We value stock at Rs. 560 (18x FY20E EPS) and maintain BUY. JBMA recorded strong PAT growth(+26% YoY, +40% including amalgamation effect) led by jump in JVs (JBM MA Automotive ltd) profit driven by new business of Jeep compass(Fiat) and Yaris (Toyota). Consolidated Revenue (Standalone+JBMAS) rose 11% to Rs. 4.2bn led by strong growth in tool room division (+225%YoY) marginally offset by muted growth in sheet metal component division (+5% YoY). EBITDA grew 10% YoY to Rs 513mn with margin at 12.2%(-21bps YoY) impacted by fall in revenue from FORD in sheet metal division.