TTMT's 4QFY21 results were operationally in-line, both for JLR and S/A. However, adjusted for one-offs, PAT came in lower at Rs27.5b (PLe Rs35.5b). S/A performance continues to improve led by 110bp QoQ expansion in PV/CV margins each at 4.9%/9.1%. Yet, JLR margins contracted by 50bp QoQ to 15.3% led by lower ASPs at GBP53.3k/unit (v/s 58.3k/unit in 3QFY21). China...