ICICI Securities Ltd | Retail Equity Research Bharat Petroleum Corporation's (BPCL) Q2FY18 results which were below our estimates on the operational front. The revenues declined 4% QoQ to | 64127.3 crore below our estimate of | 67215.3 crore. GRM's stood at US$ 8/bbl below our estimate of US$ 9.2 /bbl. mainly on account of lower than expected operational performance of the refining front. The inventory gains stood at US$ 1.5/bbl. However, EBITDA at | 3527.6 crore came slightly above our estimates of |...