Astral Poly Technik's (Astral) Q4FY20 result was better than our forecast. While revenue came in-line with our estimates, EBITDA and PAT were higher owing to decline in raw material prices and lower tax outgo. Revenue declined by 18.8% to Rs6.2bn, EBITDA was down by 5.3% YoY to Rs1.1bn and adjusted PAT was lower by 19.3% YoY to Rs516 mn. The management has reiterated their positive stance on both businesses and is confident to overcome this crisis with improved operational efficiency. We believe impact of COVID-19 on real estate and infrastructure would dent demand for pipes in FY21E. We have cut our FY22E net sales/EBITDA/PAT estimates by -11.7%/10.6%/-14.6% respectively. Maintain BUY with a TP of Rs1,093 (from earlier TP of Rs...