Average crude oil prices in Q3FY20 remained flattish compared to Q2FY20. Core marketing margins were steady during the quarter. In terms of marketing sales, BPCL reported growth of 3.3% YoY (led by LPG, motor spirit sales growth) to 11 MMT, marginally above our estimates. Going forward, we expect marketing sales volume to improve to 3.5-4.5% CAGR over the next two years. The crude throughput in Q3FY20 was up 13.3% YoY at 8.4 MMT, above our estimates. We estimate 44.2 MMT throughput for FY20E. Going forward, we estimate throughput of 45.8 MMT and 47.6...