Tata Motors : Jaguar Land Rover Mexico, S.A.P.I de C.V

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Jaguar Land Rover México, S. A. P. I. de C. /.

Financial Statements

For the years ended December 31, 2024, and 2023

(Including Independent Auditors Report)

Letterhead: KPMG. Mexico City

Independent Auditors' Report

To the Board of Directors and Stockholders Jaguar Land Rover Mexico, S. A. P. I. de C. V.

Opinion

We have audited the accompanying financial statements of Jaguar Land Rover Mexico, S. A. P. I. de

C. V. (the Company), which comprise the statement of financial position as of December 31, 2024, and 2023, the statement of income, statement of changes in shareholders' equity and cash flows for the years then ended, and notes comprising a summary of significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Jaguar Land Rover Mexico, S. A. P. I. de C. V., as of December 31, 2024, and 2023, and the results of operations and cash flows for the year then ended, in conformity with Mexican Financial Reporting Standards (MFRS) (Normas de Informaciân Financiera (NIFs)).

Basis of the opinion

We conducted our audit in accordance with the International Standards on Auditing (ISAs). Our responsibilities under those standards are described below in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company by the ethical requirements that apply to the audit of the financial statements subject matter hereof in Mexico, and we have fulfilled our other ethical responsibilities under those requirements. The audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis paragraph

We draw attention to Notes 3(I) and 7 in the financial statements, which describe the Company's significant transactions with its related companies. Our opinion remains unchanged regarding this matter.

Responsibilities of management and those in charge of the Company's governance related to the financial statements.

Management is responsible for preparing and fairly presenting the attached financial statements in accordance with the FRS and for establishing such internal control as management may determine is necessary to prepare financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as appropriate, matters related to an operating company, and using the basis of accounting unless management intends to liquidate the Company or cease operations, or there is no other realistic alternative.

Those charged with governance, as aforesaid, are responsible for overseeing the Company's financial reporting process.

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Auditors' responsibilities when auditing financial statements.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance means a high degree of certainty but does not guarantee that an audit conducted under ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on the financial statements.

As part of an audit under ISAs, we apply our professional judgment and maintain an attitude of professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures in connection with those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement due to fraud is higher than a material misstatement due to error, as fraud may involve collusion, forgery, intentional omissions, deliberate misstatements, intentional misrepresentations, or the circumvention of internal control.

• Obtain an understanding of internal control relevant to the audit to design audit procedures that are appropriate in the circumstances, but not to express an opinion on the effectiveness of the Company's internal control.

• Assess the appropriateness of the accounting policies, the reasonableness of accounting estimates, and the related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as an operative company. If we conclude that material uncertainty exists, we are required to draw attention to the related disclosures in our audit report, or if such disclosures are inadequate, to express a modified opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Company to cease to be a going concern.

• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether they represent the underlying transactions and events in a manner that achieves fair presentation.

We contact those charged with the company's governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any material deficiencies in internal control that we may identify during our audit.

KPMG CARDENAS DOSAL, S. C.

(Signed)

C.P.C. Maria del Rocio Becerra Ortega

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Mexico City, June 02, 2025.

Jaguar Land Rover México, S. A. P. I. de C. V.

Statement of Financial Position

Years ended December 2024 and 2023

(Pesos)

Assets 2024

2023

Liabilities and shareholders' equity

2024

2023

Cash and cash equimlents (note 4)	$ 454,364,189	563,798,139	Suppliers	$ 22,983,521	26,443,388
Accounts receivable (note 6)	56,207,803	8,267,980	Employee Profit Sharing	10,361,811	9,925,380
Related parties (note 7)	14,093,990	16,025,959	Provisions (note 12)	49,910,629	41,516,186
Inventories, net (note 8)	401,750,463	702,705,458	Income taxes (note 15)		44,937,282
Prepayments (note 9)	8,956,684	9,049, 624	Accrued expenses	14,229,521	39,556,122
Recoverable taxes (note 16)	17,874,842	43,431, 480	Related parties (note 7)	584,153,282	854,993,301
			Customer advances	11,450,806	5,513,336
Total del actin circulante	953, 247,971	1,343,278,640	Short-term contractual obligations (note 13)	158, 233,599	146, 283,626

Current Assets: Current liabilities:

Property, plant and equipment, net (note 10) 3,188,477

1,019,186

Total current liabilities

851,323,169 1,169,168, 621

Deferred income tax and ESPS (note 15)	140,265,213	119,363,933	Employee benefits (note 14)	9,003,371	7,540,547
			Long-term contractual obligations (note 13)	116,162,985	88,944,176
Non-tangible assets, net (note 11)	1,399,154	1,338,362
			Total liabilities	976,489,525	1,265,653,344
				Shareholders' equity: Capital stock	38,457,700	38,457,700
				Retained earnings	83,153,590	160,889,077
				Total shareholders' equity	121,611, 290	199,346,777
				Commitments and contingent liabilities (notes 21)
$ 1,098,100,815			1,465,000,121		$ 1,098,100,815	1,465, 000,121

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Jaguar Land Rover Mexico, S.A.P.I. de C.V. Income Statement

Years ended December 31, 2024 and 2023

(Pesos)

2024 2023

Net sales (notes 18)	3,413,011,676	3,618,056,468
Cost of sales (note 19)	3,143,646,110	3,347,915,649

Sales (note 19)	117,982,308	94,975,649
Management (note 19)	107,001,095	91,993,049
Other income (note 20)	(71,935,364)	(80,697,885)
Oher Expenses	1,747,555	1,602,764

Gross profit General Expenses:

269,365,566

270,140,819

Total General Expenses Operating income

Comprehensive financing result:

154,795,594

114,569,972

107,873,577

162,267,242

Interest income	(4,963,054)		(4,675,725)
Foreign exchange gain, net	1,046,576		93,565
Comprehensive financing result, net	(6,009,630)		(4,769,290)
Income before income taxes	120,579,602		167,036,532
Income taxes (note 15): On tax basis	66,008,832		89,506,951
Deferred income tax	(15,687,639)		(31,295,498)
Deferred PTU	(5,213,641)
Total income taxes	45,107,552		58,211,453
Net income	75,472,050		108,825,079

See accompanying notes to the financial statements.

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