HPCL’s recurring standalone EBITDA / PAT for Q4 came in at Rs48.0bn / Rs32.2bn, up 2.8x / 18.7x QoQ respectively (YoY up 129% / 80%) vs our estimates of EBITDA of Rs35.4bn and PAT of 15.5bn. Higher refining margins and lower ‘other opex’ drove the operational beat, with higher ‘other income’ boosting net earnings.