We increase our FY22/23E earnings by ~9% 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 Q3 results with EBIDTA/PAT of Rs42.1bn/24.6bn were impacted by excise duty cuts on petrol and diesel which impacted earnings by Rs14.2bn. Operational performance...