operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 EBITDA reported a decline of 38.9% YoY to Rs366mn owing to lower gross margins and is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers operating deleverage. PAT reported decline of 39.6% YoY to Rs219mn with PAT margin of for margin improvement. However, we believe current valuations already discount most of the 10.3% which witnessed a contraction of 470bps. positives of the better product mix, growth at export front and margin improvement and hence offer limited upside from here. We assign accumulate rating with target price of Rs. 474...