BPCL - Stake Sale Process To Drive Stock Performance: ICICI Direct
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ICICI Direct Report
Bharat Petroleum Corp. reported better than expected results in Q2 FY22.
The company’s marketing sales were at 9.9 million metric tonnes (up 2.9% QoQ, 10.9% YoY), largely in line with estimate.
According to our understanding, the performance of the overall marketing segment was broadly in line with estimates on account of margin improvement QoQ.
BPCL reported marketing inventory gain of Rs 227 crore. We expect marketing sales at 42.6 million metric tonne and 47.1 million metric tonne in FY22E and FY23E, respectively.
BPCL achieved crude throughput of 7.2 million metric tonne (up 4.7% QoQ) largely in line with our estimates.
The reported gross refining margins at $6/barrel of oil were higher than our estimate of $3.9/bbl on account of better product cracks.
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