HPCL - Margins Suffer, Ebitda Misses Estimate In Q3; Debt To Increase: Motilal Oswal
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Motilal Oswal Report
Hindustan Petroleum Corporation Ltd. reported lower-than-estimated refining/marketing margins, while core gross refining margin stood at down $1/barrel of oil.
GRM was lower for the company, weighed by subdued gasoil and aviation turbine fuel margins during the quarter.
The company stated that demand for petroleum products has revived to pre-Covid-19 levels and high speed diesel demand should further spike in the coming months - on the back of increased demand in the summer season in India.
The company has completed ~35% of the targeted buyback of shares till date.
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