Dismal Performance with No Improvement in GRM; Maintain REDUCE Bharat Petroleum Corporation Ltd. (BPCL) has delivered a disappointing performance in 3QFY20. It reported GRM of US$3.23/bbl below ours/consensus estimates of US$4.1/bbl. Petrol/diesel sales volume grew by 5.9%/(1.6%) YoY lower than the industry growth rate of 7.1%/0.2%. It clearly implies that BPCL has lost market share to private retailers during the quarter. EBITDA increased by 248% YoY and 14% QoQ to Rs 27bn (6% below the consensus estimate/8% higher than our estimate) mainly due to 12% YoY growth in crude throughput of refineries, comparative higher YoY GRM and improved net marketing margin on diesel. Net profit grew by 155% YoY (down 26%...