While production volume of crude oil increased marginally by 0.8% YoY in Q4FY17, gas production increased at a much faster pace of 15.6% YoY. Reported EBITDA increased by 6.5% YoY in Q4FY17 (below expectation) due to higher statutory levies and increased staff cost. While crude oil production is likely to remain flat, we project gas volume to increase by 10% CAGR over FY17-19E driven by production improvement in offshore fields. Hence, we estimate net revenue and profit to grow at a CAGR of 11% and...