BPCL Q3 Review - All Eyes On Divestment: IDBI Capital 

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IDBI Capital Report

Bharat Petroleum Corporation Ltd.’s Q3 FY21 Ebitda/profit after tax was a strong beat to our forecast led by stronger than expected product sales volume, lower than expected employee expenses and significantly higher other income.

Reported gross refining margin came at $2.5/barrel of oil owing to inventory gain of Rs 5 billion ($1.24/bbl) while core GRM stood at $1.23/bbl, in-line with our expectations.

Domestic petroleum product sales volume improved by 0.7% YoY to 11.1 million metric tonnes. However, crude throughput declined 14% to 7.24mmt, below our estimates.

Management indicated to close Numaligarh Refinery Ltd. divestment to a consortium of Oil India Ltd. and Engineers India Ltd. (the only bidder) by FY21.

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