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State-owned oil marketing company (OMC) BPCL on Monday reported a consolidated net profit of Rs 3,181.42 crore in the third quarter (October-December) of 2023-24 (FY24). This was an 82.1 per cent rise compared to Rs 1,747 crore in the corresponding quarter of the previous year.
Sequentially, BPCL saw net profit fall 61.4 per cent from the Rs 8,243.5 crore registered in the preceding quarter.
Consolidated revenue from operations in Q3 FY24 reduced 2.5 per cent to Rs 1.29 trillion as against 1.33 trillion reported in Q3 FY23. Meanwhile, total expenses declined to Rs 1.26 trillion crore in the latest quarter, down from Rs 1.31 lakh crore in Q3 FY24. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) halved compared to the preceding quarter, declining 52 per cent to Rs 6,225 crore from Rs 12,908 crore.
The average gross refining margin (GRM) of BPCL for FY24 came in at $14.72 per barrel as against $20.78 a barrel in the first nine months of FY23. GRM is the amount that refiners earn from turning every barrel of crude oil into refined fuel products. "However, the suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM," the company said.
Market sales of the state refiner for FY24 till December was 37.86 Million Metric Tonnes, as compared to 36 MMT in the corresponding period of FY23, registering a growth of 5 per cent, the OMC said.
"We are enthused to have recorded our highest-ever nine-month profits of Rs 22,449.32 Crore in FY24, as compared to a loss of Rs 4,607.64 Crore in the corresponding nine months of FY23. The improved market sales and refinery throughput in Q3 2023-24 as compared to Q3 2022-23 has resulted in increased profits for Q3 2023-24," BPCL Chairman and Managing Director G. Krishnakumar said.
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BPCL has expanded its retail network by adding 501 new fuel stations, bringing the total network strength to 21,532, the company said. Till December, 112 new CNG stations were commissioned in FY24, taking the total to 1,711 CNG stations.
On Monday, BPCL shares closed at Rs 493 apiece on the BSE, up 3.9 per cent.
