Tata Motors (TTMT) delivered disappointing Q2FY16 performance with margin contraction at JLR, on account of inferior geographical mix. Its consolidated Revenues/EBIDTA/PAT grew 6%/-28%/-83% YoY and declined 0%/24.5%/81% QoQ to Rs 613bn/Rs69bn/Rs5.5bn, as against our estimate of Rs 583bn/Rs71bn/Rs15bn in the quarter.