We cut our FY18/FY19 estimates and introduce FY20 estimates. We maintain BUY with a revised SOTP-based TP of Rs 516 Tata Motors (TTMT) 1QFY18 performance was a miss on account of lower JLR margins (7.9%), led by lower volumes, higher costs associated with launches and rise in staff costs. Standalone margins also were below estimates, owing to an inferior product mix and GST transition-related costs.