Oil India (OIL) reported a mixed-bag in Q1FY21 where EBITDA was ahead of our forecast led by lower then estimated other expenses while net profit was below expectations driven by higher then estimated DDA expense. Revenue was down 48.3% YoY to Rs17.4 bn owing to 8.1%/8.6% YoY decline in oil/gas sales volume and 54%/29% YoY drop in oil/gas realization in Q1FY21. We expect oil production to fall by 2% in FY21 and flattish growth in FY22 due to natural decline. Gas volume is estimated to dip by 5% for FY21 before reaching to FY20 levels in FY22 on the back of Baghjan fire, flood and Covid-19. We forecast crude oil price (Brent) to average to US40/bbl and US$50/bbl in FY21 and...