PL First Cut - BPCL Q3FY24: GRM comes in above estimates at US$13.3/bbl

PL First Cut – Swarnendu Bhushan – Co-Head of Research, Prabhudas Lilladher Pvt Ltd

BPCL Q3FY24 First Cut: GRM comes in above estimates at US$13.3/bbl

(CMP: Rs493 | MCap: Rs1,067bn | Rating – Sell)

# BPCL reported better than expected results with EBITDA/PAT of Rs62.3bn (-52%QoQ; PLe:Rs59.9 bn) and Rs34bn (-60%QQ; PLe: Rs29.5bn).

# Refining throughput at 9.9 mmt was up 5% QoQ (PLe: 9.5mmt) and marketing sales grew 6% QoQ to 12.9mmt (PLe:12.9 mmt)

#GRMs as per our calculations came in at US$13.3/bbl, above PLe of US$10.2/bbl.

# Marketing GM as per our calculations came in at Rs3.5/litre (PLe: Rs3.6/litre).

The stock is currently trading at 1.5/1.3x FY25/26 PBV