Bharat Petroleum Corporation Limited (BPCL) on May 9 reported a consolidated net profit of Rs 4,789.57 crore for the fourth quarter of the financial year 2023-24, a decline of 30 percent from last year.
The state-run oil retailer posted a profit of Rs 6,870.47 crore in the same period last year. The dip in profit of the company comes amid weakening margins and volatility in crude oil prices over the quarter. In mid-March, BPCL among other OMCs had slashed diesel and petrol prices by Rs 2 per litre in the country, which would also have impacted the company’s margins.
BPCL's revenue from operations declined marginally to Rs 1.32 lakh crore in the quarter ended March 31, compared Rs 1.33 lakh crore last year.
BPCL said its board has recommended issue of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every one existing equity shares of Rs 10 each fully paid up, subject to the approval of shareholders through postal ballot. “The Board has fixed Saturday, 22nd June 2024 as Record date to determine the eligibility of shareholders to receive bonus shares,” the company said in an exchange filing.
The company’s board has also recommended final dividend of Rs 21 per equity share (pre-bonus) for the year 2023-24, which translates into final dividend of Rs. 10.5 per share (post-bonus).
In Q4, earnings before interest, tax, depreciation and amortisation (EBITDA) fell to Rs 7,884.14 crore, as compared to Rs 10,526.73 last year.
BPCL’s average gross refining margin (GRM) for FY24 was $14.14 per barrel, as against $20.24 per barrel during the corresponding period last year, the company said in a press release.
On May 9, BPCL shares closed at Rs 592.30 a piece on BSE, 4.58 percent lower than the previous day’s close.
Physical performance
During the quarter, BPCL’s throughput was 10.36 million metric tonnes (MMT), compared to 10.63 MMT last year. On the marketing front, BPCL posted growth of 2.09 percent at 13.18 MMT during Jan-Mar 2024 from 12.91 MMT in the comparative period.
BPCL added 308 new fuel stations in Q4, taking their network strength to 21,840. The company commissioned 323 CNG stations in Q4 taking the total CNG stations to 2,031 as on 31st Mar 2024.
“We are planning to expand our refining capacity to 45 MMTPA and add 4,000 new fuel stations by FY2029. We are investing in future big bets including the setting up of petchem facilities in Bina and Kochi, tripling our gas footprint by FY2029, and seizing economic opportunities in the Green Businesses,” said CMD G. Krishnakumar.
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