Our SOTP target is Rs 323/share (5x Sep 20E EV/e for standalone refining, marketing, and pipeline business and Rs 124/sh from other investments). We maintain BUY. BPCLs 2QFY19 EBITDA came in at Rs 24.2bn, down 31.4% YoY and 37.6% QoQ, majorly due to forex losses and lower GRMs. The company made forex losses of Rs 9.3bn owing to depreciation of rupee (~4.6% QoQ and ~9% YoY). Core GRM was down 20% QoQ to USD 3.3/bbl owing to shutdown of Hydrocracker unit at their Mumbai refinery.