Acceleration in Project Chage'savings drive JLR margin performance. TTMT's 2QFY20 results were better than expectations as JLR margins were at 13.8% (PLe: 8%) led by favorable mix, forex and project charge related cost savings. However, this was offset by a sharp decline in S/A profitability with EBITDA margins turning negative at 1.7% (18 quarter low, PLe: 5%) and loss of Rs13.4bn (PLe loss of Rs3.6bn)....