Dear Dealer Friends,
Thank you for your co-operation and partnership, and I hope this letter finds you in the best of spirits.
In light of a strong December 2022 performance, the prospects shine brighter for further propelling Tata Motors Finance’s growth trajectory in Q4 of FY 22-23.
Moreover, to leverage the opportunities emerging in the market, Tata Motors Finance has stepped into 2023 with a favourable growth outlook and adopted sustainable strategies to consolidate and strengthen its business offerings. Building further upon our commitment to customer centricity, we are implementing new scorecard parameters and optimising risk mitigation mechanisms to ensure superior and accelerated service delivery.
With macroeconomic forces encouraging recovery in infrastructure development spending up to pre-pandemic levels, the year ahead is projected to experience a stronger demand sentiment toward commercial vehicles, followed by vehicle financing.
Although, alongside a positive growth outlook, the market continues to experience a heavy hand towards working capital flow, owing to stimulants like rising fuel prices and operational expenses. As a result, the demand for financing working capital, toll, insurance, and fuel loan offerings from Tata Motors Finance is expected to witness an upswing.
Pacing ahead, with the Indian automobile industry currently working towards revamping vehicles to meet the second phase of Bharat Stage VI (BS6) norms, the next phase of norms through RDE (Real Driving Emissions) is slated to be launched by 1st April 2023. The migration entails automakers upgrading their overall vehicle platforms to meet the prescribed emission standards. As a result, the end user prices of vehicles are expected to witness a surge from April 2023 onwards, alongside stringent emission control norms. Consequently, the market is likely to tilt in favour of pre-owned vehicles and their financing, where Tata Motors Finance has emerged as a significant player for the past 2 years.
Moreover, as we implement strategic measures to harness the favourable market prospects, we expect the next fiscal to be robust over a year-on-year basis in the times ahead. Through an array of tech-enabled digital-first initiatives, including a modernised user-friendly website, chatbots, CRM tools, targeted lead gen capabilities, and by expanding branch touch point proximities across geographies, Tata Motors Finance is reinforcing its commitment to providing cutting-edge solutions and seamless personalised experience to address the evolving demands of customers.
Through our synergies and commitment to excellence, we are confident of scaling newer heights of growth to best serve all our stakeholders, partners, and customers.
Thank you again for your trust in us.
Yours truly,
Anand Bang
Executive Vice President and Chief Operating Officer