Our SOTP based target price of Rs 155 (4x Dec 20E EV/e for standalone refining, 4.5x for marketing and pipeline and Rs 28/sh from other investments). IOCs 3QFY19 EBITDA and PAT came in at Rs 36.11bn and Rs 7.17bn, down 72.9% and 90.9% YoY primarily owing to Rs 107.44bn inventory losses. Adjusting for inventory losses and forex gains, core EBITDA was Rs 122.70bn. Operationally it was very strong quarter with core GRM (excluding inventory losses of USD 7.9/bbl) at USD 9/bbl vs USD 3.6/bbl in 2Q.