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