ICICI Securities Ltd | Retail Equity Research BPCL reported its Q2FY17 result which was below our estimates on profitability front. The topline declined 3.7% QoQ to | 54913.2 crore, came marginally below our estimate of | 56899.9 crore. EBITDA declined by 64.8% QoQ to | 1381.4 crore, below our estimate of | 2460.7 crore, mainly due to GRMs, which came lower at US$3.1 /bbl against our estimate of US$4.9 /bbl Subsequently, PAT declined 50.2% QoQ to | 1305.2 crore, below our...