Tata Motors, one of the leading passenger and commercial vehicles manufacturer, has announced its financial results for Q2 FY2025.

The company reported consolidated revenue of INR 1,015 billion, down 3.5 percent YoY; EBITDA at 1,160 billion, down 230 bps and net profit at INR 33.43 billion, down 11 percent YoY.

During the quarter, the passenger vehicle volumes were down 6.1 percent YoY at 130,500 units on the back of slow consumer demand and seasonal factors. The commercial vehicle sales came at 79,800 units, lower 19.6 percent YoY impacted by slowdown in infrastructure project execution, reduction in mining activity and an overall drop in fleet utilisation due to heavy rains.

On the other hand, Jaguar Land Rover delivered an eighth successive profitable quarter, despite temporary aluminium supply constraints.

Going forward, the company has maintained a cautious outlook for the near-term in domestic demand. However, the festive season and substantial investments in infrastructure should help bolster it. JLR wholesales are expected to improve sharply, as supply challenges ease. Overall, we expect an all-round improvement in performance in H2 FY25 and the business to become net debt free by this year.

PB Balaji, Group CFO, Tata Motors, said: “Growth in the quarter was impacted due to significant external challenges as highlighted earlier. Overall, the business fundamentals remain strong, and we remain focused on our agenda of driving growth, competitiveness and free cash flows. As the supply challenges ease and demand picks up, we are confident of steady improvement in our performance and delivering a strong H2.”

Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility, said: “The passenger vehicle industry in Q2 FY25 witnessed around 5 percent decline in registrations, resulting in continued build-up of channel inventory. Sales of EVs were additionally impacted by lapse of certain subsidies. We moderated our offtakes in Q2 to proactively keep our channel inventory under control. Q3 has started off with a resurgence in industry demand on the back of a robust festive season. Tata Motors recorded its highest ever monthly registrations of around 68.5k during October, which helped in bringing down the inventory to normal levels. Our multi-powertrain suite of Curvv, Nexon iCNG and Nexon.ev 45 has garnered strong consumer interest as we continue to ramp up deliveries in Q3.”

Girish Wagh, Executive Director, Tata Motors, said, “Q2 FY25 moderated the positive momentum seen by the commercial vehicles industry at the start of the fiscal, due to slowdown in infrastructure project execution, reduction in mining activity and an overall drop in fleet utilization due to heavy rains. Tata Motors Commercial Vehicles domestic sales at 79.8K units were 19.6 percent lower than Q2 FY24 sales. Our demand-pull strategy and vigilance on costs had the business deliver EBITDA margins of 11.2 percent in H1 FY25. Going forward, with the rains easing, increased infrastructure spending, and the arrival of the festive season boosting consumption, we anticipate demand to pick up.”

Adrian Mardell, Chief Executive Officer, JLR, said: “JLR has delivered a resilient performance in Q2, resulting in a 25 percent increase in first half profits year-on-year. Our teams responded brilliantly to the aluminium supply shortages we experienced in the quarter, so we could deliver as many orders as possible to clients. We continue to make good progress delivering our Reimagine strategy. We have invested GBP 250 million so far to prepare our Halewood UK plant for electric vehicle production and with strong global demand for our products, we are well positioned to deliver on our commitments again this financial year.”

Mumbai-based automotive major Mahindra & Mahindra has announced its wholesales for April 2025 at 84,170 vehicles, a growth of 19 percent, including exports.

The auto major sold a total of 52,330 SUVs in the domestic market, which was 28 percent higher than 41,008 SUVs sold for the same period last year. Commercial vehicle sales in the domestic market came at 22,989 units, which was 4 percent YoY. 

Veejay Nakra, President, Automotive Division, Mahindra & Mahindra, said, “Building on the strong momentum of last year's performance, we began the year on a strong note in April by achieving SUV sales of 52,330 units, a growth of 28 percent and total vehicle sales of 84,170 units, a 19 percent growth over the same month last year. These numbers indicate the strength of our portfolio and customer offerings.”

JSW MG Motor India, a leading passenger vehicles manufacturer, has announced its wholesales for April 2025.

The company reported sales of 5,829 units, which was 23 percent higher over April 2024, when it sold 4,725 vehicles.

Interestingly, the automaker's popular offering, the Windsor EV, has continued to be the top-selling electric passenger vehicle for the seventh month in a row.

JSW MG Motor India's Windsor EV has now gone home to over 20,000 customers.

Maruti Suzuki India, the country’s largest carmaker, has reported its wholesales of 179,791 units in April 2025, marking a 7 percent increase compared to 168,089 units sold in April 2024. The growth was primarily propelled by strong performance in utility vehicles and a sharp rise in export volumes.

Domestic sales, including passenger and light commercial vehicles, remained flat with 142,053 units, as compared to 140,448 units in April 2024. Within this, light commercial vehicles (LCVs) like the Super Carry saw a significant jump of 34.2 percent, with sales rising to 3,349 units from 2,496 units last year.

In the passenger vehicle segment, SUVs such as the Brezza, Ertiga, Grand Vitara and others recorded a 4.4 percent increase, selling 59,022 units compared to 56,553 in the previous year. However, sales for Eeco declined by 5.2 percent, while the mini segment (Alto, S-Presso) saw a sharp 45 percent drop, falling to 6,332 units from 11,519 units. The compact segment, which includes high-volume models like the Baleno and Swift, grew by 8.1 percent, reaching 61,591 units.

Sales to Toyota Kirloskar Motor rose sharply by 79.2 percent, from 5,481 units to 9,827 units, indicating a growing demand for cross-badged products.

The standout performer was the export segment, which surged 26 percent to 27,911 units from 22,160 units in April 2024. This strong export growth helped bolster the company’s overall numbers despite weaknesses in domestic sub-segments.

While some product lines such as the mid-size sedan Ciaz (-63 percent) continue to struggle.

Tata Motors reported total wholesales of 72,753 units for April 2025, reflecting a 6 percent year-on-year decline from 77,521 units in April 2024.

The passenger vehicle (PV) segment, including electric vehicles, accounted for 45,532 units, down 5 percent from 47,983 units in the same month last year. Within this, domestic PV sales dropped 6 percent to 45,199 units, while international business (IB) sales rose significantly to 333 units, up from 100 units. Electric vehicle sales (domestic + IB) declined 16 percent year-on-year to 5,318 units.

Commercial vehicle (CV) sales stood at 27,221 units, marking an 8 percent YoY drop from 29,538 units in April 2024. Domestic CV sales contracted 10 percent to 25,764 units, while CV exports (IB) grew 43 percent to 1,457 units. Key sub-segments like Small Commercial Vehicles (SCV) and pickups saw a steep 23 percent decline.

Despite growth in certain categories like ILMCV trucks and passenger carriers, overall sales momentum was tempered across both PV and CV segments.