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Bharat Petroleum Corporation Ltd (BPCL) has reported results for the quarter ended June 2016. The company has reported net sales decline of 9.9% YoY for the quarter while net profits grew by 11.0% YoY. Here is our analysis of the results.
Topline for the quarter declined 9.9% YoY due to lower realizations. Market sales for the quarter stood at 9.73 MMT, up 8% YoY. Crude throughput for the quarter stood at 6.2 MMT (up 2.1% YoY). The average gross refining margin (GRM) stood at US$ 6.09 per barrel, down from US$ 8.55 per barrel in the corresponding quarter of the year. However, these included inventory gains and management, the exact impact of which remains unclear. The management has not clarified much regarding marketing margins during the quarter. Net profit for the quarter grew 11% YoY. BPCL absorbed nil under recovery losses on the sale of sensitive petroleum products. However, receivables outstanding from the Government stand at Rs 18 bn. The company has issued Bonus shares in the ratio of 1:1 in July 2016.
| Rs m | 1QFY16 | 1QFY17 | Change |
|---|---|---|---|
| Net sales | 520,205 | 468,902 | -9.9% |
| Other operating income | 506 | 485 | -4.1% |
| Total income | 520,711 | 469,387 | -9.9% |
| Expenditure | 482,651 | 430,195 | -10.9% |
| Operating profit (EBDITA) | 37,554 | 38,707 | 3.1% |
| EBDITA margin (%) | 7.2% | 8.3% | |
| Other income | 3,296 | 3,649 | 10.7% |
| Interest | 1,170 | 1,111 | -5.0% |
| Depreciation | 5,401 | 4,315 | -20.1% |
| Profit before tax | 34,785 | 37,415 | 7.6% |
| Profit before tax margin (%) | 6.7% | 8.0% | |
| Tax | 11,178 | 11,210 | 0.3% |
| Effective tax rate (%) | 32.1% | 30.0% | |
| Profit after tax/(loss) | 23,607 | 26,205 | 11.0% |
| Net profit margin (%) | 4.5% | 5.6% | |
| No. of shares (m) | 723 | ||
| Diluted earnings per share (Rs)* | 106 | ||
| P/E ratio(x)* | 5.6 |
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| DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
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