We cut our OMCs earnings for FY23-24E by 3-9% to factor in lower marketing margins, offset by higher GRMs. However, we increase our FY22E earnings by 4-25% to factor in strong Q4 results, given high inventory gains and GRMs. Government's dithering on fuel price hike despite sharp up-move in crude oil prices creates fresh headwinds on OMCs earnings. With crude prices likely to remain elevated due to geopolitical tensions compounded with marketing losses of over Rs12/litre, we cut our marketing margin assumptions for FY2324E to Rs3.0/3.5litre for petrol and diesel from Rs4.2/4.5/litre earlier after factoring in higher GRMs (+USD1.2-1.8/bbl)). We believe that comfortable...