For TML, a steep volume decline, particularly in MHCV, general economic slowdown, impact of the COVID-19 pandemic towards the year-end and the resulting negative operating leverage impacted profitability and cash flows. TML achieved a seamless BSVI transition in the current year despite several challenges. Due to focused efforts, the inventory in the entire ecosystem reached an all-time low: CV inventory at near zero level and PV inventory (all BSVI) near 13,000 units, with no BSIV inventory remaining unsold.

Amid continuous external challenges, JLR has responded with decisive action, in the form of Projects Charge and Charge+, which together achieved cumulative cash and cost savings of £3.5 billion till FY20. Despite headwinds, the business recorded an EBIT of (0.1)% in FY20, improving by 60 bps Y-o-Y, and a free cash flow of £(702) million, improving by £563 million Y-o-Y.