Bharat Petroleum reports highest ever net profit in FY24 at Rs. 26,673.50 cr

The company’s Gross Refining Margins (GRM) for the period FY 2023-24 was $14.14/bbl vs. $20.24/bbl in the corresponding comparative period.

Net profit for the FY 2023-24 stood at Rs 26,673.50 crores. The net profit for the fourth quarter of FY 23-24 stood at Rs. 4,224.18 crores as compared to the profit of Rs. 6,477.74 Crores in the corresponding quarter of FY 22-23. Consolidated net profit for the fourth quarter of FY 23-24 was Rs. 4,789.57 Crores as compared to the net profit of Rs. 6,870.47 Crores in the corresponding quarter of FY 22-23.

EBITDA for FY 23-24 is Rs. 44,771.49 crores vs. Rs. 11,780.66 crores in FY 22-23; EBITDA margin was at 8.83% in FY 23-24 vs. 2.21% in FY 22-23.

EBITDA for Q4 FY 23-24 is Rs. 7,884.14 crores vs. Rs.10,526.73 crores in Q4 FY 22-23; EBITDA margin was at 5.97% in Q4 FY 23-24 vs. 7.89% in Q4 FY 22-23.

Debt-Equity ratio as on March 31, 2024 was at 0.25x (as against 0.69x as on 31st March 2023).

The Revenue from Operations for the year ended March 31, 2024 was Rs. 5,06,911.36 crores vs Rs. 5,33,467.55 crores in the previous year.

BPCL standalone has reported Revenue from operations of Rs. 1,32,084.86 crores for the quarter Jan-Mar 2024 vs. Rs. 1,33,413.81 crores in the corresponding comparative quarter.

The company’s net worth increased to Rs. 74,674.80 crores as on 31st March 2024 from 51,996.34 crores as on 31st March 2023.

Board has recommended final dividend of Rs. 21 per equity share (pre-bonus) for the year 2023-24, which translates into final dividend of Rs. 10.5 per share (post-bonus).

The said dividend payment is subject to approval of the shareholders at the Annual General Meeting. This is in addition to the interim dividend of Rs. 21 (pre-bonus) per equity share already paid during the year.

The Board of Directors has recommended issue of bonus shares in the ratio of one equity share of Rs. 10 each for every one existing equity share of Rs. 10 each, which is subject to approval by the shareholders of the company.

Physical Performance

In the current year, the throughput was 39.93 MMT vs. 38.53 MMT in FY 22-23. Market Sales was 51.04 MMT in FY 23-24 vs. 48.92 MMT in FY 22-23. Sales has grown by 4.33%.

During Q4 FY 2023-24, the throughput was 10.36 MMT vs. 10.63 MMT in the comparative period. The market sales for the period Q4 FY 2023-24 has increased to 13.18 MMT from 12.91 MMT in the comparative period (Growth of 2.09%).

The company said it achieved Average Ethanol Blending percentage of 11.69% during 2023-24 with highest blending in Q4 FY 2023-24 of 12.15%

BPCL added 308 new fuel stations in Q4 FY 2023-24 (809 in Apr 23 to Mar 24), taking their network strength to 21,840.

A total of 323 CNG Stations commissioned in Q4 FY 2023-24 (435 in Apr 23 to Mar 24) taking the total CNG stations as on 31st Mar 2024 to 2031.

On the performance, G. Krishnakumar, C&MD, BPCL said, “We've achieved record-breaking operational and financial performance across refining throughput, domestic market sales, and profitability. Our Profit After Tax soared to a historic Rs. 26,673.50 Crores. These achievements provide a strong foundation for BPCL's ambitious strategy ‘Project Aspire’, which, at a planned capital outlay of Rs. 1.7 lakh Crores over a period of 5 years, will fuel our next wave of growth to create long term value for our shareholders.”

India's booming economy is our tailwind, he said, adding that the company is confident that it will drive a surge in energy demand, further fuelling growth in our core and new businesses.

“We are planning to expand our refining capacity to 45 MMTPA and add 4,000 new fuel stations by FY2029. We are investing in future big bets including the setting up of petchem facilities in Bina and Kochi, tripling our gas footprint by FY2029, and seizing economic opportunities in the Green Businesses,” Krishnakumar said.

On the outlook for FY2024-25, he added, “We remain cautiously optimistic and expect the crude oil prices to remain in the range of US$ 83-87/bbl in the near future. While geopolitical tensions and supply chain disruptions are potential hurdles, we're prepared to navigate these uncertainties with agility and efficiency.”

He further added, “We are pleased to inform that the Board of Directors has recommended issue of bonus shares in the ratio of one equity share for every one existing equity share. This is subject to approval by the shareholders of the company.”