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Motilal Oswal Report
Bharat Petroleum Corporation Ltd. posted an Ebitda beat in Q1 FY21 on better-than-expected marketing margins (Rs 8.9/litre), counterpoised with marginally weaker gross refining margins (GRM)s (core at 1.9/barrel of oil U.S dollar).
The company has reiterated that marketing margins and GRM trends over the longer term would stand at normalized levels.
For the quarter, total sales volumes stood at approximately 38% of pre-Covid-19 sales in April 2020, approximately 68% in May 2020, approximately 85% in June 2020.
Aviation Turbine Fuel average sales were mere approximately 24% of pre-Covid sales, while liquefied petroleum gas sales were up 11% YoY in Q1 FY21.
While refining throughput was in line with estimate, marketing volumes came in 8% lower than est. as BPCL has strong presence in urban areas. Therefore, impact of Covid-19 was higher on the company’s volumes.
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