BPCL's Q3FY21 EBITDA/PAT was a strong beat to our forecast led by stronger than expected product sales volume, lower than expected employee expenses and significantly higher other income. Reported GRM came at US$2.5/bbl owing to inventory gain of Rs5bn (US$1.24/bbl) while core GRM stood at US$1.23/bbl, in-line with our expectations. Domestic petroleum product sales volume improved 0.7% YoY to 11.1mmt. However, crude throughput declined 14% to 7.24mmt, below our estimates. Management indicated to close NRL divestment to a consortium of Oil India and Engineers India (Only bidder) by FY21. Further, it expects its marketing margin going forward to remain at the similar level of...