BPCL Q1 Results: net profit fell by 28.6% to Rs 3,015 crore
State-owned Bharat Petroleum Corporation Ltd. announces the first quarterly financial results where profit fell by 28.6%.
The state-run oil refiner's net profit stood at Rs 3,015 crore in the April-June period, a decline from Rs 4,224 crore in the preceding quarter, according to its exchange filing on Friday.
The cause of the decline in the bottom line is estimated as a fall in the operating income or the earnings before interest, tax, depreciation, and amortization for the downstream segment.
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The company's Revenue is down by 2.6% to Rs 1.13 lakh crore. Ebitda is down by 39% to Rs 5,650 crore and net profit is down by 28.6% to Rs 3,015 crore.
Revenue from the downstream segment was down 3% sequentially at Rs 1.28 lakh crore. Refinery throughput during the quarter stood at 10.11 million metric tonnes, marking a 2.4% increase on both a sequential and annual basis. Meanwhile, Market sales remained flat at 13.16 MMT sequentially but were up 3.2% year-on-year.
The company average gross refining margin for the quarter ended June 2024 stood at $7.86 per barrel, a 37.8% quarter-on-quarter drop from $12.64 per barrel in the previous quarter.
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