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, BPCL reported growth of 1.3% YoY to 11.1 MMT, below our estimates on account of lower-than-expected LPG and diesel sales. Going forward, we expect marketing sales volumes to grow at 3.5-4.5% CAGR over the next two years. The crude throughput in Q1FY20 was higher...