BPCL Q1 Results: Net profit at ₹10,550.88 crore versus loss year ago
Bharat Petroleum Corporation Ltd (BPCL) on Wednesday reported a net profit for the fiscal's first quarter ended June (Q1FY24) to ₹10,550.88 crore. The company had reported a loss of ₹6,263.06 crore in the year-ago period. Sequentially, net profit was rose 62.9% from ₹6,477.74 crore in Q4FY23.
BPCL shares opened at ₹385.35 apiece on BSE. The company's total revenue from operations fell nearly 4.3% on year to ₹1,28,256.65 crores during the quarter ended June from ₹1,38,389.60 crore in Q1FY23. Total income dropped to ₹1,28,748.65 crore in the first quarter.
It stood at ₹1,38,831.25 crore in the year-ago period. According to the company's exchange filing, market sales for the three months ended June 30 were 12.75 MMT as opposed to 11.76 MMT for the three months ended June 30th, 2022. Specifically, MS-Retail (6.12%), HSD-Retail (5.95%), and ATF (14.18%) have increased.
The company's average gross refining margin (GRM) for the quarter that ended on June, was $12.64 per barrel (compared to $27.51 per barrel from April to June of 2022). This is before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied w.e.f 1 July 2022, said the company in an exchange filing. In the first quarter of FY24, other income included a gain on foreign exchange of about Rs.
24.51 crores, while other expenses included a loss on foreign currency of about Rs. 962.53 crores. For the quarter and year ended 31 March 2023, an exceptional item (cost) of about Rs.
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