The correction in oil prices led to super-normal marketing margins for OMCs in Q4FY19, which led to lower margins QoQ. However, on an absolute basis, the marketing segment reported a stable performance in Q1FY20. We expect similar profitability from this segment in coming quarters. In terms of marketing sales, HPCL increased 1.9% QoQ to 9.8 MMT, below our estimates on account of lower-than-expected LPG and diesel sales. Going forward, we expect marketing sales volumes to grow at a rate of 4-5%. The crude throughput in Q1FY20 was lower 13.3% YoY at 3.9 MMT, in line with...