Bharat Petroleum Corp Ltd (BPCL) shares gave up initial gains amid volatile trade on Dalal Street on Monday. The state-run oil marketing company is scheduled to report its financial results later in the day.

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At 1:30 pm, the BPCL stock traded lower by Rs 2 or 0.6 per cent at Rs 334.8 apiece on BSE, having reversed direction after rising to as high at Rs 339.3 apiece in the green zone earlier in the day. 

What to expect in BPCL Q3 results

The OMC's net profit is estimated at Rs 1,520 crore for the quarter ended December 2022, mainly supported by softening crude oil prices, according to Zee Business research. 

For the previous three months, the company had reported a net loss of Rs 304 crore.

Also Read: BPCL Q3 Results Preview: State-run oil marketing firm to report profit in December quarter on easing crude oil prices

BPCL's revenue is estimated to decline six per cent sequentially to Rs 1,08,100 crore for the three-month period, according to the research. 

The analysts expect the company to stage improvement in its marketing margin during the quarter. 

According to Zee Business research, Bharat Petroleum's margin is estimated at 3.5 per cent, as against 1.25 per cent for the July-September period.

What Prabhudas Lilladher says on BPCL ahead of the PSU OMC's Q3 results

According to the brokerage, BPCL is likely to report operationally better results but without subsidies, losses will be higher sequentially due to a diesel marketing loss.

Also Read: BPCL to set up 1 GW renewable energy plant in Rajasthan

The brokerage has maintained a 'buy' rating on BPCL with a target price of Rs 420 apiece, implying a nearly 25 per cent upside from Friday’s closing price of Rs 337 apiece.

BPCL share price history

The BPCL stock has shed more than 15 per cent of its value in the last one year, a period in which the Nifty50 benchmark has declined 0.8 per cent.