Convert UTC string to local time string moment js

I’ve a utc time string lets say 05:01 I want to convert this into localtime string.
Something like this 08:33.

I’ve tried this but its giving blank output.

var str = "05:03";
var d = moment(str, 'HH:mm').format('HH:mm').local();

I want to make it work using momemt js.