BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Bharat Petroleum Corporation Ltd. reported gross refining margin, at $15.3/barrel of oil, came in lower than our estimate, while the implied marketing margin fell 51% YoY and 29% QoQ to Rs 2.9/liter.
BPCL's refining throughput (up 2% QoQ) was in line, while marketing sales volumes (up 18%) were above our estimate.
Singapore GRM has been at a record high of $22.6/bbl in May 2022 from a loss of $1.5/bbl in May 2020 (during the Covid-19 pandemic).
It stood at $2.1/$18.6 per bbl in May-21/April 2022. However, we believe oil marketing companies are staring at losses of Rs 8.8/Rs 12.9 per liter on petrol/diesel at prevailing benchmark price.
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