Q2FY2021 adjusted operating profit at Rs. 4,485 crore/ Rs. 2,581 crore, up 101%/46% y-o-y) was above ours and the street's estimates due to higher-than-expected inventory gains at Rs. 2,453 crore, better volumes and lower interest costs. A sharp beat in reported GRM at $5.8/bbl (up 71.6% y-o-y) led by refinery inventory gains of $4.3/...