Tata Motors (TML) reported operating performance was in line with our estimates. While revenue (Rs722.6bn) was mere 0.5% above our estimate, the reported EBITDA (Rs93.8bn) was 1.5% above our estimate. Though EBITDA margin contracted by 140bps yoy to 13.0%, it came close to our expectations of 12.8%. Key highlights (1) standalone business reported positive EBITDA margin (4.6%), (2) China JV contributed PAT of GBP22mn to JLR and (3) JLR reported yoy decline in ASPs due to rising variable costs. Post correction, we recommend BUY on the stock with SOTP based Target Price of Rs349....