Bharat Petroleum Reports Net Loss Of Rs 6290.8 Crore In Q1FY23

* BPCL has reported Revenue from Operations of Rs 1,38,405.79 Crores for the quarter April- June 2022 Vs Rs.89,688.98 Crs in the corresponding comparative quarter.

* The net loss for the first quarter of FY 22-23 was Rs. 6,290.80 Crores as compared to the restated  profit of Rs. 3,192.58  Crores in the corresponding quarter of FY21-22

Bharat Petroleum, the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, has posted a net loss of Rs. 6,290.80 Crores in Q1  FY22- 23, as compared to the restated    profit of Rs. 3,192.58 Crores in the corresponding quarter of FY22

Major highlights of the financial results are given below –

* 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 w.e.f 1st July 2021. 

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

* Net loss for the first quarter stood at Rs 6,290.80 crores

* EBITDA for Q1 FY 22-23 is negative of Rs. 5461.56 Crores Vs Rs.5,308.52 Crores in Q1 FY 21-22; EBITDA margin was at negative 4% in Q1 FY 22-23 Vs 6% in Q1 FY 21-22.

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

Physical Performance     

* In the current quarter, the throughput is 9.69 MMT Vs 6.84 MMT in Q1 of FY 21-22. Market Sales was 11.76 MMT in Q1 FY 22-23 Vs 9.63 MMT in FY 21-22. Sales has grown by 22.12%.

* We have achieved our highest ever Average Ethanol Blending percentage of 10.4% during Q1FY23. BPCL added 161 New Fuel Stations in Q1FY23, taking their network strength to 20217, the second highest retailing network in India.

* The Company Owned Company Operated Outlets network increased to 316 with one addition during the quarter.

* Further, BPCL expanded FINO services to 12640 Fuel Stations

* BPCL added 13 new distributors, taking LPG distributor network strength to 6227 and the customer base increased to 9.06 Crore

* 21 CNG Stations commissioned in Q1FY23 taking the total CNG stations as on 30th Jun 2022 to 1153.

Commenting on Q1FY23 performance, Shri 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 2022-23. 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%) 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 w.e.f 1st July 2021”.