HPCL's Q1FY19 result came ahead of our expectation led by strong inventory gains of Rs19.1 bn, partially offset by forex loss of Rs5.4 bn. Adjusting to these, result is largely in-line with expectation. Revenue was up 26.5% YoY to Rs676bn while EBITDA was up 96% YoY to Rs31.9bn and PAT was up 85.9% YoY to Rs17.1bn. Weak refining profits was more than offset by relatively stronger marketing profits which increased 28% YoY to Rs16.4 bn (adjusting to inventory gain). We are revising our estimates upwards by ~10% for both FY19/FY20E to factor in higher marketing profits. Though, we are cutting our TP to Rs336 from Rs351 on lower multiple owing to uncertainty on marketing margin...