Subdued refining margin drags 2Q performance

Company
28 Oct 2024
5 Min read 
  • HPCL's 2QFY25 financial performance was below expectations due to weaker refining margin.
  •  Refining throughput was 8% above estimate at 6.3mmt, marketing volumes at 11.6mmt.
  •  HPCL missed EBITDA/PAT estimates in 2QFY25 by 41%/73% due to lower refining margin.
  •  The company expects refining throughput to improve post-commissioning of expanded capacity.
  •  HPCL aims to list its renewable energy entity within two years.
  •  Reiterate BUY rating on the stock, valuing it by the SoTP method.
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