours are too.
"This has been a long and unsettling week for all of us as a nation, as a Group, and at a very human level, navigating an enormous gulf of sorrow, grief and uncertainty all at the same time."
The last few months have been full of loss, he said, adding, "Late last year, we bid farewell to Mr Ratan Tata, under whose hand the Group expanded while staying true to its values."
"He was a friend and someone whose guidance I sought, whose humanity I admired and whose focus on the importance of details I will always carry with me. He will be dearly missed," the Tata Group Chairman said.
Stating that the company's demerging process was underway, he said (post merger) we will be operating as two independent listed companies -- one with commercial vehicles and one with passenger vehicles and JLR -- by the end of this calendar year.
"Over the past few years, we have significantly strengthened, streamlined and simplified this business. Each business -- commercial vehicles, passenger vehicles and JLR -- are healthy, financially fit and have their own strategy, led by independent management teams," Chandrasekaran said.
Taking the three businesses (CV, PV and JLR) together, Tata Motors delivered a strong performance to surpass several earlier milestones, despite a complex macro environment in FY25, he said.
On a consolidated basis, the company delivered a record high revenue of ₹ 4,39,695 crore, EBITDA of ₹ 57,649 crore, and record high PBT (before exceptional items) of ₹ 34,330 crore leading to the Tata Motors Group becoming debt free this year, Chandrasekaran said.
"I had the opportunity to update Mr. Tata about Tata Motors and the PV business turnaround and growth. He was most pleased as Tata Motors was closest to his heart," he said.
The Board has recommended a final dividend of ₹ 6 per ordinary share for FY25 subject to the shareholders' approval at the AGM, he said.
"Given the enormous amount of work we have done over the past few years -- from simplifying the businesses to making big strategic bets to strengthening our financial position -- our businesses are structured to not just handle this environment, but to thrive," Chandrasekatran said.