Our TP is Rs 182/sh (8x Sep-20E standalone + OVL EPS and Rs 33 from investments). Maintain BUY. ONGCs 2QFY19 revenue was at Rs 279.89bn (+ 47.6% YoY, +2.9% QoQ), led by higher oil price realisation at Rs 5,117/bbl (+55.6% YoY, +6.77% QoQ), and increase in gas price at USD 3.6/mmbtu, up 21% YoY. Lower oil sales volumes 5.43mmt (-6.35% YoY) has partially offset sales growth. EBITDA stood at Rs 157.89bn up 50.8% YoY. Other income was Rs 23.94bn (+ 23.9% YoY), inclusive of a dividend income of Rs 12.61bn. Thus, PAT was up 61.1% YoY and 34.5% QoQ to Rs 82.65bn.