The market reacted positively to the Q1 results of oil marketing companies (OMCs) Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL), despite the numbers being weaker than consensus. BPCL’s reported gross refining margin (GRM) was in line with $7.9 per barrel (bbl) in Q1FY25, implying that its marketing margin stood at Rs 4.8 per litre.
Profit after tax (PAT) stood at Rs 3,000 crore, which was lower than expectations, due to low revenues from the LPG sector.
Refining throughput of 10.1 million tonnes (mmt) was marginally below consensus, with Russian crude at 39 percent of the mix. Sales volume (excluding exports)