BPCL reported inventory gains of INR7.7b (v/s our expectation of INR18b), with marketing/refining gains at INR5b/INR2.7b. Reported EBITDA increased 54% YoY to INR43.1b. Adjusted EBITDA (for inventory gains) stood at INR35.3b v/s INR22.6b in 3QFY20. Other income was higher due to INR6.1b dividend received from the Numaligarh refinery (NRL). While other expenditure was lower, led by smaller savings in terms of operating expenditure; however, the company doesn't expect it to continue in future....