Q4FY17 consolidated numbers posted a 4.3% yoy topline decline while at the bottomline the numbers declined by 25.7% yoy at 38 bn on adjusted basis. At the standalone level, operating margins improved qoq to 4.6% as recovery was seen post demonetization which took place in Q3. At JLR, margins improved qoq to 14.5% from 10.8% qoq as GBP appreciation was seen in the quarter and hedge unwinding further progressed thus minimizing the losses coming from unfavorable hedges taken earlier. Also, the launch of Discovery saw a 8% yoy volume jump in JLR number post the phasing out of its old model over the last couple of quarters. All these factors led to earnings growth at JLR to...