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IDBI Capital Report
Hindustan Petroleum Corporation Ltd.'s Q2 FY21 result was largely in line with our forecast while it was a beat to consensus estimates.
Higher inventory gains and gross refining margin were partially offset by lower volumes.
Reported GRM came at $5.1/barrel of oil owing to inventory gain of Rs 5.2 billion ($2.4/bbl) while core GRM stood at $2.8/bbl, beat our estimate.
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