BPCL posts all-time high profit of Rs 17,320 crore in FY21

While revenue fell 7.7% year-on-year (y-o-y) in FY21 to Rs 3.04 lakh crore, expenses — comprising mostly crude oil purchase — fell at a sharper rate of 11.8% to Rs 2.89 lakh crore.

State-run Bharat Petroleum (BPCL) on Wednesday reported a net profit of Rs 17,319.8 crore on a consolidated basis for the fiscal ended March 31, 372.5% higher than the profit posted a year ago. This is the highest annual profit reported by the oil refining and marketing company.

BPCL has recommended a final dividend of Rs 58 per equity share, including one-time special dividend of Rs 35 per share of face value of Rs 10 each for FY21. The dividend will be paid within 30 days after shareholders approve it in the ensuing annual general meeting.

While revenue fell 7.7% year-on-year (y-o-y) in FY21 to Rs 3.04 lakh crore, expenses — comprising mostly crude oil purchase — fell at a sharper rate of 11.8% to Rs 2.89 lakh crore.

BPCL’s profit in Q4FY21 was Rs 10,641.9 crore compared with Rs 1,819.6-crore loss for the same quarter last year. Revenue from sales in the quarter increased 21.9% y-o-y to Rs 99,733.2 crore, while expenses were up annually by 14% to Rs 95,135.3 crore in the same period.

“As the number of Covid-19 cases went down in January-March 2021 quarter, we witnessed good growth in fuel sales and other petrochemical products following recovery in economy,” N Vijayagopal, BPCL’s director, finance, said.

BPCL added 2,444 new fuel stations in FY21, taking the divestment-bound oil refining and marketing company’s network strength to 18,637. It has the second-highest retailing network in India.