Sunday, October 31, 2021

BPCL Q2 PAT up 41.45% at Rs3,201cr | Stock Outlook


Bharat Petroleum Q2 PAT up 41.45% at Rs3,201cr on higher gross refining margins (GRM) at $5.11/bbl in H1

Bharat Petroleum reported 54.71% growth in total revenues for the Sep-21 quarter on consolidated basis at Rs76,440cr

Bharat Petroleum reported 54.71% growth in total revenues for the Sep-21 quarter on consolidated basis at Rs76,440cr. The revenues were higher by 7.74% on a sequential basis compared to Rs70,947cr revenues in the Jun-21 quarter. In H1 BPCL sold 19.54 MMT compared to 16.47 MMT in H      1 last fiscal.

In Q2, Refinery throughput stood at 8.97 MMT versus 7.12 MMT last year while sales were 9.91 MMT against 9.01 MMT last year. Export sales stood at 0.48 MMT in Q2 compared to 0.29 MMT in the previous year.

The consolidated Profit after tax (PAT) for the Sep-21 quarter was up 41.45% at Rs3,201cr largely on the back of a sharp spike in the gross refining margins supported by higher crude prices. Singapore benchmark GRMs have also gone up sharply.

BPCL debt equity stands lower at 1.04X, with interest service coverage ratio at a healthy 11.52X. PAT was also higher 11.42% sequentially. Net margins at 4.19% was lower than 4.58% on a yoy basis in Sep-20 quarter and higher than NPM of 4.05% in Jun-21 quarter.

Stock Outlook

Avoid stock for short to mid term. Stock can remain sideways with negative nature.

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