Reliance Industries (RIL) Q1FY19 revenue and PAT was in line with our expectation while EBITDA was 10% above our estimates led by petrochemicals division. Higher tax rate and DDA expenses led to in-line PAT despite strong beat at EBITDA level. DTA gasifiers commenced operation at Jamnagar which is likely to take another 3-6 months for significant contribution to its bottom line. We are revising our crude oil assumption upwards to US$72/65/bbl and exchange rate assumption to Rs68/US$ for FY19/FY20, respectively. We are raising EBITDA by 9.7%/14.4% for FY19/20 but cutting PAT by 2%/0.1% to factor in higher DDA and tax rate. We raise our SOTPbased TP to Rs1,200 from earlier Rs1,150. Due to recent run-up in stock valuation, we are...