BPCL Achieves Highest Half-Yearly Profit and Reports Strong Financial Results
Mumbai, October 28, 2023 – State-owned company BPCL announced its highest ever half-yearly profit of Rs 19,052 crore, along with impressive financial results for the second quarter of FY 23-24.
In the quarter ending September 2023, BPCL recorded standalone revenue from operations of Rs 1,16,594 crore compared to Rs 1,28,333 crore in the same period last year. The standalone net profit for the second quarter of FY 23-24 was Rs 8,501 crore, marking a significant turnaround from the loss of Rs 304 crores in Q2 FY22-23.
Key highlights of the financial results include the company’s gross refining margin (GRM) for the period April to September 2023, which stood at $15.42/bbl. This is a decrease from $22.30/bbl in the corresponding period last year, primarily due to the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied since July 2022.
Furthermore, BPCL’s standalone EBITDA for Q2 FY 23-24 reached Rs 13,679.21 crore, a substantial increase from Rs 1,991.41 crore in Q2 FY 22-23. The EBITDA margin also improved to 11.73 percent, compared to 1.55 percent in the previous year’s second quarter. Moreover, the debt-equity ratio as of September 30, 2023, was recorded at 0.32x, significantly lower than 1.10x as of September 30, 2022.
In terms of physical performance, BPCL witnessed a throughput of 9.35 MMT in the current quarter, compared to 8.82 MMT in Q2 FY 22-23. Market sales also showed positive growth, reaching 12.19 MMT in Q2 FY 23-24, compared to 11.44 MMT in the same period last year. Overall, sales increased by 6.56 percent during this quarter.
For the period of April to September 2023, the throughput stood at 19.71 MMT, an improvement from 18.51 MMT in the same period last year. Market sales for this timeframe increased to 24.94 MMT from 23.20 MMT, reflecting a growth of 7.50 percent.
The remarkable financial performance and increased sales volume demonstrate BPCL’s strong position in the market. With a focus on efficiency and profitability, the public sector giant is leading the way in the oil industry. Analysts and investors eagerly await BPCL’s future progress as it continues to thrive in a competitive market.
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