182.55 3.20 (1.78%)
NSE Oct 23, 2020 15:31 PM
Volume: 5.4M

Nirmal Bang Institutional
We maintain Buy on HPCL with a target price (TP) of Rs343 (+60.3% to CMP), which we have arrived at based on 7x PE on our reduced FY22E EPS (based on past average). This follows our earnings revision - cutting FY21E/FY22E earnings by 54.5%/21.9% post the 4QFY20 results call with HPCL management. The standalone 4QFY20 results were a beat vs. our estimates - adjusted PAT of Rs10.3bn vs our estimate of loss at Rs27mn. The beat was due to a steep tax write back of Rs15.48bn. The reported PAT came in at Rs268mn after exceptional loss of Rs10.03bn attributed to the impact of lockdown on inventory valuation. Reported GRM came in at minus US$0.1.23bbl, including refining inventory loss of Rs25.84bn vs. NBIE estimate of minus...
Hindustan Petroleum .. has an average target of 280.25 from 8 brokers.
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