Hindustan Petroleum Corporation’s (HPCL’s) Q1FY23 performance was the worst in memory, with an Ebitda loss of Rs 125 bn and net loss of Rs 102 bn (Q1FY22 Ebitda/PAT at Rs 32/18 bn), well below I-Sec estimates of Rs 54.6 bn operating loss and Rs 63.6 bn net loss. The weakness in Q1 was almost entirely …
