Downgrade to Neutral with revised TP of Rs 627 (40x Sep-20E standalone EPS, plus Rs 30 for other businesses). UNSP after three consecutive weak quarters, reported robust 2QFY19 especially on margin viz. highest ever at 19.4%. Volumes grew by 10% YoY, revenue 14%, EBITDA 36% and PAT 69%. Healthy growth was led by stable operating environment, low base due to highway ban and cost optimization.