Bharat Petroleum Corporation (BPCL) reported a more-than 73% increase year-on-year in standalone net profit for the third quarter to ₹3,397.27 crore even as revenue from operations of the State-owned refiner and marketer declined marginally to ₹1,29,975.60 crore from ₹1,33,331.46 crore.
The company attributed the higher profit to improved market sales and refinery throughput. While the throughput was 9.86 million tonne (mt) (9.39 mt), market sales increased 0.86% to 12.92 MT (12.81 MT).
“BPCL has delivered another quarter of resilient performance with strong operating fundamentals amidst a challenging operating environment. Our focus remains on driving competitive volume growth and achieving operational excellence, whilst stepping up investment towards our long-term strategic priorities,” CMD G. Krishnakumar said.
On a consolidated basis, the net profit rose 82% to ₹3,181.42 crore (₹1,747.01 crore) while revenue from operations at ₹1,29,984.84 crore (₹1,33,347.51 crore) was more than 2% lower.
Gross refining margins (GRM) for April – December was $14.72/barrel ($20.08/barrel) before factoring the impact of special additional excise duty and road and infrastructure cess. BPCL said the standalone profit of ₹22,449.32 crore for the nine-months ended December was the highest ever. The profit surged even as revenue from operations declined more than 6% to ₹3,74,826.50 crore (₹4,00,053.74 crore). In the year-earlier period, BPCL had reported a standalone loss of ₹4,607.64 crore.
Published - January 29, 2024 09:47 pm IST
