HPCL's Q2FY18 result came below our expectation on the back of lower than expected profit from refinery segment, partially offset by higher marketing profits. Revenue increased 12.9% YoY to Rs475 bn, EBITDA grew 130% YoY to Rs29 bn while net profit increased 147% to Rs17.3 bn. This is mainly due to 15% higher crude throughput to 4.6mmt and 6.7% growth in sales volume and inventory gains. Also GRM improved to US$7.6/bbl vs US$3.2/bbl (core GRM US$5.6/bbl vs US$4.2/bbl). We expect rising crude oil price and increased competition would keep marketing...