ICICI Securities Ltd | Retail Equity Research Bharat Petroleum Corporation (BPCL) reported Q4FY18 results below our estimates on the refining margins front. Revenues increased 8.4% QoQ to | 76067 crore in line with our estimate The operational performance was below our estimates with reported GRMs at US$6.5/bbl vs. our estimates of US$7.5/bbl. Lower GRMs were mainly due to lower (core) operating GRMs at US$5.6/bbl. The quarter witnessed inventory gains of US$0.9/bbl. EBITDA at | 3721.6...