New Delhi, Nov 8 (IANS): Hindustan Petroleum Corporation Limited (HPCL) continued its upward journey and was up 8 per cent in trade on Wednesday on the back of strong results.

HPCL was up more than 6 per cent on Tuesday while Indian Oil was up more than 5 per cent.

HPCL was up 8.3 per cent at Rs 302 on BSE. BPCL was up more than 3 per cent.

Hindustan Petroleum Corporation (HPCL) reported better than expected Q2 results with EBITDA of Rs 82.2bn and PAT of Rs 51.2bn.

Refining margins and gross marketing margins(GMM) came in higher than estimates at US$13.3/bbl and Rs 5.9/ltr. Going ahead, we build in GRMs of US$6/bbl and GMM of Rs 4.5/ltr for FY25-26E, Prabhudas Lilladher said in a report.

HPCL commissioned the fully convertible hydrocracker unit at Vizag, which will help improve distillate yields. The refinery will ramp up to 13 -13.5 mmt in Q3. 72 per cent work on Rajasthan refinery has been completed and operations are expected to commence in CY24. Capex of Rs 370bn out of total cost of Rs 730bn has already been incurred. GRM of US$20/bbl can be expected post commissioning.

HPCL is the largest vendor of ethanol in the country and has achieved 12 per cent blending. CBG plant in Uttar Pradesh has been commissioned and is in the advanced stage of commissioning CBG retailing. The company has 22,000 retail outlets and 9.3 crore LPG customers, the report said.