IDBI Capital
BPCL's Q3FY19 results were a beat to our estimates on all front on the back of better sales volume, forex gains and more than expected core GRM. While revenue was up 30.6% YoY to Rs791bn, EBITDA/PAT both declined by 76.9% YoY to Rs7.3bn/Rs4.9bn respectively mainly due to huge inventory losses. Crude throughput/sales volume grew marginally by 3%/2% YoY to 7.5mmt/11.5mmt. Reported GRM stood at US$2.8/bbl while core GRM came at US$6.0/bbl in Q3FY19 vs US$4.9/bbl in Q3FY18. We are raising our SOTP based target price to Rs395 from Rs348 earlier on the back of strong...
Number of Mutual Funds holding stock fell by 45 to 133 in Dec 2018 qtr.
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