State-run oil marketing company Bharat Petroleum Corp. Ltd. saw its net profit fall 22.5% quarter-on-quarter in quarter ended September, though it surpassed analysts' estimates.
The company reported a bottom line of Rs 8,243.55 crore as compared with Rs 10,644.3 crore the previous quarter.
Bharat Petroleum Corp. Q2 FY24 (Consolidated, YoY)
Revenue down 9.05% at Rs 1,03,044.37 crore (Bloomberg estimate: Rs 1,17,527.7 crore).
Ebitda down 18.03%% at Rs 12,940.51 crore (Bloomberg estimate: Rs 9,308.3 crore).
Ebitda margin at 12.55% vs 13.97% (Bloomberg estimate: 7.9%).
Net profit down 22.5% at Rs 8,243.55 crore (Bloomberg estimate: Rs 5,248.47 crore).
Segmentwise Revenue
Bharat Petroleum's consolidated downstream petroleum revenue fell 9.10% quarter-on-quarter to Rs 16,568.08 crore from Rs 1,28,233.52 crore in the previous quarter.
The revenue of the exploration and production of hydrocarbon segment rose 2.97 times to Rs 89.26 crore from Rs 30.04 crore in the June quarter.
The market sales of the company for H1 FY24 grew 7.50% to 24.94 million metric tonne as compared to 23.20 million metric tonne for H1 FY23.
The increase in market sales was mainly led by aviation turbine fuel at 8.04%, retail of motor spirit at 5.09% and retail of high spirit diesel at 1.76%.
Gross Refining Margin
According to the exchange filing, the average gross refining margin of the company for H1 FY24 stood at $15.42 per barrel as compared with $22.3o per barrel during H1 FY23.
Shares of Bharat Petroleum closed 0.045% lower at Rs 334.85 apiece, as compared with a 1.10% rise in the benchmark NSE Nifty 50.
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