HPCL reported a strong result in Q1FY17 on the back of higher adventitious and inventory gain supported by higher crude throughput & product sales volume. The company's revenue declined 12.9% YoY to Rs448 bn (below IDBIest) while EBITDA increased 17% YoY to Rs36.3 bn (+36% QoQ) and net profit grew 30% YoY to Rs21 bn, beats expectation. Crude throughput increased 20% YoY to 4.5mmt (-4.7% QoQ) while sales volume increased 4% to 8.9mmt (-1.4% QoQ). GRM came at US$6.8/bbl in Q1FY17, down from US$8.6/bbl in Q1FY16 (IDBIest US$7.1/bbl) which includes US$2/bbl of inventory gain. Also, the company's adventitious gain from marketing business came at nearly Rs10 bn which boosted profits. Total under-recoveries came at Rs3.3 bn which was fully...