We increase our FY22/23E earnings by 14%/6% to factor in improving refining margin environment led by 1) recovering global economy and 2) shift from gas to oil given spike in global spot LNG prices. BPCL reported in-line Q2 results with standalone EBITDA of Rs44.7bn (+38%QoQ; PLe Rs 45.0bn) and PAT of Rs26.9bn (+71%QoQ; PLe Rs26.6bn), led by improved marketing and...