Oil India's (OIL) Q4FY18 result came below our expectations mainly driven by lower than expected hydrocarbon production volume and higher other expenses. OIL's revenue was up by 19% YoY to Rs29.9 bn, EBITDA also grew 19% YoY to Rs.8bn and PAT increased to Rs8.7 bn vs. Rs193 mn in Q4FY17. Oil realizations increased 23.7% YoY to US$64.9/bbl which was in-line with our expectation. Other expenses rose 44% YoY to Rs5.9 bn led by higher provisioning of Rs3.7 bn vs Rs1.5 bn. We are slightly reducing our TP to Rs237 from Rs243. Upgrade the stock to ACCUMULATE from HOLD on valuation....