HPCL Posts Healthy Q3 Performance, Marketing Profitability Support Earnings: Prabhudas Lilladher  
An employee counts Indian rupee banknotes as he and his colleague wait for customers at a Hindustan Petroleum Corp. gas station in New Delhi, India (Photographer Prashanth Vishwanathan/Bloomberg)

HPCL Posts Healthy Q3 Performance, Marketing Profitability Support Earnings: Prabhudas Lilladher  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Prabhudas Lilladher Report

We increase our FY21E earnings estimates by 30% to incorporate nine months FY21 inventory gains of Rs 37.4 billion and higher other income; FY22-23E estimates changed by down 4/9% to factor in higher depreciation and increased marketing volumes.

During Q3 FY21, core standalone Ebitda adjusted for inventory and forex gains was at Rs 16.8 billion (17%YoY) due to higher marketing earnings.

Uncertain global demand and high inventory levels will likely keep crude oil prices range bound, which will support marketing margins in medium term.

Click on the attachment to read the full report:

Prabhudas Lilladher HPCL Q3FY21 Result Update.pdf

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