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Prabhudas Lilladher Report
Hindustan Petroleum Corporation Ltd. reported lower than expected Q3 results with standalone Ebitda of Rs 18.7 billion (down 38% QoQ; our estimate- Rs 31,9 billion) and profit after tax of Rs 8.7 billion (down 55% QoQ; our estimate Rs 19.8 billion) led by loss of Rs 11 billion due to excise duty cuts on petrol and diesel's unsold inventory.
HPCL's core Ebitda adjusted for inventory loss was flat at Rs 28.2 billion versus Rs 29 billion in Q2.
We believe 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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