External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>HPCL’s reported 3QFY25 financial performance was significantly above our estimates, as weaker-than-expected marketing margin performance was overpowered by robust refining margins and marketing sale volumes.</li><li>We estimate up to a USD1/bbl refining GRM impact should the Russian crude proportion in the crude oil mix decline to zero (not our base case).</li><li>On a sequential basis, LPG prices have remained stable, and under-recoveries should start tapering off from 1QFY26 onwards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPCL’s reported 3QFY25 financial performance was significantly above our estimates, as weaker-than-expected marketing margin performance was overpowered by robust refining margins and marketing sale volumes.We estimate up to a USD1/bbl refining GRM impact should the Russian crude proportion in the crude oil mix decline to zero (not our base case).On a sequential basis, LPG prices have remained stable, and under-recoveries should start tapering off from 1QFY26 onwards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPCL - Strong Earning Momentum to Continue

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HPCL reported better than expected Q3FY25 earnings with EBITDA/PAT of Rs64.5/30.2bn, a 10%/19% beat, driven by better-than-expected GRMs and marketing volumes.</li><li>Reported GRM was USD6/bbl (vs USD5/bbl est), while core was even better at USD6.9. Blended marketing margin at Rs7.6/kg was a 5% miss but offset by 3% lower opex.</li><li>Domestic marketing volumes rose 8.5% vs 4.5% of industry, while petrol/diesel grew 9.2%/4.9%, in line with industry but better than PSUs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPCL reported better than expected Q3FY25 earnings with EBITDA/PAT of Rs64.5/30.2bn, a 10%/19% beat, driven by better-than-expected GRMs and marketing volumes.Reported GRM was USD6/bbl (vs USD5/bbl est), while core was even better at USD6.9. Blended marketing margin at Rs7.6/kg was a 5% miss but offset by 3% lower opex.Domestic marketing volumes rose 8.5% vs 4.5% of industry, while petrol/diesel grew 9.2%/4.9%, in line with industry but better than PSUs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HPCL -Better Refining Drives Profitability Beat; Outlook Steady

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>Global base oils prices face growing upward pressure versus feedstock/diesel prices following slump in crude oil prices.</li><li>Firming base oils premium points to tightening supply and rising demand, incentivizing refiners to maintain or raise output.</li><li>Recent slump in crude oil prices reflects concern about slowdown in global economic activity and subsequent drop in demand.</li></ul>

Global base oils prices face growing upward pressure versus feedstock/diesel prices following slump in crude oil prices.Firming base oils premium points to tightening supply and rising demand, incentivizing refiners to maintain or raise output.Recent slump in crude oil prices reflects concern about slowdown in global economic activity and subsequent drop in demand.

Global base oils margins outlook: Week of 7 April

<ul><li>US Group II base oils export price-discount to CFR India prices widens further through March 2025 even ahead of imposition of US tariffs and slump in crude oil prices.</li><li>US Group I brightstock export price flips to rare discount to CFR India price in recent weeks.</li><li>Ongoing weakness of US export prices points to weaker-than-usual domestic demand.</li></ul>

US Group II base oils export price-discount to CFR India prices widens further through March 2025 even ahead of imposition of US tariffs and slump in crude oil prices.US Group I brightstock export price flips to rare discount to CFR India price in recent weeks.Ongoing weakness of US export prices points to weaker-than-usual domestic demand.

Global base oils arb outlook: Week of 7 April

<ul><li>Asia’s base oils prices resume rise versus feedstock/gasoil prices.</li><li>Rising margins point to still-firm supply-demand fundamentals at start of Q2 2025.</li><li>That dynamic could change in coming weeks if economic growth slows, compounding typical seasonal dip in demand from end of second quarter.</li></ul>

Asia’s base oils prices resume rise versus feedstock/gasoil prices.Rising margins point to still-firm supply-demand fundamentals at start of Q2 2025.That dynamic could change in coming weeks if economic growth slows, compounding typical seasonal dip in demand from end of second quarter.

Asia base oils supply outlook: Week of 7 April

India

Hindustan Petroleum Corporation Limited refines crude oil and manufactures petroleum and petroleum products. The Company's products, which are sold via outlets throughout India, include lube products, lubricating oil, aviation fuel, hydraulic brake fluid, greases, liquefied petroleum gas and insecticides. The Government of India is the majority shareholder in the company.

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Hindustan Petroleum (HPCL IN)

HPCL - Strong Earning Momentum to Continue

We estimate up to a USD1/bbl refining GRM impact should the Russian crude proportion in the crude oil mix decline to zero (not our base case).

Motilal Oswal

HPCL -Better Refining Drives Profitability Beat; Outlook Steady

HPCL reported better than expected Q3FY25 earnings with EBITDA/PAT of Rs64.5/30.2bn, a 10%/19% beat, driven by better-than-expected GRMs and...

Emkay

Global base oils margins outlook: Week of 7 April

Global base oils prices face growing upward pressure versus feedstock/diesel prices following slump in crude oil prices. Firming base oils premium...

Base Oil News

Global base oils arb outlook: Week of 7 April

US Group II base oils export price-discount to CFR India prices widens further through March 2025 even ahead of imposition of US tariffs and slump...

Base Oil News

Asia base oils supply outlook: Week of 7 April

Asia’s base oils prices resume rise versus feedstock/gasoil prices. Rising margins point to still-firm supply-demand fundamentals at start of Q2...

Base Oil News

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