BPCL’s Strong Financial Performance in July-September 2023 Quarter

BPCL, a prominent public sector company, has showcased a robust financial rebound, posting a substantial profit of Rs. 8,501 crore for the quarter spanning July to September 2023. This quarter also marks BPCL’s highest ever half-yearly profit, totaling Rs. 19,052 crore.

Revenue and Profit Figures

BPCL reported a standalone revenue from operations amounting to Rs. 1,16,594 crore for the quarter, compared to Rs. 1,28,333 crore in the corresponding period of the previous year. The standalone net profit for the second quarter of FY 23-24 stood at Rs. 8,501 crore, a significant improvement from the loss of Rs. 304 crores in Q2 FY22-23.

Key Financial Highlights

• Gross Refining Margin (GRM): BPCL’s GRM for the period April to September 2023 was $15.42/bbl, showcasing resilience compared to $22.30/bbl in the corresponding comparative period. This comparison is made before factoring in the impact of Special Additional Excise Duty and Road & Infrastructure Cess, which were levied from July 1, 2022.
• Standalone EBITDA: The company’s EBITDA for Q2 FY 23-24 soared to Rs. 13,679.21 crore, a notable increase from Rs. 1,991.41 crore in Q2 FY 22-23. The EBITDA margin also witnessed a substantial rise, reaching 11.73 per cent in Q2 FY 23-24 compared to 1.55 per cent in Q2 FY 22-23.
• Debt-Equity Ratio: As of September 30, 2023, BPCL’s debt-equity ratio stood at 0.32x, showcasing a significant improvement from 1.10x as of September 30, 2022.

Physical Performance

In terms of physical performance metrics, BPCL showcased impressive figures. The throughput for the current quarter stood at 9.35 MMT, marking growth from 8.82 MMT in Q2 of FY 22-23. Market sales also displayed an upward trend, reaching 12.19 MMT in Q2 FY 23-24 compared to 11.44 MMT in Q2 of FY 22-23, representing a 6.56 per cent growth.

Looking at the broader picture from April to September 2023, the throughput grew to 19.71 MMT from 18.51 MMT in the comparative period. Market sales for the same period surged to 24.94 MMT from 23.20 MMT, indicating a growth of 7.50 per cent. These figures collectively reflect BPCL’s strong operational performance and financial resurgence in the specified quarter and half-yearly period.