Hindustan Petroleum maintained their marginal market share for high-speed diesel and motor spirits at 22.4% and 24.5% respectively.
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Yes Securities Report
Hindustan Petroleum Corporation Ltd.'s Q3 FY25 reported performance showcases in line core refining performance while marketing marginally lower. With an Ebitda of Rs 59.7 billion and PAT at Rs 20.2 billion, a subsidy burden of Rs 31 billion on LPG weakened the reported performance.
Reported Ebitda and PAT is lower than our expectations. The reported gross refining margin is of $6/barrel of oil and Rs 6/litre of blended gross marketing margins, while the core integrated margins stood at $5.9/bbl.
We maintain Buy rating with a revised target price of Rs 500 (earlier 475) valuing it on SOTP (core business at seven times EV/Ebitda and investments at Rs 113) including Rs 47/share from Lubes business.
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