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Motilal Oswal Report
Hindustan Petroleum Corporation Ltd. reported a beat on our estimates, driven by a better-than-expected performance from the marketing segment.
On the other hand, refining performance was below estimate due to a planned shutdown at the Mumbai refinery and higher fuel and loss during the quarter.
HPCL's management expects to commission the Mumbai expansion project by the end of the month (which would add two million metric tonne to the company's total throughput) and would take another two to three months to ramp up capacity to optimal levels.
The Vizag refinery expansion would be completed by end CY21 (while the bottom upgradation unit would be completed by CY22-end).
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