BPCL reports net profit of Rs 3,015 crore in Q1 FY'25

New Delhi: Bharat Petroleum Corporation Limited (BPCL) has posted a net profit of Rs. 3,014.77 crores in April - June 2024 (Q1), as compared to the profit of Rs 10,550.88 crores in the corresponding period of FY 2023-24.

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The company maintained a healthy gross refining margin (GRM) for the period from April to June 2024, which stood at $7.86 per barrel compared to $12.64 per barrel in the same period the previous year. Despite the drop in GRM, BPCL continues to navigate the volatile market conditions effectively.

EBITDA for the quarter (Q1) was recorded at Rs 6,156.28 crores, a decline from Rs 16,301.77 crores in the corresponding quarter of the previous fiscal year. The EBITDA margin decreased to 4.81 percent from 12.71 percent in Q1 FY 2023-24. Despite these challenges, BPCL has made considerable improvements in its financial leverage, with the debt-equity ratio reducing to 0.19x as of June 30, 2024, compared to 0.45x a year earlier.

In terms of physical performance, BPCL's market sales reached 13.16 million metric tonnes (MMT) in Q1 of FY 2024-25, reflecting a growth of 3.22 percent from 12.75 MMT in the same quarter of the previous fiscal year. The throughput for the current quarter was 10.11 MMT, slightly down from 10.36 MMT in Q1 FY 2023-24.

BPCL achieved its highest ever average ethanol blending percentage of 14.14 percent during Q1 FY 2024-25, demonstrating its commitment to sustainable and environmentally friendly practices. Additionally, BPCL expanded its retail network by adding 171 new fuel stations in Q1 FY 24-25, bringing the total to 22,011 fuel stations.

The company also strengthened its LPG distribution network by adding 5 new distributors, increasing the total to 6,255, and expanded its customer base to 9.33 crore. Furthermore, BPCL commissioned 35 new CNG stations in Q1 FY 2024-25, taking the total number of CNG stations to 2,064 as of June 30, 2024.

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