Motilal Oswal: BPCL’s Better Marketing Margin, Higher Inventory, Forex Gains Drive Q2 Beat
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Motilal Oswal Report
Bharat Petroleum Corporation Ltd. posted an Ebitda beat on better-than-expected implied marketing margins (Rs 6.6/litre) and reported gross refining margin (5.75/ barrel of oil U.S. dollar).
Marketing margins have partially counterpoised weaker refining margins and inventory losses since the deregulation of petrol and diesel.
The company has reiterated that both marketing margins and GRM would normalize over the longer term.
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