Higher oil and gas realization will drive earnings for OINL. We maintain our FY22-24E estimates, as OINL reported strong operational results in Q3 with consolidated EBIDTA/PAT of Rs21.9bn (-5%Q/Q) and Rs15.2bn (+5%Q/Q). Standalone EBIDTA/PAT was at Rs12.7bn (+39%Q/Q PLe Rs17.0bn) and Rs12.5bn (+144% Q/Q; PLe Rs9.0bn). We believe OINL's...