We reiterate our BUY rating on the stock given the sequential recovery in crude prices and expected GRM improvements over the next few quarters, with a revised target price of Rs. 135 based on SOTP. Revenue under pressure as crude prices remain soft In Q3FY20, revenue fell 9.6% YoY to Rs. 144,820cr (+9.4% QoQ) due to low throughput on account of shutdown of refineries for BS-VI upgradation. As a result domestic utilization of pipelines remained at only 88.7% (vs. 92.2% in Q2FY20). Amongst segments, Petrochemical witnessed steep declines of 24.0% YoY to 4,152cr, followed...