BPCL Q3 Results: Reports Net Profit of Rs.1960 on Standalone Basis

• BPCL has reported Revenue from Operations of Rs 1,33,331.46 Crores for the quarter Oct-December 2022 Vs Rs.1,17,462.93 Crs in the corresponding comparative quarter. The Revenue from Operations for the nine months period April-December 2022 was Rs. 4,00,053.74 Crores Vs Rs. 3,09,040.48 Crores for the corresponding period of Previous year.
• The net profit for the third quarter of FY 22-23 was Rs. 1,959.58 Crores as compared to the restated  profit of Rs. 2,828.45  Crores in the corresponding quarter of FY21-22.

Mumbai: Bharat Petroleum, one of the premier integrated energy companies in India, has posted a net loss of Rs. 4,607.64 Crores for the period Apr to December 2022, as compared to the restated profit of Rs. 8,862.27 Crores in the corresponding period of FY21-22

Major highlights of the financial results are given below (standalone) –

Pursuant to MCA order, Bina refinery (erstwhile Bharat Oman Refineries Limited) was amalgamated with BPCL and the financial performance of Bina refinery has been included in BPCL w.e.f 1st July 2021.  Pursuant to MCA order, Bharat Gas Resources Limited was amalgamated with BPCL and the financial performance of Bharat Gas Resources Limited has been included in BPCL w.e.f 1st April 2021. In view of above mergers, the accounts have been restated for respective periods.

Company’s gross refining margins (GRM) for the period Apr to Dec 22 was $20.08/bbl

Net profit for the third quarter stood at Rs. 1,959.58 crores

EBITDA for Q3 FY 22-23 is positive of Rs.4,685.82 Crores Vs Rs.5,760.66 Crores in Q3 FY 21-22; EBITDA margin was at 3.51% in Q3 FY 22-23 Vs 4.90% in Q3 FY 21-22.

Debt-Equity ratio as on December 31, 2022 was at 0.88x (as against 0.64x as at 31st December 2021)

Physical Performance (standalone)

 In Q3 FY23, throughput was 9.39 MMT Vs 9.94 MMT in Q3 FY22. Market Sales was 12.81 MMT in Q3 FY23 Vs 11.15 MMT in Q3 FY22. Sales has grown by 14.89%. During Apr to Dec 22, throughput was 27.90 MMT Vs 25.75 MMT in Apr to Dec 21. The market sales for the period Apr to Dec 22 has increased to 36.01 MMT from 30.69MMT in Apr to Dec 21 (Growth of 17.33%)

We have achieved Average Ethanol Blending percentage of 10.17% during Apr to Dec 22.

 BPCL added 298 New Fuel Stations in Q3FY23 (686 in Apr to Dec 22), taking their network strength to 20729

The Company Owned Company Operated Outlets network increased to 325 with 3 additions in Q3 FY23 (4 additions during Apr to Dec 22)

 Further, BPCL expanded FINO financial services to 13187 Fuel Stations as on 31st Dec 2022

BPCL added 7 new distributors in Q3 FY23 (24 in Apr to Dec 22), taking LPG distributor network strength to 6235 as on 31st Dec 22 and the customer base increased to 9.16 Crores as on 31st Dec 22

62 CNG Stations commissioned in Q3FY23 (128 in Apr to Dec 22) taking the total CNG stations as on 31st Dec 2022 to 1260.

 

Q3FY23 FINANCIAL HIGHLIGHTS

                                                                                                                                (Rs. Crs)

	Consolidated			Standalone
	Q3FY23	Q3FY22	% Change	Q3FY23	Q3FY22	% Change
Revenue from Operations	1,33,348	1,17,498	13.49%	1,33,331	1,17,463	13.51%
EBITDA	4,628	5,790		4,686	5,761
Net Profit	1,747	2,759		1,960	2,828

 

Apr to Dec 22 FINANCIAL HIGHLIGHTS

                                                                                                                         (Rs. Crs)

	Consolidated			Standalone
	9M FY23	9M FY22	% Change	9M FY23	9MFY22	% Change
Revenue from Operations	4,00,128	3,09,151	29.43%	4,00,054	3,09,040	29.45%
EBITDA	1,506	17,303		1,254	16,726
Net Profit	(4,739)	9,122		(4,608)	8,862

 

Commenting on Q3FY23 performance, Shri Vetsa Ramakrishna Gupta, Director (Finance) with additional charge of C&MD and Director (HR) said,

BPCL has performed well in marketing of petroleum products registering high growth in market sales. Market sales has increased by 14.9% in Q3 FY 23 and 17.3% in the nine months ended Dec 22.  BPCL reported Revenue from Operations of Rs 1,33,331.46 Crores for the quarter Oct-PDecember 2022 Vs Rs.1,17,462.93 Crs in the corresponding comparative quarter.

Further, the Company recorded high gross refining margins during Q3 FY 23 supported by robust international cracks of petroleum products as compared to Q3 FY 22. This, along with good marketing performance has resulted in profit after tax of Rs 1,959.58 crores for Q3 FY 23

About Bharat Petroleum Corporation Ltd. (BPCL):

A fortune Global 500 Company, Bharat Petroleum is the second largest Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 38 MMTPA. Its distribution network comprises over 20,000 Energy Stations, over 6,100 LPG distributorships, 733 Lubes distributorships, 123 POL storage locations, 53 LPG Bottling Plants, 60 Aviation Service Stations, 3 Lube blending plants and 4 cross-country pipelines.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.

With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a roadmap to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions.  Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be one of the most admired global energy company leveraging talent, innovation & technology.

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