We change our FY23E earnings estimates by 32% to incorporate inventory gains of Rs37.8bn in 9MFY21 and make minor changes; FY22/23 earnings are changed by 6%/4%. During Q3FY21, core standalone EBIDTA adjusted for inventory gains and forex gains was at Rs34.6bn (+178%QoQ) due to higher marketing earnings. We believe uncertain global demand and high inventory levels will likely keep crude oil prices range bound to support marketing...