Our SOTP-based target for RIL is Rs 1,178/sh based on Mar-20 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 10x EV/e for Telecom (Rs 420/sh). Maintain BUY RILs standalone numbers continued to impress, led by higher Petchem volumes and margins. Petchem production volumes were up 10% QoQ and 42% YoY to 8.8 mT owing to ROGC ramp up. EBIT/kg of sales volumes stood at Rs 17.87/kg (Rs 17/kg in 3Q, 13.2/kg in 4QFY17). EBIT margin was up 356bps YoY to 17.2%. Q4 EBITDA came in at Rs 134.25bn (+19% YoY).