Bharat Petroleum's Q3 profit increases 73% to nearly Rs. 3,400cr
Bharat Petroleum Corporation Ltd (BPCL) has announced a 73.4% increase in net profit for the quarter ending December 2023, reaching Rs. 3,397.30 crore. This impressive growth surpassed the market estimates of Rs. 3,271 crore. Even though revenue from operations experienced a 3% decline compared to last year, it still exceeded the estimated Rs. 1.05 lakh crore by reaching Rs. 1.15 lakh crore.
BPCL's key financial details in Q3 and performance indicators
BPCL managed to reduce its total expenses for the quarter to Rs. 1.26 lakh crore, down from Rs. 1.32 lakh crore a year ago. Other income for the quarter amounted to Rs. 680 crore, an increase from Rs. 452 crore a year ago and slightly lower than Rs. 771 crore in the previous quarter. BPCL's refinery throughput also increased to 9.86 million tons, up from 9.39 million tons a year ago and 9.35 million tons in the previous quarter.
BPCL's market sales rise, gross refining margin dips
In Q3, BPCL's market sales experienced a slight increase, reaching 12.92 million tons compared to 12.81 million tons a year ago and 12.19 million tonnes in the previous quarter. The average gross refining margin (GRM) for the nine months ending December was $14.72 per barrel, lower than the $20.08 per barrel recorded a year ago. Following the positive earnings results, BPCL's shares closed nearly 4% up on the National Stock Exchange at Rs. 492.65.
