Tata Motors' (TTMT) Q1FY19 performance was adversely affected by JLR's slippage into losses due to inventory destocking, higher variable spends in the US and China, and need for regulatory testing in Europe. JLR masked the upswing in TTMT's India operations, which reported its highest EBITDA margin in nine quarters and a near breakeven in the PV business. With JLR fuelling a net loss of Rs 19bn for TTMT in Q1FY19, we lower our FY19/FY20 earnings...