The correction in oil prices led to super-normal marketing margins for OMCs in the latter part of last fiscal year, post which marketing margins have stabilised to normal levels. We expect similar profitability from this segment in the coming quarters. In terms of marketing sales, BPCL reported a growth of 1.7% YoY to 10.3 MMT, below our estimates on account of lower than expected diesel as well as overall product sales. Going forward, we expect marketing sales volumes to improve to 3.5-4.5% CAGR over the next two years. Crude throughput in Q2FY20 was higher YoY at 7.7 MMT, lower than...