Tata Motors (TTMT) 3QFY17 performance was disappointing due to weakness in both JLR as well as domestic business. JLR?s EBITDA margin stood at 9.3%, down 500bps YoY impacted by an adverse product mix and higher discounting (Discovery run-out in US). However, if revenue is adjusted to include forex hedging gains, margins would be ~10.1%.