Q4FY22 Preview: BPCL: Revenues seen at Rs14,38,159 million, PAT at Rs31,748 million

24 May 2022 , 11:21 AM

Result date: 25^th May, 2022
Recommendation: Buy
Target price: Rs550
Source: IIFL Research

Bharat Petroleum Corporation (BPCL) could post crude throughput of 8.1 MMT for the March 2022 quarter, up 1.9% sequentially. Volume growth of marketing segment is pegged at ~4% both sequentially as well as over the year-ago quarter. Marketing margins though could remain weak amid rising crude oil prices. Losses in marketing are likely to be offset by inventory gains on oil stocks.

BPCL’s Gross refining margins (GRMs) could come in at $10/bbl, on account of increase in product cracks.

Profit After Tax (PAT) could decline 37% over the year-ago quarter.

Important management insights to watch out for:

• Growth outlook across all business segments
• Trends in GRMs, overall profitability

 

Rs Million	March 2022 estimates	YoY change
Revenue	14,38,159	46%
EBITDA	52,194	3%
Profit After Tax	31,748	(37)%

Source: Brokerage Reports