Tata Motors expects the second half of the current fiscal to be better in terms of performance with the gradual improvement in the overall supply situation and stabilisation in commodity prices, chairman N. Chandrasekaran has said.

Addressing shareholders at the company’s 77th annual general meeting, Chandrasekaran noted that demand for the company’s vehicles across segments remained robust despite various external challenges.

“The overall supply situation, including that of semiconductors, is gradually improving and commodity prices are stabilising... Accordingly, expect performance to progressively improve through the year with the second half of FY23 being notably better than the first half,” he noted.

The demand for vehicles in each of the company businesses — Jaguar Land Rover, commercial vehicles and passenger vehicles — remain strong despite ongoing geopolitical, supply and inflation concerns, Chandrasekaran said.

He noted that the auto major is taking concerted actions to be future-ready and create a virtuous cycle of growth and returns for its stakeholders.

“The business is taking the right actions to navigate the challenges, and I am confident that we will emerge stronger,” Chandrasekaran said.