Bharat Petroleum Corporation Limited (BPCL), a prominent player in the public sector, has achieved its highest ever half-yearly profit of Rs 19,052 crore. In the quarter of July-September 2023, BPCL reported a standalone revenue from operations of Rs 1,16,594 crore, compared to Rs 1,28,333 crore in the same quarter of the previous year.
A remarkable turnaround for the oil giant, as it recorded a standalone net profit of Rs 8,501 crore in the second quarter of FY 23-24, witnessing a significant improvement from the loss of Rs 304 crores in Q2 FY22-23.
Let’s take a closer look at the major highlights from BPCL’s financial results. The company’s gross refining margin (GRM) for the period of April-September 2023 stood at $15.42/bbl, a decline from the corresponding comparative period due to the impact of Special Additional Excise Duty and Road & Infrastructure Cess implemented since July 1, 2022. In contrast, the GRM was $22.30/bbl before factoring in these levies.
Furthermore, BPCL’s standalone EBITDA for Q2 FY 23-24 reached Rs 13,679.21 crore, a substantial increase compared to Rs 1,991.41 crore in Q2 FY 22-23. The EBITDA margin also witnessed a significant rise, reaching 11.73 percent in Q2 FY 23-24, as opposed to 1.55 percent in Q2 FY 22-23.
Another positive development is BPCL’s improved debt-equity ratio, which stood at 0.32x as of September 30, 2023, indicating a significant improvement from the previous year’s ratio of 1.10x.
In terms of physical performance, BPCL’s throughput for the current quarter was 9.35 MMT, showing growth from 8.82 MMT in Q2 of FY 22-23. Similarly, market sales experienced an increase, reaching 12.19 MMT in Q2 FY 23-24 compared to 11.44 MMT in the same quarter of the previous year, reflecting a growth rate of 6.56 percent.
For the period of April to September 2023, the throughput reached 19.71 MMT, demonstrating growth from 18.51 MMT in the comparative period. The market sales during this time also witnessed an increase, reaching 24.94 MMT compared to 23.20 MMT in the same period, showing a growth rate of 7.50 percent.
These financial and operational results reflect BPCL’s resilience and strong performance in the oil industry. With its highest ever half-yearly profit and significant improvements across various metrics, BPCL continues to establish its position as a leading player in the market.
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