BPCL shares declines over 4%, Standalone net profit fell by 72% YoY to Rs 2,397 crore
Revenue from operations rose by a marginal 1% to Rs 1.17 lakh crore in the reporting period as against Rs 1.16 lakh crore in the corresponding period of the previous year.
BPCL shares declines over 4%, Standalone net profit fell by 72% YoY to Rs 2,397 crore
State-owned BPCL on Friday reported a standalone net profit of Rs 2,397 crore for the second quarter ended September 2024 which is a 72% fall from Rs 8501 crore reported in the previous year's quarter.
Revenue from operations rose by a marginal 1% to Rs 1.17 lakh crore in the reporting period as against Rs 1.16 lakh crore in the corresponding period of the previous year.
On a sequential basis, net profit declined 20% from Rs 3,015 crore posted in the preceding June quarter. Revenues, meanwhile, declined 8% QoQ. Total expenses during the September quarter increased 9% year-on-year (YoY) to Rs 1.15 lakh crore, compared with Rs 1.06 lakh crore in the year-ago period.
Read Also : India Shelter Finance Achieves 36% YoY AUM Growth in Q2FY25; PAT Surges 50% to Rs. 90 CrThe profit before tax (PBT) for the second quarter came in at Rs 3,194 crore, which also declined 72% YoY. The average gross refining margin (GRM) of the company was at $6.12/barrel in the first half of the current fiscal, down from $15.42/barrel in the last year quarter.
The market sales of the state-owned corporation stood at 12.39 mmt in the reporting quarter compared to 12.19 mmt in the September 2023 quarter. The refinery throughput during the second quarter increased marginally to 10.28 mmt, compared with 9.35 in the September 2023 quarter and 10.11 in the preceding June quarter.
Additionally, the company has decided not to raise capital through a rights issue due to improved internal generation of funds, and as the Ministry of Petroleum and Natural Gas has said it will not be allocating funds for capital support to oil marketing companies.
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