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ICICI Securities Report
Hindustan Petroleum Corporation Ltd.'s Q4 FY22 standalone earnings per share was down 40.5% YoY – hit by YoY plunge in marketing earnings but offset by stronger throughput and a four-year high gross refining margin in Q4.
Marketing volumes of 10.7 million tonne were up 5.2% YoY (up 1.2% QoQ), ahead of our estimate of 10.4 million tonne.
However, implied marketing margin is among the lowest ever, driven by Rs 1.4/litre net loss for petrol and Rs 1.6/litre net loss for diesel retail sales in Q4.
HPCL's FY22 Ebitda of Rs 101.76 billion and profit after tax of Rs 63.8 billion were down 36% and 40% YoY respectively. FY23E prospects appear muted despite the assumption of double-digit gross refining margins, with negligible marketing earnings to offset this advantage.
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