JLR's EBITDA margin at 11.8% surprised, as hedging losses eased to GBP 337 mn (vs. GBP 453 mn QoQ) offsetting launch cost of Velar in the quarter. Going forward, total hedging losses (assuming currency is stable) are expected to be lower at ~ GBP 1.1 bn (~GBP 800 mn within 1 year) vs. GBP 2.5 bn Y..