Tata Motors' (TML) Q4FY18 consolidated revenues were at | 91279 crore (up 18.2% YoY, 23.1% QoQ), vs. our estimate of | 76654 crore. The beat on consolidated revenue is mainly after JLR revenues came in at 7.6 bn vs. estimate of 6.0 bn. JLR wholesale volumes were at 182757 units (up 4.4% YoY) against our estimate of 155,005 units Consolidated EBITDA margins were at 13.1% (our estimate: 11.1%) down 226 bps YoY, up 30 bps QoQ. Reported EBITDA margin of JLR for Q4FY18 was at 12.2%, above our estimate of 12.6%. However,...