Hindustan Petroleum Corp Ltd (HPCL) will unveil its third-quarter earnings on Tuesday and the oil refiner is set to report weak set of earnings this time around. \tThe street is expecting weak set of numbers for HPCL. The gross refining margins (GRMs) for Indian Oil Corporation (IOC) were at a multi-year low because of higher inventory losses and that is something the analysts are expecting for HPCL as well. \tThe benchmark Singapore refining margins have declined by 31 percent sequentially because of lower gasoline cracks and that is something that will reflect in the numbers as well. So a decline of 2 percent in terms of revenues is expected. EBITDA is expected to decline by 53 percent and operating profit margins also are expected to take a hit of around 220 basis points (bps). \tIn terms of profitability, there are mixed views. Some of the brokerages are expecting a loss, while some are expecting a profit. Profits of around Rs 621 crore is expected. That would mean profits almost getting halved on a sequential basis. \tIn terms of refining, HPCL has the lowest GRMs across oil marketing companies (OMCs) due to lowest distillate yields and also higher share of gasolines where the cracks have been very low. So the street is expecting very low or even negative GRMs for HPCL this time around.