Our SOTP target reduce to Rs 228 (5.0x Jun-20E EV/e for standalone refining, pipeline, marketing and petchem, and Rs 46/sh from investments). Maintain BUY. IOCs 1QFY19 EBITDA came in at Rs 125.76bn, up 142% YoY and 14% QoQ. This has been attributed to 136% YoY and 12% QoQ jump in reported GRM at USD 10.2/bbl. The blended gross marketing margin was up 63% YoY and down 24% QoQ to Rs 3.77/ltr. Marketing volume was down 3.2% YoY and up 1.3% QoQ to 21.7mmt.