In the second quarter of the financial year 2023–24, Bharat Petroleum Corporation Limited (BPCL) displayed a strong financial performance. Despite some global market challenges, BPCL’s numbers show a promising trend.
Bharat Petroleum Corporation Limited (BPCL) is an influential company in India’s energy sector. Its financial performance in the second quarter of the financial year 2023–24 offers insights into its operational efficiency and its response to market dynamics. This article will break down the important financial and operational details from BPCL’s report for this quarter.
BPCL Revenue, Net Profit, and EBITDA
| Financial Metric | Q2 FY 23-24 | Comparison (Q2 FY 22–23) |
|---|---|---|
| Revenue (in Rs Crore) | 1,16,594 | 1,28,333 |
| Net Profit (in Rs Crore) | 8,501 | (304) (Net Loss) |
| EBITDA (in Rs Crore) | 13,679.21 | 1,991.41 |
| Refinery Throughput (in Million Tonnes) | 9.35 | 8.82 |
| Market Sales (in Million Tonnes) | 12.19 | 11.44 |
For the quarter that ended in September 2023, BPCL reported revenue of Rs 1,16,594 crore. Although this was slightly lower than the revenue of Rs 1,28,333 crore in the same quarter of last year, the company made a remarkable comeback in terms of net profit. The net profit for this quarter was Rs 8,501 crore, a significant improvement from a net loss of Rs 304 crore in the same quarter of the previous year.
Also, Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) saw a big jump, coming in at Rs 13,679.21 crore compared to Rs 1,991.41 crore in the previous year’s quarter. These figures highlight a good financial recovery, especially in net profit and EBITDA.
On the operations side, BPCL saw an increase in refinery throughput, which was 9.35 million tonnes compared to 8.82 million tonnes in the same quarter of last year. Market sales also went up to 12.19 million tonnes from 11.44 million tonnes in the previous year’s quarter. Moreover, BPCL commissioned 45 new CNG stations during this quarter, bringing the total count to 1198 CNG stations as of September 30, 2022.
Operational efficiency played a crucial role in BPCL’s strong financial showing. The increase in refinery throughput to 9.35 million tonnes and market sales to 12.19 million tonnes reflects the company’s improved operational capacity and market reach.
After the Q2 results were announced, there was a small drop of over 2% in BPCL shares. However, revenue saw a big jump of 53.7% to Rs 1.02 lakh crore, thanks to global oil prices reaching a multi-year high during this period. The Gross Refining Margins (GRMs) also looked positive at US$ 16.8 per barrel, which was much higher than the estimated US$ 5.1 per barrel.
BPCL also shared its half-yearly profit figures, which reached a record of Rs 19,052 crore. This was the highest half-yearly profit the company has ever reported. The decision by Bharat Petroleum Corporation Limited (BPCL) to commission 45 new compressed natural gas (CNG) stations in this quarter demonstrates a well-planned and futuristic approach. This decision has also increased net profit.