Valuation: Healthy revenue visibility, reiterate Buy with a revised PT of Rs. 1,225: Based on management’s interaction, we have fine tuned our numbers and revised upwards our earnings by 16% and 9% for FY2020E and FY2021E, respectively, to factor in the favourable impact of lower corporate tax rate (to be adopted from Q3FY2020E). We expect the company to report revenue and earnings CAGR of 5.7% and 13.7%, respectively, during FY2019-FY2021E. At the CMP, the stock is trading at 16.7x/15.7x its FY2020E/ FY2021E earnings. We remain Positive on RMTL, led by its strong balance sheet and ability to generate superior return ratios despite capacity expansion programmes (however, commissioning has been slightly delayed by a quarter or so). We reiterate our Buy rating on the stock with a revised PT of Rs. 1,225.