Bharat Petroleum Corporation Limited (BPCL) has on July 19 reported a standalone net profit of Rs 3,015 crore for first quarter of the financial year 2024-25, falling 71 percent from the year-ago period. Its net profit was Rs 10,551 crore in the year-ago period.
The decline in profit comes amid weak gross refining margins (GRMs) and higher crude oil prices due to geopolitical tensions. Sequentially, net profit declined around 29 percent as the company clocked in profit of Rs 4,224 crore in the fourth quarter of FY24.
Revenue from operations was nearly flat of the state-run oil marketing company at Rs 1.28 lakh crore in Q1FY25.
According to a Moneycontrol poll of seven brokerages, BPCL's consolidated net profit for the June quarter was expected at Rs 4,283 crore, down 60 percent sequentially and up 1.4 percent year-on-year. Consolidated revenue was projected at Rs 1.2 lakh crore, up 6.6 percent QoQ and 3.3 percent YoY. EBITDA was likely to be Rs 7,551 crore, down 52 percent QoQ and 18 percent YoY.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 62 percent from the last year at Rs 6,155 crore.
BPCL’s average gross refining margin (GRM) for Q1 was $7.86 per barrel as against $12.64 per barrel last year.
Its throughput was 10.11 million metric tonne (MMT), compared to 10.36 MMT last year.
On the marketing front, BPCL achieved quarterly sales volume of 13.16 MMT during the June quarter, up from 12.75 MMT last year. The increase in sales was mainly driven by petrol with a growth of 6.38 percent, while sales of LPG and aviation turbine fuel (ATF) increase by 4.45 percent and 14.53 percent, respectively.
At 3:11 pm, the OMC's shares were trading 4.5 percent lower at Rs 304 apiece.
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