BPCL Q4FY18 result beats our expectation in all front and delivered strongest growth amongst its peer group. Revenue increased 14.4% 652 bn, EBITDA grew 68% to 37.2 bn and PAT rose 45% 26.7 bn. Crude throughput touched to highest-ever 7.9mmt led by higher throughput at Kochi which saw over 100% utilisation. Sales volume also grew 10% to 11.1mmt while core GRM declined to US$5.6/bbl in Q4FY18 vs US$5.9/bbl in Q4FY17 due to lower GRM from Kochi refinery which is still under stabilization mode. We expect higher GRM and volume from Kochi would offset negative impact of...