BPCL's Q2FY21 result was a beat to our forecast led by better than expected refinery margins owing to higher inventory gains and significant dip in finance cost. Reported GRM came at US$5.8/bbl owing to inventory gain of Rs13bn (US$4.3/bbl) while core GRM stood at US$1.5/bbl, beat to our estimate. Petroleum product sales volume declined 15% YoY to 9.2mmt while crude throughput declined 27% to 5.6mmt, below our estimates. Management highlighted that except ATF, growth for most of the product has crossed pre-Covid levels. We are revising our crude oil price assumption slightly downwards to US$45/bbl for FY22 from earlier US$50/bbl and expect higher supply and demand concern...