BPCL Q4 Results: Net profit skyrockets 168% YoY to Rs 6,870 cr; revenue rises 8%

Refining major BPCL posted 168% growth in its consolidated net profit at Rs 6,780 crore for the three months ended March. It was Rs 2,559 crore in the year-ago period.

Revenue from operations during the reporting quarter rose 8% to Rs 1.33 lakh crore as against Rs 1.23 lakh crore in the corresponding quarter of last year.

The Board has also recommended dividend of Rs 4 per equity share for the financial year ended March. The dividend would be paid within 30 days from the date of its approval at the AGM.

On a sequential basis, net profit soared multifold from Rs 1,747 crore reported in the December quarter. Revenues were flat when compared with the third quarter.

The company's total expenses jumped 4% to Rs 1.24 lakh crore in the reporting quarter, compared with Rs 1.19 lakh crore a year ago.

Segment wise, revenue from the downstream petroleum stood at Rs 1.33 lakh crore, while that from exploration and production of hydrocarbons came in at Rs 26.3 crore in the fourth quarter.

For the full year 2022-23, BPCL's net profit fell 82% to Rs 2,131 crore as against Rs 11,681 crore in FY22.

Revenue from operations in FY23 rose to Rs 5.33 lakh crore, compared with Rs 4.32 lakh crore in the previous fiscal year.

The market sales of the company for the year ended March 2023 was 48.92 MMT as compared to 42.51 MMT for FY22. The increase is mainly in ATF (65.6%), HSD-Retail (25.3%) and MS-Retail (18%).

The average gross refining margin (GRM) of the corporation is at $20.24 per barrel for FY23. This compares with $9.66 per barrel in FY22. The GRM for FY23 is considered before factoring the impact of special additional excise duty and road and infrastructure cess, levied with effecy from July 2022.

However, the suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM. On Monday, BPCL stock 0.5% lower at Rs 362.10 apiece on NSE.