We are keeping our estimates unchanged and raising our TP to Rs736 on improved outlook at Kochi but competition from private players remain a challenge. Maintain HOLD. Result Highlights & Investment Rationale Higher sales volume and throughput boosts revenue The company's revenue increased 14.7% YoY to Rs535 bn due to higher crude throughput and sales volume. Crude throughput increased 15.7% YoY to 6.8mmt and sales volume grew 8.1% to 10.5mmt. Higher utilisation from new capacity at Kochi also led to higher throughput....