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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.
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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