Motilal Oswal: BPCL Q1 Review - Better Marketing Margins Offset Poor GRMs

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Motilal Oswal: BPCL Q1 Review - Better Marketing Margins Offset Poor GRMs

Motilal Oswal: BPCL Q1 Review - Better Marketing Margins Offset Poor GRMs

Choose a plan