We tweak our FY22/23E estimates for BPCL, as we incorporate actual FY21 numbers and factor in NRL stake sale. In FY21 core standalone EBIDTA adjusted for inventory and forex gains was at Rs95.0bn (-27%YoY), due to weak marketing and refining profits. We believe that increased crude oil supplies from OPEC and Iran, post lifting of sanctions will likely keep crude oil prices range bound and support marketing margins in medium term. Also,...