12 August 2018 MRPL's reported EBITDA of INR8.1b (+40% YoY, -22% QoQ) for 1QFY19. The company booked a forex loss of INR3.9b v/s a forex gain of INR315m in 1QFY18 and a forex loss of INR1.5b in 4QFY18. Excluding the forex loss, EBITDA stood at INR11.9b (+117% YoY, +1% QoQ), 14% higher than our estimate of INR10.6b due to higher inventory gain of USD3.49/bbl. The company booked an exceptional item of INR262m on account of estimated cost for purchase of Renewable Energy Certificate (REC) from the Indian Energy Exchange (IEX). Adj. PAT stood at INR3.8b (v/s est. of INR5.4b; +62% YoY, -30% QoQ), increased difference at the PAT level being mainly due to a higher tax rate of 36% (v/s est.