Bharat Petroleum Corporation (BPCL) reported 31% fall in standalone net profit to Rs 1,959.58 crore in Q3 FY23 from Rs 2,828.45 crore in Q3 FY23.
Net revenue from operations was Rs 1,19,158.10 crore, up 25% YoY.
Profit before tax in Q3 FY23 stood at Rs 2,125.84 crore, down by 44% from Rs 3,806.56 crore in Q3 FY22. Total tax outgo during the period under review was Rs 166.26 crore (down 83% YoY).
In Q3 FY23, the throughput was 9.39 million tonnes (MT) against 9.94 MT in Q3 FY22, down 6% YoY. Market sales rose 15% YoY to 12.81 MT as against 11.15 MT in the same period last year. The average gross refining margin (GRM) of the Corporation for nine months ended 31 December 2022 was $20.08 per barrel as against $ 6.98 per barrel during April-Dec 2021, up nearly 3x YoY. This was before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied w.e.f 01st July 2022. However, the suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM.
BPCL is the second largest Indian oil marketing company, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted 'Maharatna' status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds 52.98% stake in BPCL as of 31 December 2022.
The scrip advanced 3.15% to currently trade at Rs 345.60 on the BSE.
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