Tata Motors Ltd is yet again expected to report a sizable loss for the September quarter due to subdued performance of its luxury arm Jaguar Land Rover, and commercial vehicle business globally.

According to Emkay Global Financial Services Ltd, Tata Motors could post a loss of up to Rs 3,212 crore for the September quarter while recording a 22 per cent year-on-year decline in its consolidated revenues. The brokerage estimates that the company is also likely to post a near 58 per cent drop in its earnings before interest, taxes, depreciation and amortization or Ebidta.

Tata Motors posted a consolidated loss of Rs 217 crore in Q2FY20, while revenues fell 9 per cent YoY to Rs 65,432 crore. For the June quarter, consolidated net loss stood at Rs 8,444 crore on revenues of Rs 31,983 crore.

“We expect consolidated revenues to decline YoY due to a fall in JLR sales,” the brokerage said, adding that JLR’s revenues are expected to decline by 35 per cent due to a 39 per cent drop in volumes.

“JLR Ebidta margin is expected to contract to 6.8 per cent, owing to adverse currency impact and lower scale,” it added.

Emkay expects Tata Motors’ standalone revenues to grow 1 per cent for the past quarter due to a 5 per cent growth in its wholesale volumes.

Tata Motors Group global wholesales in Q2FY21, including JLR volumes, were at 202,873 units, down 16 per cent YoY. Overall CV and passenger vehicle wholesales stood at 56,614 units, down 29 per cent YoY, and 146,259 units, down 9% YoY, respectively.