Bharat Petroleum Corporation Ltd. share price target

BPCL aims to complete Kochi refinery upgradation by July '17, and expects full capacity utilizationin FY19. We expect upgradation to add 8-10% to FY18 EBITDA, driven by (a) improvement in Kochi refinery's GRM by USD 2/bl due to higher distillate yields and reduction in fuel oil production

ICICI Securities Ltd | Retail Equity Research Bharat Petroleum Corporation's (BPCL) Q4FY17 results were largely in line with our estimates on the reported profitability front. However, operationally it was below our estimates. The topline increased 3% QoQ to | 66023.2 crore below our estimate of | 68704.8 crore Subsequently, EBITDA at | 2212.3 crore came in below our estimates of | 2868 crore mainly on account of lower than estimated sales and throughput. GRMs were at US$6/bbl in line with our estimates...

BPCL reported an EBITDA of Rs 22.1bn in 4QFY17, led by a decline in GRM, lower sales volumes and higher employee cost. PAT came in at Rs 18.4bn. Results are not comparable, owing to inventory/forex impacts.

Revenue rose by 6.53% to Rs. 57036.48 Cr in Q4FY17 when compared to the previous quarter.

BPCL aims to complete Kochi refinery upgradation by Mar '17, and expects full capacity utilization in FY18. We estimate the upgradation to add 8-10% to FY18 EBITDA, driven by (a) improvement in Kochi refinery's GRM by USD 2/bl due to higher distillate yields and reduction in fuel oil production, a..

Revenue rose by 19.82% to Rs. 53493.16 Cr in Q3FY17 when compared to the previous quarter. Also, it rose by 15.16% when compared with Q3FY16.

ICICI Securities Ltd | Retail Equity Research BPCL reported its Q3FY17 results, which were above our estimates on topline and profitability front. Revenues increased 13.6% QoQ to | 64095.7 crore, above our estimate of | 62401.3 crore EBITDA increased 131.7% QoQ to | 3316.5 crore, above our estimate of | 3200 crore, mainly due to a better marketing performance. However, GRMs came in at US$5.9/bbl, below our estimate of US$7/bbl on account of Kochi refinery's ongoing stabilisation...

We are keeping our estimates unchanged and raising our TP to Rs736 on improved outlook at Kochi but competition from private players remain a challenge. Maintain HOLD. Result Highlights & Investment Rationale Higher sales volume and throughput boosts revenue The company's revenue increased 14.7% YoY to Rs535 bn due to higher crude throughput and sales volume. Crude throughput increased 15.7% YoY to 6.8mmt and sales volume grew 8.1% to 10.5mmt. Higher utilisation from new capacity at Kochi also led to higher throughput....

BPCL reported an EBITDA of Rs 33.2bn in 3QFY17 led by strong GRM (inventory impact is not disclosed) and product inventory gains of Rs 6.7bn. Higher other income resulted in RPAT of Rs 22.7bn. Results are not comparable due to inventory/forex impacts.