BPCL Q1 net profit surges to ₹10,644 crore

Better performance of refining and marketing operations

Bharat Petroleum Corporation Ltd. (BPCL) reported consolidated net profit for the first quarter grew to ₹10,644 crore as compared with loss of ₹6,148 crore the year earlier on better performance of refining and marketing operations. Standalone net profit for the first quarter of FY24 grew to ₹10,551 crore as compared with the loss of ₹6,263 crore in the year-earlier period. Standalone revenue from operations declined to ₹1,28,257 crore from ₹1,38,390 crore in the same quarter last year. The company’s gross refining margins (GRM) for the quarter was $12.64/bbl as compared with $27.51/bbl the year earlier. In the quarter ended June 30, the throughput was 10.36 MMT compared with 9.69 MMT the year earlier. Market sales was 12.75 MMT in Q1 FY24, an increase of 8.42%, the company said.

Vetsa Ramakrishna Gupta, Director (Finance), BPCL said, “The excellent financial results are mainly attributable to stellar performance in refining and marketing businesses supported by a favourable crude oil price regime.”