JLR bets on China's recovery and healthy response to the new Defender. TTMT 4QFY20 performance was operationally weak with S/A margins at -4.4% (PLe -3.3%), JLR margins at 4.8% (PLe 7%) and consol margins at 3.8% (PLe 6%). The miss in JLR margin was led by negative operating leverage and weak...