We value LATL (18x FY20E Earning) at 216 vs 198 earlier, Maintain BUY Lumax Autotech (LATL) posted strong set of numbers in 1Q. Revenue jumped 42% YoY to Rs. 3.33bn led by strong growth in lighting, Plastic molded, SMT and aftermarket business. EBITDA rose by 66% YoY at Rs 334mn (+66% YoY,) with strong margin 10% (+145bps YoY) led by richer product mix. APAT stood at Rs 181mn (+97% YoY).