HPCL & BPCL Miss Earnings Estimates In Q1FY23 | ET Now

State-owned oil refining and marketing companies – HPCL and BPCL – missed analyst estimates largely owing to weaker than expected marketing segment performance.BPCL – Net loss of Rs 6,291 croreHPCL – Net loss of Rs 10,197 croreHPCL losses were much higher, due to a weaker than expected performance of the refining segment. Analysts were expecting, the company’s GRMs to be around $22 per barrel, while the company actually reported a GRM of $16.7.BPCL’s refining segment’s performance was in line with street expectations, however, the losses in the marketing segment were much more than expected. Also, during the quarter, the company merged Bina Refinery with itself, which cushioned the impact of the weaker marketing business.#BPCL #HPCL #ETNow