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Securities has buy call on Bharat Petroleum Corporation with a target price of Rs 375. The current market price of Bharat Petroleum Corporation is Rs 326.7. Time period given by analyst is year when Bharat Petroleum Corporation Ltd. price can reach defined target.
Bharat Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 70359.71 Crore) operating in Gas & Petroleum sector.
Bharat Petroleum Corporation Ltd. key Products/Revenue Segments include Petroleum Products, Oil Crude, Other Operating Revenue, Subsidy for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 104681.93 Crore, up 9.14 % from last quarter Total Income of Rs 95914.55 Crore and up 35.32 % from last year same quarter Total Income of Rs 77356.64 Crore. Company reported net profit after tax of Rs 2454.43 Crore in latest quarter.
Investment Rationale
The BUY rating on Bharat Petroleum (), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins over the coming 18 months, and (3) gradual improvement in marketing margins for FY23-24 vis-à-vis FY22 levels. Q4FY22 EBITDA/APAT, at INR 42.5/21.3bn, were 46/59% below estimates, owing to higher-than-expected operating expenses on account of write-off taken for the Polyol project, higher depreciation and higher tax rates. Reported GRM stood at USD 15.3/bbl (HSIE: USD 12.7/bbl).
Promoter/FII Holdings
Promoters held 52.98 per cent stake in the company as of 31-Mar-2022, while FIIs owned 13.69 per cent, DIIs 19.85 per cent.
Bharat Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 70359.71 Crore) operating in Gas & Petroleum sector.
Bharat Petroleum Corporation Ltd. key Products/Revenue Segments include Petroleum Products, Oil Crude, Other Operating Revenue, Subsidy for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 104681.93 Crore, up 9.14 % from last quarter Total Income of Rs 95914.55 Crore and up 35.32 % from last year same quarter Total Income of Rs 77356.64 Crore. Company reported net profit after tax of Rs 2454.43 Crore in latest quarter.
Investment Rationale
The BUY rating on Bharat Petroleum (), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins over the coming 18 months, and (3) gradual improvement in marketing margins for FY23-24 vis-à-vis FY22 levels. Q4FY22 EBITDA/APAT, at INR 42.5/21.3bn, were 46/59% below estimates, owing to higher-than-expected operating expenses on account of write-off taken for the Polyol project, higher depreciation and higher tax rates. Reported GRM stood at USD 15.3/bbl (HSIE: USD 12.7/bbl).
Promoter/FII Holdings
Promoters held 52.98 per cent stake in the company as of 31-Mar-2022, while FIIs owned 13.69 per cent, DIIs 19.85 per cent.
(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
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