Buy Bharat Petroleum Corporation: target of Rs 520: Sharekhan
Sharekhan’s research report on Bharat Petroleum Corporation
Q4FY2021 operating profit/adjusted PAT at Rs. 5,058 crore/Rs. 3,924 crore, up 17.5%/28.3% q-o-q and beat of 41%/65% versus our estimates, led by higher-than-expected inventory gain of Rs. 3,578 crore, core GRM of $2.5/bbl, and other income. Reported GRM at $6.6/bbl was fueled by inventory gain of $4.2/bbl; market share gain in diesel by 26 bps y-o-y to 24.4%. Refinery throughput stood at 8.4 mmt (up 16% q-o-q) and marketing sales volume…
