Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<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