Continuing high growth momentum with margin expansion: Hold (Target upgrade) GMM Pfaudler Ltd (GMM), for Q3FY20, reported a strong set of numbers. On standalone basis revenue grew by 29.4% YoY to INR 1366mn (est INR 1364mn). EBITDA showed growth of 66.4% YoY to INR287mn (est INR263mn) with 466bps YoY improvement in margin from 16.3% in Q3FY19 to 21% in Q3FY20, due to favorable product mix mainly led by Glasslined business ,where EBIT margin improved by 366bps on YoY basis with 67% contribution in standalone revenue. Moreover, Heavy engineering and proprietary products business has also supported growth momentum with 52% growth in revenue and 18.9% EBIT margin (686bps YoY improvement ) in Q3FY20. As per the management, heavy engineering to add lot of growth on the back of healthy order book till Q2FY21 and expect further improvement in margins going forward. Current order book breakup includes 50% in Glass lined, 30% in heavy engineering and 20% in proprietary products. Net profit surged by 77.4% to INR 194mn (est. INR192mn) due to operationally strong performance and lower tax expense (22.8% vs 32.4%)....