Our SOTP-based target for RIL is Rs 1,331/sh based on Dec-20 earnings (6.5x EV/e for standalone refining, 9x EV/e for petchem, Rs 6.0/sh for domestic E&P, 1x EV/invested capital for Shale, 20x EV/e for Retail and 10x EV/e for Telecom. Maintain BUY In 3QFY19, RIL proved itself yet again largely owing to better petchem margins and volumes, despite weaker GRMs. Petchem EBIT/kg stood at Rs 20.7/kg, up 16.3% YoY. This expansion of margins was owing to a better product mix and use of US ethane/refinery off-gases as a feedstock. Petchem production volumes were up 21.3% YoY to 9.7mmt, with the refinery off gas cracker (ROGC) ramping up. The performance of the refining segment was subdued. GRM was USD 8.8/bbl owing to volatility in crude oil prices, and weak light distillates spread. Q3 EBITDA and PAT stood at Rs 145.07bn and Rs 89.28bn respectively, each up 5.6% YoY.