23 May 2018 v/s our estimate of USD5.6/bbl and SG GRM of USD7/bbl. Reported GRM was USD9.1/bbl due to inventory gain of USD3/bbl (INR24b). Refining throughput was 17.2mmt (flat YoY, -6% QoQ) and capacity utilization was 100.5%. Paradip Refinery was shut in March, which impacted GRMs. While domestic sales of refined products grew 6% YoY (flat QoQ) to 19.7mmt, better than expected marketing margins boosted marketing segment performance. Marketing inventory gains were INR9.9b v/s INR9.6b in 3QFY18 and INR9.1b in 4QFY17. Implied gross marketing margin including inventory was up 16% YoY and 27% QoQ.