Here is the street expectation for the companies:
BPCL Consensus estimates for Q3FY19E:
- Revenue – Rs73,255cr, up 20.8% yoy supported by higher realizations and throughput
- EBITDA – Rs915cr, down by 71% yoy
- PAT – Rs427cr, down by 80% yoy
- Revenue: Rs13,089cr (up 14% yoy, 2% qoq). Volume growth in Q3FY19 was mixed; M&HCVs declined 22% yoy (down 30% qoq), PV growth was subdued at 9% yoy (down 5% qoq), while tractor growth resumed to 12% yoy (16% qoq) after a 4% yoy slump in Q2FY19. The recent launches (Marazzo and Alturas G4) are yet to result in a significant boost to M&M's volumes.
- EBITDA: Rs1,918cr (up 13% yoy, 4% qoq). The company continues to face higher commodity costs, price discounting (in CV and PV portfolios) to push sales, and demand weakness. However, a steady show in tractors (which commands better margins) may keep its EBITDA margin unchanged.
- EBITDA margin: 14.7% (contraction of 8bps yoy, expansion of 19bps qoq). We expect weakness in automotive segment margins due to weak volumes, year-end discounting, and launch related expenses of Marazzo and Alturas G4.
- PAT: Rs1,056cr (up 15% yoy, down 36% qoq).
- Revenue – Rs41,382cr, up 23.7% yoy
- EBITDA – Rs7,300cr, up 28.1% yoy
- EBITDA Margin – 17.6%, an expansion of 61bps yoy
- Adjusted PAT – Rs2,482cr