IOCL reported numbers that were largely in line with our estimates as better than estimated GRM (USD12/bbl) balanced lower than estimated marketing margin (INR3.4/lit); refining throughput and marketing sales volumes were also in line with our estimate. Singapore GRM stood at an average of USD6.0/bbl in Jan'22, as demand continued to outweigh supply. Gross marketing margins stand at INR3.5/5.7/lit for Petrol/Diesel in 2HFY22 YTD due to spurt in Brent prices. However, current prices would result in these suppressing to INR1-2/lit....