HPCL (Q4 FY07) - Result Update

HPCL (Q4 FY07)



CMP Rs283


Hindustan Petroleum Corporation Ltd (HPCL), reported robust numbers for Q4 FY07 and for the fiscal year ended March 2007 on back of higher bond income and strong volume growth. Higher share of upstream companies in sharing of under recoveries further provided a boost to bottomline growth. Improved GRMs provided additional strength to operational perform ance. Going ahead, the GRMs are likely to remain at current high levels on account of stringent fuel specifications and lower capacity additions compared to increase in demand for petroleum products. With expectations of the sharing pattern of under recoveries in FY07 to continue in FY08, HPCL stands to gain. However, uncertainty with respect to the above issue and also related to the pricing of auto fuels increase risk element in valuations. Hence we recommend only high risk appetite investors to hold on to the stock.


Warm Regards,
Prayesh Jain
India Infoline Ltd.


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