Hindustan Petroleum’s (HPCL) recurring standalone EBITDA / PAT for Q2FY24 of INR 82.2bn / INR 51.2bn was down 5%/6% QoQ (Q2FY23 saw huge losses for HPCL) vs our estimates of INR 63bn/36bn, respectively. YoY improvement was driven by higher refining throughput, strong marketing volumes and stronger marketing margin (retail margin of INR 2.9/ltr vs loss of INR 3.7ltr in Q2FY23).