IDBI Capital: BPCL’s Higher Inventory Gains Lifted Q2 Results
BPCL signage is displayed at a gas station in Mumbai. (Photographer: Vivek Prakash/Bloomberg)

IDBI Capital: BPCL’s Higher Inventory Gains Lifted Q2 Results

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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 Petroelum Corporation Ltd.’s Q2 FY21 result was a beat to our forecast led by better than expected refinery margins owing to higher inventory gains and significant dip in finance cost.

Reported gross refining margin came at $5.8/barrel owing to inventory gain of Rs 13 billion ($4.3/bbl) while core GRM stood at $1.5/bbl, beat to our estimate.

Petroleum product sales volume declined 15% YoY to 9.2 million metric tonne while crude throughput declined 27% to 5.6 million metric tonne, below our estimates.

Click on the attachment to read the full report:

IDBI Capital BPCL Q2FY21 Result Update.pdf

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