Tata Motors' (TML) Q2FY18 results came in above estimates. Consolidated revenues came in at | 70156 crore (up 6.5% YoY, 19.9% QoQ), above our estimate of | 68487 crore. Reported consolidated EBITDA margins were at 13.9% (our estimate: 12.9%) against 10.7% in Q2FY17. The company reported a consolidated PAT of | 2501.7 crore (our estimate: | 2322.3 crore) against | 848.2 crore in Q2FY17 and | 3199.9 crore in Q1FY18 JLR revenues of 6.3 bn (up 6.2% YoY, 6.3% QoQ), came in above...