BPCL’s revenue from operations rises to `1,38,405.79 cr in June qtr

NEW DELHI: BPCL has reported Revenue from Operations of Rs 1,38,405.79 crores for the first quarter of FY23 vs Rs 89,688.98 crores in the corresponding quarter in FY2021-22.

However, the net loss for the first quarter of FY2022-23 was Rs 6,290.80 crores as compared to the restated profit of Rs 3,192.58 crores in the corresponding quarter of FY2021-22.

Pursuant to MCA order, Bina refinery (erstwhile Bharat Oman Refineries Limited) was amalgamated with BPCL. The financial performance of Bina refinery has been included in BPCL with effect from July 1, 2021.

Company’s gross refining margins (GRM) for the quarter April - June 2022 was $27.51/ bbl Vs $4.12/bbl in the corresponding comparative quarter.

EBITDA for Q1 FY2022-23 is negative of Rs 5,461.56 crores against Rs 5,308.52 crores in Q1 FY2021-22; EBITDA margin was at negative 4 per cent in Q1 FY2022-23 against 6 per cent in Q1 FY2021-22.

Debt-Equity ratio as on June 30, 2022 was at 0.71x (as against 0.53x in Q1 FY22).

In the current quarter of FY23, the throughput is 9.69 MMT against 6.84 MMT in Q1 of FY2021-22. Market Sales was 11.76 MMT in Q1 FY2022-23 vs 9.63 MMT in FY2021-22. Sales has grown by 22.12 per cent.

We have achieved our highest ever Average Ethanol Blending percentage of 10.4 per cent during Q1 FY23. BPCL added

In Q1 FY2022-23, the throughput is

9.69 MMT against 6.84 MMT in Q1 of FY2021-22. Market Sales was 11.76 MMT in Q1 FY2022-23 vs 9.63 MMT in FY2021-22. Sales has grown by 22.12%

161 New Fuel Stations in Q1 FY23, taking their network strength to 20217, the second highest retailing network in India.

The company’s outlet network increased to 316 with one addition during the quarter.

Further, BPCL expanded FINO services to 12,640 Fuel Stations, while it added 13 new distributors, taking LPG distributor network strength to 6,227 and the customer base increased to 9.06 crore. The firm commissioned 21 CNG Stations in Q1 FY23 taking the total CNG stations as on June 30, 2022 to 1,153.

Commenting on Q1 FY23 performance, Vetsa Ramakrishna Gupta, Director (Finance) with additional charge of Director (HR) said, “BPCL Refineries have performed exceptionally well supported by robust international cracks of petroleum products, resulting into the GRM going up from $4.12 per barrel in Q1 2021-22 to $27.51 per barrel in Q1 202223. The increase in market sales from 9.63 MMT in Q1 2021-22 to 11.76 MMT in Q1 2022-23 (recorded growth of 22 per cent) was mainly attributable to a low base effect as well as higher turnout at BPCL fuel stations. On an overall basis, despite robust GRM’s, the company reported a net loss in the first quarter due to heavy losses in marketing business. Furthermore, pursuant to MCA order, Bina refinery (erstwhile Bharat Oman Refineries Limited) was also amalgamated with BPCL. The financial performance of Bina refinery has also been included in BPCL with effect from July 1, 2021”.