Our SoTP value of Rs 210/sh (see inside) is based on 6.5x Mar 20E EBITDA. GMDCs 4QFY18 numbers were strong with revenues at Rs 20.7bn (16.8% YoY) and adj. EBITDA of Rs 1.98bn (33.1% YoY). Reported nos. were hit by (1) Salary arrears and gratuity provision of Rs 631mn, and (2) Change in depreciation method on power assets (Rs 623mn). 4Q volumes were strong (3.4 mt, 27% YoY/QoQ). APAT rose 51.8% YoY to Rs 1.37bn.