MRPL reported its Q1FY18 numbers that were below our estimates on the profitability front. Revenues declined 20% QoQ to | 14494.6 crore and were largely in line with our estimate of | 14257.2 crore. Crude throughput was at 4 MMT vs. our estimate of 3.9 MMT Reported GRMs in Q1FY18 were at US$4.7/bbl, below our estimate of US$5.2/bbl mainly due to higher than estimated inventory loss of US$2.3/bbl (our estimate: US$1.7/bbl) However, operational GRMs were at US$7.1/bbl above our estimate of US$6.9/bbl...