Mumbai: Bharat Petroleum Corporation Limited (BPCL) reported a 72% year-on-year decline in consolidated net profit for Q2 FY2024-25, standing at Rs 2,297 crore due to reduced refining margins and lower crack spreads, according to a Moneycontrol report.
In the same quarter last year, BPCL had posted a profit of Rs 8,243 crore.
Sequentially, net profit fell by 19%, as announced by the company on October 25.
Revenue from operations remained largely unchanged, recorded at Rs 1.18 lakh crore compared to Rs 1.17 lakh crore in the corresponding period last year.
BPCL's shares dropped 4.82% to close at Rs 305.95 on the BSE.
For the half-year ended September 30, BPCL’s average gross refining margin (GRM) was $6.12 per barrel, significantly lower than the $15.42 per barrel recorded in the previous year.
The company’s board opted against raising capital via a rights issue, citing improved internal cash generation and a communication from the Ministry of Petroleum and Natural Gas (MoP&NG) regarding the absence of budgetary allocation for Oil Marketing Companies (OMCs) in FY2024-25, which meant the Government of India would not participate in such an issue.
BPCL's refining throughput for the quarter reached 10.28 million metric tonnes (MMT), up from 9.35 MMT a year ago.
In terms of marketing, the company recorded quarterly market sales of 12.39 MMT for July–September 2024, a slight increase from 12.19 MMT last year. Export volumes for the quarter stood at 0.40 MMT.
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