News: Revenue increased 15.3% QoQ to Rs 121448.8 crore in Q1FY23. Marketing sales were at 10.5 MMT, up 1.9% QoQ while crude throughput of 4.8 MMT was up 2.6% QoQ. EBITDA loss was at Rs 12494.6 crore against EBITDA of Rs 2098.6 crore in Q4FY22. The company reported net loss of Rs 10196.9 crore against PAT of Rs 1795.3 crore in Q4FY22.
View: HPCL’s results were significantly below our estimates as both refining and marketing profitability was weaker than estimates. The company reported GRM of US$16.7/bbl during the quarter. In the current quarter (Q2FY23E-TD), product cracks have dipped QoQ. Improvement in refining profitability along with passing on higher retail prices of petrol & diesel to customers will be important for HPCL's performance in the near term
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