BPCL shares gain after Q4 net profit doubles. Should you buy?

Bharat Petroleum Corporation (BPCL) recorded a standalone net profit of INR 6,478 crore in Q4FY23. The figure more than doubled from the year-ago period on the back of growth in fuel marketing margins and refining margins. BPCL reported a net profit of INR 2,501 crore in Q4FY22. The company’s Q4FY23 earnings beat estimates led by refining, with higher domestic sales. BofA maintained an ‘Underperform’ stance on the stock, while Nuvama has a ‘Buy’ recommendation, and HDFC Securities retained an ‘Add’ rating with a target price of INR 390.

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