Bharat Petroleum reports net profit of Rs 1,501.65 Crores in Q1FY22

Kolkata : Bharat Petroleum, the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, has posted net profit of Rs 1,501.65 Crores in Q1FY22, as compared to Rs 2,076.17 Crore in the corresponding quarter of previous year.

Revenue from operations was at Rs. 89,687.12 Crores as against Rs. 50,616.92 Crore in Q1FY21.

EBITDA was at Rs. 3,627.40 Crore in Q1FY22 as compared to Rs. 4,509.14 Crore in Q1FY21; EBITDA margin was at 4.02% in Q1FY22 as against 8.81% in Q1FY21.

Company’s gross refining margins (GRMs) for the year stood at US$ 4.12 per barrel in Q1FY22 as against $0.39 per barrel in Q1FY21.

Total Market Sales was 9.63 MMT in Q1FY22, while Refinery Through Put of Mumbai and Kochi refineries were 6.84 MMT in Q1FY22.

The Company Owned Company Operated Outlets network increased to 297 with 1 additions during the quarter
Expanded Umang services to 8741 Fuel Stations for rural consumers BPCL added 5 new distributors, taking LPG distributor network strength to 6,169 and the customer base increased to 8.59 Crore 8 CNG Stations commissioned in Q1FY22.

BPCL set-up a mega make-shift Covid Centre in Kochi along with free power, water and oxygen to support the state healthcare infrastructure amidst rising Covid cases.

Commenting on Q1FY22 performance, V.R.K. Gupta, Chief Financial Officer said, “The first quarter of the new financial year was marred by the second wave of Covid-19 that impacted the fuel sales across India. The restrictions imposed by state administration and subdued business activity resulted in slowdown of economic growth restricting movement of vehicles. However, impact of second wave was not as bad as first wave of Covid-19.”

“Revenue has grown up by 77% as compared to corresponding quarter of previous year. Similarly, improvements in the crack in the international market is reflected in our quarterly GRM which has shown significant improvement as compared to corresponding quarter of previous year.

Acquisition of 36.60% of stake held by Oman Oil in BORL by BPCL was completed during the first quarter of FY 2021-22 resulting full control on BORL by BPCL,” he said.

“The business activities have accelerated and so have fuel sales. We believe with vaccination in progress, the resumption in economic activities is likely to sustain this time around,” Gupta added.