BPCL (Q4 FY14)

India Infoline News Service | Mumbai |

Bharat Petroleum Corporation Ltd (BPCL) reported 12.8% yoy rise in net sales to Rs747.2bn for Q4 FY14.

CMP Rs521, Target Rs600, Upside 15.2% 
  • Net sales for Q4 FY14 rise 12.8% yoy driven by higher volumes, higher realizations and rupee depreciation

  • Upstream companies shared under recovery burden worth Rs37.5bn in Q4 FY14 v/s Rs59.6bn in Q4 FY13

  • Throughput was higher by 1.4% yoy and 7.5% qoq at 6.05mt, qoq increase was owing to maintenance shutdowns at secondary processing units in Q3 FY14. GRM for the quarter was at US$6.6/bbl three-fold jump sequentially

  • Net profit of Rs40.6bn was reported for the quarter

  • With recent favorable policy action and cushion from exposure in quality upstream assets, BPCL remains one of our top picks in oil & gas space, we maintain our BUY recommendation with a 9-month target price of Rs600

Result table
(Rs m)
Q4 FY14
Q4 FY13
% yoy
Q3 FY14
% qoq
Net sales
747,720
663,107
12.8
647,676
15.4
Material costs
(283,002)
(232,058)
22.0
(287,222)
(1.5)
Purchases
(365,619)
(329,291)
11.0
(344,968)
6.0
Personnel costs
(7,910)
(8,560)
(7.6)
(6,059)
30.5
Other overheads
(27,612)
(27,384)
0.8
(18,586)
48.6
Operating profit
63,577
65,814
(3.4)
(9,158)
-
OPM (%)
8.5
9.9
(142) bps
(1.4)
992 bps
Depreciation
(6,189)
(5,820)
6.3
(5,592)
10.7
Interest
(2,048)
(3,172)
(35.4)
(3,045)
(32.7)
Other income
4,228
5,079
(16.8)
2,508
68.6
PBT
59,567
61,901
(3.8)
(15,288)
-
Tax
(18,884)
(13,928)
35.6
4,398
-
Effective tax rate (%)
31.7
22.5
28.8
Reported PAT
40,684
47,973
(15.2)
(10,889)
-
PAT margin (%)
5.4
7.2
(179) bps
(1.7)
712 bps
Ann. EPS (Rs)
225.1
265.4
(15.2)
(60.2)
-
Source: Company, India Infoline Research

Net sales grow by 12.8% on back of growth in product sales and realizations

Bharat Petroleum Corporation Ltd (BPCL) reported 12.8% yoy rise in net sales to Rs747.2bn for Q4 FY14. The growth was on the account of 0.8% yoy rise in domestic sales and 9.4% yoy increase in product realizations. Export volumes were lower by 30% yoy. Budgetary support to the topline was seen at Rs95bn vis-à-vis Rs87bn in corresponding quarter last year and sans the government payout the growth in topline was higher at 13.1% yoy. Total product sales for the quarter were recorded at 9.4mmt, implying a 0.7% yoy growth mainly led by 3.8% growth in domestic sales. For the full year, growth in volumes from 33.3mt to 34mt was driven by MS, LPG an

BSE 523.10 9.60 (1.87%)
NSE 523.05 9.50 (1.85%)

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