BPCL Soars with Record-Breaking Half-Yearly Profit of Rs 19,052 Crore for FY 2023-24

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Bharat Petroleum Corporation (BPCL), a leading energy company in India, has achieved a historic milestone by announcing its highest-ever half-yearly profit of Rs 19,052 Crores for the fiscal year 2023-24. This remarkable feat underscores BPCL’s unwavering dedication to excellence, growth, and strategic innovation in the energy sector.

Q2 FY 23-24 Net Profit Shatters Expectations

BPCL’s standout performance was exemplified in the second quarter of FY 23-24, where the company reported a standalone net profit of an impressive Rs 8,501 Crores, marking a remarkable turnaround from the loss of Rs 304 Crores in Q2 FY22-23. The consolidated net profit for the same quarter reached Rs 8,244 Crores, showcasing a stunning recovery from the loss of Rs 338 Crores in the previous fiscal year.

Key Highlights and Strategic Milestones

BPCL’s outstanding financial performance is accompanied by several significant developments shaping the company’s future:

Robust Financial Resilience: Despite challenging market conditions, BPCL maintained robust gross refining margins (GRM) of $15.42/bbl for the period of April – September 2023. This resilience was achieved before accounting for the impact of the Special Additional Excise Duty and Road & Infrastructure Cess, effective from July 1, 2022.

Standalone EBITDA Growth: BPCL’s 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 witnessed significant growth, surging to 11.73 percent in Q2 FY 23-24 from 1.55 percent in Q2 FY 22-23.

Strong Financial Foundations: BPCL’s commitment to financial stability is reflected in the reduced debt-equity ratio, which stood at 0.32x as of September 30, 2023, down from 1.10x a year ago.

Foundation Stone Laying for Bina Refinery Petrochemical Complex: Hon’ble Prime Minister Shri Narendra Modi laid the foundation stone for a groundbreaking Rs 49,000 crore Petrochemicals complex at BPCL’s Bina Refinery. This signifies a significant step towards expansion and innovation.

Rahul Dravid as Brand Ambassador: The legendary Rahul Dravid was appointed as the brand ambassador for BPCL’s ‘Pure for Sure’ initiative and MAK lubricants. His association with BPCL led to the launch of a brand campaign titled ‘Everyday Relatability Meets Dependability,’ highlighting the trust and reliability BPCL offers to its customers.

Remarkable Physical Performance

BPCL’s extraordinary financial performance is complemented by strong physical performance indicators:

In the current quarter, throughput increased to 9.35 MMT from 8.82 MMT in Q2 of FY 22-23, reflecting a positive trend in market sales, which rose 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 percent.

During the period of April to September 2023, throughput grew 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 percent.

BPCL achieved its highest-ever Average Ethanol Blending percentage of 11.98 percent during H1 FY 23-24, demonstrating a commitment to sustainable practices.

The expansion of BPCL’s network added 300 new fuel stations, bringing 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.