IOC's Q4FY20 result was impacted negatively by higher inventory losses (Rs184.8 bn) and higher forex loss (Rs27.2 bn). Further, marketing and petchem EBITDA was a drag to profits owing to lower marketing margins, lower volume and lower polymer delta. Reported GRM came at a negative US$9.6/bbl whereas normalised GRM reported by IOC was US$2.2/bbl (inventory loss of US$17.9/bbl). Refinery utilisation has already reached to nearly 90% in first three weeks of June (40% in Apr and ~62% in May) and management expect it to normalise within a month. We expect GRM of US$3/bbl and US$4/bbl in FY21 and FY22 respectively while marketing margin to remain stable on a...