1 June 2020 AMRJs 4QFY20 performance beat was driven by a better mix (lower OEM sales). While aftermarket continued with strong growth, endorsing our view of value migration from unorganized, 4Q saw recovery in Telecom. We downgrade rating to Neutral as valuations fairly reflects for recovery and market share gains. Our TP is INR719 (18x Mar22 EPS, 10% discount to 10 year LPA). 4QFY20 revenue/EBITDA/PAT grew 0.9%/0.4%/14.5% YoY to ~INR15.8b/INR2.4b/INR1.4b. FY20 revenues/EBITDA/PAT grew 0.7%/15%/37% YoY to ~INR 68.4b/INR11b/INR6.6b.