BPCL's Q1FY19 earnings at Rs 22.9bn (14.2% QoQ) beat estimates on inventory gains of Rs 26.8bn. Core earnings, however, disappointed due to: (a) weak GRMs (ex-inventory gains) at US$ 4.15/bbl (US$ 5.6/bbl QoQ), (b) market share loss in MS/HSD, and (c) lower marketing EBITDA of Rs 1,639/mt (ex-inventory; 26.9% QoQ). Our Mar'19 target price for BPCL reduces to Rs 435 (from Rs 545) as we cut earnings on high interest cost and...