Our SOTP target is Rs 254 (5x Sep 20E EV/e for standalone refining, 6x EV/e for marketing and pipeline and Rs 79/sh from other investments). Upgrade to BUY HPCLs 3QFY19 EBITDA came in at Rs 9.63bn, down 69.5% YoY and 54.6% QoQ primarily owing to Rs 34.65bn of inventory losses. Adjusting for inventory losses and forex gains, core EBITDA was Rs 38.31bn. Operationally, it was a strong quarter with core GRM (excluding inventory losses of USD 6.29/bbl) at USD 10/bbl vs USD 6.1/bbl in 3QFY18.