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Stock correction caps downside for BPCL
Business Standard|January 25, 2025
Bharat Petroleum Corporation Limited's (BPCL's) financial performance during the third quarter of financial year 2025 (Q3FY25) was largely in line with market expectations. Weaker refining performance was offset by strong marketing margins.
- DEVANGSHU DATTA

Operating profit was 6 per cent below estimate with forex and marketing inventory loss totaling ₹1,000 crore. The sharp rise in operating expenditure in Q3FY25 was due to employee indiscipline.

BPCL's reported gross refining margins (GRMs) stood at $4.4/bbl ($6.5/bbl in Q2FY25), amounting to ₹670 crore in Q3FY25.

Refining throughput (or rmt) was 9.5 metric million tonnes or mmt (3 per cent Y-o-Y). Marketing volumes, excluding exports, were at 13.4mmt (+4 per cent Y-o-Y). Marketing margin (including inventory) was at ₹7.4 per litre vs ₹5.8 per litre in Q2FY25.

Operating profit stood at ₹7,580 crore with marketing inventory loss and forex loss amounting to ₹720 crore and ₹270 crore, respectively. LPG under-recovery amounted to ₹3,110 crore. The reported net profit was in line with our estimate at ₹2,630 crore.

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