BPCL Q4 Results Review- Higher Than Expected Earnings: ICICI Direct
BPCL Q4 Results Review- Higher Than Expected Earnings: ICICI Direct
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ICICI Direct Report
BPCL reported higher-than-expected earnings in Q4FY23. Revenue was up 8% YoY, flat QoQ to 1,33,413.8 crore in line with I-direct estimate of Rs 1,30,263 crore. GRM was above our estimates at $20.58/bbl (I-direct estimate: $10/bbl). EBITDA came in at Rs 11,153.7 crore, up 86.3% YoY, 163% QoQ (on a weak base), above I-direct estimate of 7,772.4 crore. There was an exceptional expense of 1,359.96 crore for impairment of investment in its subsidiary Bharat PetroResources. PAT was at 6,477.7 crore vs. I-direct estimate of 5,489 crore.
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