Hindustan Petroleum (HPCL) reported standalone EBITDA/PAT of Rs24.4bn/Rs10.5bn in Q2FY20, missing our estimates of Rs33.3bn/Rs19.8bn due to lower GRMs, higher other expenditure/interest and lower other income. It continued with the old tax regime. Reported and core GRMs stood at USD2.83/USD2.55 per bbl, below our USD5.5-6 expectation, but a trend similar to IOCL. Marketing margins improved 16% qoq to Rs5.7/kg, a 4% beat and better than peers. Total sales volumes grew 3% yoy. though HPCL's capex run-rate is high even as some amount of subsidy payments are pending. Core EPS in Q2FY20 was Rs7.4/share vs. our estimate of Rs12.2/share....