Bharat Petroleum Surges with Record Nine-Month Profit of INR 22,449 Crores; Q3 Net Profit at INR 3,397 Crores
Mumbai, January 29, 2024: Bharat Petroleum Corporation Limited (BPCL), a stalwart in the oil and gas industry, has announced a historic nine-month net profit of INR 22,449.32 Crores, showcasing a remarkable turnaround from the previous fiscal year. This achievement marks a stark contrast to the corresponding period in FY 22-23, where the company faced a loss of INR 4,607.64 Crores.
In the third quarter of FY 23-24, BPCL reported a net profit of INR 3,397.27 Crores, a significant surge from INR 1,959.58 Crores in the same quarter of FY 22-23.
Major financial highlights include:
Gross Refining Margins (GRM) for Apr-Dec 2023 stood at $14.72/bbl.
EBITDA for nine months of FY 23-24 reached INR 36,887.35 Crores, with a margin of 9.84%.
Debt-Equity ratio improved to 0.23x as of December 31, 2023, from 0.88x a year ago.
Throughput for Q3 FY 23-24 increased to 9.86 MMT, with market sales reaching 12.92 MMT.
BPCL expanded its retail network, adding 501 new fuel stations, totaling 21,532.
Shri G. Krishnakumar, C&MD, BPCL commented upon the company’s outstanding financial and operational performance. “BPCL has delivered another quarter of resilient performance with strong operating fundamentals amidst a challenging operating environment. Our focus remains on driving competitive volume growth and achieving operational excellence, whilst stepping up investment towards our long-term strategic priorities.
We are enthused to have recorded our highest-ever nine-month profits of Rs. 22,449.32 Crores as compared to loss of Rs. 4,607.64 Crores in the corresponding nine months of FY 22-23. The improved market sales and refinery thru’put in Q3 2023-24 as compared to Q3 2022-23 has resulted in increased profits for Q3 2023-24”.
