BPCL's Q3 profit soars 73% despite slippery sales

MUMBAI – Bharat Petroleum Corporation Ltd (BPCL) on Monday reported a 73.4% year-on-year (YoY) rise in net profit for the quarter ended December 2023 at Rs 3,397.30 crore. The profit for the quarter was higher than an ETNow poll estimate of Rs 3,271 crore.

Revenue from operations, net of excise duty, declined 3% YoY to Rs 1.15 lakh crore, but the figure was higher than the estimated Rs 1.05 lakh crore.

Sequentially, the bottomline plunged 60%, while the topline rose by more than 12%.

Total expenses for the quarter dropped to Rs 1.26 lakh crore from Rs 1,32 lakh crore a year ago, but was higher than Rs 1.06 lakh crore a quarter ago. Input cost was Rs 56,211 crore compared to Rs 56,017 crore a year ago.

Other income for the quarter stood at Rs 680 crore, compared to Rs 452 crore a year ago and Rs 771 crore a quarter ago.

The refinery throughput in the quarter was 9.86 million tonnes, compared to 9.39 million tonnes a year ago, and 9.35 million tonnes a quarter ago. Market sales rose marginally to 12.92 million tonnes from 12.81 million tonnes a year ago, and 12.19 million tonnes a quarter ago.

The average gross refining margin (GRM) for the nine months ended December was $14.72 a barrel, compared to $20.08 a barrel a year ago.

The net tax outgo for the quarter was sharply higher at Rs 1,183 crore, compared to Rs 166 crore a year ago, but lower than Rs 2,811 crore a quarter ago.

For the nine months ended December, the PSU oil refiner reported a net profit of Rs 22,449 crore, against a loss of Rs 4,608 crore a year ago, Net revenue from operations fell by nearly 7% to Rs 3.31 lakh crore.

Post earnings, shares of BPCL traded 4% higher on the National Stock Exchange at Rs 494.

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William Murphy

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