HPCL Q4 Review - Rising Debt Levels A Concern: Motilal Oswal
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Motilal Oswal Report
Hindustan Petroleum Corp. reported a beat on Ebitda led by better-than-estimated marketing sales volumes (up 9% estimate, at 10.1 million metric tonne), refining (at $8.1/barrel of oil) and marketing margin (at Rs 6/litre).
Marketing volumes decline for the company was at 6.6% versus ~9% for the industry in FY21, resulting in a gain in market share.
Since April 2021, there is contraction in demand for petroleum products due to localised lockdowns (with petrol/diesel consumption down 30% in May 2021 versus May 2019).
As per our calculations, gross marketing margin for petrol/diesel stands at down Rs 0.3/ up Rs 3/litre currently.
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