Higher sales volume lifts revenue; core GRM came lower than expectation Revenue increased 18.4% YoY to Rs575 bn, EBITDA grew 12.7% YoY to Rs31.6 bn while net profit increased 23% to Rs19.5 bn. Crude throughput declined 3% to 4.5mmt while sales volume grew 1.8% to 9.4mmt. Core GRM improved to US$6.1/bbl vs US$3/bbl, below our estimate. Marketing profit declined significantly; expecting recovery in near term HPCL's marketing EBITDA (excl inventory gain) declined 36% YoY (-51% QoQ) to Rs987/mt owing to restricted retail price. Marketing segment's contribution to...