BPCL shares rally 5% after earnings announcement

New Delhi: The stock of Bharat Petroleum Corporation Limited (BPCL) on Friday climbed 5 percent after the company for the full 2023-24 fiscal reported a record net profit of Rs 26,858.84 crore, and announced one bonus share for each share held.

Shares of the company went up by 4.98 percent to Rs 621.80 on the BSE.

BPCL on Thursday reported a 30 percent fall in its March quarter net profit on lower refining margins and announced one bonus share for each share held.

Its consolidated net profit of Rs 4,789.57 crore in January-March -- the fourth quarter of the 2023-24 fiscal -- was compared to Rs 6,870.47 crore in the same period of the preceding financial year, according to a company's stock exchange filing.

BPCL board also approved a 1:1 bonus issue -- one additional share for each share held.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) dropped 19.4 percent in the fourth quarter mainly because of the twin impact of falling refining margins and a pre-election petrol and diesel price cut despite a rise in input (crude oil) prices.

Turnover was almost flat at Rs 1.32 lakh crore when compared to Rs 1.34 lakh crore in January-March 2023.

For the full 2023-24 fiscal, BPCL reported a record net profit of Rs 26,858.84 crore as opposed to a profit of Rs 2,131.05 crore in the previous year.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)