BPCL Q1FY20 result was a miss to our forecast on EBITDA and PAT front owing to higher inventory loss. Revenue was up 6.4% YoY to Rs763.2bn, EBITDA/PAT was down 43.7%/53.1% YoY to Rs21.8bn/Rs10.7bn respectively. Reported GRM came at US$2.81/bbl whereas core GRM came at US$3.6/bbl which was in-line to our forecast. We have cut our EBITDA forecast for FY20E by 10% to factor in high inventory loss whereas we have kept our EBITDA forecast for FY21E unchanged. We continue to maintain our TP of Rs412 based on 7x on EV/EBITDA. Upgrade to BUY from HOLD due...