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Last Updated : Feb 17, 2020 11:55 AM IST | Source: Moneycontrol.com

BPCL sheds over 2%; brokerage views mixed post Q3 earnings

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13.8 percent at Rs 2,702.7 crore versus Rs 2,374.9 crore and EBITDA margin was flat at 3.6 percent versus 3.7 percent, QoQ.

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Bharat Petroleum Corporation (BPCL) share price was lower over 2 percent intraday on February 17 as the brokerages remained mixed post the company's third quarter earnings.

The company posted 26.2 percent fall in its Q3FY20 net profit at Rs 1,260 crore versus Rs 1,708.4 crore, while revenue was up 13.7 percent at Rs 85,368.3 crore versus Rs 75,056.6 crore, QoQ

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13.8 percent to Rs 2,702.7 crore versus Rs 2,374.9 crore and EBITDA margin was flat at 3.6 percent versus 3.7 percent, QoQ.

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Citi | Rating: Buy | Target: Rs 550 per share

Research house lowered FY20-22 earnings by 3-7 percent on weaker refining, which offset partly by stronger marketing.

The company remains top OMC pick followed by HPCL.

Macquarie | Rating: Neutral | Target: Rs 500 per share

Macquarie cut FY20 EPS estimate by 4 percent on weaker-than-forecast refining margin. However, it maintained FY21-22 EPS estimates at Rs 53-59 on improvement in refining margin.

It prefer HPCL and GAIL in oil & gas space.

FY20/21/22 EPS estimates cut to Rs 36.41/53.46/59.65 from Rs 38.06/54.87/61.64.

CLSA | Rating: Sell | Target: Raised to Rs 450 from Rs 420 per share

The numbers were a big miss in Q3 due to lower refining margin, while remain optimistic on company’s privatisation. However, the worry is that the interest from global oil companies may be limited.

Spectre of large inventory losses in Q4 is a near-term concern.

At 11:33 hrs, Bharat Petroleum Corporation was quoting at Rs 465.80, down Rs 10.60, or 2.23 percent on the BSE.

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First Published on Feb 17, 2020 11:55 am
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