State-run oil marketing companies (OMCs) faced a challenging second quarter in 2024-25, with a combined net profit plummeting 88% to Rs 3,208 crore, down from Rs 26,586 crore the previous year. This decline was attributed to weak refining margins and lower product cracks, impacting earnings before interest, taxes, depreciation, and amortization (EBITDA) significantly. Analysts noted that Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) all reported substantial misses in their earnings due to these unfavorable market conditions.
ubs maintains buy rating on hindustan petroleum with target of inr445
UBS has maintained a Buy rating on Hindustan Petroleum, setting a target price of INR445, despite the company's Q2 FY2025 EBITDA of Rs27 billion falling short of expectations due to significant LPG under-recoveries and inventory losses. The firm reported gross refining margins of $3.1 per barrel, lagging behind the benchmark, while marketing margins for diesel and gasoline improved. Despite these challenges, HPCL's stock has shown resilience, achieving a 136.07% total return over the past year, indicating investor optimism about its long-term prospects.
BPCL and Oil India form joint venture for city gas distribution project
Bharat Petroleum Corporation (BPCL) is set to enter a joint venture with Oil India to develop a city gas distribution project in Arunachal Pradesh. The BPCL board approved the agreement during a meeting on October 25, 2024, pending necessary approvals.
Q2 2024 earnings season gains momentum with major companies reporting results
Major companies including Coal India, JSW Steel, DLF, and Interglobe Aviation are set to release their Q2 earnings reports today, joining a wave of firms that have already reported results. Notable performances include Reliance Industries with a profit decline of 4.8%, while HCL Technologies and TCS reported profit increases of 10.5% and 5.0%, respectively. ICRA's profit rose by 15.6% to Rs 36.72 crore, and Oracle Financial Services Software saw a significant profit increase of 38.4% to Rs 577.70 crore.
bpcl reports 72 percent drop in q2 net profit to rs 2297 crore
Bharat Petroleum Corporation Limited (BPCL) reported a 72% year-on-year decline in consolidated net profit for Q2 of FY 2024-25, totaling Rs 2,297 crore, down from Rs 8,243 crore in the same quarter last year. Sequentially, the net profit decreased by 19%. Revenue from operations remained relatively stable at Rs 1.18 lakh crore compared to Rs 1.17 lakh crore in the previous year.
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