BPCL records loss of Rs 304 crore in Q2 FY23

Bharat Petroleum Corporation (BPCL) reported a standalone net loss of Rs 304.17 crore in Q2 FY23 as against a net profit of Rs 2,840.73 crore in Q2 FY22.

Net revenue from operations rose by 50% to Rs 1,14,807.59 crore in the second quarter from Rs 76,390.39 crore in the same period last year.

Total expenses increased by 31% YoY to Rs 1,29,265.85 crore in Q2 FY23 over Q2 FY22, due to higher raw material costs (up 60% YoY), higher purchase cost of traded goods (up 61% YoY) and higher other expenses (up 30% YoY).

The company posted a pre-tax loss of Rs 375.76 crore in Q2 FY23 as against a pre-tax profit of Rs 3,754.79 crore in Q2 FY22.

The PSU OMC wrote back taxes amounting to Rs 71.59 crore in the second quarter. Tax outgo in the same period last year was Rs 914.06 crore.

While refinery throughput fell by 2% to 8.82 MMT, market sales rose by 15% to 11.44 MMT in Q2 FY23 over Q2 FY22. Export sales in the second quarter was 0.25 MMT (down 48% YoY).

The average gross refining margin (GRM) of the corporation for half year ended 30 September 2022 is $22.30 per barrel as against $5.23 per barrel in April-Sept 2021. This is before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied w.e.f 01 July 2022.

However, the suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM, the company said in a statement.

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 as of 30 September 2022.

The scrip rose 2.65% to end at Rs 309.60 on the BSE on Monday.

Powered by Capital Market - Live News