We are valuing AACL at 22x Jun'20 EPS and maintain a Buy rating with a TP of Rs 940. Alkyl Amines reported numbers in line with our estimates; Alkyl Amines reported Sales/EBITDA/PAT growth of 20.9/54.3/40.1% YoY to Rs 1.78bn/Rs 369mn/Rs 177mn respectively. EBITDA and PAT declined sequentially by 8.6/24.2% (AACL had reported the highest quarterly PAT in 4QFY18).