Our SOTP target is Rs 471/sh (9x Dec19 standalone core EPS + Rs 124/sh from investments). Maintain BUY. OILs 3QFY18 revenue was at Rs 28.53bn (+16.6% YoY), led by higher oil realisations at Rs3,845/bbl (+16%), and 16% jump in gas sales realisation to USD2.89/mmbtu. EBITDA stood at Rs 12.2bn up 66.8% YoY and up 21% QoQ. EBITDA margin was 42.9%, up 1,291bps YoY owing to 1,192 bps fall in operating ratio.