BPCL achieves highest-ever 9 months profit of `22,449 crore

Mumbai: Bharat Petroleum Corporation Limited (BPCL), a leading player in the oil and gas sector, has reported its highest-ever net profit of Rs 22,449.32 crore for the nine months ending December 2023. This significant achievement marks a turnaround from the corresponding nine months of FY23, when the company reported a loss of Rs 4,607.64 crore.

The net profit for the third quarter of FY24 stood at Rs 3,397.27 crore, reflecting a substantial growth compared to the profit of Rs 1,959.58 crores in the corresponding quarter of FY23.

Company’s Gross Refining Margins (GRM) for the period Apr - Dec 2023 was $14.72/bbl Vs $20.08/bbl in the corresponding comparative period before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess.

EBITDA for the nine months of FY24 reached Rs 36,887.35 crore, showcasing a robust increase from Rs 1,253.93 crore in the nine months of FY23. The EBITDA margin was at 9.84 per cent in nine months FY24, compared to 0.31 per cent in the corresponding period of FY23.

EBITDA for Q3 FY24 is Rs 6,906.37 crore Vs Rs 4,685.82 crore in Q3 FY23; EBITDA margin was at 5.31 per cent in Q3 FY24 Vs 3.51 per cent in Q3 FY23. Debt-Equity ratio at gross borrowing level as on December 31, 2023, was at 0.23x (as against 0.88x as on December 31, 2022).

The throughput for the current quarter was 9.86 MMT, showing an increase from 9.39 MMT in Q3 FY23. Market sales grew by 0.86 per cent, reaching 12.92 MMT in Q3 FY24 from 12.81 MMT in Q3 of FY2022-23. During April to December 2023, the throughput was 29.57 MMT Vs 27.90 MMT in the comparative period. The market sales for the period April to December 2023 has increased to 37.86 MMT from 36.01 MMT in the comparative period (Growth of 5.14 per cent).

The average ethanol blending percentage achieved during April to December 2023 was 11.53 per cent.

BPCL expanded its retail network by adding 501 new fuel stations, bringing the total network strength to 21,532. A total of 112 CNG stations were commissioned during April to December 23, contributing to a total of 1,711 CNG stations as of December 31, 2023.

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 crore in FY24 as compared to loss of Rs 4,607.64 crore in the corresponding nine months of FY23”.