ICICI Securities Ltd | Retail Equity Research Hindustan Petroleum Corporation's (HPCL) Q2FY18 results were below our estimates on the operational front. The topline declined 9.4% QoQ to | 54335.8 crore (our estimate: | 62314.4 crore). HPCL achieved crude throughput of 4.6 MMT in Q2FY18 largely in line with our estimates. The GRMs stood at US$ 7.6/bbl below our expectation of US$ 9.1/bbl. Lower than expected operational performance led to lower profitability in the refining segment....