Bharat Petroleum Corporation -Results above estimates :Emkay

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Bharat Petroleum Corporation

Results above estimates

ACCUMULATE

CMP: Rs 627                                       Target Price: Rs 684

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n     BPCL reported results which were above our estimates with Revenue at Rs.452bn and PAT at Rs.9.3bn

n     Crude throughput declined marginally by 1.9% to 5.58mmt, while market sales has grown by 6.3% to 7.76mmt 

n     Average gross refining margin for FY11 was at $4.47/bbl as compared to $2.97/bbl ( growth of 50% YoY)

n     Valuations look reasonable at 1.2x FY13E ABV, maintain  ACCUMULATE rating with revised TP of Rs.684