smoking problem

recently brought a defender, it starts and runs really well, but smokes alot mostly pulling away, driving at 60-70 theres no smoke. first i thought it was a injector / pump problem, ive checked the pump timing which is spot on, renewed air filter, losened off each injector pipe in turn to see if smoking stops which it doesnt, today i noticed water level had dropped by about 20mm on a 40 mile run. the smoke doesnt seem to smell much and is white/grey. what should i check next , thanks in advance for any replies

Hg

what engine is it, im guessing 200/300?

its a 200tdi

Is it over heating, sounds like it could be the head gasket.

no overheating engine runs fine

Try someone elses injectors first, or maybe worn pump,but most likely injectors worn, check tappets.
Rob.