operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 for forex loss, EBITDA margin stood at 10.6% and EBITDA declined by 11% to Rs466mn. is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers Notional forex loss led to PBT loss of Rs20mn. However, Consolidated PAT grew by 58.5% for margin improvement. However, we believe current valuations already discount most of the YoY to Rs 281mn as tax related write backs offset the impact of forex loss....