Tata Motors’ (TTMT) Q3FY23 performance exceeded our expectations in JLR and CV businesses, but the India PV business fell below estimates. JLR’s ASP continued to surge and touched a record GBP75k/unit led by improving mix of RR/RR Sport / Defender. This resulted in ~12% EBITDAM, up 160bps QoQ, with wholesales of 80k units in Q3FY23.