BPCL Q1FY17 adjusted earnings was below our expectation due to lower than expected GRMs (Reported result was above expectation due to inventory gain). Revenue declined 9.7% YoY to Rs469 bn, EBITDA was up 2.7% to Rs39 bn and net profit grew 10% YoY to Rs26 bn. However, the company reported lowest EBITDA/PAT growth during the quarter compared to its peer group. Crude throughput increased 2.1% YoY to 6.1mmt while sales volume increased 8.4% YoY to 10.1mmt. GRM came at US$6.1/bbl in Q1FY17 vs US$8.6/bbl in Q1FY16 which was lowest amongst peer (HPCL - US$6.8/bbl and IOC - US$10/bbl). The company reported inventory gain on product at Rs12.8 bn vs Rs2 bn in Q1FY16....