A sharp reduction in oil demand owing to Covid-19 outbreak resulted in a significant drop in crude oil prices. As a result, average Brent crude oil prices declined by US$12/bbl QoQ to US$50.6/bbl with closing Brent price at US$21.5/bbl. On account of the same, the company reported marketing inventory loss of | 1529 crore. However, core marketing margins were relatively steady during the quarter. Marketing sales de-grew 7.8% YoY to 9.3 MMT mainly due to a decline in diesel sales. Going forward, we expect marketing sales volumes at 37.4 MMT & 42.2 MMT in FY21E and FY22E,...