IOC reported an EBITDA of Rs 93bn in 4Q. Quarterly results are not comparable due to timing mismatch in subsidy payments and inventory & forex impact. Contrary to other OMCs, IOC registered a decline of 35% in EBITDA in FY15. The decline was mainly led by huge inventory losses owing to the sharp fall in crude prices. Inventory days for IOC is double than others at ~45 days due to the location of its refineries.