Our SOTP target is Rs 498 (5.0x Sep 19E EV/e for standalone refining and the pipeline, 7.0x EV/e for marketing and petchem, and Rs 97/sh from investments). Maintain BUY. IOCs 2QFY18 EBITDA came in at Rs 73.73bn, up 27.7% YoY and 42% QoQ. This has been attributed to 44.6% jump in core GRM to USD7/bbl, 6% YoY increase in marketing volumes at 20.9 mnT, and 6% YoY increase in the marketing margin at USD8.3/bbl. APAT was Rs 36.96bn, up 18.4% YoY and 38.6% QoQ.