Tata Motors (TTMT) delivered disappointing Q2FY17 performance with deterioration across all the parameters in both the business, primarily due to forex loss on its hedging contracts. Its consolidated Revenues/EBIDTA/PAT grew 7.1%/-3.6%/-10.2% YoY but fell 0.0%/17.6%/56.6% QoQ to Rs 659bn/Rs63bn/Rs82bn (our estimate of Rs 674bn/Rs95bn/Rs31bn) in the quarter. Consolidated EBIDTA margin declined by 106bps YoY and 203 bps QoQ to 9.5%, impacted by poor standalone performance and negative forex impact at JLR.