HPCL Q1FY21 result was a strong beat to our and consensus estimates led by robust marketing profits however refining profits remained muted. The company's revenue declined 47% YoY to Rs377.2bn led by 26% decline in product sales volume to 7.2mmt and lower crude oil price. However on a positive surprise, refining throughput grew by 1.3% to 3.97mmt. Reported/Core GRM came at US$0.04/-0.9/bbl, lower than our estimates. We are raising our FY21 EBITDA/PAT estimates by 6.2%/9.4% to factor in strong beat and keeping FY22E estimates largely unchanged. We are raising our TP to...