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News: BPCL’s topline was up 12.3% QoQ to Rs 138405.8 crore in Q1FY23. Marketing sales were at 11.8 MMT, flat QoQ and crude throughput was 9.7 MMT, down 4.5% QoQ. EBITDA loss was at Rs 5901.8 crore against EBITDA of Rs 5834.5 crore in Q4FY22. The company reported net loss of Rs 6290.8 crore against PAT of Rs 2384 crore in Q4FY22.
View: The company reported results post amalgamation with its subsidiary BORL (Bharat Oman Refineries). While not comparable on like-to-like basis, overall numbers were sharply lower than estimates. GRM at US$ 27.5/bbl was broadly in line with estimates. Marketing segment earnings was lower than estimated and was further impacted by marketing inventory loss of Rs 371 crore. In the current quarter, benchmark Singapore GRMs have dipped QoQ. Stability in GRMs at higher level and passing on higher crude oil costs to retail customers will be the key for better performance.
Impact: Negative.