BPCL Q3 Results Review - Strong Reported GRMs, Core GRMs Highest Amongst Indian Refiners: Yes Securities

Yes Securities Report

Bharat Petroleum Corporation Ltd.'s Q3 FY24 results underscore a commendable financial rebound, with a substantial YoY surge in Ebitda and adjusted profit after tax, standing at Rs 62.3 billion and Rs 34 billion, respectively.

The robust core gross refining margin at $14/barrel of oil and strengthened market share in diesel and motor spirits highlight the company's operational prowess.

Despite sequential challenges reflected in QoQ declines, BPCL's strategic reduction in debt, targeted capex of Rs 100 billion, and enhanced refining efficiency position it as a compelling investment, reflecting a positive outlook for sustained growth.

We retain our 'Buy' rating with a 12-month target price of Rs 620.

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