Our target is Rs 1,240/sh (27x FY20E standalone EPS). Maintain Neutral. MGLs 3QFY18 revenue came in at Rs 5.8bn, up 15.3% YoY led by 7.1% YoY increase in volumes to 2.74mmscmd and higher realisations at Rs23.1/scm (+8.4% YoY). EBITDA stood at Rs 2bn up 20.2% YoY and 0.3% QoQ. EBITDA margin was at Rs 8.0/scm up 20.2% YoY owing to favourable exchange rate. APAT came in at Rs1.2 bn (+24.7% YoY), owing to higher other income at Rs 141mn (+14% YoY).