Our SOTP target is Rs 458 (5x Mar 20E EV/e for standalone refining, 8x EV/e for marketing, 9x for pipeline and Rs 158/sh from other investments). Maintain BUY. HPCLs 4QFY18 EBITDA came in at Rs 29.23bn, down 7.5% QoQ owing to 22% decline in GRM to USD 7/bbl and higher opex, up 20% to Rs 33.5bn due to higher repair and maintenance cost. Gross marketing margins were up 50% QoQ to Rs 4.2/ltr. PAT stood at Rs 17.48bn down 10% QoQ on lower other income at Rs 3.43bn (-27.8%).