Our SOTP target reduce to Rs 224 (5.0x Mar-20E EV/e for standalone refining, pipeline, marketing and petchem, and Rs 47/sh from investments). Maintain BUY. IOCs 4QFY18 EBITDA came in at Rs 110.21bn, down 16.9% QoQ. This has been attributed to 26% QoQ fall in GRM to USD 9.1/bbl. The blended gross marketing margin was up 29.3% to USD 9.9/bbl (or Rs 4.02/lit). APAT stood at Rs 52.18bn, down 33.8% QoQ owing to lower other income at Rs 2.48bn (-81.7% QoQ) and higher interest cost at Rs 13bn (+98.9% QoQ).