On BPCL’s financial highlights in 2022-23 and key achievements
BPCL recorded its highest-ever sales of 48.92 MMT in 2022-23, as against 42.51 MMT in the comparative preceding period, registering a growth of 15 per cent. With a market share of 25 per cent, we retained our position as the second-largest oil marketing company in 2022-23. Our refineries supported the marketing efforts by recording the highest-ever throughput of 38.53 MMT in 2022-23, at a capacity utilisation of 109 per cent. Our revenue from operations rose to an all-time high of Rs 5.3 lakh crore as against Rs 4.3 lakh crore in the previous year, making us the sixth-largest company across all categories in the country by turnover. In this challenging year which was marred by suppressed marketing margins on certain petroleum products, our refineries achieved their all-time high gross refining margins (GRMs) at $20.24/bbl, highest amongst the PSU oil marketers.
On how the Q4 performance impacted the company’s overall financials
The year’s financial performance was volatile with two quarters of losses, but these were put behind with a record-breaking performance in the fourth quarter, with standalone profit rising 159 per cent year on year and 231 per cent quarter on quarter to Rs 6,478 crore. For the year as a whole, the company posted a standalone net profit of Rs 1,870 crore as compared to the restated profit of Rs 11,363 crore in FY 2021-22.
On FY23 as a landmark year for BPCL in mergers & acquisitions
BPCL has a keen eye for identifying opportunities for growth through tapping of congruity and synergies. In this pursuit, the financial year 2022-23 was a landmark year in the history of BPCL, as two strategic mergers were brought to fruition. On July 1, 2022, Bharat Oman Refineries (BORL) was merged with BPCL, followed by the merger of Bharat Gas Resources (BGRL) with BPCL on August 16, 2022. These mergers have proven immensely beneficial, enabling BPCL to consolidate its refining and gas portfolios and unlocking substantial synergies. The benefits include centralized procurement for the merged entities, enhanced tax efficiencies by eliminating inter-company transactions, seamless alignment of business processes, and the pooling of talent and expertise.
On the steps taken to strengthen the supply-chain, promote clean energy and sustainable mobility solutions
To strengthen the supply chain and streamline the distribution of essential petroleum products, BPCL is investing around Rs 2,753 crore in Petroleum Oil Lubricants and Lube Oil Base Stock installations at Rasayani in Maharashtra and product pipeline from its Mumbai Refinery to Rasayani. I am happy to share that we are investing almost Rs 1,000 crore to set up two 50MW captive wind power plants in Maharashtra and Madhya Pradesh to support our refineries in Mumbai and Bina. Feasibility studies are in progress for additional energy projects in wind and solar. Significant initiatives are being taken on the sustainable mobility front. We have launched an initiative to offer electric vehicle charging stations at around 7,000 energy stations over the next five years to support and accelerategrowth of electric vehicles (EV) in the country.