BPCL Q3: Revenue Rises, But Earnings Halved, Profits Plunge

29 Jan 2024 , 03:16 PM

State-run Bharat Petroleum Corporation Ltd. (BPCL) reported Q3 numbers that fell below expectations, highlighting a mixed financial performance for the October-December period.

While revenue for the quarter increased to ₹1.15 lakh crore, compared to ₹1.03 lakh crore in the preceding September quarter, the Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) saw a significant decline. EBITDA halved, dropping by 52% to ₹6,225 crore from ₹12,908 crore in the September quarter. The EBITDA margin for the quarter also witnessed a notable decrease, falling to 5.4% from 12.5% in the last quarter.

The net profit for the period showed a substantial decline of 60%, amounting to ₹3,397 crore as opposed to ₹8,501 crore in the previous quarter. The reported figure was also lower than the estimated ₹3,677 crore.

The Calculated Gross Refining Margin (GRM) for the quarter was $13.3 per barrel, surpassing estimates of $11.7 per barrel. On the retail front, the blended margin for petrol and diesel was ₹2.8 per litre during the quarter, while the marketing margin declined to ₹4,009 from ₹5,598 in the September quarter.

Despite the mixed financial results, shares of BPCL are currently trading 4.2% higher at ₹494.25.