Our TP is Rs 279/sh (10x Mar-20E standalone + OVL EPS and Rs 41 from investments). Maintain BUY. ONGCs 4QFY18 revenue was at Rs 239.7bn (+ 10.4% YoY), led by higher oil realisations at Rs 4,290/bbl (+16.6%), and increase in gas sales volumes at 4.8bcm (+3.5% YoY). Lower oil sales volumes (-3.8% YoY) partially offset the growth. EBITDA stood at Rs 113.8bn up 69.2% YoY. However, higher exploration write-offs (Rs 30.4bn, +39% YoY) dragged PAT to Rs 59.16bn (+36.3% YoY).