BPCL reported an EBITDA of Rs 11.7bn (vs loss of Rs 9.2bn YoY). Results are not comparable due to (1) no net under-recovery [vs Rs 34bn] (2) higher inventory loss of Rs 16.6bn [vs. gain of Rs 6.3bn] (3) forex losses of Rs 1.5bn [vs. gain of Rs 3bn]. GRM stood at USD 1.5/bbl (-13% YoY) led by inventory losses due to the sharp fall in crude prices. PAT came in at Rs 5.5bn.