BackBPCL consolidated net profit falls 36% YoY to Rs1,747 crore in Q3
On a standalone basis, the company’s net profit fell 31% year-on-year to ₹1,959.58 crore during the third quarter
PremiumNEW DELHI : Government-owned oil marketing company Bharat Petroleum Corporation Ltd (BPCL) on Monday reported a consolidated net profit of ₹1747.01 crore for the December quarter of the financial year 2022-23, down 36.67% from ₹2,758.89 crore a year ago.
On a standalone basis, the company’s net profit fell 31% year-on-year to ₹1959.58 crore during the third quarter.
“BPCL has reported revenue from operations of ₹1,33,331.46 crore for the quarter October-December 2022 Vs Rs.1,17,462.93 crore in the corresponding comparative quarter," the company said.
The revenue from operations for the nine months period April-December 2022 was Rs. 4,00,053.74 crore Vs Rs. 3,09,040.48 crore for the corresponding period of previous year, it added.
The Average Gross Refining Margin (GRM) of the Corporation for nine months ended 31 December 2022 was $20.08 per barrel as against $6.98 per barrel during the April to December 2021 period.
The market sales, meanwhile, for the nine months ended 31 December, 2022 was 36.01 million metric tonnes (MMT) as compared to 30.69 MMT for the nine months ended 31 December 2021. Increase is mainly due to ATF (71.77%), HSD-Retail (28.50%) and MS-Retail (19.97%), the company said.
Other expenses for the nine months ended 31 December, 2022 includes Rs. 1,695.69 crore on account of foreign exchange loss as against Rs. 5.43 crore in April-December 2021 period.
“BPCL has performed well in marketing of petroleum products registering high growth in market sales. Market sales has increased by 14.9% in Q3 FY 23 and 17.3% in the nine months ended Dec 22. BPCL reported Revenue from Operations of ₹1,33,331.46 crore for the quarter October-December 2022 Vs Rs.1,17,462.93 crore in the corresponding comparative quarter," Vetsa Ramakrishna Gupta, Director (Finance) with additional charge of C&MD and Director (HR) said.
“Further, the company recorded high gross refining margins during Q3 FY 23 supported by robust international cracks of petroleum products as compared to Q3 FY 22. This, along with good marketing performance has resulted in profit after tax of ₹1,959.58 crore for Q3 FY 23," he added.
On Monday, BPCL stock closed 0.13% higher at ₹337 apiece on the NSE.
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