MRPL reported lower than estimated EBITDA and PAT. Refinery throughput was in line with our estimate at 3.2mmt (+27% YoY), implying a utilization rate of 86%. Continued concerns over utilization rates keeps margin under pressure, with higher OPEX (USD2.8/bbl in 2QFY22), impacting profitability. Reported GRM stood at USD2.22/bbl, with core GRM at USD1.69/bbl (est. of USD1.5/bbl and negative core GRM in FY21 and 1QFY22). Consolidated/standalone net debt stood at INR244b/INR187b at the end of 1HFY22 (up from INR238b/INR182b at the end of FY21.)...