BPCL Announces Quarterly Results (3QFY21); Net Profit Up 120.3%

Thu, 11 Feb

BPCL has announced its results for the quarter ended December 2020. Here is a detailed performance review of the same:

BPCL Quarterly Financials

No. of Mths Qtr. Ending		3 Dec-19*	3 Sep-20*	3 Dec-20*	QoQ Change	YoY Change
Net Sales	Rs m	853,683	659,125	865,800	31.4%	1.4%
Other income	Rs m	5,148	5,726	15,146	164.5%	194.2%
Turnover	Rs m	858,832	664,851	880,945	32.5%	2.6%
Expenses	Rs m	826,650	620,613	822,742	32.6%	-0.5%
Gross profit	Rs m	27,034	37,266	38,863	4.3%	43.8%
Depreciation	Rs m	9,731	9,888	9,936	0.5%	2.1%
Interest	Rs m	5,121	126	2,510	1885.7%	-51.0%
Profit before tax	Rs m	17,330	32,978	41,562	26.0%	139.8%
Tax	Rs m	4,724	10,500	13,786	31.3%	191.8%
Profit after tax	Rs m	12,606	22,478	27,776	23.6%	120.3%
Gross profit margin	%	3.2	5.7	4.5
Effective tax rate	%	27.3	31.8	33.2
Net profit margin	%	1.5	3.4	3.2

Year-on-Year Performance:

• The company's operating income during the quarter grew 1.4% on a year-on-year (YoY) basis. The expenses were down by 0.5% YoY during the same period.
• The company's operating profit increased by 43.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 4.5% in 3QFY21 as against 3.2% in 3QFY20.
• Depreciation charges increased by 2.1% and finance costs declined by 51.0% YoY, respectively.
• Other income increased by 194.2% YoY during the quarter.
• Net profit for the quarter increased by 120.3% YoY. Net profit margins during the quarter increased from 1.5% in 3QFY20 to 3.2% in 3QFY21.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter grew 31.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 32.6% QoQ during the same period.
• The company's operating profit increased by 4.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 4.5% in 3QFY21 as against 5.7% in 2QFY20.
• Net profit for the quarter increased by 23.6% QoQ, while net profit margins declined from 3.4% in 2QFY20 to 3.2% in 3QFY21.

To see how BPCL has performed over the last eight quarters,please visit here.

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BPCL Share Price Performance

Over the last one year, BPCL share price has moved down from Rs 480.9 to Rs 421.9, registering a Loss of Rs 59.1 or around 12.3%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 15,012.2 (up 1.5%). Over the last one year it has moved up from 14,234.8 to 15,012.2, a gain of 777 points (up 5.5%).

Overall, the S&P BSE SENSEX is up 25.8% over the year.

Current Valuations

At the current price of Rs 421.9, the price to earnings (P/E) ratio of BPCL stands at 15.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.5 times.