BPCL Q4FY20 result was impacted negatively by higher inventory losses (Rs49 bn) and higher forex loss (Rs12 bn). Adjusting to that, result is largely in line with consensus estimates. Reported GRM came at US$0.5/bbl whereas core GRM came at US$7.7/bbl owing to higher discount and better diesel cracks. Demand for petroleum products also improved 67% MoM in May'20 and now just 30% YoY down. Also, refinery is now running at 83% utilization which was 63% and 77% in Apr-May'2020. We expect GRM of US$2/bbl and US$4/bbl in FY21 and FY22 respectively while marketing margin to remain stable on a YoY basis. We forecast EBITDA/PAT of Rs92/34 bn in FY21 and Rs127/56 bn in FY22...