Our SOTP-based target for RIL is Rs 1,080/sh based on Dec-19 earnings (6.5x EV/e for standalone refining, 8x EV/e for petchem, Rs 19/sh for domestic E&P, 1x EV/invested capital for Shale/Retail and 1x investment in Telecom. Maintain BUY. 3QFY18 saw RIL yet again proving its operational mettle despite weak global GRMs. Q3 EBITDA came in at Rs 137bn (+29.6% YoY), on account of higher GRMs (USD11.6/bbl, +7.4% YoY, -3.3% QoQ), better Polyester margins and higher Polymer volumes (+20% YoY, +8% QoQ). PAT grew 5.4% YoY to Rs 84.5bn, impacted by lower other income, and higher depreciation and tax.