BPCL Q3 Results: Profit Rises 94%, But Misses Estimates
Bharat Petroleum posted a standalone profit of Rs 4,649 crore in the Dec. quarter of FY25.
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Bharat Petroleum Corp. Ltd. reported a 93.9% quarter-on-quarter jump in net profit for the third quarter of this financial year but missed analyst estimates.
The state-run oil marketing company recorded a net profit of Rs 4,649 crore for the quarter ended Dec., compared to Rs 2,397 crore in the same quarter of the previous fiscal year, according to its stock exchange notification. This was below the Rs 5,265 crore estimate by analysts tracked by Bloomberg.
Revenue increased by 10.1% on a sequential basis during the three months ended December, reaching Rs 1.13 lakh crore. Analysts had projected revenue of Rs 1.07 lakh crore.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 68% on a quarterly basis to Rs 7,580 crore during the period. The Ebitda margin expanded to 6.7% from 4.4% in the preceding quarter. Analyst estimates for Ebitda and Ebitda margin tracked by Bloomberg were Rs 8,000 crore and 7.50%, respectively.
BPCL Q3 FY25 Highlights (Standalone, QoQ)
Revenue rose 10.1% to Rs 1.13 lakh crore from Rs 1.02 lakh crore.
Ebitda surged 68% to Rs 7,580 crore from Rs 4,512 crore.
Ebitda margin improved to 6.7% from 4.4%.
Net profit jumped 93.9% to Rs 4,649 crore from Rs 2,397 crore.
Ebitda came in below street expectations due to slightly weaker gross refining margins, while the marketing segment's performance aligned with estimates. The average GRM for the quarter was $5.57 per barrel, compared to $4.41 per barrel in the previous quarter.
LPG under-recovery for the quarter was Rs 3,100 crore, bringing the fiscal 2025 total so far to Rs 7,230 crore.
Refinery throughput in the third quarter stood at 9.54 million metric tonnes, down from 10.28 MMT in the preceding quarter, due to planned maintenance-related shutdowns.
The company's debt-to-equity ratio fell to 0.24x from 0.28x in the previous quarter, reflecting a sequential decline in gross debt to Rs 19,620 crore from Rs 21,530 crore.
Shares of the company closed 0.93% lower at Rs 277.60 per share, compared to a 0.57% advance in the NSE Nifty 50. It has risen 19.9% in the last 12 months.
Eighteen out of the 34 analysts tracking the OMC have a 'buy' rating on the stock, eight recommend a 'hold,' and eight suggest a 'sell,' according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 351.09, implying an upside of 26.5%.
