BPCL Q1FY19 results were more than our estimates mainly due to higher than expected inventory gains of Rs26.8bn, partially offset by forex losses of Rs7bn. Adjusting to these, result was slightly below our expectations owing to weaker refinery profit. Revenue was up 25.5% YoY to Rs716 bn while EBITDA grew 216.3% to Rs38.7bn and PAT increased 208% YoY to Rs22.9bn. The company expects GRM expansion at Kochi to kick-in post ramp up of Propylene Unit to feed its upcoming Petchem facility from FY20. We are keeping FY19 estimates almost unchanged while raising FY20E EBITDA/EPS by ~5% to factor-in slightly higher GRM and marketing profits. Though, we slightly tweak...