We value the stock at Rs 1023 (18x FY20E EPS). Maintain BUY After four quarters of earning decline SMILs finally back on track and posted net profit growth 55% at Rs 148mn in 4Q. EBITDA number missed estimates led by higher RM cost. EBITDA rose by 34% YoY at Rs 242mn with margin 6.6 %( +162bps YoY). Revenue stood at 3.7bn (+0.6% YoY, in line estimates). Total volumes fell by 7% YoY (3.69k) in 4Q, on higher base (pre buying before BSIV).