BPCL's reported gross refining margin (GRM) was in line at $7.9 per barrel (bbl) in Q1FY25, which implies marketing margin stood at ₹4.8 per litre.
Standalone profit after tax or PAT at ₹3,000 crore was down versus consensus due to underrecoveries in LPG business.
The refining throughput of 10.1 million tonnes (mmt) was marginally below consensus with Russian crude at 39 per cent of mix. Sales volume (excluding exports) was 13.2 mmt in Q1FY25 (flat Q-o-Q). The benchmark Singapore GRM is marginally up in Q2FY25, which may lead to muted refining performance. Management guidance was that BPCL took a hit of ₹2,000 crore due to LPG underrecoveries in Q1FY25. BPCL is losing ₹600 crore per month on LPG but remains hopeful of financial support.
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