Maintain Neutral. HPCLs 3QFY18 EBITDA came in at Rs 31.59bn, up 9.5% YoY and 8.7% QoQ. This has been attributed to 102% YoY jump in core GRM to USD6.1/bbl, and 1.8% increase in marketing volumes at 8.7 mnT. However, sequentially, the blended gross marketing margin was down 15.6% to USD7/bbl (or Rs2.8/lit) largely attributed to the lack of adequate increase in auto fuel prices during the state elections. APAT was Rs 19.5bn, up 22.6% YoY and 12.4% QoQ owing to higher other income at Rs4.74bn (+67.8% YoY) and lower tax rate.