Mumbai, Maharashtra, India
Bharat Petroleum Corporation Limited (BPCL), one of India’s leading energy companies, has announced a remarkable financial achievement, reporting its highest ever half-yearly profit of Rs. 19,052 Crores for the fiscal year 2023-24. This achievement is a testament to BPCL’s unwavering commitment to excellence, growth, and strategic innovation.
Q2 FY 23-24 Net Profit Surpasses Expectations
BPCL’s standalone net profit for the second quarter of FY 23-24 stood at an impressive Rs. 8,501 Crores, a significant turnaround from the loss of Rs. 304 Crores reported in Q2 FY22-23. The consolidated net profit for the same quarter reached Rs. 8,244 Crores, marking a remarkable recovery from the loss of Rs. 338 Crores in the previous fiscal year.
Key Highlights and Strategic Milestones
This exceptional financial performance coincides with several pivotal developments that are shaping BPCL’s future:
1. Robust Financial Resilience: Despite challenging market conditions, BPCL’s gross refining margins (GRM) for the period of April – September 2023 exhibited resilience at $15.42/bbl, before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied w.e.f 01st July 2022.
2. Standalone EBITDA Growth: The standalone EBITDA for Q2 FY 23-24 reached an impressive Rs. 13,679.21 Crores, a substantial improvement from Rs. 1,991.41 Crores in Q2 FY 22-23. The EBITDA margin also saw significant growth, rising to 11.73% in Q2 FY 23-24 from 1.55% in Q2 FY 22-23.
3. Strong Financial Foundations: BPCL’s commitment to financial stability is evident in the reduced debt-equity ratio, which was reported at 0.32x as of September 30, 2023, down from 1.10x a year ago.
4. Foundation Stone Laying for Bina Refinery Petrochemical Complex: Hon’ble Prime Minister Shri Narendra Modi laid the foundation stone of a groundbreaking Rs. 49,000 crore Petrochemicals complex at BPCL’s Bina Refinery, signaling a significant step toward expansion and innovation.
5. Brand Ambassador Rahul Dravid: The legendary Rahul Dravid was appointed as the brand ambassador for BPCL’s ‘Pure for Sure’ initiative and MAK lubricants. His association with BPCL has been marked by the launch of a brand campaign titled ‘Aapki Gaadi Ka Mr. Dependable’, emphasizing the trust and reliability that BPCL offers to its customers.
Remarkable Physical Performance
BPCL’s remarkable financial performance is complemented by its strong physical performance indicators:
- In the current quarter, throughput rose to 9.35 MMT from 8.82 MMT in Q2 of FY 22-23, reflecting a positive trend in market sales, which increased to 12.19 MMT in Q2 FY 23-24 from 11.44 MMT in Q2 of FY 22-23, marking a growth of 6.56%.
- During the period of April to September 2023, throughput increased to 19.71 MMT from 18.51 MMT in the comparative period, while market sales for the same period surged to 24.94 MMT from 23.20 MMT, indicating an impressive growth of 7.50%.
- BPCL also achieved its highest-ever Average Ethanol Blending percentage of 11.98% during H1 FY 23-24, showcasing a commitment to sustainable practices.
- The expansion of BPCL’s network with 300 new fuel stations brought the total to 21,331. The Company Owned Company Operated Outlets network expanded to 338 with 11 new additions during H1 2023-24.
- BPCL extended FINO services to 13,722 fuel stations, ensuring convenience for customers. The addition of 14 new distributors in H1 FY 2023-24 expanded the LPG distributor network strength to 6,245, with the customer base reaching 9.23 Crore.
- To meet the growing demand for clean energy, 44 new CNG stations were commissioned in H1 FY23-24, bringing the total CNG stations to 1,640 as of September 30, 2023.
Shri G. Krishnakumar, C&MD, BPCLstated, “I am delighted to share that we have achieved a half yearly net profit of ₹ 19,052 crores which is unprecedented in the annals of BPCL’s history.
This achievement will spur us to scale greater heights for advancing progress and the larger purpose of nation building. It would not have been possible without the support of our esteemed employees, customers & business partners who have steadfastly stood by us and contributed to our journey over the years.”