Driven by growth in the passenger vehicle segment, Tata Motors Ltd is expected to see a strong uptick in consolidated revenue in Q4.

The consolidated revenue is expected to increase 17 per cent with the improvement in JLR performance, passenger vehicle and commercial vehicle year-on-year businesses.

JM Financial expects a 6 per cent increase in revenue growth in the commercial business and a 22 per cent year-on-year rise in the passenger vehicle business.

Analysts will watch the outlook on growth in commercial vehicles after elections, cost-control measures in JLR, sale of subsidiaries and debt reduction plans. 

Tata Motors announced that the group wholesale during the quarter was 3,77,432 units, higher by 8 per cent year-on-year. The company’s passenger vehicles wholesale was 1,55,651 units during the quarter, 15 per cent higher y-o-y as compared to FY23.

Jaguar Land Rover wholesales were at 1,10,190 vehicle units during the quarter, higher by 16 per cent y-o-y. 

“JLR revenue to increase 12 per cent year-on-year. The EBITDA margin to expand to 14.4 per cent on higher operating leverage margin improvement in JLR business. JLR revenue to increase 12 per cent year-on-year,” mentioned a BNP Paribas report.