We value LATL (18x FY20E Earning) at 987, Maintain BUY Lumax Autotechs (LATL) posted strong set of numbers in 3Q. Revenue at Rs. 2.77bn (+26% YoY, 4%QoQ) led by strong growth in lighting, Plastic molded, Gear shifter and aftermarket business. EBITDA at Rs 280mn (+71% YoY) with improved margin of 10.1% (+266bps YoY) owing to better product mix, and improvement in aftermarket sales and margin.