BPCL slips on reporting Q1 net loss of Rs 6,291 cr

8 Aug 2022 , 10:44 AM

Net sales (excluding Excise Duty) climbed 70.7% to Rs 121,065.89 crore in Q1 FY23 as against Rs 70,921.28 crore recorded in the corresponding quarter previous year. The company reported a pre tax loss of Rs 7,687.73 crore in the first quarter as compared to a profit before tax of Rs 1,996.14 crore reported in Q1 FY22. The companys total expenses jumped 66.32% to Rs 146,533.79 crore in Q1 FY23 over Q1 FY22. During the quarter, cost of materials consumed soared 137.22% to Rs 63,588.25 crore while employee benefit expenses dropped 15.47% to Rs 624.57. Refinery Thoughtput surged 41.67% to 9.69 metric million tonnes (MMT) in Q1 FY23 as compared to 6.84 MMT in Q1 FY22. Sales growth stood at 22.12% in Q1 FY23 as against 27.89% reported in Q1 FY22. Export sales soared 64.52% to 0.51 MMT in Q1 FY23 from 0.31 MMT in Q1 FY22. The market sales of the corporation for the quarter ended 30 June 2022 was 11.76 MMT as compared to 9.63 MMT for the quarter ended 30 June 2021. Increase is mainly in MS-Retail (36.61%), HSD-Retail (32.69%) and ATF (113.50%). The Average Gross Refining Margin (GRM) of the corporation for quarter ended 30 June 2022 is $27.51 per barrel as compared to $4.12 per barrel posted in the same period last year. 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 30 June 2022. Powered by Capital Market – Live News