IOC's Q4FY17 reported EBITDA came below our expectation but adjusting to one-offs, it came above expectation.The company made a provision for Rs50 bn towards prior year entry tax, Rs12.6 bn for gratuity, inventory gains of Rs26.3 bn and forex gains of Rs10 bn. Revenue increased 24.7% YoY to Rs1 tr, EBITDA rose 9% YoY to Rs44 bn whilePAT grew 199% to Rs37 bn. Crude throughput increased 13.8% YoY to 17.1mmt, while sales volume...