BPCL Q4 results, Consolidated net profit falls 30% to Rs 4,789 crore

State-owned oil marketing company (OMC) BPCL reported a consolidated net profit of Rs 4,789.57 crore in the fourth quarter (January-March) of FY24. Net profit fell 30.28 percent compared to Rs 6,870.47 crore in the corresponding quarter of the previous year.

Consecutively, the oil PSU witnessed a net profit rise of 50.5 percent from the Rs 3,181.42 crore registered in the preceding quarter.

The consolidated annual net profit surged by 1,160 percent to a record high of Rs 26,858.84 crore in FY24, up from Rs 2,131.05 crore in FY23.

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Consolidated revenue from operations in Q4 FY24 slip marginally by 1 per cent to Rs 1.32 trillion, compared to Rs 1.33 trillion reported in the preceding quarter. Meanwhile, total expenses also plunged 0.42 per cent to Rs 1.25 trillion in the latest quarter.

The average gross refining margin (GRM) of BPCL for FY24 stood at $14.14 per barrel, compared to $20.24 in FY23. GRM is the amount that refiners earn from converting every barrel of crude oil into refined fuel products. Meanwhile, market sales for the state refiner in FY24 totaled 51.04 million metric tonnes, compared to 48.92 MMT in the corresponding period of FY23, registering a growth of 5 percent, the OMC said.

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"These achievements provide a strong foundation for BPCL's ambitious strategy ‘Project Aspire,’ which, at a planned capital outlay of Rs 1.7 lakh crore over five years, will fuel our next wave of growth to create long-term value for our shareholders," BPCL chairman and managing director G Krishnakumar said.

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