BPCL Q2FY25 net profit slumps 72% YoY to Rs 2,297 cr
Mumbai: Bharat Petroleum Corporation Limited (BPCL) reported a 72% year-on-year decline in consolidated net profit for Q2 FY2024-25, standing at Rs 2,297 crore due to reduced refining margins and lower crack spreads, according to a Moneycontrol report.
In the same quarter last year, BPCL had posted a profit of Rs 8,243 crore.
Sequentially, net profit fell by 19%, as announced by the company on October 25.
Revenue from operations remained largely unchanged, recorded at Rs 1.18 lakh crore compared to Rs 1.17 lakh crore in the corresponding period last year.
BPCL's shares dropped 4.82% to close at Rs 305.95 on the BSE.
For the half-year ended September 30, BPCL’s average gross refining margin (GRM) was $6.12 per barrel, significantly lower than the $15.42 per barrel recorded in the previous year.
The company’s board opted against raising capital via a rights issue, citing improved internal cash generation and a communication from the Ministry of Petroleum and Natural Gas (MoP&NG) regarding the absence of budgetary allocation for Oil Marketing Companies (OMCs) in FY2024-25, which meant the Government of India would not participate in such an issue.
BPCL's refining throughput for the quarter reached 10.28 million metric tonnes (MMT), up from 9.35 MMT a year ago.
In terms of marketing, the company recorded quarterly market sales of 12.39 MMT for July–September 2024, a slight increase from 12.19 MMT last year. Export volumes for the quarter stood at 0.40 MMT.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Singer Selena Gomez marries record producer Benny Blanco in private ceremony
Singer Selena Gomez marries record producer Benny Blanco in private ceremony
G4 nations press for UNSC reforms, Jaishankar attends meeting
G4 nations press for UNSC reforms, Jaishankar attends meeting
