IOC's Q1FY21 result was lower than our expectations owing to higher inventory losses against expectation of gains and lower than expected volume. IOC's crude throughput declined 25.2% YoY to 12.9mmt (vs IDBIest of 13.8mmt) while sales volume dipped 27% YoY to 16.5mmt (IDBIest 17.4mmt). Robust profit at marketing division was offset by huge loss at refining and sharp decline in profit of the pipeline business. Reported GRM came at a negative US$1.98/bbl whereas normalized GRM was US$4.3/bbl (inventory loss of US$6.8/bbl). The company highlighted that Q2FY21 should witness an inventory gains as average cost of oil is US$32.6/bbl. We largely keep our estimates and target...