- 26 May 2022
- ICICIdirect Research
BPCL REPORTS Q4FY22 RESULTS
BPCL - 292 Change: 0.05 (0.02 %)News: Revenue was up 4.2% QoQ (and 25.1% YoY) to | 123550.9 crore in Q4FY22. Marketing sales were at 11.8 MMT (up ~6% QoQ and YoY) while crude throughput was 8.1 MMT (up 2.1% QoQ). Reported GRMs was at US$ 15.3/bbl. EBITDA was at | 4249.3 crore, flat QoQ. Reported PAT was at | 2130.5 crore, down 13.5% QoQ. The company declared final dividend of | 6/share leading to a total dividend of | 16/share for FY22
Views: BPCL’s results were below our estimates on profitability front. While marketing inventory gains supported overall profitability, marketing and reported GRMs were lower than estimated as per our understanding. With rise in product cracks, benchmark Singapore GRMs are trading near US$20/bbl in Q1FY23-TD. While GRMs will be healthy, marketing segment is likely to report losses during the current quarter. Stability in GRMs at higher level and passing on higher retail prices of petrol & diesel to customers (due to higher crude oil costs) will be the key for better performance
Impact: Neutral