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Business News/ Companies / Company Results/  BPCL's consolidated net loss narrows sharply to 338.5 crore in Q2
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BPCL's consolidated net loss narrows sharply to ₹338.5 crore in Q2

The Q2 net loss has narrowed sharply from a loss of ₹6,147.94 crore recorded in the June 2022 quarter.

The company reported a net profit of ₹3,149.28 crore in Q2FY22.Premium
The company reported a net profit of 3,149.28 crore in Q2FY22.

Oil marketing company, BPCL posted a consolidated net loss of 338.49 crore in the quarter ending September 30, 2022 (Q2FY23) period. The Q2 net loss has narrowed sharply from a loss of 6,147.94 crore recorded in the June 2022 quarter. The company reported a net profit of 3,149.28 crore in Q2FY22. The company's top-line front witnessed a growth on year-on-year basis, however, dipped sequentially.

Consolidated revenue from operations stood at 1,28,355.72 crore in Q2FY23 up from 1,01,938. 72 crore in the same quarter last year. Q2 revenue however was lower than 1,38,424.50 crore recorded in Q1FY23.

In terms of segment-wise performance, BPCL posted revenue in the downstream petroleum business to the tune of 1,28,317.69 crore in Q2FY23 versus 1,01,889.19 crore in Q2FY22. While revenue in exploration & production of hydrocarbons stood at 38.03 crore in Q2FY23 against 49.53 crore in Q2FY22.

On a standalone basis, BPCL registered a net loss of 304.17 crore in Q2FY23 compared to a loss of 6,263.05 crore in Q1FY23. It posted a net profit of 2,840.73 crore in Q2 of FY22. Revenue from operations was at 1,28,332.68 crore in Q2FY23 versus 1,01,889.19 crore in Q1FY23 and 1,38,389.60 crore in Q2FY22.

BPCL's market sales for the half year that ended September 30, 2022, was at 23.20 MMT as compared to 19.54 MMT in the corresponding period a year ago. The sales were driven by MS-Retail (24.70%), HSD-Retail (29.78%), and ATF (97.72%).

The company's average Gross Refining Margin (GRM) for H1FY23 stood at $22.30 per barrel compared to $ 5.23 per barrel in H1FY22. BPCL said, this is before factoring in the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied with effect from 01st July 2022. However, the suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM.

On BSE, BPCL shares closed at 309.60 apiece up by 2.65% on Monday. The shares have touched an intraday high and low of 310 apiece and 301.35 apiece respectively. Its market cap is around 67,160.06 crore.

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Published: 07 Nov 2022, 09:11 PM IST
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