7 February 2019 Core GRM of USD4.0/bbl came in marginally higher than our estimate of USD3.88/bbl. However, inventory loss was much higher, resulting in an EBITDA loss of INR5b, as against our estimate of a gain of INR1.2b. Forex gain stood at INR3.8b v/s INR2b in 3QFY18 and a loss of INR4b in 2QFY19. Led by inventory losses, MRPL reported a net adjusted loss of INR2.6b, as against our estimate of a gain of INR322m. v/s benchmark Singapore GRM of USD4.3/bbl, USD6.8/bbl in 3QFY18, and USD2.29/bbl in 2QFY19. Inventory loss stood at USD4.63/bbl, resulting in a loss of USD0.