31 July 2018 Net sales fell ~7% YoY to GBP5.2b, as volumes (ex JV) declined ~8% YoY. Realization grew 1.1% YoY (+3.1% QoQ), led by favorable spot FX and a better mix. EBITDA margin shrank 170bp YoY (-730bp QoQ) to 6.2% (est. of 10.4%), impacted by (a) China duty change leading to lower sales and higher variable marketing expense (GBP110m), (b) higher staff cost and (c) negative operating leverage. JLR reported a loss (GBP210m v/s est. of PAT of GBP88m) for the first time since FY10. increased ~85% YoY to INR168b (est. of INR164.5b), led by volume/realization growth of 61.4%/14.