BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Bharat Petroleum Corporation Ltd.’s Q1 FY22 recurring earnings per share is down 29% YoY as hit from YoY plunge in net marketing margin exceeded gains from YoY rise in reported gross refining margin and product inventory gain.
Q1 consolidated recurring EPS is down 27% YoY (it is not really comparable as Numaligarh Refinery Ltd. boosted Q1 FY21 EPS, but BPCL divested its stake in March 2021).
Auto fuel net marketing margin is on track to be in line with our FY22E estimate of Rs 2.5/litre or higher.
BPCL’s core gross refining margin remains weak and diesel cracks recovery is key to GRM rising to our FY22E estimate of $3.5/barrel of oil.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR