Maintain BUY with a SOTP based TP of Rs 175/sh. JMC posted a strong revenue growth of 26.4% YoY to Rs 8.9bn. 3QFY19 EBITDA margins were robust at 10.2%. Higher than expected other Income (Rs 68mn) and a 100bps lower than expected tax rate (27.3%) contributed to a 21% APAT beat (at Rs 368mn). 9MFY19 revenue was Rs 23.2bn (+13.9%) despite a weak start to FY19 on account of labour related slowdown.