Although refining margin is expected to remain firm, fears on the ability of OMCs to hike prices in a rising crude oil price environment remains a concern. Hence, we continue to maintain HOLD rating to the stock with a TP of Rs 341 (SOTP). Increased sales volume boosts revenue Despite flat crude oil throughput of 4.63mmt on YoY basis, HPCL reported 18% YoY increase in net sales in Q4FY18 primarily on account of increased sales volume and higher average crude oil price. During Q4FY18, HPCL recorded 7.2% YoY increase in domestic sales volume to 9.39 MMT. The sales of motor spirit (petrol) rose by 12.8% YoY while high...