We value LATL (18x FY20E Earning) at 987, Maintain BUY Lumax Autotech (LATL) posted strong set of numbers in 4Q. Revenue jumped 48% YoY to Rs. 3.31bn led by strong growth in lighting, Plastic molded, SMT (electronic components like PCB), Gear shifter and aftermarket business. EBITDA at Rs 282mn (+96% YoY, 6% ahead of est) with margin of 8.5% (+205bps YoY), vs est 9.8%. APAT stood at Rs 132mn (+96% YoY).