BPCL Q1 FY24: reports net profit of Rs 10,551 Cr

BPCL Consolidated net profit for Q1 FY 23-24 was Rs. 10,644 Crores as compared to the loss of Rs. 6148 Crores in Q1 FY 22-23 and Rs 6870 crores profit in Q4 22-23

BPCL Q1 FY24: reports net profit of Rs 10,551 Cr

New Delhi: The standalone net profit for the first quarter of FY 23-24 was Rs. 10,551 Crores as compared to the loss of Rs. 6,263 Crores in Q1 FY22-23 and Rs 6478 crores profit in Q4 FY 22-23

Consolidated net profit for Q1 FY 23-24 was Rs. 10,644 Crores as compared to the loss of Rs. 6148 Crores in Q1 FY 22-23 and Rs 6870 crores profit in Q4 22-23

BPCL Major highlights of the financial results: 

BPCL standalone has reported Revenue from Operations of Rs 1,28,257 Crores for the quarter April- June 2023 Vs Rs.1,38,390 Crores in the corresponding comparative quarter.

Company’s gross refining margins (GRM) for the quarter Apr - June 2023 was $12.64/bbl Vs $27.51/bbl in the corresponding comparative quarter.

EBITDA margin was positive for Q1 FY 23-24 and is Rs. 16,302 Crores Vs negative EBITDA margin of Rs.5,423 Crores in Q1 FY 22-23. EBITDA margin was at positive 13% in Q1 FY 23-24 Vs negative 4% in Q1 FY 22-23.

Debt-Equity ratio as on June 30, 2023 was at 0.45x (as against 0.71x in Q1 FY23)

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BPCL Physical Performance

  • In the current quarter, the throughput is 10.36 MMT Vs 9.69 MMT in Q1 of FY 22-23. Market Sales was 12.75 MMT in Q1 FY 23-24 Vs 11.76 MMT in FY 22-23. Sales has grown by 8.42%.
  • We have achieved our highest ever Average Ethanol Blending percentage of 11.93% during Q1 FY 23-24.
  • BPCL added 111 New Fuel Stations in Q1 FY23-24, taking their network strength to 21142.
  • The Company Owned Company Operated Outlets network increased to 333 with three additions during the quarter.
  • Further, BPCL expanded FINO services to 13482 Fuel Stations
  • BPCL added 10 new distributors, taking LPG distributor network strength to 6245 and the customer base increased to 9.20 Crore
  • 9 CNG Stations commissioned in Q1 FY23-24 taking the total CNG stations as on 30th Jun 2023 to 1607.

Commenting on Q1 FY 23-24 performance, Shri Vetsa Ramakrishna Gupta, Director (Finance) said, “We are delighted to announce that BPCL has recorded standalone net profits of Rs 10,551 crores in Q1 FY 23-24 as compared to net loss of Rs 6,263 crores in Q1 FY 22-23. On a sequential basis also, the profit in Q1 FY 23-24 is higher as compared to net profit of Rs 6,478 crores in Q4 FY 22-23. On consolidated basis BPCL has recorded net profits of Rs 10,644 crores in Q1 FY 23-24 as compared to net loss of Rs 6,148 crores in Q1 FY 22-23

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The excellent financial results are mainly attributable to stellar performance in Refining and Marketing businesses supported by a favourable crude oil price regime”

About Bharat Petroleum Corporation Ltd. (BPCL):

Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina Refinery have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 21,000 Energy Stations, over 6,200 LPG distributorships, 525 Lubes distributorships, 123 POL storage locations, 53 LPG Bottling Plants, 70 Aviation Service Stations, 4 Lube blending plants and 4 cross-country pipelines.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.

With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions.  Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be the most admired global energy company leveraging talent, innovation & technology.

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