Tata Motors' (TML) Q1FY18 results came in below estimates on the operational front. Consolidated revenues came in at | 58651 crore (down 9.9% YoY), above our estimates of | 57049.8 crore. Reported consolidated EBITDA margins were at 11% (our estimate: 11.1%) vs. 12.9% in Q1FY17. The company reported a consolidated PAT of | 3200 crore (our estimate: | 4261.4 crore) JLR's net revenue of 5.6 billion (bn) (up 10.2% YoY, 11.2% QoQ) came in line with our estimate. JLR wholesale volumes were at...