Tata Motors (TTMT) delivered subdued Q4FY15 performance with margin contraction at JLR, on account of inferior geographical mix. Its consolidated Revenues/EBIDTA/PAT grew 3.5%/(15.6)%/(58)% YoY, but fell 3.4%/16%/53% QoQ to Rs 676bn/Rs84.4bn/Rs17.7bn (impacted by forex loss of Rs 15bn) in the quarter. Consolidated EBIDTA margin contracted by 282bps YoY & 188bps QoQ to 12.5%, impacted by forex loss and margin contraction at JLR.