IOC's Q1FY18 result came above our expectation despite write-back of Rs28.1 bn, owing to higher-than expected sales volume and strong petchem profits. Crude throughput increased 8.8% YoY to 17.5mmt due to higher utilization from Paradip while sales volume increased 5.3% YoY to 22.5mmt. EBITDA/PAT de-grew...