BPCL Q3: Net profit zooms 120%; domestic sale at pre-Covid levels

• The domestic sales of BPCL's petroleum products were at 11.10 MMT in Q3 FY21 as compared to 11.02 MMT achieved in Q3 FY20, indicating recovery to pre-Covid levels

• Company's gross refining margins (GRMs) for Oct-Dec 2020 period stood at US$ 2.47 per barrel, best amongst peer OMCs

Mumbai: Disinvestment-bound Bharat Petroleum Corporation Ltd (BPCL), a 'Maharatna' Public Sector Undertaking (PSU), reported robust growth in earnings in Q3 of FY21 as it posted a growth of 120.3 percent in net profit. The company's standalone net profit stood at Rs 2,777.6 crore in the December quarter of FY21 as opposed to Rs 1,260.6 crore in the corresponding quarter of the previous financial year. Standalone revenue from operations for Q3FY21 was at Rs 86,579.9 crore, while EBITDA rose 67.6 percent to Rs 5,400.8 crore in Q3FY21. For the nine-months ended December 31, 2020, the standalone net profit rose 75.6 percent to Rs 7,101.5 crore, while EBITDA grew 55 percent to Rs 14,209.2 crore.

Sale of petroleum products reaches pre-Covid levels: BPCL

For the quarter ended December 31, 2020, the domestic sales of BPCL's petroleum products were at 11.10 million metric tonnes (MMT) as compared to 11.02 MMT achieved during the corresponding period of the last year, indicating recovery to pre-Covid levels. "The total number of BPCL fuel stations crossed 18,000 as on December 31, 2020, affirming our position as second largest fuel retailer in the country," the company said in an official statement.

BPCL revises capex target to Rs 9,000 cr for FY21

On the issue of capex utilisation for FY21, the statement said, "We have revised our capex targets to Rs 9,000 crore from the earlier target of Rs 8,000 crore. We have already spent Rs 5,688 crore during the nine months ended December 31, 2020." As on 31st March 2020, BPCL had around Rs 6,200 crore outstanding receivable from the government which has been steadily coming down. As on date, the dues amount to around Rs 2,200 crore. 

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Q3 strongest quarter for in FY21; sales back to pre-Covid levels: Director Finance

Commenting on Q3FY21 performance, BPCL Director (Finance) N Vijayagopal said, "We are pleased to report that Q3FY21 has been the strongest quarter in terms of registered PBT and PAT in this fiscal year. We are back to pre-covid levels in Q3FY21 as we recorded the best performance in HSD (High Speed Diesel) and MS (Motor Spirit) in market sales amongst the peer PSUs and proclaim ourselves as market growth leader in these categories. Our market sales have grown by 24 percent and to support this demand, throughput has increased by 29 percent over Q2FY21. We have also recorded GRM of $2.47, which is the best amongst the OMCs. This is on back of tough global environment with low crack spreads. On the balance sheet front, we have significantly reduced our debt levels and the debt-equity ratio now stands at 0.6x in Q3FY21 as compared to 1.26x in FY20. As a constant endeavour, the company will strive to deliver superior performance in coming quarters."

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