BPCL Q1 Results: Profit Drops 28.6%, But Beat Estimates

Bharat Petroleum Corporation Ltd.'s profit during the first quarter of the ongoing financial year fell by 28.6%, but it surpassed analysts' estimates.

The state-run oil refiner's net profit stood at Rs 3,015 crore in the April-June period, a decline from Rs 4,224 crore in the preceding quarter, according to its exchange filing on Friday. This compares with the Rs 2,621-crore consensus estimate tracked by Bloomberg.

The decline in the bottom line was primarily due to the 44% fall in the operating income or the earnings before interest, tax, depreciation and amortisation for the downstream segment.

• Revenue down 2.6% to Rs 1.13 lakh crore versus Rs 1.16 lakh crore (Estimate: Rs 1.1 lakh crore).

• Ebitda down 39% to Rs 5,650 crore versus Rs 9,213 crore (Estimate: Rs 5,751 crore).

• Margin at 5% versus 8% (Estimate: 4.9%).

• Net profit down 28.6% to Rs 3,015 crore versus Rs 4,224 crore (Bloomberg Estimate: Rs 2,621 crore).

Revenue from the downstream segment was down 3% sequentially at Rs 1.28 lakh crore. Refinery throughput during the quarter stood at 10.11 million metric tonnes, marking a 2.4% increase on both a sequential and annual basis. Market sales remained flat at 13.16 MMT sequentially but were up 3.2% year-on-year.

The company average gross refining margin for the quarter ended June 2024 stood at $7.86 per barrel, a 37.8% quarter-on-quarter drop from $12.64 per barrel in the previous quarter.