Maintain BUY. IOCs 3QFY18 EBITDA came in at Rs 132bn, up 66.9% YoY and 80% QoQ. This has been attributed to 60.6% YoY and 185% QoQ jump in GRM to USD12.3/bbl, 11.2% YoY increase in crude throughput at 18.2mmt. Sequentially, the blended gross marketing margin was down 8.5% to USD7.6/bbl (or Rs3.1/lit) largely attributed to the lack of adequate increase in auto fuel prices during the state elections. APAT was Rs 78.8bn, up 97% YoY and 113% QoQ owing to higher other income at Rs13.5bn (+71% YoY, +130% QoQ).