Q4FY23 EBITDA/PAT for our oil & gas coverage universe was much stronger than in the preceding quarter. EBITDA grew 22% and PAT 29% YoY in Q4FY23 vs a flat EBITDA and 17% YoY decline in PAT in Q3FY23. Robust improvement in the results of RIL and the OMCs were primarily responsible for the aggregate earnings jump.