ALL reported 0.5% decline in the top line to Rs4,238cr while 62% yoy decline in the adj. PAT to Rs111cr. Though sales beat the cons. estimates, bottom line missed the estimates by 27% due to the higher RM costs and overheads. This was a one-off quarter due to GST and BSIV led disruption. The results are not comparable due to merger of foundry business with itself.We expect company to report CAGR of 11%/17% in the volumes/revenue over next two years. We maintain our Buy on the stock with a price target of Rs124 – 20x of FY2019E EPS Rs6.2 (10.8x FY2019E EV/EBITDA multiple).
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