BPCL gains as Q3 PAT spurts 73% YoY

Net sales (excluding excise duty) declined 3.07% to Rs 1,15,494.24 crore in the December quarter from Rs 1,19,158.1 crore recorded in the corresponding quarter previous year.

Profit before tax was at Rs 4,580.08 crore in the third quarter of FY24, up 115.45% as compared with Rs 2,125.84 crore reported in Q3 FY23.

During the quarter, the refinery throughput was at 9.86 metric million tonnes (MMT), up 5.01% from 9.39 MMT posted in Q3 FY23. Market sales grew marginally to 12.92 MMT in Q3 FY24 as against 12.81 MMT registered in Q3 FY23.

Sales growth tumbled to 0.86% in Q3 FY24 as compared to 14.89% reported in Q3 FY23. Export sales surged 33.33% to 0.28 MMT in Q3 FY24 from 0.21 MMT posted in Q3 FY23.

For 9M FY24, the company reported a net profit of Rs 22,449.32 crore as against a net loss of Rs 4,607.64 crore recorded in 9M FY23. Net sales slipped 6.63% YoY to Rs 3,31,458.03 crore in 9M FY24.

The average gross refining margin (GRM) of the corporation for nine months ended 31 December 2023 is $14.72 per barrel as compared to $20.08 per barrel recorded in the same period a year ago. This is before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied with effect from 1 July 2022.

The market sales of the corporation for the nine months ended 31st December 2023 was 37.86 MMT as against 36.01 MMT for the nine months ended 31 December 2022. Increase is mainly in MS-Retail (4.78%), HSD (2.24%) and ATF (8.82%).

BPCL is the second largest Indian oil marketing company (OMC), engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted 'Maharatna' status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds 52.98% stake in BPCL as of 31 December 2023.

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