Q3FY24 Preview: Bharat Petroleum Corporation: Revenue seen at ₹945,137 Million, PAT at ₹41,366 Million

28 Jan 2024 , 07:35 AM

Result date: January 29, 2024

Recommendation: Buy

Target price: ₹550

Bharat Petroleum Corporation (BPCL) could witness a subdued performance for the December quarter, believe analysts at IIFL Capital Services. Overall, though oil marketing companies could witness a strong quarter, profits will decline sequentially (38%-54%) on a higher base.

The pressure arising from sequential decline in Gross Refining Margins could be partly offset by recovery in marketing margins.

The company’s Profit After Tax or PAT could fall 51% on a sequential basis.

Important management insights to watch out for:

• Debt refinancing
• Capex progress

₹ Million	December 2023 estimates	YoY change	QoQ change
EBITDA	71,976	70%	(44)%
Profit After Tax	41,366	111%	(51)%

Source: IIFL Research