Novelis delivered better than expected Q4FY20 earnings on the back of better than expected margins in spite of lower volumes. Adj. EBITDA grew by 1% YoY to USD361mn (PLe:345mn), led by 9% growth in unitary margins offset by 7% YoY dip in volumes at 811kt. Novelis' earnings would emerge strongly from Q2FY20 with auto plants restarting in North America and Europe. We reiterate our positive stance on HNDL on the back of attractive valuations, comfortable B/S and stable earnings outlook. Maintain BUY with TP of Rs175...