Bharat Petroleum Corporation (2QFY15) : At fair value. Downgrade to NEUTRAL :: HDFC Sec, link

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2QFY15 highlights
 Crude throughput was 6.1 mnT (+1% YoY, +14% QoQ)
 BPCL’s avg GRM for Q2 was USD 1.5/bbl (-68% YoY, -
56% QoQ) led by global weakness and inventory
adjustments for falling crude prices.
 Domestic sales volumes were 8.0 mnT (+3% YoY).
Exports were 0.3 mnT (-31% YoY).
 Bina refinery 1HFY15 : GRM was USD 4.1/bbl. Losses
were Rs 6.5bn. Opex remained high at $ 3.6/bbl (likely
to reduce post standby boiler). Debt is Rs 135bn and
net worth is almost nil.
 NRL 1HFY15 : GRM was US$ 7.5/bbl. PAT was Rs 1.8bn.
E&P assets clarity awaited
 Mozambique : Post the formation of new government
in Oct-14, certification/FID process is likely to expedite.
Falling crude/gas prices are key risk to valuations.
 Brazil : Appraisal of assets is under progress.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3009829