Our Target Price is revised to Rs 75(16x Dec-20E EPS) Jamna Autos (JAMNA) 3Q Revenue and EBITDA numbers were largely in line estimates, However APAT (at Rs, 286mn, -10% YoY) was suppressed due to higher depreciation (+17% QoQ) and interest charges (38% QoQ) as well as higher tax rate (38% of PBT). Revenue stood at Rs 4.86bn (+3.4% YoY, 2% below est), impacted by product mix due to shift in demand towards lower tonnage vehicles and lower revenue from parabolic springs and lift axle. EBIDTA rose 3% YoY to Rs 636mn, with operating margin at 13.1% %(+66bps QoQ, in line with est).