Bharat Petroleum Corp. Ltd.'s net profit for the fourth quarter of fiscal 2023 shot up over three and a half times on the back of record gross refining margins and higher operating income.
The net profit for the state-run refiner rose 268.46% year-on-year to Rs 6,870 crore, according to its exchange filing.
Buoyed by the financial performance, the stocks were trading 2.12% higher on Tuesday, compared to a 0.38% advance in the benchmark Sensex.
BPCL Q4 FY23 Highlights (Year-on-Year):
Revenue from operations rose 8.10% YoY to Rs 133420 crore.
Operating profit, or Ebitda, more than doubled to Rs 11,089.8 crore from Rs 5,978 crore a year ago.
Operating margins were up 446 basis points at 8.30%.
Gross refining margins were at a record high in FY23 at $20.24 per barrel.
Production Throughput
In Q4 FY23, the throughput was 10.63 million metric tonnes, compared to 10.15 MMT a year ago. Market sales were 12.91 MMT in Q4 FY23, compared to 11.82 MMT a year ago, the company said in a statement.
For FY23, the company achieved its highest ever market sales of 48.92 MMT, as against 42.51 MMT a year ago, representing a growth of over 15%.
BPCL added 300 new fuel stations in Q4 FY23 and a total of 986 stations in FY23, taking their network strength to 21,029, the company said.
The company commissioned a total of 354 CNG stations in the fourth quarter of FY23, while it added 482 in FY23, taking the total CNG stations to 1602 as of March 31.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.