BPCL Q3 PAT slips 19% YoY to Rs 2,462 cr

The PSU OMC's standalone net profit fell 19.47% to Rs 2,462.45 crore on 51.42% increase in net sales to Rs 101,045.25 crore in Q3 December 2021 over Q3 December 2020.

Profit before tax (PBT) declined 21.04% year-on-year to Rs 3,281.65 crore in Q3 December 2021. The company's operating margin (profit before tax, exceptional item and other income/revenue from operations) stood at 2.19% in Q3 December 2021 as against 2.87% in Q2 September 2021 and 3.54% in Q3 December 2020.

Total expenses jumped 38.82% to Rs 115937.68 crore with cost of materials consumed rising 96.61% to Rs 36966.88 crore during the period under review.

The market sales of Bharat Petroleum Corporation (BPCL) for the nine months ended 31st December 2021 was 30.69 MMT compared with 27.57 MMT achieved during nine months ended 31st December 2020. Increase is mainly in MS-Retail (16.71%), HSD-Retail (7.81%) and ATF (43.52%).

The Average Gross Refining Margin (GRM) of BPCL during nine months ended 31st December 2021 is $6.78 per barrel (April - December 2020: $2.90 per barrel).

On a consolidated basis, BPCL reported a consolidated net profit of Rs 2,805.09 crore for the December quarter, up 79.21% against a net profit of Rs 1,565.23 crore in the same quarter last year. Net sales rose 44.27% to Rs 95,326 crore during the period under review.

BPCL's board has declared 2nd interim dividend of Rs 5 per equity share for the Financial Year 2021-22. The record date is set on 11 February 2022.

BPCL is the second largest Indian oil marketing company, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds 52.98% stake in BPCL.

Shares of BPCL were down 2.85% at Rs 385.70 on the BSE.

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