Continued volatility in commodity prices were further aggravated by Coronavirus pandemic. Strong Alumina production from Lanjigarh (+18.0% YoY), along with cost efficiencies should be the positive catalyst for upcoming quarters. We reiterate our BUY rating on the stock, with a roll forward target price of Rs. 94 based on 3.9x FY22E EV/EBITDA. Revenue impacted by weakness in metal prices In Q3FY20, revenue dropped 9.9% YoY (-2.8% QoQ) to Rs. 21,126cr, as the LME prices continued to descend. Aluminum revenue declined 10.7% YoY owing to decrease in...