IOCL's Q4FY19 result came above our forecast on all fronts led by higher than expected marketing profits, inventory gain and forex gains. Revenue was up 7.5% YoY to Rs1.3tr. While EBITDA was marginally down 1.3% YoY to Rs108.7 bn, PAT was up 16.9% YoY due to higher other income which increased to Rs10.6bn in Q4FY19 vs. Rs2.4bn in Q4FY18. Reported GRM stood at US$4.1/bbl in Q4FY19 while core GRM stood at US$3.0/bbl. Ennore LNG terminal commissioned in March'19 and started LNG supply to Manali refinery and other anchor customers. We introduce FY21 financials while keeping FY20E largerly unchanged. We roll over our TP to FY21E which gives a new TP of Rs160 (6x...