HPCL Reports Standalone EBITDA of INR93.7 Billion, Above Estimate
Motilal Oswal says HPCL reported standalone EBITDA of INR93.7 billion versus its INR17 billion estimate, citing lower-than-estimated marketing losses. Reported GRM, excluding SAED, was USD32.2 per barrel, 8% below the broker’s estimate.
Motilal Oswal's research report on HPCLHPCL reported a standalone EBITDA of INR93.7b (est. EBITDA: INR17b), due to lower-than-estimated marketing losses. Reported GRM (excluding the impact of SAED) stood 8% below our estimate at USD32.2/bbl. Blended gross marketing margin (including inventory) stoo…