HPCL Q2 Review - Steady Performance: IDBI Capital
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IDBI Capital Report
In Q2 FY22, Hindustan Petroleum Corporation Ltd.’s’ sales grew by 42.2% YoY and 12.9% QoQ to Rs 876 billion.
Standalone Ebitda decreased by 16.4% YoY and 5.6% QoQ to Rs 30 billion.
Net profit declined by 22.4% YoY and increased by 7.2% QoQ to Rs 19.2 billion, mainly supported by increase in other income which grew by 21% YoY to Rs 4.5 billion.
HPCL reported gross refining margins of $2.4/barrel of oil during the quarter while refinery utilisation remained at 64% in Q2 FY22.
We are revising our profit after tax estimates downwards by 6.7% and 14% for FY22 and FY23 respectively.
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