New Delhi, July 23 -- Hindustan Petroleum Corporation Ltd's (HPCL) June quarter performance fell short of expectations as weaker-than-estimated fuel marketing margins offset stronger refining margins, according to a results review by Motilal Oswal Financial Services.

The brokerage said HPCL's EBITDA loss was 37 per cent higher than its estimate at Rs 161.3 billion, primarily due to weaker-than-expected marketing margins.

While the company's reported gross refining margin (GRM) stood at USD 23.8 per barrel, the improvement in refining performance was outweighed by weakness in the marketing business.

According to the report, HPCL's gross marketing margin, including inventory impact, stood at a negative Rs 14.9 per litre.

The brokerage n...