Tata Motors Q1 Results Live Updates: Profit seen rising 48% YoY, revenue 6% YoY

We see TTMT's revenue to grow by 5% YoY. Consistent performance in JLR and pricing action in CV and PV business to drive EBITDA margin expansion of 175bps YoY. PAT is expected to grow by 64.8% YoY.

JLR volumes are expected to see 3% YoY growth. We estimate an EBIT margin of 7.5% (-170bp QoQ) for JLR, led by unfavorable product mix, rising spends and lower volumes.

Overall, we expect the consolidated entity to post 8.5% YoY growth in 1Q earnings.

We expect TTMT's consol revenue to grow by 2.5% YoY (-12.7% QoQ) at Rs 104780 crore. Consol EBITDA margins are expected to expand 50bp YoY (-40bp QoQ) at 13.8%. Led by decline in interest cost both YoY and QoQ, adj.PAT to grow +33% YoY at ~Rs54.5b.

India business performance was a mixed bag as CV volumes grew 6% YoY and PVs declined 1% YoY. However, CV/PV EBIT margin is likely to contract 190bp/50bp QoQ due to lower volumes.

Leading automaker Tata Motors' revenue growth for the first quarter will be driven by decent volume growth in JLR (Jaguar Land Rover) and CV (Commercial Vehicle) business even as PV (Passenger Vehicles) was subdued.

Revenue for the first quarter is seen rising 6% year-on-year, according to an average estimate of four brokerages. Net profit, meanwhile, is likely to see a solid growth of 48% year-on-year.