We maintain BUY with a revised SOTP-based TP of Rs 530 Tata Motors (TTMT) 2QFY18 EBIDTA at Rs 97bn (+38% YoY, +68% QoQ) beat estimates, owing to a recovery in JLRs margin. JLR reported net revenue of GBP 6.3bn (+12% YoY), while EBIDTA margins came in higher at 11.8% (+150bps YoY, +390bps QoQ), led by a reduction in hedging losses (GBP 343mn vs GBP454 in 1Q) and a richer model mix. Losses from the standalone business also reduced to Rs 2.7bn vs Rs 6.1bn in 2QFY18, led by strong growth in CVs and PVs.