After losses, BPCL made record-breaking earnings, profit increased so much in September quarter
The process of reporting quarterly results by companies continues. Today Bharat Petroleum Corporation Limited has announced its quarterly results ending September. The company said that along with their income, their marketing margin has also increased this quarter. The company has made record earnings this quarter. Yesterday, the shares of the company had closed at Rs per share.
Bharat Petroleum Corporation Limited (BPCL) has announced the results for the second quarter of the current financial year. The company said that its marketing margins and earnings have increased this quarter. Consolidated net profit for July-September stood at Rs 8,243.55 crore, compared to a loss of Rs 338.49 crore in the same period a year ago, the company said in a statement.
The company's margins have increased with the help of increased marketing margins. Along with this, despite the fall in the prices of crude oil, the ban on the revision of prices of petrol and diesel has also helped in increasing the profit of the company and the loss of the company has also been compensated.
After-tax income from downstream oil refining and marketing business stood at Rs 11,283.29 crore in the second quarter of the current financial year, compared to a loss of Rs 123.17 crore in the same period last year.
Last year, despite the rise in global oil prices following Russia's invasion of Ukraine, the country's state oil companies BPCL, Indian Oil Corporation (IOC), and Hindustan Petroleum Corporation Limited (HPCL) reduced the prices of petrol and diesel. This was intended to protect consumers from price volatility. Due to this, three companies had to face losses in the first half of the financial year 2022-23.
The company suffered a loss of Rs 6,486.43 crore in the April-September 2022 quarter of the last financial year. However, this year it has registered a record earning of Rs 18,887.85 crore in April-September 2023.
The company's revenue fell to Rs 1.16 lakh crore in July-September from Rs 1.28 lakh crore last year due to low oil prices.
BPCL said it earned US$15.42 on converting each barrel of crude oil into fuel in April-September 2023, compared with a gross refining margin of US$22.30 in the same period last year.
Standalone EBITDA in Q2FY23-24 stood at Rs 13,679.21 crore. Whereas in the second quarter of the last financial year, the company's EBITDA was Rs 1,991.41 crore. The company's refinery throughput also increased in this quarter. The company's refinery throughput for the quarter was 9.35 million tonnes as against 8.82 million tonnes. Apart from this, the company's market sales were 12.19 million tonnes. It was 11.44 million tonnes in the same period a year ago. This means that the company's sales have increased by 6.56 percent in the second quarter.
BPCL said in a statement that we have achieved our highest-ever average of 11.98 percent during the first half of FY 23-24. This is achieved by ethanol blending. Added 300 new fuel stations in the first half of FY 23-24 this year. Now the company's network has increased to 21,331. 44 CNG stations were commissioned in the first half of FY 23-24. Now the total number of CNG stations in the company is 1,640.
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