Crude throughput increased 11% YoY to 18.2mmt due to higher utilization from Paradip refinery while sales volume rose 7% to 22.8mmt. The company reported inventory gains of Rs63 bn and reported GRM of US$12.3/bbl in Q3FY18 (normalised GRM of US$7.6/bbl, adjusting to inventory gains & Refinery gate price). We are rolling over our valuation on FY20 which gives a new TP of Rs494 from...