IOC's Q2FY17 result came below expectation on the back of lower than expected sales volume and lower refining profit. Revenue declined 5.9% YoY to Rs 804 bn, EBITDA increased 731% to Rs57.7 bn and net profit came at Rs31.2 bn against a loss of Rs7.6 bn. Crude throughput increased 14.3% YoY to 15.6mmt while product sales volume increased 3.3% YoY to 19.7mmt. The company reported GRM of US$4.3/bbl against US$0.9/bbl in last year same quarter. The company reported strong EBITDA growth across segment primarily refining, marketing and petchem division. Paradip refinery would continue to ramp up in H2FY17 which would drive earnings growth in FY18. However, aggressive capital investment in new refinery capacity raises...