HPCL stock rises even after Q3 profit dives; Motilal Oswal sees 31% upside

Brokerage houses say HPCL, along with other OMCs, is all well placed to benefit from improving marketing situation and healthy refining profitability

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Hindustan Petroleum Corporation (HPCL) stock price edged higher in the morning trade on February 10, a day after the firm reported a 67.16 percent year-on-year drop in consolidated net profit at Rs 444.26 crore in the December quarter of FY23.

The revenue from the sale of products came in at Rs 1,15,829.87 crore, up 12.30 percent from Rs 1,03,143.24 crore in the year-ago period, the company said in an exchange filing on February 9.

Average Gross Refining Margin (GRM) for the period April-December 2022 was $11.40 a barrel (April-December 2021: $4.50 per barrel). This is before factoring in the impact of special additional excise duty and road & infrastructure cess levied on the export of select petroleum products that kicked on July 1.

During the period, due to the suppressed marketing margins on certain petroleum products, the profitability was impacted, HPCL said. The operating margin of the company was down to 0.48 percent from 0.63 percent a year ago.