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Motilal Oswal Report
Hindustan Petroleum Corporation Ltd.'s reported Ebitda missed our estimates significantly led by lower marketing gross margin (at Rs 3/litre, 46% estimate miss), while gross refining margin was in line at $6.4/barrel of oil.
Refining throughput stood at 4.2 million metric tonne (up 6% YoY, up 68% QoQ).
HPCL completed the expansion of its Mumbai refinery and is running at its optimal capacity as highlighted in the earnings concall.
Singapore GRM has further improved to $5.9/bbl in January 2022 year-to-date, and the ramp up at Mumbai refinery should see near-term margin expansion.
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