Maintain BUY with TP Rs.488 Atul Autos (AAL) 3Q EBITDA at Rs 156mn (-17% YoY,) was below estimates. EBITDA margin contracted to 12.2%(-190bps YoY) dragged by higher product development cost (towards new 3W on alternative fuel segment and BS6 diesel engine). Net revenue at Rs 1.28bn (-4% YoY) led by 10% fall in volumes to 9.9k, offset by 6.3% increase in net ASP. APAT came in at Rs 97mn (-21% YoY).