Indian Oil Corporation (IOCL) has reported a recurring standalone EBITDA of Rs36bn and net earnings of Rs4.5bn in Q3FY23. Earnings were ahead of our estimates of Rs24bn EBITDA and net loss of Rs12.5bn. Reported GRM of US$12.9/bbl beats our estimate of US$12.4/bbl, up US$0.9/bbl YoY but down US$5.6/bbl QoQ, while throughput of 18.2mt (up 5/13% YoY/QoQ) was also ahead of estimates.