HPCL Q4 Review - Keep The Faith: Centrum Broking
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Centrum Broking Report
Hindustan Petroleum Corp. reported an eight-quarter high Ebitda of Rs 46.7 billion (up 41% QoQ, two times of our estimate Rs 22 billion) and an all-time high adjusted profit after tax of Rs 30 billion (up 28% QoQ, two times our estimate) versus Q4 FY20 Ebitda loss of Rs 7.1 billion and net adjusted loss of Rs 7.7 billion.
Reported gross margin of Rs 96.8 billion was boosted by ~Rs 40.5 billion of inventory gains (Rs 29.8 billion in marketing, Rs 10.7 billion or $4.6/ barrel of oil in refining).
Even core gross refining margins of $3.5/bbl were much higher than our estimate of $2/bbl while market volumes of 10.14 million tonne (up 6/down 2.5% YoY/QoQ) also came ahead of estimates of 9.8 million tonne.
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