BPCL shares tumble 2% after Q3 results disappoint. What brokerages say?

Bharat Petroleum Corporation Ltd (BPCL) saw its stock price drop 1.8% to Rs 272.55 during trading on BSE due to its 20% year-over-year profit increase in Q3 results that resulted from enhanced margins.

During the final three months of FY24 the company earned Rs 3,805.94 crore compared to its Rs 3,181.42 crore result in the same period of the previous year. The actual financial performance fell short of what analysts on the Street forecasted at 5,200 crore.

Professionals in the financial sector reviewed the third-quarter earnings reports of Hindustan Unilever Ltd, HDFC Bank Ltd, Bharat Petroleum Corporation Ltd, and Persistent Systems Ltd.

HDFC Bank receives positive feedback from analysts despite other sector companies. The market reduced bpcl shares after the company showed weak financial performance.

NDTV Profit provides stock market news by sharing analyst opinions about different companies and sectors. Here are the analyst calls to keep an eye out for on Thursday:

Brokerages On BPCL

Jefferies

• The research team maintains their Buy recommendation but reduces their price target to Rs 370 from Rs 410.
• The company fell 11 percent short of its earnings goals due to weaker-than-expected results from its refinery and fuel sales divisions.
• The future 2025 refining outlook shows improved results because refineries will shut down more than demand grows.
• Marketing profits currently run higher than typical levels yet show signs of returning to normal.
• The government's help to stop LPG losses remains doubtful as the issue persists.
• New financial year 2025 profit forecast accounts for the company's steady marketing margin performance.

Citi

• Buy recommendation stands with a target price at Rs 390.
• Third-quarter results fell short of predictions yet our positive market perspective and budget-friendly stock prices stand.
• Refining improved sequentially, though still below estimates.
• Core marketing operations stayed stable but Investec issues damaged overall performance.