BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Prabhudas Lilladher Report
Hindustan Petroleum Corporation Ltd. reported better than expected Q1 results with Ebitda of Rs 95.2 billion (+105% QoQ; our estimate: Rs 75.7 billion) and profit after tax of Rs 62.0 billion (+92% QoQ; our estimate: Rs 56.7 billion).
HPCL's near term earnings as Q1 FY24E blended marketing margins remain higher than normative margins.
We also factor in uncertainty due to upcoming elections as well as uncertainty in oil prices. We change our rating from ‘Buy' to ‘Hold' with a target price of Rs 264 (previous Rs 340) based on 0.8 times price/book FY25E.
The change in target price is attributed to change from previous analyst's estimates as well as valuation method from enterprise value/Ebitda to price/book.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
