FY16 has been outstanding for OMCs led by (1) Strong gross refining margins, (2) Higher profits in the marketing segment owing to higher volumes at lower product prices and healthy marketing margins, and (3) Reduced interest burden owing to low oil under-recovery and lower subsidy receivables. As a result, IOC reported an EBITDA of Rs 201bn ( 98% YoY) and APAT of Rs 94bn ( 170% YoY).