JLR Q2 FY24 FInancial Report

Jaguar Land Rover Automotive plc
Interim Report
For the three and six-month period ended
30 September 2023
Company registered number: 06477691

Contents
Market environment and business developments .............................................................................................. 4
Revenue and profits .......................................................................................................................................................... 4
Cash flow, liquidity and capital resources ............................................................................................................... 5
Sales volumes...................................................................................................................................................................... 6
Funding and liquidity ........................................................................................................................................................ 7
Risks and mitigating factors ......................................................................................................................................... 8
Acquisitions and disposals ............................................................................................................................................ 8
Off-balance sheet financial arrangements ............................................................................................................ 8
Personnel ............................................................................................................................................................................. 8
Board of directors ............................................................................................................................................................. 8
Condensed consolidated interim financial statements ..................................................................................... 9

Group, Company, Jaguar Land Rover, JLR plc and JLR refers to Jaguar Land Rover Automotive plc and its subsidiaries. Note
2 to the Condensed consolidated interim financial statements defines a series of alternative performance measures some
of which are stated below, along with certain abbreviations.
Adjusted EBITDA margin measured as adjusted EBITDA as a percentage of revenue.
Adjusted EBIT margin measured as adjusted EBIT as a percentage of revenue.
Net debt/cash defined by the Company as cash and cash equivalents plus short-term deposits and other
investments less total balance sheet borrowings.
Q2 FY24 3 months ended 30 September 2023
Q1 FY24 3 months ended 30 June 2023
Q2 FY23 3 months ended 30 September 2022
H1 FY24 6-months ending 30 September 2023
H1 FY23 6-months ending 30 September 2022
China Joint Venture Chery Jaguar Land Rover Automotive Co., Ltd.
3
Management’s discussion and analysis of financial condition and results of operations
Revenue was £6.9 billion in Q2 FY24, up 30% year-on-year from Q2 FY23 reflecting higher volume and model mix,
favourable pricing and FX, offset partially by planned marketing, selling expenses and inflationary costs. Wholesale
volumes (excluding China Joint Venture) of 96,817 up 28.6% year-on-year and up 3.8% compared to the prior
quarter. The order book remained strong with over 168,000 client orders at quarter end, reducing from 185,000 at
30 June 2023 in line with expectations, as chip and other supply constraints continue to improve. Range Rover, Range
Rover Sport and Defender demand remains particularly strong, representing 77% of the order book.
Market environment and business developments
• Wholesale volumes continued to increase significantly year-on-year reflecting continuing improvement in

supply, allowing JLR to deliver more vehicles to clients.
• Strong order book of 168,000 client orders at quarter end, a reduction of c. 17,000 units since 30 June 2023
in line with expectations; 77% of the order book is for our three most profitable models, the Range Rover,
Range Rover Sport and Defender.
• Chip supply is expected to continue to gradually improve, and partnership agreements put in place with key
chip suppliers are continuing to provide greater visibility over near-term supply. General supply is being
monitored with the help of AI analytics tools. We expect production and wholesale volumes to increase in
the second half of the financial year.
• The UK has experienced market volatility during the quarter, with the GBP weakening vs USD by 3% from
30 June 2023 to 30 September 2023.
• Interest rates (including the UK, USA and Europe) seem to have stabilised somewhat but are expected to
remain at elevated levels for the foreseeable future. The impact of these higher rates will flow through into
financing costs for consumers and could impact future demand.
Revenue and profits, quarter ending 30 September 2023
• Revenue was £6.9 billion in Q2 FY24, up 30.4% from Q2 FY23 reflecting favourable volumes, model mix,
pricing and FX
• Adjusted EBITDA1 was £1,021 million (EBITDA margin: 14.9%) in Q2 FY24, up from £557 million (EBITDA
margin: 10.6%) in Q2 FY23
• Adjusted EBIT1 was £501 million (7.3%) in Q2 FY24, up from £54 million (1.0%) in Q2 FY23
• The profit before tax and exceptional items was £442 million in Q2 FY24 compared to a loss before tax and
exceptional items of £(173) million in Q2 FY23. The year-on-year improvement primarily reflects the
following factors:
o £425 million favourable volume and mix
o £199 million favourable pricing, offset slightly by £(24) million higher variable marketing costs
o £14 million reduction in material and manufacturing costs as a result of some lower commodity
prices YoY, offset by a £(39) million increase in warranty costs
o £(77) million increase in structural costs, reflecting SG&A (up £(96)m primarily for planned
marketing & selling expenses) and depreciation and amortisation up by £(32)m, slightly offset by
£51m favourable engineering & capitalisation
o £107 million for FX and commodities, which includes £(251) million adverse impact of operational
exchange caused by the strengthening of GBP year-on-year, largely offset by £210 million of
favourable realised derivatives as a result of the hedging policy as well as £105 million of
favourable revaluation and £43 million of unrealised commodity derivatives.
• Profit after tax was £272 million (after a tax charge of £(170) million) for Q2 FY24, an improvement from a
loss of £(98) million in Q2 FY23 (including a tax rebate of £75 million)
Revenue and profits, fiscal year to date
• Revenue was £13.8 billion for the six months to 30 September 2023, up 42.4% compared to the same period
a year ago reflecting improvements in volumes, model mix and pricing
• Adjusted EBITDA2 was £2,144 million (EBITDA margin: 15.6%), up from £850 million (EBITDA margin: 8.8%)
for the same period a year ago
• Adjusted EBIT1 was £1,096 million (8.0%) for H1 FY24, up from a loss of £142 million (-1.5%) for the six
months to 30 September 2022
1
Please see note 2 of the financial statements for alternative performance measures
2
Please see note 2 of the financial statements for alternative performance measures
4
• The profit before tax and exceptional items was £877 million for H1 FY24 compared to a loss before tax
and exceptional items of £(697) million in the prior year. The year-on-year improvement primarily reflects
the following factors:
o £1,158 million favourable volume and mix
o £372 million favourable pricing and lower variable marketing costs
o £(46) million increase in material and manufacturing costs as a results of inflationary pressures,
plus a £(57) million increase in warranty costs
o £(195)m increase in structural costs, reflecting £(196) million increase in FME and selling, admin
expenses up by £(85) million, £134 million favourable engineering and capitalisation, £(88)m
depreciation and amortisation, £39 million increase in interest earned due to higher cash balances
and market rates and £1 million of other.
o £236 million for FX and commodities, including £230 million FX revaluation, £(316) million of the
strengthening pound on revenue and costs offset by £247 million realised derivatives and £75
million unrealised commodities derivatives
• Profit after tax was £595 million (after a tax charge of £(282) million) for the six month period to 30
September 2023, an improvement from a loss of £(580) million in H1 FY23 (including a tax charge of £38
million)
Cash flow
• Free cash flow1 was £300 million in Q2 FY24 compared to negative free cashflow of £(15) million in Q2 FY23
• Working capital movements in the quarter were £(76) million (vs £(1401) million in Q2 FY23) with a decrease
in inventories of £184 million offset by higher receivables of £(176) million, a decrease in payables of £(80)
million and other of £(4) million since 30 June 2023
• Investment spending of £775 million in the quarter was up from £526 million in Q2 FY23 and includes £577
million of engineering spend, of which 64% was capitalised, and £197 million of capital investments
1 Restated from £(124)m due to a change in definition of free cash flow

5
Sales volumes
Retail sales for the second quarter were 106,561 units, up 20.9% compared to the same quarter a year ago and up
4.5% compared to the prior quarter ending 30 June 2023.
Wholesale volumes in the period were 96,817 units (excluding the Chery Jaguar Land Rover China JV), up 28.6%
compared to the same quarter a year ago, and up 3.8% compared to the quarter ended 30 June 2023,
notwithstanding the annual two-week summer plant shutdown. Wholesale volumes for the first half of the financial
year were 190,070, up 29.2% compared to the prior year.
Range Rover brand includes the models Range Rover, Range Rover Sport, Range Rover Velar and Range Rover Evoque. Defender brand
includes Defender 90, Defender 110 and Defender 130. Discovery brand includes the models Discovery and Discovery Sport. Jaguar brand
includes the Jaguar XE, XF, F-Type, E-Pace, F-Pace and I-Pace models.
6
Funding and liquidity
Total cash and cash equivalents, deposits and investments at 30 September 2023 were £4.3 billion (£4.0 billion at
30 June 2023) comprising £4.1 billion of cash and cash equivalents and £236 million of short-term deposits and other
investments. The cash and financial deposits include an amount of £442 million held in subsidiaries of Jaguar Land
Rover outside of the United Kingdom. The cash in some of these jurisdictions may be subject to impediments to
remitting cash to the UK other than through annual dividends.
The following table shows details of the Company’s financing arrangements at 30 September 2023:
1
The China RMB 5 billion 3-year syndicated revolving loan facility is subject to an annual confirmatory review in January each year. RMB 2
billion was repaid on 12/10/2023 (not reflected in the above)
2
Lease obligations accounted for as debt under IFRS 16
3
Primarily an advance as part of a sale and leaseback transaction
4
Fair value adjustments relate to hedging arrangements for the $500m 2027 Notes and €500m 2026 Notes
5
These series of notes were tendered for buy back on 06/10/2023. Settlement of the tendered amount - totalling $400m equivalent
across the three series of notes (not reflected in the above) - took place on 18/10/2023
7
Risks and mitigating factors
There are a number of potential risks which could have a material impact on the Group’s performance and could cause
actual results to differ materially from expected and/or historical results, particularly those risks relating to
continuing supply shortages of semiconductors, and those discussed on pages 46-49 of the Annual Report 2022/23
of the Group (available at www.jaguarlandrover.com/annual-report-2023) along with mitigating factors. The
principal risks discussed in the Group’s Annual Report FY23 are competitive business efficiency, global economic and
geopolitical environment, brand positioning, rapid technology change, environmental regulations and compliance,
litigation / regulatory, supply chain disruptions, information security, client service delivery, manufacturing
operations, and human capital.
Acquisitions and disposals

There were no material acquisitions or disposals in Q2 FY24.
Off-balance sheet financial arrangements

At 30 September 2023, Jaguar Land Rover Limited (a subsidiary of the Company) had sold £491 million equivalent
of receivables under a $900 million invoice discounting facility signed in March 2023.
Personnel
At 30 September 2023, Jaguar Land Rover employed 42,560 people worldwide, including agency personnel,
compared to 38,880 at 30 September 2022.
Board of directors
The following table provides information with respect to the members of the Board of Directors of Jaguar Land Rover
Automotive plc as at 30 September 2023:
Name Position Year appointed
Natarajan Chandrasekaran Chairman and Director 2017
Adrian Mardell Chief Executive Officer and Director 2022
Prof Sir Ralf D Speth1 Vice Chairman and Director 2020
Mr P B Balaji Director 2017
Hanne Sorensen Director 2018
Charles Nichols Director 2022
Al-Noor Ramji Director 2022
1
Previously appointed as CEO and Director in 2010 and subsequently Vice Chairman and Director in 2020
8
Condensed Consolidated Income Statement
Three months ended Six months ended
£ millions Note 30 September 30 September
30 September 30 September
2022 2022
2023 2023
Restated* Restated*
Revenue 3 6,857 5,260 13,760 9,666
Material and other cost of sales (4,166) (3,212) (8,192) (5,974)
Employee costs 4 (713) (604) (1,429) (1,174)
Other expenses 9 (1,425) (1,180) (2,801) (2,189)
Exceptional items 4 - - - 155
Engineering costs capitalised 5 368 155 688 245
Other income 6 94 78 168 144
Depreciation and amortisation (525) (509) (1,063) (1,000)
Foreign exchange and fair value
7 31 (55) (87) (204)
adjustments
Finance income 8 41 11 74 18
Finance expense (net) 8 (125) (123) (256) (237)
Share of profit of equity accounted
5 6 15 8
investments
Profit/(loss) before tax 442 (173) 877 (542)
Income tax (expense)/credit 17 (170) 75 (282) (38)
Profit/(loss) for the period 272 (98) 595 (580)
*See note 1 for details of restatement as a result of a change in accounting policy.
The notes on pages 14 to 37 are an integral part of these condensed consolidated financial statements.
9
Condensed Consolidated Statement of Comprehensive Income and Expense
£ millions 30 September 30 September 30 September 30 September
2023 2022 2023 2022
Items that will not be reclassified
subsequently to profit or loss:
Remeasurement of net defined benefit
3 58 (127) 437
obligation
Income tax related to items that will not be
(1) (14) 32 (109)
reclassified
2 44 (95) 328
Items that may be reclassified
subsequently to profit or loss:
(Loss)/gain on cash flow hedges (net) (369) (841) 282 (1,492)
Currency translation differences 17 26 (25) 44
Income tax related to items that may be
67 (140) 44 21
reclassified
(285) (955) 301 (1,427)
Other comprehensive (expense)/income
(283) (911) 206 (1,099)
net of tax
Total comprehensive (expense)/income
(11) (1,009) 801 (1,679)
attributable to shareholder
10
Condensed Consolidated Balance Sheet
31 March 2023 30 September 2022
As at (£ millions) Note 30 September 2023
Restated* Restated*
Non-current assets
Investments in equity accounted investees 324 329 346
Other non-current investments 51 43 43
Other financial assets 14 144 149 372
Property, plant and equipment 11 5,851 5,842 6,213
Intangible assets 12 5,068 4,864 4,872
Right-of-use assets 13 620 635 646
Pension asset 25 552 659 1,062
Other non-current assets 16 170 75 70
Deferred tax assets 384 357 337
Total non-current assets 13,164 12,953 13,961
Current assets
Cash and cash equivalents 4,057 3,687 3,555
Short-term deposits and other investments 236 105 161
Trade receivables 1,117 1,013 810
Other financial assets 14 498 375 487
Inventories 15 3,509 3,238 3,227
Other current assets 16 606 607 529
Current tax assets 2 16 29
Assets classified as held for sale 60 62 28
Total current assets 10,085 9,103 8,826
Total assets 23,249 22,056 22,787
Current liabilities
Accounts payable 6,040 5,891 5,216
Short-term borrowings 21 1,341 1,478 1,908
Other financial liabilities 18 944 923 1,385
Provisions 19 1,097 1,089 1,089
Other current liabilities 20 925 590 749
Current tax liabilities 137 110 102
Total current liabilities 10,484 10,081 10,449
Non-current liabilities
Long-term borrowings 21 4,508 4,600 5,574
Other financial liabilities 18 984 1,123 1,974
Provisions 19 1,188 1,091 1,121
Retirement benefit obligation 25 22 22 27
Other non-current liabilities 20 863 772 662
Deferred tax liabilities 159 128 113
Total non-current liabilities 7,724 7,736 9,471
Total liabilities 18,208 17,817 19,920
Equity attributable to shareholders
Ordinary shares 1,501 1,501 1,501
Capital redemption reserve 167 167 167
Other reserves 23 3,373 2,571 1,199
Equity attributable to shareholders 5,041 4,239 2,867
Total liabilities and equity 23,249 22,056 22,787
These condensed consolidated interim financial statements were approved by the JLR plc Board and authorised for issue
on 2 November 2023.
Company registered number: 06477691
11
Condensed Consolidated Statement of Changes in Equity
Capital
Ordinary Other
£ millions redemption Total equity
shares reserves
reserve
Balance at 1 April 2023 1,501 167 2,571 4,239
Profit for the period - - 595 595
Other comprehensive income for the period - - 206 206
Total comprehensive income - - 801 801
Amounts removed from hedge reserve and
- - 2 2
recognised in inventory
Income tax related to amounts removed from hedge
- - (1) (1)
reserve and recognised in inventory
Balance at 30 September 2023 1,501 167 3,373 5,041
Capital
Ordinary Other
£ millions redemption Total equity
shares reserves
reserve
Balance at 1 April 2022 1,501 167 2,835 4,503
Loss for the period - - (580) (580)
Other comprehensive expense for the period - - (1,099) (1,099)
Total comprehensive expense - - (1,679) (1,679)
- - 53 53
Income tax related to amounts removed from hedge
- - (10) (10)
reserve and recognised in inventory
Balance at 30 September 2022 1,501 167 1,199 2,867
12
Condensed Consolidated Cash Flow Statement

£ millions Note
30 September 30 September 30 September 30 September
2023 2022 2023 2022
Cash flows from operating activities
Cash generated from operations 28 965 416 2,109 82
Dividends received - - 2 -
Income tax paid (40) (26) (140) (127)
Net cash generated from/(used in)
925 390 1,971 (45)
operating activities
Cash flows from investing activities
Purchases of other investments (1) (3) (3) (3)
Investment in other restricted deposits (13) (11) (15) (17)
Redemption of other restricted deposits 3 2 14 14
Movements in other restricted deposits (10) (9) (1) (3)
Investment in short-term deposits and
(143) (40) (285) (308)
other investments
Redemption of short-term deposits and
92 172 156 352
other investments
Movements in short-term deposits and
(51) 132 (129) 44
other investments
Purchases of property, plant and
(182) (122) (342) (252)
equipment
Purchases of other assets acquired with view to
- (12) - (24)
resale
Proceeds from sale of property, plant and
6 - 6 -
equipment
Net cash outflow relating to intangible
(383) (164) (715) (264)
asset expenditure
Issuance of loans to related parties - - (20) -
Repayment of loans to related parties 20 - 20 -
Finance income received 38 9 68 15
Disposal of subsidiaries (net of cash
9 - 9 2
disposed)
Net cash used in investing activities (554) (169) (1,107) (485)
Cash flows from financing activities
Finance expenses and fees paid (124) (116) (237) (216)
Proceeds from issuance of borrowings - - - 594
Repayment of borrowings (62) (63) (195) (719)
Payments of lease obligations (18) (17) (35) (35)
Net cash used in financing activities (204) (196) (467) (376)
Net increase/(decrease) in cash and
167 25 397 (906)
cash equivalents
Cash and cash equivalents at beginning of
3,829 3,411 3,687 4,223
period
Effect of foreign exchange on cash and
61 119 (27) 238
cash equivalents
Cash and cash equivalents at end of
4,057 3,555 4,057 3,555
period
13
Notes (forming part of the condensed consolidated interim financial statements)
1 Accounting policies
Basis of preparation
The financial information in these interim financial statements is unaudited and does not constitute statutory accounts as
defined in Section 435 of the Companies Act 2006. The condensed consolidated interim financial statements of Jaguar Land
Rover Automotive plc have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial
Reporting’ in accordance with the requirements of UK-adopted international accounting standards. The balance sheet and
accompanying notes as at 30 September 2022 have been disclosed solely for the information of the users.
The comparative figures for the financial year ended 31 March 2023 are not the company's statutory accounts for that
financial year but are derived from those accounts. Those accounts have been reported on by the company's auditor and
delivered to the registrar of companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any
matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006.
The condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain
financial instruments held at fair value as highlighted in note 22.
The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial
statements for the year ended 31 March 2023, which were prepared in accordance with UK-adopted international accounting
standards.
The condensed consolidated interim financial statements have been prepared on the going concern basis as set out within
the directors’ report of the Group’s Annual Report for the year ended 31 March 2023.
The accounting policies applied are consistent with those of the annual consolidated financial statements for the year ended
31 March 2023, as described in those financial statements, except as described below.
Change in accounting policy
During the six months ended 30 September 2023, the Group reviewed its accounting policy choice over the net presentation
of grants relating to property, plant and equipment and intangible assets.
As a result, it was considered more appropriate to adopt a policy to present grants related to property, plant and equipment
and intangible assets gross as separate liabilities instead of deducting them from the cost of the assets; and to present the
unwind of the grant over the useful economic lives of the assets in ‘Other income’, rather than a reduction of ‘Depreciation
and amortisation’.
Separate disclosure of amounts received for grants in relation to capital assets more closely aligns the presentation of assets
in the consolidated balance sheet with the Group’s reported cash flows from investing activities; and improves transparency
of the financial statements by allowing users to better understand the extent of grant income supporting investments. The
policy is also aligned to that of the Group’s ultimate parent company and therefore enhances comparability with its other
subsidiaries.
The prior period comparatives have been represented on this basis. The impact on the consolidated income statement for
the three and six months ended 30 September 2022, and on the consolidated balance sheet at 30 September 2022 and 31
March 2023 are shown below:
Consolidated income statement (extract)
Three months ended 30 September 2022 Six months ended 30 September 2022
£ millions
As reported Restatement Restated As reported Restatement Restated
Other income 62 16 78 114 30 144
Depreciation and amortisation (493) (16) (509) (970) (30) (1,000)
14
1 Accounting policies (continued)
Change in accounting policy (continued)
Consolidated balance sheet (extract)
As at 31 March 2023 As at 30 September 2022

£ millions
As reported Restatement Restated As reported Restatement Restated
Non-current assets
Property, plant and
5,759 83 5,842 6,133 80 6,213
equipment
Intangible assets 4,600 264 4,864 4,634 238 4,872
Current liabilities
Other current liabilities (528) (62) (590) (688) (61) (749)
Non-current liabilities
Other non-current liabilities (487) (285) (772) (405) (257) (662)
There is no impact to profit/loss before or after taxation, reported equity, or net assets in any of the previous financial periods.
The revised accounting policy is given below.
Government grants
Government grants are recognised when there is reasonable assurance that the Group will comply with the relevant
conditions and the grant will be received.
Government grants are recognised in the consolidated income statement, either on a systematic basis when the Group
recognises, as expenses, the related costs that the grants are intended to compensate or immediately, if the costs have
already been incurred.
Government grants related to income are presented as an offset against the related expenditure except in cases where there
are no ongoing performance obligations to the Group, in which case the government grant is recognised as other income in
the period in which the Group becomes entitled to the grant.
Government grants related to assets are presented gross as separate liabilities and unwound over the useful economic lives
of the assets as other income.
Cash flows arising from grants related to income and assets are presented within cash flows from operating activities in the
consolidated cash flow statement.
The terms and treatment of each grant is assessed on a case by case basis.
Sales tax incentives received from governments are recognised in the consolidated income statement at the reduced tax
rate, and revenue is reported net of these sales tax incentives.
Estimates and judgements
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these condensed interim financial statements, the significant judgements made by management in applying the
Group’s accounting policies and the key sources of estimate uncertainty were the same as those applied to the consolidated
financial statements for the year ended 31 March 2023.
15
1 Accounting policies (continued)
Going concern
The condensed consolidated interim financial statements have been prepared on a going concern basis, which the Directors
consider appropriate for the reasons set out below.
The Directors have assessed the financial position of the Group as at 30 September 2023, and the projected cash flows of
the Group for at least twelve-month period from the date of authorisation of the condensed consolidated interim financial
statements (the ‘going concern assessment period’).
The Group had available liquidity of £5.8 billion at 30 September 2023, £4.3 billion of which is cash with the remainder the
undrawn RCF facility. Within the going concern assessment period there is a £1 billion minimum quarter-end liquidity
covenant attached to the Group’s UKEF loans and forward start RCF facility. There is £1.7 billion of maturing debt in the
going concern assessment period, comprising UKEF and CNY loan repayments, EUR bond repayments and early repayment
of EUR and USD bonds in October 2023 (see note 30). No new funding is assumed.
The Group has assessed its projected cash flows over the going concern assessment period. This base case uses the most
recent Board-approved forecasts that include the going concern assessment period; taking into account the Group’s
expectations of improved semiconductor supply, optimisation of production to prioritise the highest margin products along
with the expectations relating to prevailing economic conditions, including the impact of inflationary pressures on material
costs and environmental, social and governance (“ESG”) commitments.
The base case assumes a steady improvement in wholesale volumes, with associated increases in EBIT, in the going
concern assessment period compared to the previous 12 months as semiconductor supply related production constraints
progressively ease, supported by new partnership agreements with key semiconductor suppliers.
The Group has carried out a reverse stress test against the base case to determine the decline in wholesale volumes over
a twelve-month period that would result in a liquidity level that breaches the £1 billion liquidity financing covenant. The
reverse stress test assumes continued supply constraints over the 12-month period and optimisation of production to
maximise production of higher margin products.
In order to reach a liquidity level that breaches covenants, it would require a sustained decline in wholesale volumes of more
than 65% compared to the base case over a 12-month period. The reverse stress test reflects the variable profit impact of
the wholesale volume decline, and assumes all other assumptions are held in line with the base case. It does not reflect
other potential upside measures that could be taken in such a reduced volume scenario; nor any new funding.
The Group does not consider this scenario to be plausible given that the stress test volumes are significantly lower than the
volumes achieved during both the peak of the COVID-19 pandemic and the worst quarter of semiconductor shortages. The
Group has a strong order bank and is confident that it can significantly exceed reverse stress test volumes.
The Group has considered the impact of severe but plausible downside scenarios, including scenarios that reflect a decrease
in variable profit per unit compared with the base case to include additional increases in material and other related production
costs. The expected wholesale volumes under all of these scenarios is higher than under the reverse stress test.
The Directors, after making appropriate enquiries and taking into consideration the risks and uncertainties facing the Group,
consider that the Group has adequate financial resources to continue operating throughout the going concern assessment
period, meeting its liabilities as they fall due. Accordingly, the Directors continue to adopt the going concern basis in preparing
these condensed consolidated interim financial statements.
16
2 Alternative Performance Measures
In reporting financial information, the Group presents alternative performance measures (‘APMs’) which are not defined or
specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute
for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the
business.
The APMs used by the Group are defined below.
Alternative
Performance Definition
Measure
Adjusted EBITDA is defined as profit before: income tax expense; exceptional items; finance
expense (net of capitalised interest) and finance income; gains/losses on debt and unrealised
derivatives, realised derivatives entered into for the purpose of hedging debt, and equity or debt
Adjusted EBITDA
investments held at fair value; foreign exchange gains/losses on other assets and liabilities,
including short-term deposits and cash and cash equivalents; share of profit/loss from equity
accounted investments; depreciation and amortisation.
Adjusted EBIT is defined as for adjusted EBITDA but including share of profit/loss from equity
Adjusted EBIT
accounted investments, depreciation and amortisation.
Profit/(loss) before tax

Profit/(loss) before tax excluding exceptional items.
and exceptional items
Net cash generated from operating activities less net cash used in automotive investing
activities, excluding investments in joint ventures, associates and subsidiaries and movements
Free cash flow in financial investments, and after finance expenses and fees paid. Financial investments are
those reported as cash and cash equivalents, short-term deposits and other investments, and
equity or debt investments held at fair value.
Cash used in the purchase of property, plant and equipment, intangible assets, investments in
Total product and
equity accounted investments and other trading investments, acquisition of subsidiaries and
other investment
expensed research and development costs.
Changes in assets and liabilities as presented in note 28. This comprises movements in assets
Working capital and
and liabilities excluding movements relating to financing or investing cash flows or non-cash
accruals
items that are not included in adjusted EBIT or adjusted EBITDA.
Total cash and cash

Defined as cash and cash equivalents, short-term deposits and other investments, marketable
equivalents, deposits
securities and any other items defined as cash and cash equivalents in accordance with IFRS.
and investments
Defined as total cash and cash equivalents, deposits and investments plus committed undrawn
Available liquidity
credit facilities.
Total cash and cash equivalents, deposits and investments less total interest-bearing loans and
Net debt
borrowings.
Jaguar Land Rover retail sales represent vehicle sales made by dealers to end customers and
Retail sales include the sale of vehicles produced by our Chinese joint venture, Chery Jaguar Land Rover
Automotive Company Ltd.
Wholesales represent vehicle sales made to dealers. The Group recognises revenue on
Wholesales
wholesales.
The Group uses adjusted EBITDA as an APM to review and measure the underlying profitability of the Group on an ongoing
basis for comparability as it recognises that increased capital expenditure year-on-year will lead to a corresponding increase
in depreciation and amortisation expense recognised within the consolidated income statement.
The Group uses adjusted EBIT as an APM to review and measure the underlying profitability of the Group on an ongoing
basis as this excludes volatility on unrealised foreign exchange transactions. Due to the significant level of debt and currency
derivatives, unrealised foreign exchange distorts the financial performance of the Group from one period to another.
17
2 Alternative Performance Measures (continued)
Free cash flow is considered by the Group to be a key measure in assessing and understanding the total operating
performance of the Group and to identify underlying trends.
During the year ended 31 March 2023, the definition of ‘Free cash flow’ was amended to exclude investments in associates,
joint ventures and subsidiaries. The Group considers the amended Free cash flow measure to be more useful as it provides
a clearer view of recurring cash flows that is not distorted by the impact of one-off transactions. Free cash flow for the three
and six month periods ended 30 September 2022 prior to the change was £(15) million and £(784) million respectively.
Total product and other investment is considered by the Group to be a key measure in assessing cash invested in the
development of future new models and infrastructure supporting the growth of the Group.
Working capital and accruals is considered by the Group to be a key measure in assessing assets and liabilities that are
expected to be converted into cash within the next 12-month period; as well as over the longer term.
Total cash and cash equivalents, deposits and investments and available liquidity are measures used by the Group to assess
liquidity and the availability of funds for future spend and investment.
Exceptional items are defined in note 4.
Reconciliations between these alternative performance measures and statutory reported measures are shown below and on
the next page.
Adjusted EBIT and Adjusted EBITDA

£ millions Note 30 September 30 September 30 September 30 September
2023 2022 Restated* 2023 2022 Restated*
Adjusted EBITDA 1,021 557 2,144 850
Depreciation and amortisation (525) (509) (1,063) (1,000)
5 6 15 8
investments
Adjusted EBIT 501 54 1,096 (142)
Foreign exchange on debt, derivatives
28 (11) (116) 2 (230)
and balance sheet revaluation
Unrealised gain/(loss) on commodities 28 35 (8) (43) (117)
Finance income 8 41 11 74 18
Finance expense (net) 8 (125) (123) (256) (237)
Fair value gain on equity investments 28 1 9 4 11
Profit/(loss) before tax and
442 (173) 877 (697)
exceptional items
Exceptional items 4 - - - 155
Profit/(loss) before tax 442 (173) 877 (542)
18
Free cash flow

2023 2022 2023 2022 Restated*
Net cash generated from/(used in) operating
925 390 1,971 (45)
activities
Purchases of property, plant and equipment (182) (122) (342) (252)
Net cash outflow relating to intangible asset
(383) (164) (715) (264)
expenditure
Proceeds from sale of property, plant and
6 - 6 -
equipment
Issuance of loans to related parties - - (20) -
Repayment of loans to related parties 20 - 20 -
Purchases of other assets acquired with view
- (12) - (24)
to resale
Finance expenses and fees paid (124) (116) (237) (216)
Finance income received 38 9 68 15
Free cash flow 300 (15) 751 (786)
*Comparative information has been restated for the change in definition explained on the previous page.
Total product and other investment

£ millions Note 30 September 30 September 30 September 30 September
2023 2022 2023 2022
Purchases of property, plant and
182 122 342 252
equipment
Net cash outflow relating to intangible
383 164 715 264
asset expenditure
Engineering costs expensed 5 209 237 412 496
Purchases of other investments 1 3 3 3
Total product and other investment 775 526 1,472 1,015
Total cash and cash equivalents, deposits and investments
As at (£ millions) 30 September 2023 31 March 2023 30 September 2022

Total cash and cash equivalents, deposits
4,293 3,792 3,716
and investments
Available liquidity
As at (£ millions) Note 30 September 2023 31 March 2023 30 September 2022

Committed undrawn credit facilities 21 1,520 1,520 1,500
Available liquidity 5,813 5,312 5,216
Net debt
As at (£ millions) Note 30 September 2023 31 March 2023 30 September 2022

Interest-bearing loans and borrowings 21 (6,542) (6,788) (8,216)
Net debt (2,249) (2,996) (4,500)
19
Retails and wholesales

Units 30 September 30 September 30 September 30 September
2023 2022 2023 2022
Retail sales 106,561 88,121 208,555 166,946
Wholesales* 96,817 75,307 190,070 147,122
*Wholesale volumes exclude sales from Chery Jaguar Land Rover – Q2 FY24: 12,346 units, Q2 FY23: 14,589 units, H1
FY24: 25,378 units, H1 FY23: 25,361 units.
3 Disaggregation of revenue

2023 2022 2023 2022
Revenue recognised for sales of vehicles, parts
6,493 5,122 13,114 9,335
and accessories
Revenue recognised for services transferred 85 82 167 156
Revenue - other 256 220 515 415
Total revenue excluding realised revenue
6,834 5,424 13,796 9,906
hedges
Realised revenue hedges 23 (164) (36) (240)
Total revenue 6,857 5,260 13,760 9,666
4 Exceptional items

2023 2022 2023 2022
Employee costs excluding exceptional items (713) (604) (1,429) (1,174)
Impact of:
Past service credit - - - 155
Employee costs including exceptional items (713) (604) (1,429) (1,019)
The exceptional item recognised during the six months ended 30 September 2022 comprised of a pension past service credit
of £155 million due to a change in inflation index from RPI to CPI.
5 Engineering costs capitalised

£ millions 30 September 30 September
2022 2022
2023 2023
Restated* Restated*
Total engineering costs incurred 577 392 1,100 741
Engineering costs expensed (209) (237) (412) (496)
Engineering costs capitalised 368 155 688 245
Interest capitalised in engineering costs
18 2 31 7
capitalised
Total internally developed intangible
386 157 719 252
additions
20
6 Other income

£ millions 30 September 30 September
2022 2022
2023 2023
Restated* Restated*
Grant income 64 51 112 89
Commissions 7 7 10 13
Other 23 20 46 42
Total other income 94 78 168 144
7 Foreign exchange and fair value adjustments

2023 2022 2023 2022
Foreign exchange and fair value adjustments on
(65) (279) 41 (533)
loans
Foreign exchange gain/(loss) on economic
51 186 (61) 334
hedges of loans
Foreign exchange gain/(loss) on derivatives 4 (23) 4 (36)
Other foreign exchange gain/(loss) 21 57 (5) 107
Realised (loss)/gain on commodities (16) 3 (27) 30
Unrealised gain/(loss) on commodities 35 (8) (43) (117)
Fair value gain on equity investments 1 9 4 11
Foreign exchange and fair value adjustments 31 (55) (87) (204)
8 Finance income and expense

2023 2022 2023 2022
Finance income 41 11 74 18
Total finance income 41 11 74 18
Interest expense on lease liabilities (14) (14) (28) (26)
Interest expense on financial liabilities measured
(104) (104) (210) (205)
at amortised cost other than lease liabilities
Interest expense on derivatives designated as a
(7) (4) (13) (4)
fair value hedge of financial liabilities
Unwind of discount on provisions (19) (3) (38) (11)
Interest capitalised 19 2 33 9
Total finance expense (net) (125) (123) (256) (237)
The capitalisation rate used to calculate borrowing costs eligible for capitalisation during the six month period ended 30
September 2023 was 6.2% (six month period ended 30 September 2022: 5.1%).
9 Other expenses

2023 2022 2023 2022
Stores, spare parts and tools 28 25 58 48
Freight cost 170 144 342 296
Works, operations and other costs 745 593 1,480 1,106
Power and fuel 28 58 60 96
Product warranty 267 234 490 403
Publicity 187 126 371 240
Total other expenses 1,425 1,180 2,801 2,189
21
10 Allowances for trade and other receivables
Six months ended

£ millions
30 September 2023 30 September 2022
At beginning of period 4 4
Charged during the period 4 1
At end of period 8 5
11 Property, plant and equipment
Fixtures
Land and Plant and IT Heritage Under
£ millions Vehicles and Total
Buildings equipment equipment vehicles construction
fittings
Cost
Balance at 1 April
2,646 11,360 14 213 140 40 388 14,801
2023 restated*
Additions - - - - - - 527 527
Transfers 60 146 - 2 - - (208) -
Disposals (6) (265) - (4) (3) (25) - (303)
Foreign currency
(6) (9) - - - - - (15)
translation
Balance at 30
2,694 11,232 14 211 137 15 707 15,010
September 2023
Depreciation and impairment
Balance at 1 April
736 7,953 11 132 93 34 - 8,959
2023 restated*
Depreciation
charge for the 62 415 - 8 4 - - 489
period
Disposals (6) (245) - (4) (3) (25) - (283)
Foreign currency
(3) (2) - - (1) - - (6)
translation
Balance at 30
789 8,121 11 136 93 9 - 9,159
September 2023
Net book value
At 1 April 2023
1,910 3,407 3 81 47 6 388 5,842
restated*
At 30 September
1,905 3,111 3 75 44 6 707 5,851
2023
22
11 Property, plant and equipment (continued)
Fixtures
Land and Plant and IT Heritage Under
£ millions Vehicles and Total
Buildings equipment equipment vehicles construction
fittings
Cost
Balance at 1 April
2,639 11,264 15 195 134 46 231 14,524
2022 restated*
Additions - - - 6 - - 302 308
Transfers 44 203 - - - - (247) -
Transfers to right-
(13) - - - - - - (13)
of-use assets
Disposals - (9) (2) - - - - (11)
Foreign currency
17 20 (1) 1 (1) - - 36
translation
Balance at 30
2,687 11,478 12 202 133 46 286 14,844
September 2022
Depreciation and impairment
Balance at 1 April
2022 restated* 619 7,321 10 117 87 34 - 8,188
Depreciation charge
- - - 438
for the period 57 369 8 4
Disposals - (7) (1) - - - - (8)
Foreign currency
4 9 - - - - - 13
translation
Balance at 30
680 7,692 9 125 91 34 - 8,631
September 2022
Net book value
At 1 April 2022
2,020 3,943 5 78 47 12 231 6,336
restated*
At 30 September
2,007 3,786 3 77 42 12 286 6,213
2022
23
12 Intangible assets
Intellectual
Patents and property Product Product
£ millions Customer
Software technological rights and development development Total
related
know-how other - completed - in progress
intangibles
Cost
Balance at 1 April
948 147 61 650 9,150 793 11,749
2023 restated*
Additions - externally
28 - - - - - 28
purchased
Additions - internally
- - - - - 719 719
developed
Transfers - - - - 74 (74) -
Disposals (95) - - - (222) - (317)
Balance at 30
881 147 61 650 9,002 1,438 12,179
September 2023
Amortisation and impairment
Balance at 1 April
743 147 48 173 5,774 - 6,885
2023 restated*
Amortisation in the
37 - 5 1 488 - 531
period
Disposals (83) - - - (222) - (305)
Balance at 30
697 147 53 174 6,040 - 7,111
September 2023
Net book value
At 1 April 2023
205 - 13 477 3,376 793 4,864
restated*
At 30 September 2023 184 - 8 476 2,962 1,438 5,068
Intellectual
Patents and property Product Product
Customer
£ millions Software technological rights and development development Total
related
know-how other - completed - in progress
intangibles
Cost
Balance at 1 April
894 147 61 650 9,500 574 11,826
2022 restated*
Additions - externally
18 - - - - - 18
purchased
Additions - internally
- - - - - 252 252
developed
Transfers - - - - 517 (517) -
Disposals - - - - (865) - (865)
Balance at 30
912 147 61 650 9,152 309 11,231
September 2022
Amortisation and impairment
Balance at 1 April
674 147 46 170 5,670 - 6,707
2022 restated*
Amortisation in the
33 - 1 2 481 - 517
period
Disposals - - - - (865) - (865)
Balance at 30
707 147 47 172 5,286 - 6,359
September 2022
Net book value
At 1 April 2022
220 - 15 480 3,830 574 5,119
restated*
At 30 September 2022 205 - 14 478 3,866 309 4,872
24
13 Right-of-use assets
Fixtures
Land and IT Plant and
£ millions Vehicles and Other Total
buildings equipment equipment
fittings
Cost
Balance at 1 April 2023 781 17 94 7 17 4 920
Additions 14 1 13 1 - - 29
Other 4 - - - - (1) 3
Disposals (15) (4) (13) (1) - (2) (35)
Balance at 30 September 2023 784 14 94 7 17 1 917
Accumulated depreciation
Balance at 1 April 2023 208 9 57 3 5 3 285
Depreciation in the period 33 2 6 1 1 - 43
Disposals (11) (4) (13) (1) - (2) (31)
Net book value
At 1 April 2023 573 8 37 4 12 1 635
At 30 September 2023 554 7 44 4 11 - 620
Fixtures
Land and IT Plant and
£ millions Vehicles and Other Total
buildings equipment equipment
fittings
Cost
Balance at 1 April 2022 672 24 101 14 17 5 833
Additions 96 2 6 2 - - 106
Other 14 - 1 - - - 15
Foreign currency translation 2 - 2 - - - 4
Disposals (1) - - - - - (1)
Accumulated depreciation
Balance at 1 April 2022 168 18 60 11 4 4 265
Depreciation in the period 31 2 8 2 2 - 45
Other (1) - - - - - (1)
Foreign currency translation 2 - 1 - - - 3
Disposals (1) - - - - - (1)
Net book value
At 1 April 2022 504 6 41 3 13 1 568
At 30 September 2022 584 6 41 3 11 1 646
25
14 Other financial assets

Non-current
Restricted cash 9 9 11
Derivative financial instruments 66 71 291
Warranty reimbursement and other receivables 53 54 54
Other 16 15 16
Total non-current other financial assets 144 149 372
Current
Restricted cash 12 11 17
Warranty reimbursement and other receivables 102 85 90
Accrued income 35 40 47
Other 129 138 125
Total current other financial assets 498 375 487
15 Inventories

Raw materials and consumables 165 148 139
Work-in-progress 499 504 737
Finished goods 2,845 2,589 2,345
Inventory basis adjustment - (3) 6
Total inventories 3,509 3,238 3,227
Inventories of finished goods include £461 million (31 March 2023: £402 million, 30 September 2022: £388 million) relating
to vehicles sold to rental car companies, fleet clients and others with guaranteed repurchase arrangements.
During the six month period ending 30 September 2023, the Group recorded an inventory write-down expense of £46 million
(six month period ended 30 September 2022: £21 million). The write-down is included in “Material and other cost of sales”.
16 Other assets

Non-current
Prepaid expenses 76 66 26
Research and development expenditure credit 84 3 36
Other 10 6 8
Total non-current other assets 170 75 70
Current
Recoverable VAT 204 252 237
Prepaid expenses 287 219 216
Research and development expenditure credit 100 121 61
Other 15 15 15
Total current other assets 606 607 529
17 Taxation
Recognised in the income statement

Income tax for the six month period ending 30 September 2023 and 30 September 2022 is charged at the estimated effective
tax rate expected to apply for the applicable financial year ends and adjusted for relevant deferred tax amounts where
applicable.
A tax charge of £282 million was incurred in the six month period ending 30 September 2023. The effective tax rate of 32%
is impacted by the ability of the UK to shelter UK tax liabilities with UK deferred tax assets which are currently not fully
recognised on the balance sheet.
26
18 Other financial liabilities

Current
Lease obligations 71 70 65
Interest accrued 104 95 111
Liability for vehicles sold under a repurchase
384 297 242
arrangement
Total current other financial liabilities 944 923 1,385
Non-current
Derivative financial instruments 352 472 1,276
Other 10 11 29
Total non-current other financial liabilities 984 1,123 1,974
19 Provisions
As at (£ millions) 30 September 2023 31 March 2023 30 September 2022*

Current
Product warranty 699 696 623
Emissions compliance 10 9 146
Restructuring 2 5 26
Third party claims and obligations 315 300 263
Other provisions 71 79 31
Total current provisions 1,097 1,089 1,089
Non-current
Product warranty 1,054 976 1,023
Emissions compliance 85 71 51
Other provisions 49 44 47
Total non-current provisions 1,188 1,091 1,121
*The comparatives at 30 September 2022 have been re-presented to align with presentation changes made during the year
ended 31 March 2023. Product warranty and Restructuring amounts are consistent with previous periods. Legal and product
liability amounts disclosed in previous periods are now split into Emissions compliance, Third party claims and obligations
and Other provisions. Provisions for residual risk, environmental liability and other employee benefits obligations amounts
disclosed in previous periods are now grouped in Other provisions. This has not resulted in any change to reported ‘Total
current provisions’ or ‘Total non-current provisions’.
Third party
Product Emissions Other
£ millions Restructuring claims and Total
warranty compliance provisions
obligations
Balance at 1 April 2023 1,672 80 5 300 123 2,180
Provisions made during the period 461 42 - 321 16 840
Provisions used during the period (391) (9) (2) (245) (6) (653)
Unused amounts reversed in the period (27) (19) (1) (61) (4) (112)
Impact of unwind of discounting 38 - - - - 38
Foreign currency translation - 1 - - (9) (8)
Balance at 30 September 2023 1,753 95 2 315 120 2,285
27
20 Other liabilities
31 March 2023 30 September 2022

As at (£ millions) 30 September 2023
Restated* Restated*
Current
Liabilities for advances received 186 51 80
Ongoing service obligations 314 301 310
VAT 112 98 95
Deferred grant income 68 62 61
Other taxes payable 234 70 199
Other 11 8 4
Total current other liabilities 925 590 749
Non-current
Ongoing service obligations 549 478 397
Deferred grant income 312 291 263
Other 2 3 2
Total non-current other liabilities 863 772 662
21 Interest bearing loans and borrowings

Short-term borrowings
Bank loans 561 658 632
Current portion of long-term EURO MTF listed debt 562 571 848
Current portion of long-term loans 218 249 428
Short-term borrowings 1,341 1,478 1,908
Long-term borrowings
EURO MTF listed debt 3,503 3,512 4,294
Bank loans 969 1,053 1,245
Other unsecured 36 35 35
Long-term borrowings 4,508 4,600 5,574
Total debt 6,542 6,788 8,216
Undrawn facilities
As at 30 September 2023, the Group has a fully undrawn revolving credit facility of £1,520 million (31 March 2023: £1,520
million, 30 September 2022: £1,500 million), with maturity date of April 2026
22 Financial instruments
The condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain
financial instruments held at fair value. These financial instruments are classified as either level 2 fair value measurements,
as defined by IFRS 13, being those derived from inputs other than quoted prices which are observable, or level 3 fair value
measurements, being those derived from significant unobservable inputs. There have been no changes in the valuation
techniques used or transfers between fair value levels from those set out in note 37 to the annual consolidated financial
statements for the year ended 31 March 2023.
28
22 Financial instruments (continued)
The tables below show the carrying amounts and fair value of each category of financial assets and liabilities, other than
those with carrying amounts that are reasonable approximations of fair values.
Fair Value Through Profit and Loss

Derivatives
Derivatives Total
As at 30 September 2023 Amortised Financial other than Total fair
in hedging carrying
(£ millions) cost assets in hedging value
relationship value
relationship
Cash and cash equivalents 4,057 - - - 4,057 4,057
Short-term deposits and other
236 - - - 236 236
investments
Trade receivables 1,117 - - - 1,117 1,117
Other non-current investments - 51 - - 51 51
Other financial assets - current 278 - 137 83 498 498
Other financial assets - non-current 78 - 1 65 144 144
Total financial assets 5,766 51 138 148 6,103 6,103
Accounts payable 6,040 - - - 6,040 6,040
Short-term borrowings 1,341 - - - 1,341 1,338
Long-term borrowings* 4,508 - - - 4,508 4,434
Other financial liabilities - current 559 - 65 320 944 944
Other financial liabilities - non-current 632 - 38 314 984 960
Total financial liabilities 13,080 - 103 634 13,817 13,716
* Included in the long-term borrowings shown in other financial liabilities is £432 million that is designated as the hedged
item in a fair value hedge relationship. Included within long-term borrowings is £(136) million of fair value adjustments of
which £(113) million relates to the ongoing hedge relationship and £(23) million relates to hedge relationships that were
discontinued during the year ended 31 March 2023. Included in the long-term borrowings is £980 million that is designated
as a hedging instrument in a cash flow hedge relationship.

Derivatives
Derivatives Total
As at 31 March 2023 Amortised Financial other than Total fair
in hedging carrying
relationship value
relationship
105 - - - 105 105
investments
Trade receivables 1,013 - - - 1,013 1,013
Other financial liabilities - current 462 - 89 372 923 923
Other financial liabilities - non-current 651 - 20 452 1,123 1,080
Total financial liabilities 13,082 - 109 824 14,015 13,746
discontinued during the year ended 31 March 2023. Included in the long-term borrowings is £968 million that is designated
as a hedging instrument in a cash flow hedge relationship.
29

Derivatives
Derivatives Total
As at 30 September 2022 Amortised Financial other than Total fair
in hedging carrying
relationship value
relationship
161 - - - 161 161
investments
Trade receivables 810 - - - 810 810
Other financial liabilities - current 418 - 90 877 1,385 1,385
Other financial liabilities - non-current 698 - 22 1,254 1,974 1,837
Total financial liabilities 13,814 - 112 2,131 16,057 15,104
discontinued during the period ended 30 September 2022.
The following tables show the levels in the fair value hierarchy for financial assets and liabilities where the carrying value is
not a reasonable approximation of fair value.
As at 30 September 2023
£ millions
Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Investments - - 51 51
Derivative assets - 286 - 286
Total - 286 51 337
Financial liabilities measured at fair value
Derivative liabilities - 737 - 737
Total - 737 - 737
Financial liabilities not measured at fair value
Borrowings 3,631 2,141 - 5,772
Total 3,631 2,141 - 5,772
As at 31 March 2023
£ millions
Total - 172 43 215
Derivative liabilities - 933 - 933
Total - 933 - 933
Borrowings 3,840 2,012 - 5,852
Total 3,840 2,012 - 5,852
30
As at 30 September 2022
£ millions
Total - 499 43 542
Derivative liabilities - 2,243 - 2,243
Total - 2,243 - 2,243
Borrowings 4,313 2,353 - 6,666
Total 4,313 2,353 - 6,666
Reconciliation of level 3 fair values
The following table gives a reconciliation of the movements in level 3 financial assets held at fair value.
Six months ended

£ millions
Balance at 1 April 43 30
Purchased during the period 3 3
Fair value gain 4 11
Currency translation 1 (1)
Balance at 30 September 51 43
23 Other reserves
The movement in reserves is as follows:
Cost of
Translation Hedging Retained Total other
£ millions hedging
reserve reserve earnings reserves
reserve
Balance at 1 April 2023 (320) (608) (34) 3,533 2,571
Profit for the period - - - 595 595
Remeasurement of defined benefit
- - - (127) (127)
obligation
Gain on effective cash flow hedges - 215 33 - 248
Income tax related to items recognised in
- 53 (1) 32 84
other comprehensive income
Cash flow hedges reclassified to profit and
- 41 (7) - 34
loss
Income tax related to items reclassified to
- (10) 2 - (8)
profit or loss
- 2 - - 2
Income tax related to amounts removed
from hedge reserve and recognised in - (1) - - (1)
inventory
Currency translation differences (25) - - - (25)
Balance at 30 September 2023 (345) (308) (7) 4,033 3,373
31
23 Other reserves (continued)
Cost of
Translation Hedging Retained Total other
£ millions hedging
reserve reserve earnings reserves
reserve
Balance at 1 April 2022 (333) (454) 19 3,603 2,835
Loss for the period - - - (580) (580)
Remeasurement of defined benefit
- - - 437 437
obligation
Loss on effective cash flow hedges - (1,743) (1) - (1,744)
Income tax related to items recognised in
- 64 4 (109) (41)
other comprehensive income
Cash flow hedges reclassified to profit and
- 260 (8) - 252
loss
Income tax related to items reclassified to
- (48) 1 - (47)
profit or loss
- 48 5 - 53
Income tax related to amounts removed
from hedge reserve and recognised in - (9) (1) - (10)
inventory
Currency translation differences 44 - - - 44
Balance at 30 September 2022 (289) (1,882) 19 3,351 1,199
24 Dividends
During the six-month periods ended 30 September 2023 and 30 September 2022, no ordinary share dividends were
proposed or paid.
25 Employee benefits
The Group has pension arrangements providing employees with defined benefits related to pay and service as set out in the
rules of each scheme. The following table sets out the disclosure pertaining to employee benefits of the JLR Automotive
Group plc which operates defined benefit pension schemes.
Six months ended

£ millions
Change in present value of defined benefit obligation
Defined benefit obligation at beginning of period 5,089 7,522
Current service cost 32 43
Past service credit - (155)
Interest expense 119 104
Actuarial (gains)/losses arising from:
Changes in demographic assumptions (78) -
Changes in financial assumptions (509) (2,484)
Experience adjustments 43 115
Exchange differences on foreign schemes (1) 2
Member contributions - 1
Benefits paid (104) (253)
Defined benefit obligation at end of period 4,591 4,895
Change in fair value of scheme assets
Fair value of schemes' assets at beginning of period 5,726 7,931
Interest income 135 117
Remeasurement loss on the return of plan assets, excluding amounts
(671) (1,932)
included in interest income
Administrative expenses (5) (14)
Employer contributions 40 80
Member contributions - 1
Benefits paid (104) (253)
Fair value of schemes' assets at end of period 5,121 5,930
32
25 Employee benefits (continued)
The principal assumptions used in accounting for the pension schemes are set out below:
As at 30 September 2023 30 September 2022
Discount rate 5.6% 5.2%
Expected rate of increase in benefit revaluation of covered employees 2.0% 2.1%
RPI inflation rate 3.1% 3.4%
CPI Inflation rate (capped at 5% p.a.) 2.6% 2.8%
CPI Inflation rate (capped at 2.5% p.a.) 1.8% 1.9%
Amounts recognised in the condensed consolidated balance sheet consist of:

Present value of defined benefit obligations (4,591) (5,089) (4,895)
Fair value of schemes' assets 5,121 5,726 5,930
Net asset 530 637 1,035
Non-current assets 552 659 1,062
Non-current liabilities (22) (22) (27)
In June 2023, the Group was informed that one of the investments held by the UK DB pension schemes has been revalued
by the fund’s independent valuation agent and that the valuation of the holding as of 31 March 2023, across the schemes,
has been reduced by £78 million to £73 million. This change in asset value is included in OCI as part of the asset and liability
movements for the six month period ended 30 September 2023.
For the valuations at 30 September 2023 the mortality assumptions used are the SAPS base table, in particular S3 tables
and the Light table for members of the Jaguar Executive Pension Plan.
• For the Jaguar Pension Plan, scaling factors of 101 per cent to 115 per cent have been used for male members and
scaling factors of 103 per cent to 118 per cent have been used for female members.
• For the Land Rover Pension Scheme, scaling factors of 105 per cent to 117 per cent have been used for male members
and scaling factors of 100 per cent to 116 per cent have been used for female members.
• For the Jaguar Executive Pension Plan, an average scaling factor of 93 per cent to 97 per cent has been used for male
members and 91 per cent to 96 per cent has been used for female members.
For the valuations at 31 March 2023 the mortality assumptions used are the SAPS base table, in particular S3 tables and
the Light table for members of the Jaguar Executive Pension Plan.
• For the Jaguar Pension Plan, scaling factors of 101 per cent to 115 per cent have been used for male members and
scaling factors of 103 per cent to 118 per cent have been used for female members.
• For the Land Rover Pension Scheme, scaling factors of 105 per cent to 117 per cent have been used for male members
and scaling factors of 100 per cent to 116 per cent have been used for female members.
• For the Jaguar Executive Pension Plan, an average scaling factor of 93 per cent to 97 per cent has been used for male
members and 91 per cent to 96 per cent has been used for female members.
For the valuations at 30 September 2022, the mortality assumptions used are the SAPS base table, in particular S3 tables
and the Light table for members of the Jaguar Executive Pension Plan.
• For the Jaguar Pension Plan, scaling factors of 101 per cent to 115 per cent were used for male members and 103 per
cent to 118 per cent for female members.
• For the Land Rover Pension Scheme, scaling factors of 105 per cent to 117 per cent were used for male members and
100 per cent to 116 per cent for female members.
• For the Jaguar Executive Pension Plan, scaling factors of 93 per cent to 97 per cent were used for male members and
91 per cent to 96 per cent for female members.
For 30 September 2023 period end calculations there is an allowance for future improvements in line with the CMI (2022)
projections and an allowance for long-term improvements of 1.25 per cent per annum and a smoothing parameter of 7.0 (31
March 2023: CMI (2021) projections with 1.25 per cent per annum improvements and a smoothing parameter of 7.5, 30
September 2022: CMI (2021) projections with 1.25 per cent per annum improvements and a smoothing parameter of 7.5).
33
26 Commitments and contingencies
The following includes a description of contingencies and commitments. The Group assesses such commitments and claims
as well as monitors the legal environment on an ongoing basis, with the assistance of external legal counsel wherever
necessary. The Group records a liability for any claims where a potential loss is probable and capable of being estimated
and disclosures such matters in the financial statements, if material. For potential losses that are considered possible, but
not probable, the Group provides disclosure in the consolidated financial statements but does not record a liability unless
the loss becomes probable. Such potential losses may be of uncertain timing and / or amounts.
As at (£ millions) 30 September 2023 31 March 2023 30 September 2022*

Contingencies:
- Third party claims and obligations 316 601 397
- Taxes and duties 58 61 82
- Other 126 121 129
Commitments:
- Plant and equipment 489 386 750
- Intangible assets 21 15 17
Pledged as collateral/security against the

borrowings and commitments:
- Inventory - - -
- Trade receivables - - -
- Property, plant and equipment - - -
- Other financial assets 29 20 14
*The comparatives at 30 September 2022 have been re-presented to align with presentation changes made during the year
ended 31 March 2023. Litigation and product related amounts disclosed in previous periods, in addition to third party claims
previously disclosed under Other, are now presented together in Third party claims and obligations. This has not resulted in
any change to total contingent liabilities and commitments disclosed.
Contingencies
Contingencies related to legal and constructive obligations to third parties. There are claims and obligations against the
Group which management has not recognised, as settlement is not considered probable. These claims and obligations relate
primarily to the following:
- Third party claims and obligations primarily supplier claims;

- Tax and duty;
- Other including consumer complaints, retailer terminations, employment cases and personal injury claims.
The decrease in the period is driven mainly by supplier claims related to ongoing negotiations and lower levels of new claims.
Commitments
The Group has entered into various contracts with vendors and contractors for the acquisition of plants and equipment and
various civil contracts of a capital nature and the acquisition of intangible assets.
Joint venture
Stipulated within the joint venture agreement for Chery Jaguar Land Rover Automotive Company Ltd., and subsequently
amended by a change to the Articles of Association of Chery Jaguar Land Rover Automotive Company Ltd. is a commitment
for the Group to contribute a total of CNY 5,000 million of capital. Of this amount, CNY 3,475 million has been contributed
as at 30 September 2023. The outstanding commitment of CNY 1,525 million translates to £171 million at the 30 September
2023 exchange rate (30 September 2022: £193 million at the September 2022 exchange rate).
The Group’s share of capital commitments of its joint venture at 30 September 2023 is £7 million (31 March 2023: £12 million,
30 September 2022: £16 million) and contingent liabilities of its joint venture 30 September 2023 is £1 million (31 March
2023 and 30 September 2022: £nil).
34
27 Capital Management
The Group’s objectives when managing capital are to ensure the going concern operation of all subsidiary companies within
the Group and to maintain an efficient capital structure to support ongoing and future operations of the Group and to meet
shareholder expectations.
The Group issues debt, primarily in the form of bonds, to meet anticipated funding requirements and maintain sufficient
liquidity. The Group also maintains certain undrawn committed credit facilities to provide additional liquidity. These
borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain
subsidiaries as required. Surplus cash in subsidiaries is pooled (where practicable) and invested to satisfy security, liquidity
and yield requirements.
The capital structure and funding requirements are regularly monitored by the JLR plc Board to ensure sufficient liquidity is
maintained by the Group. All debt issuance and capital distributions are approved by the JLR plc Board.
The following table summarises the capital of the Group:

Short-term debt 1,412 1,548 1,973
Long-term debt 5,130 5,240 6,243
Total debt* 6,542 6,788 8,216
Equity attributable to shareholders 5,041 4,239 2,867
Total capital 11,583 11,027 11,083
*Total debt includes lease obligations of £693 million (31 March 2023: £710 million, 30 September 2022: £734 million).
28 Notes to the consolidated cash flow statement
Reconciliation of profit/(loss) for the period to cash used in operations

2023 2022 Restated* 2023 2022 Restated*
Cash flows from operating
activities
Adjustments for:
Depreciation and amortisation 525 509 1,063 1,000
Loss on disposal of assets 13 - 25 2
Income tax expense/(credit) 170 (75) 282 38
Finance expense (net) 125 123 256 237
Finance income (41) (11) (74) (18)
Foreign exchange on debt, derivatives
11 116 (2) 230
and balance sheet revaluation
Unrealised (gain)/ loss on
(35) 8 43 117
commodities
(5) (6) (15) (8)
investments
Fair value gain on equity investments (1) (9) (4) (11)
Exceptional items - - - (155)
Other non-cash adjustments 7 (1) 3 -
Cash flows from operating
activities before changes in assets 1,041 556 2,172 852
and liabilities
Trade receivables and other assets (176) (9) (185) (529)
Other financial assets 11 15 (9) 1
Inventories 184 (110) (267) (468)
Accounts payable, other liabilities and
(80) (234) 366 82
retirement benefit obligations
Other financial liabilities (22) 23 (49) 67
Provisions 7 175 81 77
Cash generated from operations 965 416 2,109 82
35
28 Notes to the consolidated cash flow statement (continued)
Reconciliation of movements of liabilities to cash flows arising from financing activities
Lease Interest
£ millions Borrowings Total
obligations accrued
Balance at 1 April 2022 7,027 570 95 7,692
Cash flows
Proceeds from issue of financing 594 - - 594
Repayment of financing (719) (35) - (754)
Interest paid - (26) (152) (178)
Non-cash movements
Issue of new leases - 175 - 175
Interest accrued - 26 157 183
Foreign exchange 633 25 11 669
Lease terminations - (1) - (1)
Fee amortisation 6 - - 6
Fair value adjustment on loans (59) - - (59)
Balance at 30 September 2022 7,482 734 111 8,327
Balance at 1 April 2023 6,078 710 95 6,883

Cash flows
Repayment of financing (195) (35) - (230)
Interest paid - (28) (177) (205)
Non-cash movements
Issue of new leases - 22 - 22
Interest accrued - 28 186 214
Other lease modification - 5 - 5
Foreign exchange (35) (7) - (42)
Lease terminations - (2) - (2)
Fee amortisation 5 - - 5
Fair value adjustment on loans (4) - - (4)
Balance at 30 September 2023 5,849 693 104 6,646
Included within 'finance expenses and fees paid' in the condensed consolidated cash flow statement for the six months
ended 30 September 2023 is £32 million (six months ended 30 September 2022: £38 million) of cash interest paid relating
to other assets and liabilities not included in the reconciliation above.
36
29 Related party transactions
Tata Sons Private Limited is a company with significant influence over the Group’s ultimate parent company Tata Motors
Limited. The Group’s related parties therefore include Tata Sons Private Limited, subsidiaries and joint ventures of Tata
Sons Private Limited and subsidiaries, joint ventures and associates of Tata Motors Limited. The Group routinely enters into
transactions with its related parties in the ordinary course of business, including transactions for the sale and purchase of
products with its joint ventures, and IT and consultancy services received from subsidiaries of Tata Sons Private Limited.
All transactions with related parties are conducted under normal terms of business and all amounts outstanding are
unsecured and will be settled in cash. Transactions and balances with the Group’s own subsidiaries are eliminated on
consolidation.
The following tables summarise related party transactions and balances not eliminated in the consolidated condensed interim
financial statements.
With immediate or
With Tata Sons
ultimate parent
Six months ended With associates of Private Limited
With joint ventures and its
30 September 2023 the Group and and its
of the Group subsidiaries, joint
(£ millions) their subsidiaries subsidiaries and
ventures and
joint ventures
associates
Sale of products 114 - - 26
Purchase of goods 21 76 - 67
Services received - - 143 56
Services rendered 45 - 4 5
Dividends received 2 - - -
Trade and other receivables 27 - 5 66
Accounts payable 7 4 25 37
With immediate or
With Tata Sons
ultimate parent
Six months ended With associates of Private Limited
With joint ventures and its
30 September 2022 the Group and and its
of the Group subsidiaries, joint
(£ millions) their subsidiaries subsidiaries and
ventures and
joint ventures
associates
Sale of products 144 - 1 14
Purchase of goods 50 32 - 45
Services received - - 91 44
Services rendered 50 - - 2
Trade and other receivables 52 - - 25
Accounts payable 11 1 17 19
Compensation of key management personnel
Six months ended

£ millions
Key management personnel remuneration 11 9
30 Subsequent events
In October 2023, the Group placed three of its USD and EUR bonds to tender for early redemption. As a result of the tender,
on 18 October 2023, the Group repaid £79 million of its $650 million Senior Notes due 2028 for a purchase price of £72
million, £74 million of its $500 million Senior Notes due 2029 for a purchase price of £64 million and £175 million of its €500
million Senior Notes due 2026 for a purchase price of £178 million. The resulting gain of £14 million will be recognised in the
Income Statement in the three month period ended 31 December 2023.
In addition, on 12 October 2023, the Group repaid RMB 2 billion (£225 million) of its RMB 5 billion syndicated rolling loan
facility.
37

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Jaguar Land Rover Automotive plc

Company registered number: 06477691

Market environment and business developments .............................................................................................. 4

Revenue and profits .......................................................................................................................................................... 4

Cash flow, liquidity and capital resources ............................................................................................................... 5

Funding and liquidity ........................................................................................................................................................ 7

Risks and mitigating factors ......................................................................................................................................... 8

Acquisitions and disposals ............................................................................................................................................ 8

Off-balance sheet financial arrangements ............................................................................................................ 8

Board of directors ............................................................................................................................................................. 8

Condensed consolidated interim financial statements ..................................................................................... 9

Adjusted EBITDA margin measured as adjusted EBITDA as a percentage of revenue.

Adjusted EBIT margin measured as adjusted EBIT as a percentage of revenue.

Q2 FY24 3 months ended 30 September 2023

Q1 FY24 3 months ended 30 June 2023

Q2 FY23 3 months ended 30 September 2022

H1 FY24 6-months ending 30 September 2023

H1 FY23 6-months ending 30 September 2022

Market environment and business developments

• Wholesale volumes continued to increase significantly year-on-year reflecting continuing improvement in

Revenue and profits, quarter ending 30 September 2023

Revenue and profits, fiscal year to date

1 Restated from £(124)m due to a change in definition of free cash flow

Acquisitions and disposals

Off-balance sheet financial arrangements

Name Position Year appointed

Natarajan Chandrasekaran Chairman and Director 2017

Adrian Mardell Chief Executive Officer and Director 2022

Prof Sir Ralf D Speth1 Vice Chairman and Director 2020

Mr P B Balaji Director 2017

Hanne Sorensen Director 2018

Charles Nichols Director 2022

Al-Noor Ramji Director 2022

Company registered number: 06477691

Three months ended Six months ended

Change in accounting policy

Consolidated income statement (extract)

Change in accounting policy (continued)

Consolidated balance sheet (extract)

As at 31 March 2023 As at 30 September 2022

The revised accounting policy is given below.

Estimates and judgements

The APMs used by the Group are defined below.

Profit/(loss) before tax

Total cash and cash

Exceptional items are defined in note 4.

Adjusted EBIT and Adjusted EBITDA

Three months ended Six months ended

Free cash flow

Three months ended Six months ended

Total product and other investment

Three months ended Six months ended

Total cash and cash equivalents, deposits and investments

As at (£ millions) 30 September 2023 31 March 2023 30 September 2022

As at (£ millions) Note 30 September 2023 31 March 2023 30 September 2022

As at (£ millions) Note 30 September 2023 31 March 2023 30 September 2022

Retails and wholesales

Three months ended Six months ended