BPCL Records Q1FY24 Net Profit of Rs 10,551 Cr

On July 26, Bharat Petroleum Corporation (BPCL) reported a consolidated net profit of Rs 10,644 crore in the first quarter of the financial year 2023-24, driven by increased marketing margins.

In the corresponding period last year, the oil refinery incurred a net loss of Rs 6147.94 crore due to the impact of high crude oil prices. During that quarter, the company faced under-recoveries on the sale of both petrol and diesel.

Vetsa Ramakrishna Gupta, Director (Finance) said, “BPCL has recorded standalone net profits of Rs 10,551 crores in Q1 FY 23-24 as compared to net loss of Rs 6,263 crores in Q1 FY 22-23. On a sequential basis also, the profit in Q1 FY 23-24 is higher as compared to net profit of Rs 6,478 crores in Q4 FY 22-23. On consolidated basis BPCL has recorded net profits of Rs 10,644 crores in Q1 FY 23-24 as compared to net loss of Rs 6,148 crores in Q1 FY 22-23.

However, the revenue from operations experienced a decline of 7.3 percent, amounting to Rs 1.28 lakh crore in the quarter, in contrast to Rs 1.38 lakh crore in the same period of the previous year.

Bharat Petroleum Corporation Limited (BPCL) surpassed market expectations, as per a Bloomberg poll, which had projected the net profit to be around Rs 6,849.80 crore and the revenue to be approximately Rs 1.12 trillion (or 1.12 lakh crore).

In the current quarter, the throughput is 10.36 MMT Vs 9.69 MMT in Q1 of FY 22-23. Market Sales was 12.75 MMT in Q1 FY 23-24 Vs 11.76 MMT in FY 22-23. Sales has grown by 8.42 per cent.