ONGC's Q2FY19 was in line with our expectation at operating level while PAT was a beat on account of higher than expected other income. Net sales was up by 47.6% YoY to Rs280bn owing to 43% rise in net oil realization and 1.8% growth in gas volume, partially offset by 6% drop in oil production volume. Consequently, EBITDA grew by 50.8% YoY to Rs158bn while net profit rose 61.1% YoY to Rs82.6bn driven by 24% YoY rise in other income to Rs23.9 bn. We keep our estimates unchanged and expect the company to see an EBITDA/PAT CAGR of 13%/16% during FY18-FY20E. Market is concerned about the possible subsidy share in the election year, which is likely to get away with expected fall in oil prices. We retain our TP at Rs204 and maintain BUY....