Our target is Rs 1,071/sh (19x Sep-20E standalone EPS). Maintain BUY. MGLs 2QFY19 revenue came in at Rs 6.97bn, up 30.5% YoY led by 9.5% YoY increase in volumes to 3mmscmd and 30% YoY increase in realisation for PNG to Rs 31.2/scm. Higher gas prices and depreciation of rupee resulted in increase in raw material and operating cost. EBITDA stood at Rs 2.21bn up 10.6% YoY and down 1.1% QoQ. Per unit EBITDA margin was up 7.8bps YoY and down 43.5bps QoQ to Rs 8.1/scm. APAT came in at Rs 1.36bn (+9.2% YoY, -0.46% QoQ).