Weaker refining offset by stronger marketing performance

13 May 2024
5 Min read 
  • HPCL's 4QFY24 result update shows weaker refining offset by stronger marketing performance.
  •  Refinery throughput was above estimate at 5.8mmt, but GRM was below expectations at USD6.9/bbl.
  •  Marketing volumes came in 8% above estimate at 12.3mmt, with marketing margin at INR4.8/lit.
  •  EBITDA/PAT beat expectations amid strong marketing performance.
  •  HPCL plans a capex of around INR180b in FY25, focusing on refining, marketing, and green energy initiatives.
  •  The company maintains a BUY rating, valuing it at 1.4x FY26E P/BV to arrive at TP of INR600.
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