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HPCL-Mittal: Future bright
Nov 16: Both HPCL-Mittal Energy Ltd and HPCL-Mittal Pipelines Ltd are riding high on the current boom in refinery margins.
8The pipeline company is the monopoly supplier of crude and its offtake agreement allows for adequate debt servicing even if there is no crude offtake by the refinery.
8Then again, high GRMs are likely to ensure healthy cash accruals to the refinery.
8Higher margins are also on account of stabilised refining operations with improvement in operational indicators for the last two years along with material improvement in profitability, capital structure, and debt protection metrics of the company.
8The refinery is currently expanding its capacity from 9 MMTPA to 11.3 MMTPA.
8This is one investment that the LM Mittal group seems to be done wisely.
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