4Q normalised EPS increase of 90% qoq to Rs8.9 led to an estimate beat of 14%. Net auto debt fell 15% yoy on cost controls and working capital benefit. We maintain our consolidated EPS as standalone estimate cuts were offset by JLR’s EPS upgrade. COVID-execution challenges limit short-term benefits. We believe COVID challenges will linger in the short term and risk the recovery momentum. We maintain our Hold rating.
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