Our SOTP target is Rs 381/sh (25x FY20E standalone core EPS + 23x CUGL/MNGL EPS share to IGL). Maintain BUY. IGLs 3QFY19 revenue came in at Rs 15.08bn, up 27.4% YoY led by 12.2% YoY increase in volumes to 5.90mmscmd and 13.6% YoY increase in realisation to Rs 27.8/scm. EBITDA stood at Rs 3.18bn up 20.8% YoY on account of expansion in per unit margin up 7.7% YoY to Rs 5.9/scm. APAT came in at Rs 1.98bn (+19.3% YoY).