Stellar performance in Refining beats the market expectations on BPCL’s Q1 net profit”- BPCL

Mumbai: Bharat Petroleum Corporation Limited has announced its Q-1 FY-24, BPCL has shared information with NewsIP which we are Sharing with our esteemed readers.

Major highlights of the financial results are given below –

• 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)

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 30^th Jun 2023 to 1607.

Q1 FY23-24 FINANCIAL HIGHLIGHTS

                          (Rs. Cr)

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 a 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.