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Motilal Oswal Report
Bharat Petroleum Corporation Ltd.'s reported gross refining margin at $9.7/barrel of oil came higher than our estimates while implied marketing margin at Rs 4.1/litre came below our estimates.
Refining throughput (up 11% QoQ) and marketing sales volumes (up 13% QoQ) were in line with our estimates, led by demand recovery in the aftermath of the second Covid-19 wave.
Technical de-bottlenecking is underway at BPCL's Propylene derivatives petrochemical project plant in Kochi, and the management expects the three units to contribute starting Q4 FY22.
BPCL has decided to discontinue its plans for the Polyols plant due to escalating costs and unattractive internal rate of return.
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