Bharat Petroleum Corporation (BPCL) on Wednesday reported a consolidated net profit of ₹10,644 crore for Q1 FY24, aided by recovery in marketing margins supported by softening international crude oil prices.

The oil marketing company (OMC) had posted a consolidated net loss of ₹6,148 crore as BPCL including state-controlled Indian Oil Corporation and Hindustan Petroleum Corporation have put a freeze on retail prices of petrol and diesel since April 6, 2022.

However, the company’s consolidated revenue fell by 7.34 per cent y-o-y to ₹1.28-lakh crore in Q1 FY24.

Financial results

BPCL Director (Finance) Vetsa Ramakrishna Gupta said, “The excellent financial results are mainly attributable to stellar performance in refining and marketing businesses supported by a favourable crude oil price regime.”

On a sequential basis also, the profit in Q1 FY24 is higher as compared with net profit of ₹6,478 crore in Q4 FY23, he added.

During April-June of FY24, BPCL’s gross refining margins (GRM) stood at $12.64 per barrel against $27.51 a barrel in the corresponding comparative quarter.

Operational metrics

The OMC reported a throughput of 10.36 million tonnes (MT) in Q1 FY24 against 9.69 MT in Q1 FY23. Its market sales rose by 8.42 per cent 12.75 MT in Q1 FY24 against 11.76 MT in Q1 FY23.

“We have achieved our highest ever average ethanol blending percentage of 11.93 per cent during Q1 FY24,” the company said.

BPCL added 111 new fuel stations in Q1 FY24, taking their network strength to 21,142. The company owned and company operated outlets network increased to 333 with three additions during the June quarter.

The company added 10 new distributors, taking LPG distributor network strength to 6,245 and the customer base increased to 9.20 crore. Nine new CNG stations were commissioned in Q1 FY24 taking the total CNG stations as of June 2023 to 1,607.