Tata Motors (TTMT) 4QFY17 performance was a solid beat, with higher-than-expected EBITDA margin of 14.5% at JLR, as hedging losses eased (GBP 315mn vs GBP 455mn QoQ). The India business recorded better performance, with an EBITDA margin of 6%, (vs 4.8% est) driven by lower BS-3 discounts and price hike of 3% in Jan-17.