Home / Companies / Company Results /  BPCL Q3 results: Net profit falls 36% YoY to 1,747 cr, revenue up 13%

Bharat Petroleum Corporation Ltd (BPCL) has returned to profitability in the December quarter. The state-run refiner on Monday reported a consolidated net profit of 1,747 crore for the quarter ending 31 December, 2022. This is 36.7% down from the year-ago period of 2,758.89 crore.

On a standalone basis, the company's net profit fell 31% year-on-year to 1959.58 crore during the third quarter.

Revenue from operations rose 13% to 1.33 trillion during the third quarter as against 1.17 trillion in the same quarter last year.

The Average Gross Refining Margin (GRM) of the Corporation for nine months ended 31 December, 2022 came in at $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 percent), HSD-Retail (28.50 percent) and MS-Retail (19.97 percent), the company said.

Other expenses for the nine months ended 31 December, 2022 includes 1,695.69 crore on account of foreign exchange loss as against 5.43 crore in April-December 2021 period.

The marketing under-recovery of oil marketing companies was hurt by retail prices that have remained static since April last year.

Stagnant retail prices, in tandem with high crude oil prices, hurts OMCs' margins as they would not be able to recover costs for importing and refining the raw material.

On Monday, ahead of the results, BPCL shares rose 0.13% to close at 337.00 apiece on the NSE.

Meghna Sen
Meghna Sen is a deputy chief content producer at Livemint where she tracks companies, markets, news. She has 5+ years of experience with online and print publications. Email: meghna.sen@htdigital.in
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