Indian Oil Corporation (IOC) reported Q4FY21 profits better than our estimates, mainly driven by inventory gains. Revenues increased 11.6% QoQ to | 163605.7 crore (our estimate: | 170485 crore). The quarter saw strong inventory gains of US$8.1/bbl leading to reported GRMs at US$10.6/bbl (our estimate: US$4.5/bbl). EBITDA was at | 13501.8 crore (up 40.3% QoQ), above our estimate of | 7738.4 crore, mainly due to higher profitability in both refining and petchem segments. Subsequently, reported...