Bharat Petroleum Corporation Limited (BPCL) reported average gross refining margin (GRM) of $14.14 per barrel in the financial year 2023-24, as compared to $20.24 per barrel, the company said on May 9.
Amid muted demand and elevated crude oil prices, Singapore GRMs have been below $4 per barrel in April—lowest since October 31—compared to around $10 per barrel in February, highest so far in 2024.
Similar to BPCL, other oil marketing companies have also reported a decline in GRMs. India’s largest refiner Indian Oil Corporation Limited (IOCL) reported GRM of $8.39 per barrel in the fourth quarter as against $10 per barrel in the previous quarter.
Meanwhile, HPCL earned an average GRM of $6.95 a barrel against $14.01 in the year-ago period. The average GRM of the company during FY24 was $9.08 against $12.09.
On May 9, BPCL 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 company’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.
In the fourth 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 for market sales at 13.18 MMT during Jan-Mar 2024 from 12.91 MMT in the comparative period.
The company’s board 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).
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