Tata Motors (TTMT) Q4FY16 performance was way above our as well as streets estimates. Operating margin expansion at JLR was on account of better product mix and favorable cross currency movement. Its consolidated Revenues/EBIDTA/PAT grew 19%/35%/158% YoY and 12%/21%/35% QoQ to Rs 807bn/Rs114bn/Rs47bn (our estimate of Rs 759bn/Rs100bn/Rs35bn) in the quarter. Consolidated EBIDTA margin increased by 166bps YoY and 113 bps QoQ to 14.1%, benefitted by margin expansion at JLR amid favourable currency.