Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
BPCL reported a stellar Q1 FY24 with consolidated PAT of INR 10,644 crore, its highest ever, driven by record refinery throughput at 115% capacity utilization and strong marketing volume growth of ~8% YoY.
Read Bharat Petroleum Corporation analysis →Grasim's Q1 FY24 consolidated revenue grew 11% YoY to INR 31,065 crore, driven by subsidiaries UltraTech and Aditya Birla Capital, but standalone revenue fell 14% YoY to INR 6,238 crore due to weak realizations in VSF and chemicals.
Read Grasim analysis →BPCL reported a stellar Q1 FY24 with consolidated PAT of INR 10,644 crore, its highest ever, driven by record refinery throughput at 115% capacity utilization and strong marketing volume growth of ~8% YoY. Refinery GRM stood at $12.64/bbl, down sequentially due to weaker cracks, but Russian crude discounts provided a tailwind. Marketing margins improved as LPG under-recoveries were fully recouped. Management guided for INR 10,000 crore capex in FY24, with a larger INR 1.5 lakh crore five-year plan focused on petchem expansion at Bina (2.2 MTPA by 2028) and energy transition. A rights issue of INR 18,000 crore was approved to fund net-zero and energy security goals. Key risk: crude price volatility and potential narrowing of Russian crude discounts could pressure refining margins.
Grasim's Q1 FY24 consolidated revenue grew 11% YoY to INR 31,065 crore, driven by subsidiaries UltraTech and Aditya Birla Capital, but standalone revenue fell 14% YoY to INR 6,238 crore due to weak realizations in VSF and chemicals. Consolidated EBITDA declined 5% YoY to INR 4,981 crore, while standalone EBITDA dropped 42% YoY to INR 789 crore, impacted by high base effects and pre-operative expenses for new businesses. VSF business showed sequential recovery with EBITDA of INR 390 crore and 90% utilization, though global textile demand remains sluggish. Chemicals revenue fell 21% YoY to INR 2,146 crore amid caustic price declines. Paints business is on track for commercial launch in Q4 FY24, with 2-3 plants expected to be commissioned this year. B2B e-commerce platform Birla Pivot launched with 130+ brands. Risks include continued global demand weakness and potential margin pressure from input cost volatility.
Record quarterly throughput at 115% capacity utilization across all refineries.
Sequential decline due to weaker fuel cracks; Russian crude partially offset.
Part of plan to add 1,000 new outlets in FY24; total network expanding.
BPCL aims to convert all retail outlets into energy stations with EV charging.
Utilization was impacted by a month-long shutdown at Harihar unit due to fire.
Chlor-alkali business maintained market leadership with volume growth.
Target capacity from 3 plants to be operational by end of FY24.
Improved from 11% in FY23, reducing power costs.
Management expects to spend INR 10,000 crore in capital expenditure during FY24, with INR 1,464 crore spent in Q1.
Management guidance capexBPCL plans to add approximately 1,000 new retail outlets during FY24; 111 were added in Q1.
Management guidance expansionBPCL aims to add another 500 CNG stations at existing retail outlets by the end of FY24.
Management guidance expansionA large petrochemical complex with 2.2 MTPA capacity and refinery expansion to 11 MMTPA is planned, with commissioning by 2028.
Management guidance growthAt least 2-3 plants will be commissioned this year, with total capacity of 630 million liters.
Management guidance expansionIncludes INR 4,283 crore for paints business; peak debt expected around INR 8,000-10,000 crore gross.
Management guidance capexExpansion from 1.3M MT delayed due to monsoon; commissioning expected by Q4 FY24 or Q1 FY25.
Management guidance expansionNew capacity will be commissioned in Q2 FY24; full operational capacity expected in 12 months with 20-25% quarterly increments.
Management guidance growthManagement noted that crude prices have risen to $82-83/bbl and Russian crude discounts have narrowed sequentially, which could pressure refining margins.
high · management_commentaryManagement acknowledged that if Russian crude prices cross $60/bbl, payment issues may arise, though more banks are now willing to settle.
medium · analyst_questionThe Mozambique LNG project remains under force majeure; management expects work to restart in 1-2 quarters but cost overruns are likely.
medium · analyst_questionAnalyst questioned whether elevated capex plans (INR 1.5 lakh crore over 5 years) could impact dividend payouts; management reaffirmed 30% payout policy.
low · analyst_questionTextile exports from India have declined for 12 consecutive months, impacting VSF demand and customer profitability.
high · management_commentaryInternational caustic prices fell 46% from Oct 2022 to June 2023, with further declines expected due to oversupply from China.
high · management_commentaryCheap viscose yarn imports from China are squeezing domestic spinners' margins, potentially reducing demand for Grasim's VSF.
medium · analyst_questionMonsoon delays pushed commissioning from Q3 FY24 to Q1 FY25, which could impact volume growth.
low · analyst_questionBPCL has registered highest ever quarterly EBITDA, highest ever profit after tax, excluding the exception items, and highest ever total equity during quarter one.
We have to wait and see how the crude prices will behave. If we feel the crude prices will stabilize at this level for a longer period of time, then we can take a call.
We would be launching our two new businesses in the current financial year. The paints business would commence its commercial offering from Q4 FY 2024.
Our long term goal is to be second largest player in the Indian decorative paints market, which is growing at a healthy double-digit pace.
