Due to the persistent rally in the stock (up 20%) post results, we downgrade to Neutral from Buy, with no change in P/E multiple and a revised TP of Rs 1,170. Vinati Organics (VO) is off to a spectacular start in FY19, VO has reported Sales/EBITDA/PAT growth of 43.6/82.8/106.6% YoY to Rs 2.64/0.92/0.64bn. PAT, adjusting for forex gain of Rs 90mn in the other income is at Rs 583 mn.