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News: BPCL and HPCL received two CGD licenses while Gail Gas received one CGD license in 11A CGD bid round
Views: Licensing of additional areas is a positive for overall gas sector in order to increase share of gas in India's energy mix and it gives potential for long term sales volume growth
Impact: Positive
Revenue increased 1.8% QoQ to Rs. 105288.5 crore in Q4FY22. Marketing sales were in line with expectations at 10.3 MMT, up 3.1% QoQ. HPCL achieved crude throughput of 4.7 MMT, up 10.6% QoQ during the quarter and was broadly in line with estimate. Reported GRMs were at US$ 12.6/bbl while core GRMs were below expectations and came in at US$ 6.4/bbl during the quarter. EBITDA came in at Rs. 2098.6 crore, up 12.2% QoQ. Other income of Rs. 1597.9 crore was higher than expected. Consequently, reported PAT was at Rs. 1795.3 crore, up 106.6% QoQ. The company declared final dividend of Rs. 14/share
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