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Prabhudas Lilladher Report
We tweak our FY22/23E estimates for Bharat Petroleum Corporation Ltd., as we incorporate actual FY21 numbers and factor in Numaligarh Refinery Ltd. stake sale.
In FY21 core standalone Ebitda adjusted for inventory and forex gains was at Rs 95.0 billion (down 27%YoY), due to weak marketing and refining profits.
We believe that increased crude oil supplies from Organization of the Petroleum Exporting Countries and Iran, post lifting of sanctions will likely keep crude oil prices range bound and support marketing margins in medium term.
Also, gross refining margins will recover with pickup in economic activity.
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