Q3FY23 EBITDA for oil & gas coverage universe was flat YoY, with PAT down 17% YoY for the quarter. QoQ trends were stronger, with 91% growth in EBITDA and 4.6x growth in PAT. The YoY weakness in Q3FY23 continues to be on account of weak OMC metrics, with sharply lower marketing earnings vs FY22 levels affecting earnings.