BPCL hits 52-week high on 82% surge in Q3 net profit; analysts offer mixed views

Analysts at JPMorgan shared an ‘overweight’ call on BPCL, with a target price of Rs 600 per share, saying that the reported refining margins beat model

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Shares of Bharat Petroleum Corporation Limited (BPCL) surged nearly 4 percent to hit a 52-week high of Rs 511.8 per share on January 30 after the company’s consolidated net profit jumped 82 percent year-on-year (YoY) in the October-December quarter (Q3FY24).

The BPCL stock has gained 13 percent in the past one month, as against 0.7 percent decline in the benchmark Sensex.

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Analysts at JPMorgan shared an ‘overweight’ call on BPCL, with a target price of Rs 600 per share, saying that the reported refining margins beat model. “The company typically trades at a higher price-to-earnings (PE) ratio, compared to peers. But that has currently eroded, and we expect that it would bounce back once the Mozambique project restarts,” the brokerage said.

BPCL’s total income declined 2 percent on-year to Rs 1.3 lakh crore in Q3FY24, while softer crude prices helped the company clock 82 percent on-year rise in net profit. The company’s sales were 12.92 million metric tonnes (MMT) in Q3FY24, as against 12.81 MMT last year.

Analysts at Jefferies shared an ‘underperform’ rating for BPCL, with a target price of Rs 415 per share, saying that the potential equity infusion by the government at a discount to current market price could be a near-term overhang.

Also read: BPCL hopes to restart stuck Mozambique project in a couple of quarters

In the quarter ended December, foreign institutional investors (FIIs) increased their stake on BPCL to 14.2 percent from 13.01 percent in the previous quarter. Institutional investors, too, upped their stake on BPCL to 37.28 percent in Q3FY24, as against 36.48 percent in the previous quarter.

However, mutual funds trimmed their stake to 9.9 percent in the December quarter from 10.01 percent in the previous quarter.

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