IOCL reported a beat on our estimates owing to better than expected reported GRM (USD6.6/bbl) and marketing margin (INR7/liter), although refining throughput and marketing sales volumes were lower than our estimate. Petchem margin for IOCL fell by 23% QoQ, in line with the softening of PE/PP cracks in 2QFY22 (averaging 15-19% lower QoQ). Singapore GRM improved to an average of USD7.5/bbl in Oct'21 as demand continued to outweigh supply. Although gross marketing margin was slightly under pressure (to INR1.8/INR3.7 per liter for petrol/diesel in Oct'21; down...