Our SOTP target is Rs 260 (5x Sep 20E EV/e for standalone refining, 6x EV/e for marketing and pipeline and Rs 93/sh from other investments). Maintain BUY. HPCLs 2QFY19 EBITDA came in at Rs 21.22bn, down 27% YoY and 33% QoQ majorly due to forex losses and lower GRMs. The company made forex losses of Rs 8.87bn (vs gain of Rs 0.2bn 1QFY18 and loss of Rs 5.4bn in 1QFY19) owing to the depreciation of rupee. Reported GRM was down 36% YoY% and 33% QoQ to USD 4.8/bbl (inventory gains of USD 2.12/bbl).