JK Tyre (JKI) has delivered a muted operating performance in 3QFY20 with its consolidated EBIDTA margin contracting by 265bps QoQ (+139bps YoY) to 11.1%. Its consolidated revenue declined by 19%YoY (+2% QoQ) to Rs22bn (vs. our estimate of Rs22.97bn), while EBIDTA fell 8% YoY and 18% QoQ to Rs2.4bn (vs. our estimate of Rs2.9bn). However, EBIT margin of Maxico business contracted 1223bps YoY and 431bps QoQ to 0.7%. Reported PAT came in at Rs110mn, While adjusted PAT, excluding extraordinary gain, declined significantly by 73% YoY and 95% QoQ to Rs104mn, vs. our estimate of Rs552mn. Its volume increased in replacement segment supported by ramp-up in 2W/3W segment, while OEM sales declined in higher double-digit...