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ICICI Securities Report
Hindustan Petroleum Corporation Ltd.'s consolidated and standalone earning per share was up 157-247% YoY on record net marketing margin, product inventory gain and tax fall, despite fall in sales volume due to the lockdown hitting demand.
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HPCL's gross refining margin disappointed. Cheap crude bought in Q1 may lead to inventory gain and boost HPCL's GRM in Q2. Weakness in core GRM is a concern, but that including inventory gain is likely to be in-line with our FY21 estimates.
Auto fuel marketing margin appears to be on track to meet or exceed our FY21 estimates. HPCL outperformed peers with its throughput rising by 1% YoY (25-32% YoY fall for peers) and utilisation at 101% (74% for peers) in Q1.
HPCL is likely to outperform peers even in Q2 on utilisation.
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