Our SOTP target is Rs 441/sh (30x FY20E standalone core EPS + 25x CUGL/MNGL EPS share to IGL). Maintain BUY. IGLs 1QFY19 revenue came in at Rs 12.87bn, up 22.7% YoY led by 13.2% YoY increase in volumes to 5.55mmscmd and 8.4% YoY increase in realisation to Rs 25.5/scm. Higher domestic gas prices (+18% YoY), RLNG prices and depreciation of rupee had resulted in increase in raw material prices. Raw material prices were up 35% YoY to Rs 7.42bn. Per unit gross margin stood at Rs 10.8/scm, down 42bps YoY and 73bps QoQ.