1QFY21 results of HPCL - Angel Broking

Mr. Jyoti Roy, DVP - Equity Strategist, Angel Broking Ltd.

"HPCL reported a 38.4% YoY degrowth in consolidated gross revenue to ₹45,946 crore for Q1FY21, due to fall in total sales of products (including exports) by 24.5% YoY to 7.62 million metric tons. Consolidated EBIDTA for the quarter stood at ₹4,361 crore up by 163.3% YoY. Consolidated net profit for the quarter came in above street estimates at ₹2,253 crore as compared to profit of ₹878 crore in the corresponding quarter previous year. Company reported GRM of USD 0.04 per bbl for the quarter as compared to USD 0.75 per bbl in Q1FY20. Sales were adversely impacted in the month of April and May due to the lockdowns though they have improved substantially by June. While the revenue for the quarter came in below street expectations EBIDTA and profits were above expectations driven by inventory gains and better than expected performance by the marketing division. We believe that there will be a durable improvement in demand only in the second half of FY21 while GRM's will remain subdued in the near future."

Shares of HINDUSTAN PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.213.55 as compared to the previous close of Rs. 216.2. The total number of shares traded during the day was 952998 in over 11666 trades.

The stock hit an intraday high of Rs. 224.9 and intraday low of 212.45. The net turnover during the day was Rs. 205385622.

Source : Equity Bulls

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