BUY with revised TP of Rs 850 at 30x (earlier Rs 827) FY20E FCFE per share. ENILs 1QFY19 Revenue/EBITDA/PAT were better than expected with a growth of 16.5/70/104% YoY. This was owing to low base of 1QFY18 on account of GST and issue with government as a client. Led by low base, upcoming festive season, forthcoming elections, improvement in utilization in new stations and price increase in established stations, we expect ENIL to register healthy revenue and earnings CAGR of 14% and 38% respectively, from FY18-21E.