BPCL Q1 Results: Net profit comes in at Rs 10,644 crore; revenue dips 7%

BPCL Q1FY24 results: Net profit stands at Rs 10,644 crore

Bharat Petroleum Corporation Limited (BPCL) on July 26 reported consolidated net profit of Rs 10,644 crore in the first quarter of the financial year 2023-24 amid higher marketing margins.

The state-run oil refinery had posted net loss of Rs 6147.94 crore in the same period last year hit by the high prices of crude oil. The company had posted under-recoveries on the sale of both petrol and diesel in the quarter.

Sequentially, net profit of the company increased 55 percent from the Rs 6,870 crore in the preceding quarter (Q4FY23).

Revenue from operations declined by 7.3 percent to Rs 1.28 lakh crore in the quarter, as against Rs 1.38 lakh crore in the year-ago period.

The oil giant beat market expectations as a Bloomberg poll had seen company’s net profit at Rs 6,849.80 crore and revenue to be around Rs 1.12 trillion (or 1.12 lakh crore).

In Q1FY24, the market sales of the company was 12.75 MMT (million metric tonne), against 11.76 MMT in the first quarter last year. The company said market sales in the quarter was driven by 6.12 percent increase in motor spirit (MS), 5.95 percent in high speed diesel (HSD) and 14.18 percent in aviation turbine fuel (ATF).

The average gross refining margin (GRM) of the company was $12.64 per barrel in the quarter. This compares with $27.51 per barrel last year.

Segment-wise, revenue from the sale of downstream petroleum stood at Rs 1.28 lakh crore, while that from exploration and production of hydrocarbons came in at Rs 30.04 crore in the first quarter.

In the quarter under review, refinery throughput of BPCL was 10.36 MMT, higher than 9.69 MMT in the year-ago period.

Shares of BPCL on July 26 were trading 1.11 percent up at 1451 IST at Rs 390.70 per share on BSE.