22 May 2018 4QFY18 Results Update | Sector: Oil & Gas HPCLs reported EBITDA of INR29.2b (+1% YoY, -7% QoQ) in 4QFY18 was slightly higher than our estimate of INR27.8b. However, EBITDA adjusted for inventory gains stood at INR27.7b (-2% YoY, +64% QoQ), significantly above our estimate of INR22.4b, primarily led by higher GRM and lower inventory gains. Refining throughput grew 2% QoQ (flat YoY) to 4.6mmt. Core GRM stood at USD6.74/bbl and refining throughput at 18.3mmt, implying 116% utilization. OMCs have seen a sharp correction in the recent past due to fear of price cap on auto fuel in the light of upcoming elections and rising crude oil price. OMCs have seen a sharp correction in the recent past due to fear of price cap on auto fuel in the light of upcoming elections and rising crude oil price.