Our SOTP target is Rs 421/sh (30x FY20E standalone core EPS + 25x CUGL/MNGL EPS share to IGL). Maintain BUY. IGLs 3QFY18 revenue came in at Rs11.84bn, up 25.6% YoY and 5.1% QoQ led by 14.2% YoY increase in volumes to 5.26mmscmd. EBITDA stood at Rs 2.63bn up 6.5% YoY and down 6.6% QoQ. EBITDA margin was at Rs 5.4/scm (-39bps YoY, -43bps QoQ) owing to higher APM and RLNG prices and higher opex. The company has taken price hike during the quarter; however it was inadequate to compensate the increase in gas prices. APAT came in at Rs1.66 (+14.6% YoY), owing to higher other income at Rs 326mn (+113.6% YoY).