BPCL's Q4FY19 result was a beat to our forecast owing to strong marketing profit and inventory gain. Revenue was up by 13.4% YoY to Rs739.9bn, EBITDA/PAT was up 29.1%/16.9% YoY to Rs48bn/Rs31.2bn respectively. Core GRM remained weaker like other OMCs, in line with our expectation, at US$2.6/bbl vs US$5.6/bbl in Q4FY18. We are still awaiting for the turnaround in GRM at Kochi terminal as FY19 GRM of US$3.6/bbl was lower than Singapore benchmark. We introduce FY21 financials and roll over our valuation which gives a new TP of Rs412. As the stock has already given 17%...