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BPCL: Higher other income boosts profits - Views on News from Equitymaster
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BPCL: Higher other income boosts profits
Jan 20, 2016

Bharat Petroleum Corporation Ltd (BPCL) has announced results for the quarter ended September 2015. The company has reported sales decline of 25.1% YoY for the quarter while net profits grew by 119% YoY. Here is our analysis of the results.

Performance summary

  • Topline declines by 25.1% YoY for the quarter.
  • Market sales (including exports) for the quarter stood at 9.11 MT, up 3.9% YoY. Increase was mainly in MS - retail and LPG, slightly offset by decline in LNG and naphtha.
  • Operating profits for the quarter grew 18.9% YoY with operating profit margin at 2.9%, versus 1.8% in 1QFY15.
  • Net profit for the quarter grew by 119% YoY with net profit margin at 2.2%, versus 0.7% in 2QFY15.
  • Crude throughput for the quarter stood at 5.96 million tonnes (MT), down 2.1% YoY.
  • The average GRMs for the half year stood at US$ 6.2 per barrel versus US$ 2.36 per barrel in 1HFY15. For the quarter, GRM stood at US$ 3.81 per barrel versus US$1.46 per barrel in the corresponding quarter last year.
  • The net under recovery for the quarter was nil (nil in the corresponding quarter last year).
  • For the quarter, the company's has accounted for Rs 4.5 bn (down 70% YoY) compensation by the Government of India.
  • For selling sensitive petroleum products, the company was offered an upstream discount of around Rs 587 m (down 98% YoY) that has been adjusted in the cost of materials.
  • Debt at the end of quarter stood at Rs 147 bn, up from Rs 118 bn (debt to equity ratio at 0.6 times).
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