We maintain NEUTRAL. BPCLs 3QFY19 EBITDA came in at Rs 7.37bn, down 76.9% YoY and 69.5% QoQ, primarily due to Rs. 33.33bn of inventory losses, partially offset by Rs. 6.59bn of forex gains. Adjusting for inventory losses and forex gains, core EBITDA was Rs 34.11bn up 140% YoY and 78.2% QoQ. Operationally, it was a strong quarter with core GRM (excluding inventory losses of USD 3.27/bbl) at USD 6/bbl vs USD 5.73/bbl in 3QFY18.