Bharat Petroleum clocks ₹8,243 crore net profit in Q2
The Hindu
BPCL reports unprecedented ₹8,243.55 cr. Q2 net profit, up from ₹338.49 cr. loss in year-earlier period. Half-yearly standalone net profit of ₹19,052 cr. achieved, GRM at $15.42/barrel. 21,331 fuel outlets & 6,245 LPG distributors in retail network.
Bharat Petroleum Corporation Ltd. (BPCL) reported consolidated net profit of ₹8,243.55 crore for the September quarter, a swing away from the ₹338.49 crore net loss of the year-earlier period.
A decline though on a sequential basis as the State-owned refiner had clocked ₹10,644.30 crore for the June quarter, the net profit came on lower revenue from operations to ₹1,16,657.34 crore (₹1,28,355.72 crore).
Expenditure, including towards crude oil, at ₹1,06,295.31 crore (₹1,29,438.65 crore) was lower, while throughput increased to 9.35 million tonne (8.82 MT) during the quarter. Market sales stood at 12.19 MT (11.44 MT).
The half yearly standalone net profit of ₹19,052 crore is unprecedented in the annals of BPCL’s history. “This achievement will spur us to scale greater heights for advancing progress.,” chairman and MD G. Krishnakumar said. In the year-earlier period, the company had reported ₹6,567.22 crore loss.
Consolidated net profit for the April-September was ₹18,887.85 crore as against ₹6,486.43 loss in the corresponding period of previous fiscal.
The company said gross refining margins (GRM) for April-September 2023 period exhibited resilience at $15.42/barrel, before factoring the impact of Special Additional Excise Duty and Road and Infrastructure Cess levied since July 2022. The BPCL retail network comprises 21,331 fuel outlets and 6,245 LPG distributors.