Strong Performance at JLR; Upgrade to BUY Tata Motors (TTMT) has delivered a stellar operating performance in 2QFY20 with sizable improvement in JLR's EBITDA margin despite challenging business environment for the global automobile industry. JLR's EBIDTA margin expanded by strong 485bps YoY and 960bps QoQ to 13.8%, supported by healthy product-mix and cost control measures. Consolidated revenue fell by 9% YoY (+7% QoQ) to Rs654bn (vs. our estimate of Rs689bn) on lower JLR volume and sharp deterioration in India business. Consolidated EBITDA rose by 8% YoY and 139% QoQ to Rs71.6bn (vs. our estimate of Rs51.2bn), while EBIDTA margin expanded by 174bps YoY and 607bps QoQ...