BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Bharat Petroleum Corporation Ltd. reported Ebitda/profit after tax at Rs 39.2/Rs 20.8 billion (up 80/up 93% YoY), well above our estimate Ebitda/profit after tax Rs 17.6/Rs 4.4 billion, driven by strong marketing margins and lower other expenses of Rs 33.4 billion (down 15/down 42% YoY).
BPCL reported lowest ever gross refining margins (GRMs) at 0.4/barrel of oil U.S. dollars (down 86/down 48% YoY/QoQ), impacted by inventory loss of 1.5/bbl U.S. dollars (our estimate inventory gain of 1.4/bbl U.S. dollars) and weak product spreads, resulting in core GRMs at 1.9/bbl U.S. dollars (down 47% YoY, our estimate 1/bbl U.S. dollars).
Refining throughput at 5.1 million tonne (down 31% YoY, our estimate 5.3mt) and marketing volumes at 8.3mt (down 27% YoY, our estimate 9.3mt) came below estimates and were materially impacted due to lockdown.
However, strong marketing margins of Rs 8,112/tonne (up 59% YoY, our estimate Rs 6,118/tonne) offset the overall operational weakness.
Gross debt at Rs 405.5 billion, increased 32% YoY, however declined 15% QoQ.
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