State-owned Bharat Petroleum Corporation Ltd (BPCL) reported returning to profitability within the September quarter after a lift in advertising and marketing margin improved earnings. Consolidated internet revenue in July-September was at Rs 8,243.55 crore in contrast to a lack of Rs 338.49 crore in the identical interval a yr again, the corporate mentioned in a press release.
The revenue was aided by a lift in advertising and marketing margins as a freeze on petrol and diesel worth revision regardless of a fall in enter crude oil costs helped get well losses incurred when charges have been excessive final yr. Pre-tax earnings from the downstream oil refining and advertising and marketing enterprise got here at Rs 11,283.29 crore within the second quarter of the present fiscal as in contrast to a lack of Rs 123.17 crore in the identical interval final yr.
Last yr, state-owned gas retailers BPCL, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) froze costs regardless of a spike in international oil costs following Russia’s invasion of Ukraine. This was with a view to insulate shoppers from worth volatility. The worth freeze led to the three companies incurring losses within the first half of 2022-23 fiscal yr (April 2022 to March 2023). BPCL incurred a lack of Rs 6,486.43 crore in April-September 2022. This yr, it nevertheless posted file earnings of Rs 18,887.85 crore in April-September 2023.
Revenues fell to Rs 1.16 lakh crore in July-September from Rs 1.28 lakh crore final yr on decrease oil costs. BPCL mentioned it earned USD 15.42 on turning each barrel of crude oil into gas in April-September 2023 as in contrast to a gross refining margin of USD 22.30 within the corresponding interval final yr.
Standalone EBITDA for Q2 FY 23-24 stood at Rs 13,679.21 crore in contrast to Rs 1,991.41 crore in Q2 FY 22-23. In the present quarter, the refinery throughput was 9.35 million tonnes versus 8.82 million tonnes in Q2 of FY 22-23. Market gross sales have been 12.19 million tonnes in Q2 FY 23-24 versus 11.44 million tonnes in Q2 of FY 22-23. Sales have grown by 6.56 per cent.
“We have achieved our highest ever average ethanol blending percentage of 11.98 per cent during H1 FY 23-24,” BPCL mentioned. The firm added 300 new gas stations in H1 FY 23-24, taking community energy to 21,331. The firm-owned-firm-operated shops community elevated to 338 with 11 additions.
Also, 44 CNG stations have been commissioned in H1 FY 23-24, taking the entire CNG stations to 1,640, the assertion mentioned. BPCL’s refineries at Mumbai, Kochi and Bina have a mixed capability of round 35.3 million tonnes every year. Its advertising and marketing infrastructure features a community of installations, depots, power stations, aviation service stations and LPG distributors.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
