Our target is Rs 1,125/sh (19x Dec-20E standalone EPS). Maintain BUY. MGLs 3QFY19 revenue came in at Rs 7.53bn, up 29.5% YoY led by 8.1% YoY increase in volumes to 3mmscmd and 26.6% YoY increase in realisation for PNG to Rs 33.3/scm, led by industrial and commercial segment. Despite a 10% sequential increase in APM prices, MGLs raw material prices were up 7.6% because of lower LNG prices and the appreciation of rupee.