TTMT's performance in 4QFY21 was a mixed bag as the overall operating performance was in line. JLR's performance was restricted by an adverse mix, despite a sharp beat in volumes. In a seasonally strong quarter, consolidated net debt fell ~INR73b YoY (down INR138b QoQ) to INR409b. 1QFY22 would be challenging for both businesses, though the outlook beyond that is positive....