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:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.