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Prabhudas Lilladher Report
Hindustan Petroleum Corporation Ltd. reported better than expected Q3 results with Ebitda of Rs 16.7 billion (Q2: loss of Rs 14.9 billion; our estimate: loss of Rs 37.9 billion) and profit after tax of Rs 1.7 billion (Q2: loss of Rs 21.7 billion; our estimate: loss of Rs 48.4 billion), due to better than expected marketing profitability.
Improving marketing environment along with strong gross refining margins will drive near term earning given-
improved marketing margin (Rs 1.8/litre) post sharp correction in international diesel prices to ~$110 (recent peak of $170/barrel of oil)
firm refining product spreads due to ban on import of Russian oils,
range bound oil prices due to global recessionary pressure and high interest rates, despite increased demand from China.
We believe HPCL along with other oil marketing companies, are all well placed to benefit from improving marketing situation and healthy refining profitability.
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More Research Reports On HPCL's Q3 FY23 Results Review
Beat In Estimates, Led By Higher-Than-Expected Gross Refining Margin: Motilal Oswal
Earnings Improve On Better Marketing Margins: Yes Securities
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