MRPL's 4QFY18 EBITDA stood at INR10.4b (-33% YoY, -40% QoQ), significantly above our estimate of INR7.5b, led by higher-than-expected inventory gains and throughput. The company booked a forex loss of INR1.5b v/s forex gain of INR1.9b in 3QFY18 and INR3b in 4QFY17. PBT stood at INR8.5b (est. of INR5.2b; -35% YoY, -43% QoQ), further boosted by higher other income of INR771m (est. of INR593m; +106% YoY, +282% QoQ). Effective tax rate was 36% v/s 34% in 3QFY18 and 33% in 4QFY17. PAT was INR5.4b (-38% YoY, -44% QoQ), significantly above our estimate of INR3.5b.