Our SOTP target is Rs 458 (5x Sep 19E EV/e for standalone refining, 8x EV/e for marketing, 9x for pipeline and Rs 150/sh from other investments). NEUTRAL HPCLs 2QFY18 EBITDA came in at Rs 29bn, up 130% YoY and 78.5% QoQ. This has been attributed to 31.4% YoY jump in core GRM to USD5.6/bbl, 15% YoY increase in refining throughput to 4.6mnT, and 6.7% increase in marketing volumes at 8.7 mnT. APAT was Rs 17.3bn, up 147% YoY and 87.6% QoQ.