External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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Thematic (Sector/Industry)

<div><div><div><ul><li>Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF <span style="font-size: var(--content-font-size);">and INR 13/ltr (USD 27/bbl) on exports of diesel.</span></li></ul></div></div><div><div><div><div><ul><li>Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced <span style="font-size: var(--content-font-size);">crude oil. </span></li><li><span style="font-size: var(--content-font-size);">However, no cess will be imposed on the quantity of crude that is </span><span style="font-size: var(--content-font-size);">produced in excess of FY22 production.</span></li></ul></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF and INR 13/ltr (USD 27/bbl) on exports of diesel.Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced crude oil. However, no cess will be imposed on the quantity of crude that is produced in excess of FY22 production.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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Equity Bottom-Up

<div><ul><li>Refining crack spread over crude: HSD crack stood at US$22/bbl in 4QFY22 vs US$12.61/bbl in 3QFY22.</li></ul><div><ul><li>Retail prices/margins: The management expects retail price revision to take place if the current geopolitical situation turns out to be a prolonged one.</li></ul><div><ul><li>BPCL envisages to become net zero by 2040 - <span style="font-size: var(--content-font-size);">Bina refinery plans to produce 1GW of green hydrogen in 5 years - will require capex of Rs5,000mn; long-term target of 10GW by 2040.</span></li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Refining crack spread over crude: HSD crack stood at US$22/bbl in 4QFY22 vs US$12.61/bbl in 3QFY22.Retail prices/margins: The management expects retail price revision to take place if the current geopolitical situation turns out to be a prolonged one.BPCL envisages to become net zero by 2040 - Bina refinery plans to produce 1GW of green hydrogen in 5 years - will require capex of Rs5,000mn; long-term target of 10GW by 2040.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharat Petroleum Corporation - BPCL Management Meeting

<div><div><div><ul><li>Bharat Petroleum Corporation: Our BUY rating on Bharat Petroleum (BPCL), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products,</li></ul><div><div><ul><li>NHPC: NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.</li></ul><div><div><div><ul><li>AshokaBuildcon: Ashoka Buildcon (ASBL) reported revenue/ EBITDA/APATof INR 15.6/1.6/1.8bn, an EBITDA miss on our estimate.</li></ul></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Bharat Petroleum Corporation: Our BUY rating on Bharat Petroleum (BPCL), with a target price of INR 375, is premised on (1) recovery in domestic demand for petroleum products,NHPC: NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.AshokaBuildcon: Ashoka Buildcon (ASBL) reported revenue/ EBITDA/APATof INR 15.6/1.6/1.8bn, an EBITDA miss on our estimate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily - Bharat Petroleum Corporation, NHPC, Ashoka Buildcon, Kolte Patil Developers

<div><div><div><div><ul><li>Drivers of miss: BPCL’s 4QFY22 standalone revenue was below NBIE estimate by 16.5% at Rs1,087.74bn and was a miss vs street estimate of 13.6%.</li></ul><div><div><div><div><ul><li>Marginal miss on EBITDA: Reported GRM stood at US$15.26bbl vs est. of US$12.73bbl (including inventory gain).</li></ul><div><div><div><div><ul><li>Miss on PAT due to miss on other income and prior period tax impact: There was a miss of 32.3% in other income, and higher expense due to due to prior period tax provision~ Rs1.43bn.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Drivers of miss: BPCL’s 4QFY22 standalone revenue was below NBIE estimate by 16.5% at Rs1,087.74bn and was a miss vs street estimate of 13.6%.Marginal miss on EBITDA: Reported GRM stood at US$15.26bbl vs est. of US$12.73bbl (including inventory gain).Miss on PAT due to miss on other income and prior period tax impact: There was a miss of 32.3% in other income, and higher expense due to due to prior period tax provision~ Rs1.43bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharat Petroleum Corporation - Miss on PAT Due to Miss on Other Income and High

<ul><li>GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.</li><li>The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.</li><li>This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

India

Bharat Petroleum Corporation Limited explores for and refines crude oil. The Company manufactures petroleum, petroleum products, lubricants, liquefied petroleum gas, aromatics like benzene and toluene, and other related products. Bharat has retail outlets throughout the country.

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Bharat Petroleum Corp (BPCL IN)

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

Reliance Industries (RIL), ONGC and Oil India (OIL) stocks declined 7-15% on 1st Jul-22 as investors took a dim view of the new levies applied on...

HDFC Securities

Bharat Petroleum Corporation - BPCL Management Meeting

Initial plans include Rs50bn investment to set up 1GW of green hydrogen capacity using electrolysis at its Bina refinery site (erstwhile BORL)

Nirmal Bang

HSIE Results Daily - Bharat Petroleum Corporation, NHPC, Ashoka Buildcon, Kolte Patil Developers

NHPC’s revenue increased 12.2% YoY to INR15.1bn in Q4FY22, led by 9.3% YoY rise in generation. PAF for Q4FY22 was 76.7%, vs 74.33% YoY.

HDFC Securities

Bharat Petroleum Corporation - Miss on PAT Due to Miss on Other Income and High

BPCL reported standalone PAT at Rs24.62bn, which missed NBIE/street estimates by 18.5%/27.3% - the miss on our estimate was due to the miss on...

Nirmal Bang

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil & Gas pack even as the rest of the sector companies are trapped...

Nirmal Bang

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