15 February 2019 Net operating income increased to INR277b, as against our est. Lower expenditure on account of forex gains resulted in higher EBITDA of INR166b, as against our est. of INR150b (+32% YoY, +5% QoQ). of INR150b (+32% YoY, +5% QoQ). Despite higher-than-expected EBITDA, higher depreciation (including write-offs) dented PAT, which stood at INR82.6b as against our est. of INR80.7b (+65% YoY, flat QoQ). Depreciation including write-offs came in at INR61.5b (+5% YoY, +27% QoQ), due to more-than-double cost (YoY and QoQ) of exploration well write-offs at INR23.9b. Crude oil realization stood at USD66.4/bbl v/s USD60.6/bbl in 3QFY18 and at USD73.1/bbl in 2QFY19.