BPCL released Q1 results: Earned net profit of Rs 10644 crore, revenue decreased by 7 percent

State-owned oil company Bharat Petroleum Corporation Limited (BPCL) has today released its FY24 first quarter results. According to the results, the company earned a net profit of Rs 10,644 crore in the June quarter.
The consolidated net profit stood at Rs 10,644.30 crore in April-June as against a net loss of Rs 6,147.94 crore in the same period last year, according to the company's filing to the stock exchanges.
The company said that the earnings in the first quarter were 55 percent higher than the net profit of Rs 6,870.47 crore in the previous January-March quarter.
BPCL said that the company's revenue fell by 7 percent to Rs 1.28 lakh crore. According to a stock filing, the company earned USD 12.64 on turning each barrel of crude into fuel during the quarter ended June 30, as against gross refining margin (GRM) of USD 27.51 per barrel in the same period last year.
The company's EBITDA grew 41.8 percent quarter-on-quarter to Rs 15,809.7 crore in April-June.
The profit made by BPCL in April-June is many times more than the total net profit of Rs 2,892.34 crore in the entire 2022-23.
Shares of BPCL closed flat on NSE today. Shares of the company today closed at Rs 387.20, up Rs 0.80.
IOC, BPCL, and HPCL last year temporarily stopped daily price revision and did not revise cost-optimized petrol and diesel prices and made up for the losses they incurred when oil prices were higher than retail selling prices by slashing rates.
Maintaining prices when input costs were higher than retail selling prices resulted in net earning losses for three companies. They had reported a combined net loss of Rs 21,201.18 crore during April-September.