BENGALURU (Reuters) – India’s Bharat Petroleum Corp (BPCL) reported a plunge in first-quarter profit on Friday, weighed down by lower marketing margins and higher raw material costs.
The state-owned firm’s standalone net profit fell 71% to 30.15 billion rupees (around $360 million) for the three months ended June 30.
The country’s third-largest oil refiner by capacity said average gross refining margin fell to $7.86 per barrel from $12.64 per barrel a year earlier.
KEY CONTEXT
Higher crude oil prices are a cause of concern for the world’s third-largest importer of the commodity, India’s oil secretary Pankaj Jain said in April.
A rise in crude oil prices led to a 17% rise in BPCL’s costs, leading to a 9% jump in expenses to 1.25 trillion rupees.
PEER COMPARISON
Valuation (next 12 Estimates (next 12 Analysts’ sentiment
months) months)
RIC PE EV/EBITDA Revenue Profit Mean No. of Stock to Div
growth growth rating* analyst price yield
s target** (%)
Bharat Petroleum 9.51 7.19 2.05 -36.30 Hold 21 0.99 3.61
Corporation
Hindustan Petroleum 7.56 6.93 -1.37 -27.94 Hold 16 1.04 7.41
Corp
Indian Oil 9.82 6.67 1.31 -40.38 Hold 20 1.07 7.08
Corporation
Reliance Industries 25.09 12.68 9.61 15.52 Buy 31 0.98 0.28
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
— All data from LSEG
— $1 = 83.6450 Indian rupees
(Reporting by Manvi Pant in Bengaluru; Editing by Sherry Jacob-Phillips and Sohini Goswami)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.