Company debt further decreased on a QoQ basis to INR915b in 2QFY21 (from INR986b in 1QFY21 and INR1,165b in 4QFY20). India is seeing a significant increase in vehicular traffic movement, with gradual revival in domestic air travel as well. In Sep'20, petrol witnessed consumption growth of +3.3% (v/s -7.5% in Aug'20). Diesel still recorded decline of 6.0% YoY, although much lower than 20.7% in Aug'20. We continue to prefer IOCL, which, despite having annual capex of ~INR260b (the highest among the OMCs), is expected to report ~30% cumulative FCF yield over...