Our TP is Rs 209/sh (10x Sep-19E standalone + OVL EPS and Rs21 from investments). Maintain NEUTRAL. ONGC's 2QFY18 EBITDA was muted at Rs 104.7bn (+8.5% YoY), led by higher oil realisations (+2.7%), increase in gas production from domestic fields (+8% YoY), and lower opex. However, these factors are offset by lower gas realisations (-19% YoY). Additionally, higher exploration write-offs (Rs 13.3bn, +143.5% YoY), depreciation, depletion and impairment costs dragged PAT to Rs 51.3bn (+3%). ONGCs 2QFY18 EBITDA was muted at Rs 104.7bn (+8.5% YoY), led by higher oil realisations (+2.7%), increase in gas production from domestic fields (+8% YoY), and lower opex. However, these factors are offset by lower gas realisations (-19% YoY). Additionally, higher exploration write-offs (Rs 13.3bn, +143.5% YoY), depreciation, depletion and impairment costs dragged PAT to Rs 51.3bn (+3%).