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Yes Securities Report
Reported earnings of oil marketing companies (Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd., and Hindustan Petroleum Corporation Ltd.) in the Q3 FY21, stood weaker on YoY and QoQ basis and also missed our and street estimates.
The miss stemmed primarily from weaker than expected marketing margins.
While IOCL reported an operating profit of Rs 93.5 billion (down 2.4% YoY; down 11.6% QoQ), BPCL reported at Rs 42.1 billion (down 2.2% YoY; down 6% QoQ) and HPCL at Rs 18.7bn (down 48% YoY; down 38% QoQ).
Other than weaker marketing margins, HPCL's earning suffered on lower refining throughput as its Mumbai refinery was under expansion and stabilisation, therefore HPCL couldn't benefit fully from stronger refining environment.
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