operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 against 18.8% in Q4FY19. PAT declined by 11.9% to Rs1,104mn in Q4FY20. However, the is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers full year fiscal performance of FY20 is far better. The company reported revenue and for margin improvement. However, we believe current valuations already discount most of the EBITDA growth of 0.4% & 1.3% respectively in FY20. EBITDA margins reported minor...