In turn, we expect EBITDA for oil and gas companies under our coverage to increase ~8% QoQ and ~30% YoY in Q2FY22 Revenue for the companies in our coverage universe is estimated to increase by ~14% QoQ and ~53% YoY, owing to improvement in demand with unlock post the second wave of COVID-19, improvement in GRMs and oil and gas realisation. We expect higher marketing sales volumes for OMCs, higher gas volumes (YoY) for CGD companies except GUJGA, and improvement in realisation for upstream companies.