Our SOTP target is Rs 422/sh (30x FY20E standalone core EPS + 25x CUGL/MNGL EPS share to IGL). Maintain BUY. IGLs 4QFY18 revenue came in at Rs 12.33bn, up 23.1% YoY led by 11.3% YoY increase in volumes to 5.36mmscmd and 10.5% YoY increase in realisation to Rs 25.6/scm. EBITDA stood at Rs 2.91bn up 26.9% YoY on account of higher gross margin, up 33bps. APAT came in at Rs 1.75 (+30.3% YoY).