BPCL Q3 Review - All Eyes On Divestment: IDBI Capital 
The BPCL is displayed at a fuel station in Mumbai. (Photographer: Vivek Prakash/Bloomberg)

BPCL Q3 Review - All Eyes On Divestment: IDBI Capital 

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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.

IDBI Capital Report

Bharat Petroleum Corporation Ltd.’s Q3 FY21 Ebitda/profit after tax was a strong beat to our forecast led by stronger than expected product sales volume, lower than expected employee expenses and significantly higher other income.

Reported gross refining margin came at $2.5/barrel of oil owing to inventory gain of Rs 5 billion ($1.24/bbl) while core GRM stood at $1.23/bbl, in-line with our expectations.

Domestic petroleum product sales volume improved by 0.7% YoY to 11.1 million metric tonnes. However, crude throughput declined 14% to 7.24mmt, below our estimates.

Management indicated to close Numaligarh Refinery Ltd. divestment to a consortium of Oil India Ltd. and Engineers India Ltd. (the only bidder) by FY21.

Click on the attachment to read the full report:

IDBI Capital BPCL Q3FY21 Result Update.pdf

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