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Prabhudas Lilladher Report
We increase our FY22-24E estimates of Hindustan Petroleum Corporation Ltd. by 5-11% to factor in to factor in higher gross refining margins led by-
pickup in global economic activity and
gas to oil shift due to high prices even as there has been softening of marketing margins.
HPCL reported lower than expected Q2 results with standalone Ebitda of Rs 30.1 billion (down 6% QoQ; our estimate: Rs 36.7 billion) and profit after tax of Rs 19.2 billion (up 7% QoQ; our estimate: Rs 25.43 billion), led by lower than expected refining earnings.
Refinery operations were hit by shutdown of one unit each at Mumbai and Vizag refinery and high fuel and loss.
Oil marketing companies are well placed to benefit from global pickup in economic activity post pandemic as their refining and marketing earnings will improve.
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