Hindustan Petroleum’s (HPCL) recurring standalone EBITDA / PAT for Q1FY24 came in at INR 86.6bn / INR 54.6bn, up 81%/70% QoQ, respectively (Q1FY23 saw huge losses for HPCL) vs our estimates of EBITDA of INR 83bn and PAT of INR 52bn. The QoQ improvement was driven by higher refining throughput, strong marketing volumes and a 2x improvement in blended marketing margin (aided by retail fuel margin of INR 8.7/ltr, up 3.6x QoQ).