State-run Bharat Petroleum Corporation (BPCL) reported a 81 per cent y-o-y growth in consolidated net profit at ₹3,181 crore in the October-December quarter of FY24 aided by better sales and marketing margins.

However, the oil marketing company’s (OMC) net profit on a sequential basis slipped 61 per cent from ₹8,244 crore in Q2 FY24.

Consolidated total income during the quarter under review stood at ₹1.31 lakh crore compared to ₹1.17 lakh crore in Q2 FY24 and ₹1.34 lakh crore in Q3 FY23.

Total expenses stood at ₹1.26 lakh crore as against ₹1.05 lakh crore in Q2 FY24 and ₹1.32 lakh crore in Q3 FY23.

Other expenses for the nine months ended December 31, 2023 includes ₹127.21 crore (April to December 2022: ₹1,695.69 crore) on account of foreign exchange loss,” BPCL said in its results filing on the BSE.

“BPCL has delivered another quarter of resilient performance with strong operating fundamentals amidst a challenging operating environment. Our focus remains on driving competitive volume growth and achieving operational excellence, whilst stepping up investment towards our long-term strategic priorities,” BPCL CMD G Krishnakumar said.

The improved market sales and refinery throughput in Q3 FY24 compared to Q3 FY23 resulted in increased profits for Q3 FY24, he added.

Operational Metrics

BPCL’s Gross Refining Margins (GRM) for April-December 2023 was $14.72 per barrel against $20.08 in the corresponding comparative period before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess.

The throughput for the current quarter was 9.86 million tonnes (mt) in Q3 FY24, an increase from 9.39 mt in Q3 FY23. Market sales grew by 0.86 per cent, reaching 12.92 mt in Q3 FY24 from 12.81 mt in Q3 FY23.

During April to December 2023, the throughput was 29.57 mt against 27.90 mt in the year-ago period. The market sales for the same period increased to 37.86 mt from 36.01 mt in the comparative period.