IOC's Q3FY21 result was a beat to our estimates owing to robust performance from marketing and petrochemicals business. The company also reported inventory gains of Rs26.3 bn (Rs9.2 bn for refinery and Rs17.1 bn for marketing). While core GRM came slightly below expectation at US$1/bbl (IDBIest US$1.5/bbl), marketing EBITDA/mt increased 33% and petrochem EBITDA/mt doubled YoY to US$335. Volume across segment rebounded to pre-covid levels where ATF is yet to catch up while Petrochem volume grew 25% YoY. Factoring higher marketing margin and up cycle in petrochem, we raise FY22E/FY23E EBITDA estimates by 11%/9%. We raise our TP to Rs113 from Rs87 earlier and...