3 February 2020 AMRJs performance was expectedly strong with ~26% YoY PAT growth. More importantly, its volume growth in aftermarket continues to endorse our view of value migration from the unorganized to organized segment. We marginally upgrade our EPS estimate and maintain price of ~INR885 (~20x Mar22E consol EPS). Revenue/EBITDA/PAT grew 3%/12%/26% YoY to INR17.5b/INR2.8b/INR1.6b in 3QFY20. For 9MFY20, revenue/EBITDA/PAT increased ~1%/20%/44% YoY. Revenues were driven by strong volume growth in the auto aftermarket business. However, weakness in the OEM (15-16% decline) and Telecom (13-14% decline) businesses, along with the impact of lower lead prices (2.5-3% YoY decline), resulted in moderate revenue growth. Gross margin of 35.5% (+270bp YoY, -40bp QoQ) exceeded our estimate due to inventory changes and a better mix. However, EBITDA margin expanded at a lower rate of 130bp YoY (-100bp diluted the benefit of gross margin improvement. EBITDA increased ~12% YoY (-3% QoQ) to ~INR2.