Reiterate BUY with a TP of Rs 736 at 25x Sept-20E FCFE/share. ENIL reported a muted 2QFY19 performance largely on account of an incomparable base, as bulk of the revenues arising out of festive season are likely to be captured in 3QFY19. Revenue/EBITDA de-grew by 2.6/3.7% YoY to Rs 1.21bn/273mn while PAT growth of ~49% is explained by the lower tax rate (31% vs 55% in 2QFY18) and a higher other income (up ~52% YoY).