Reported 3QFY20 GRM was higher than expected at USD3.19/bbl (v/s - USD0.63/bbl in 3QFY19). Dependence on the Nethravathi River until the desalination plant comes on stream in 2021 would also adversely impact performance; reiterate MRPL reported an EBITDA gain of INR2.8b in 3QFY20 (v/s est. INR0.4b and loss of INR4.9b in 3QFY19), as reported GRM stood at USD3.19/bbl v/s loss of -USD0.63/bbl in 3QFY19. PBT stood at loss of INR0.45b and the company recognized deferred tax assets of INR83m for the quarter (totaling to INR5.7b in 9MFY20). At the PAT level, the company reported a loss of INR0.37b (v/s loss of INR2.6b in 3QFY19). For 9MFY20, reported EBITDA stood at a loss of INR4.3b v/s gain of INR12.6b in 9MFY19; PAT loss was INR11.1b v/s INR130m gain in 9MFY20. In 1QFY20, due to fresh water shortage from the Nethravathi River, MRPL was forced to close its refining units for ~75 days (similar issue faced in 2012 and 2016 also).