ICICI Securities Ltd | Retail Equity Research Hindustan Petroleum Corporation's (HPCL) Q2FY17 results were below our estimates. Topline declined 7.4% QoQ to | 47822.5 crore, marginally lower than our estimate of | 52148.2 crore EBITDA at | 1260.9 crore was lower than our estimated EBITDA of | 1850 crore primarily due to lower-than-expected GRMs of US$3.2/bbl (inventory loss of $1/bbl) against our expectation of US$4.7/bbl. HPCL achieved crude throughput of 4 MMT in Q2FY17...