Our TP is Rs 275/sh (10x Jun-20E standalone + OVL EPS and Rs 37 from investments). Maintain BUY. ONGCs 1QFY19 revenue was at Rs 272.13bn (+ 42.7% YoY, +13.5% QoQ), led by higher oil realisations of Rs 4,976/bbl, before VAT/CST (+ %51.3 YoY, +16% QoQ), increase in gas sales volumes at 4.9bcm (+ 2.9% YoY), and higher gas realisations at USD 3.1/mmbtu (+19%). Lower oil sales volumes (-3.5% YoY) partially offset the growth. EBITDA stood at Rs 147.32bn up 49.1% YoY. APAT was up 58% YoY to Rs 61.44bn.