LATL has a lean balance sheet with low leverage (0.1x), a consistent dividend payout record (20%+ dividend payout) and an efficient working capital cycle (15 days). We increase our TP to Rs. 781 based on 15xDec-19E EPS vs 681(15xFY19E) earlier. Maintain BUY Lumax Autotechs (LATL) posted decent set of numbers in 2Q. Revenue at Rs. 2.67bn (+4% YoY, 14%QoQ) led by strong growth in gear shifter and plastic molded business, offset by subdued lighting and aftermarket revenue. EBITDA at Rs 252mn (+15% YoY) with improved margin of 9.4% (+95bps YoY) owing to better product mix and improvement in aftermarket margin. APAT stood at Rs 134mn (+14% YoY).