Our TP is Rs 221/sh (6x Sep-20E standalone + Rs 80 from investments). Maintain BUY. OILs 2QFY19 revenue was at Rs 37.44bn (+51.3% YoY, 10.4% QoQ), led by higher oil realisations at Rs 5,150/bbl (+59.9% YoY, +6.8% QoQ) and increase in natural gas realisation to USD 2.9/mmbtu (+16.7% YoY). Partially offset by 1.4% reduction in crude oil sales volumes to 0.834mmt. EBITDA was up 45.7% YoY and 4.7% QoQ to Rs 14.75bn.