Our SOTP target is Rs 581 (5x Jun 20E EV/e for standalone refining, 8x EV/e for marketing, 9x for pipeline and Rs 204/sh from other investments). Maintain BUY. BPCLs 1QFY19 EBITDA came in at Rs 38.8bn, up 216% YoY. This has been attributed to a 20.6% jump in refining throughput to 7.74mnt, 53.5% increase in GRM to USD 7.49/bbl, 7.1% increase in marketing volumes at 11.28mnt, and 3.7% increase in blended gross marketing margins to Rs 3.68/ltr.