29 October 2018 BPCL reported EBITDA of INR33.5b in 2QFY19. However, excluding inventory gain of INR14.4b, core EBITDA stood at INR19.1b (-34% YoY, +1% QoQ), lower than our estimate of INR25.4b, primarily due to lower-than-expected core GRM and higher-than-expected opex. Forex loss stood at INR9.3b v/s INR588m in 2QFY18 and INR7.1b in 1QFY19. PAT declined 48% YoY (-47% sequentially. Refinery throughput stood at 7.6mmt (+9% YoY, -1% QoQ). (-8% QoQ) to 10.1mmt in 2QFY19. Implied marketing margin inclusive of inventory gain stood at INR4.