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Bharat Petroleum Corporation Limited — Q2 FY24
BPCL reported a stellar Q2 FY24 with PAT of ₹8,501 crore, driven by robust refining margins (GRM of $18.49/bbl) and strong marketing performance.
bullish
high
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BPCL reported a stellar Q2 FY24 with PAT of ₹8,501 crore, driven by robust refining margins (GRM of $18.49/bbl) and strong marketing performance. The Bina refinery operated at 105% capacity despite a planned shutdown, benefiting from high Russian crude processing and favorable diesel cracks. Marketing volumes grew 6.5% YoY, with market share gains in MS and HSD. The company outlined a ₹1,50,000 crore five-year capex plan, including a ₹49,000 crore petrochemical complex at Bina and significant investments in renewables and CGD. Net debt is nearly zero, with a debt-equity ratio of 0.032. However, management refrained from providing near-term guidance, citing volatile crude prices and geopolitical uncertainties. Key risks include potential moderation in refining cracks and delays in Mozambique LNG project.
बीपीसीएल ने सितंबर 2024 तिमाही में 8,501 करोड़ रुपये का शुद्ध लाभ कमाया। यह मुनाफा तेल शोधन (रिफाइनिंग) से अच्छी कमाई और पेट्रोल-डीजल की बिक्री बढ़ने से हुआ। बीना रिफाइनरी ने 105% क्षमता से काम किया, जिसमें सस्ते रूसी कच्चे तेल का इस्तेमाल किया गया। पेट्रोल और डीजल की बिक्री पिछले साल से 6.5% बढ़ी। कंपनी ने अगले 5 साल में 1.5 लाख करोड़ रुपये निवेश की योजना बनाई है, जिसमें बीना में पेट्रोकेमिकल प्लांट और नवीकरणीय ऊर्जा शामिल है। कंपनी पर कर्ज लगभग नहीं है। हालांकि, कच्चे तेल की कीमतों में उतार-चढ़ाव और भू-राजनीतिक अनिश्चितता के कारण कंपनी ने भविष्य का कोई अनुमान नहीं दिया।
Promises0 met · 3 missedRisks4 trackedTranscriptfull text
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Moderation in refining cracks
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GRM (Gross Refining Margin)
$18.49/bbl
+$5.85/bbl QoQ
Q2 GRM of $18.49/bbl vs $12.64/bbl in Q1, driven by higher cracks and Russian crude processing.
Refinery Throughput
9.35 MMT
105% of nameplate capacity
Throughput maintained at 105% despite Bina refinery shutdown in July.
Market Share Gain (MS)
0.36%
+0.36pp among PSUs
BPCL gained 0.36% market share in MS among PSUs during Q2.
Market Share Gain (HSD)
1.82%
+1.82pp among PSUs
BPCL gained 1.82% market share in HSD among PSUs during Q2.
What Changed vs Last Quarter
NEW
Five-year capex plan of ₹1,50,000 crore
BPCL outlined a ₹1,50,000 crore capex plan over five years, including ₹49,000 crore for Bina petrochemical complex and ₹26,000 crore for CGD.
UPDATED
Capex target of ₹10,000 crore for FY24
BPCL aims to spend ₹10,000 crore in capex for FY24, with ₹5,191 crore already achieved in H1.
UPDATED
Add 1,000 new retail outlets in FY24
BPCL plans to add 1,000 new retail outlets during FY24, with 300 added in H1.
UPDATED
Add 500 CNG facilities by FY24 end
BPCL aims to add 500 CNG facilities at existing retail outlets by the end of FY24.
DROPPED
Petchem complex at Bina by 2028
A large petrochemical complex with 2.2 MTPA capacity and refinery expansion to 11 MMTPA is planned, with commissioning by 2028.
NEW RISK
Moderation in refining cracks
Management noted gasoline cracks have moderated in Q3, and diesel cracks may weaken post-winter, potentially impacting GRM.
NEW RISK
PDPP profitability still negative
The PDPP plant at Kochi contributed only $0.55/bbl to GRM, insufficient to cover operating expenses, indicating ongoing losses.
RISK GONE
Payment issues for Russian crude above price cap
Management acknowledged that if Russian crude prices cross $60/bbl, payment issues may arise, though more banks are now willing to settle.
RISK GONE
Dividend payout sustainability amid large capex
Analyst questioned whether elevated capex plans (INR 1.5 lakh crore over 5 years) could impact dividend payouts; management reaffirmed 30% payout policy.
Fast read
Guidance and risk preview
BPCL aims to spend ₹10,000 crore in capex for FY24, with ₹5,191 crore already achieved in H1.
Management noted gasoline cracks have moderated in Q3, and diesel cracks may weaken post-winter, potentially impacting GRM.
View Risks →