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Yes Securities Report
Hindustan Petroleum Corporation Ltd.'s Q1 FY24 reported Ebitda stood at Rs 96.5 billion (+101% QoQ) gross refining margins at $7.44/barrel of oil. Profit after tax came in at Rs 96.5 billion (+101% QoQ).
Profits driven by strong marketing segment performance, highest ever crude throughput at 5.4 million metric tonne during the quarter. Visakhapatnam capacity enhancement to 11 mmtpa with highest quarterly volumes of 2.96 mmt.
HPCL's highest quarterly volumes were registered across segments with petrol and diesel volumes growing by 9%/10%. Ethanol blending reached 12%.
To keep growth momentum, pre-commissioning various projects in Q2 at Visakhapatnam – full conversion hydro cracker unit, hydrogen generation unit and sulphur recovery unit, this will take the capacity to 11.5 mmtpa. Supply contract from OPaL for 13.5 trillion British thermal unit of natural gas till May 2026. We maintain our 'Add' rating.
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