Bharat Petroleum Corporation's (BPCL) profit is likely to be at Rs 2,003.5 crore, down 50.7 percent compared to Rs 4,068.4 crore in the year-ago period, according to a CNBC-TV18 poll. The company will announce its earnings on May 28.
Analysts feel the sequential results may see major improvement. The state-run oil marketing company had reported a profit of Rs 551.2 crore in December quarter.
Strong refining margins, nil subsidy burden and higher marketing margins may drive the bottomline in Q4. Net sales are seen falling 26.8 percent (down 5.4 percent sequentially) to Rs 54,731.1 crore during January-March quarter compared to Rs 74,736.6 crore in the same quarter last year. Operating profit may drop 46 percent year-on-year (up 201.4 percent quarter-on-quarter) to Rs 3,401 crore in the quarter gone by.
Analysts expect gross refining margin for the quarter at USD 4 a barrel against USD 1.5 a barrel in Q3FY15, led by higher Singapore GRMs, lower fuel & losses, and likely no inventory losses.
Key issues to watch out for are inventory & forex change impact, subsidy sharing and update on Mozambique/Brazil E&P blocks.
For Q4, analysts expect gross under-recoveries of Rs 8,500 crore (against Rs 16,000 crore in Q3). According to them, upstream companies' share may be at nil (against Rs 10,900 crore in Q3), government's share at Rs 4,000 crore (Rs 5,100 crore in Q3) and oil marketing companies' share at Rs 4,200 crore (against nil in Q3).
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