7 February 2019 Net sales declined 1% YoY to GBP6.2b (in-line), as volumes (incl. EBITDA margin shrank 180bp QoQ (-350bp YoY) to 7.3% (our account of de-stocking and warranty cost. JLR impaired assets in use by GBP3.1b. net loss was at GBP258m (v/s our estimate of PAT of GBP35m and PAT of GBP88m in 3QFY18). Revenue grew 1.5% YoY to INR162b (in- line), led by realization growth of 1.5% YoY. EBITDA margin expanded 70bp over fixed costs.