Oil India Limited's (Oil India) Q1FY2020 PAT (adjusted for IND-AS 116) at Rs. 624 crore (down 11.3% y-o-y; down 23.8% q-o-q) was below our estimate due to: 1) lower-than-expected net oil realisation at $66.3/bbl; 2) miss in oil sales volume at 0.8mmt (down 1.6% y-o-y); and 3) lower-than-expected gas sales volume at 0.6bcm (up 2.7% y-o-y). Post the sharp correction in the stock price, Oil India is trading at attractive valuation of 5.6x its FY2021E EPS and offers strong dividend yield of 7-8%. Hence, we maintain our Buy rating on the...