HPCL, and BPCL to make up 31% of FY24 Nifty profit growth; OMCs could hinder FY25 figures
HPCL: BPCL’s reported Gross Refining Margin (GRM) exceeded Kotak’s estimate, but its implied marketing margin fell short of expectations. On the other hand, HPCL’s Q3 results fell below Kotak’s EBITDA estimate, primarily due to a marketing margin lower than anticipated. According to Kotak Institutional Equities, BPCL, a Nifty constituent, and HPCL, a non-Nifty component with…