IOCL's Q3FY19 result came above our forecast on all front led by lower than expected inventory loss, forex gains and higher core GRMs. While revenue was up 26.5% YoY to Rs1.4tr, EBITDA/PAT were down 72.8%/90.9% YoY to Rs3.6bn/Rs0.7bn mainly driven by inventory losses and lower petchem profits. The company's crude throughput increased 4% YoY to 18.9mmt while sales volume remained flattish YoY at 22.8mmt. Reported GRM stood at US$1.2/bbl in Q3FY19 while core GRM stood at US$5.2/bbl. We are...