Our SOTP target is Rs 338/sh (9x Mar20 standalone core EPS + Rs 88/sh from investments). Maintain BUY. OILs 4QFY18 revenue was at Rs 28.53bn (+19.4% YoY), led by higher oil realisations at Rs 4,178/bbl (+18.8%), and 12.7% increase in gas prices to USD 2.8/mmbtu. In 4QFY17, company had paid one-time royalty of Rs 11.51bn to Government of Assam. Adjusting for it, EBITDA was up 19.3% YoY to Rs 8.01bn. APAT was down 26% YoY to Rs 8.67bn owing to higher income tax.