ICICI Securities Ltd | Retail Equity Research Hindustan Petroleum Corporation's (HPCL) Q1FY17 results were above our estimates. The topline increased 22.4% QoQ to | 51661 crore, higher than our estimate of | 46299.6 crore. However, revenues were largely in line with our estimates, adjusting for change in accounting method due to Ind-AS EBITDA at | 3626.8 crore was higher than our estimated EBITDA of | 2394.5 crore due to inventory gain of | 1100 crore and higher-thanexpected GRMs of US$6.8/bbl against our expectation of US$6.3/bbl....