BPCL reported Q2 FY25 PAT of ₹2,397 crore, impacted by ₹2,104 crore LPG under-recoveries and ₹1,113 crore marketing inventory losses.
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LPG losses are expected to rise to ~₹3,000 crore/quarter in H2, and management has only approached the government for budget support without certainty of compensation.
high · management_commentaryManagement expects similar crack levels for the next couple of quarters, with no big jump in spreads, which could keep GRMs subdued.
medium · management_commentaryForce majeure has not been lifted yet; any further delay could defer planned CapEx and impact returns on the $2.15 billion already invested.
medium · analyst_questionRecent deallocation of gas for CNG may squeeze margins, though management believes long-term deregulation will allow pass-through.
low · analyst_question