Investors pin hope of govt support amid under-recoveries of BPCL, HPCL

HPCL has commissioned 126 new retail outlets, bringing the total outlets to 22,148

The market responded positively to the Q1 results of oil marketing companies (OMCs), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) despite numbers being weaker than consensus. BPCL’s reported gross refining margin (GRM) was in line at $7.9 per barrel (bbl) in Q1FY25, which implies marketing margin stood at Rs 4.8 per litre.

Standalone profit after tax or PAT at Rs 3,000 crore was down versus consensus due to under-recoveries in LPG business.

The refining throughput of 10.1 million tonnes (mmt) was marginally below consensus with Russian crude at 39 per cent of mix. Sales volume