Tata Motors (TML) has reported strong numbers in 4Q owing to stellar performance in JLR business, which posted 16.2% adj EBIDTA margin (v/s our est of 14.1%) due to healthy growth in ASPs. In 4Q, the ASPs in JLR business grew by 4.7% qoq led by favorable product-mix. Further, Chery JV contributed 49 mn to JLR's bottom-line. TML's standalone business posted EBIDTA margin of 7.1% v/s 1.5%...