Marketing margin recovered significantly in Q4FY18 which we expect to remain under pressure in H1FY19. However, recent fall in price already factoring the worst situation, which is overdone. We maintain our BUY with same TP of Rs202. Key Highlights and Investment Rationale Strong Volume growth and inventory gains boosted result Revenue was up 17% YoY to Rs 1.17 tr, EBITDA increased 10.9% YoY to Rs 110 bn while PAT grew 40.2% YoY to Rs 52.2 bn. Company's crude throughput increased marginally by 0.4% YoY to 17.2mmt while sales volume increased 6.9% YoY to...