Our SOTP target is Rs 571 (5x Mar 20E EV/e for standalone refining, 8x EV/e for marketing, 9x for pipeline and Rs 206/sh from other investments). Maintain BUY. BPCLs 4QFY18 EBITDA came in at Rs 37.22bn, up 68.2% YoY. This has been attributed to a 30.4% jump in refining throughput to 7.85mnT, 9.9% increase in marketing volumes at 11mnT, and 23.9% increase in blended marketing margins to Rs 4.26/ltr. Refinery throughput was higher on account of Kochi refinery expansion during 2HFY18 and Mumbai refinery throughput was lower in 4QFY17 due to shutdown. PAT stood at Rs 26.74bn up 45.2% YoY.