few months and we expect it to continue to do so hereon as macros are improving and also a growth in the company's PV business over the next two years. Margins elevate on Fx hedge losses reduction at JLR and cost control in Indian business EBITDA margin at JLR came in at ~12% in Q2, which was significantly higher than the previous quarter. This was on the back of reduction of forex hedge book losses by over GBP 100 mn qoq. This was due to a favorable GBP-USD movement and unwinding of the hedges taken earlier. Total outstanding value of the hedge losses came down at GBP1.09 bn from GBP2.4 bn yoy. This was a significant reduction out of which ~GBP700 mn will mature in the coming one...