BPCL Q4 results: Net profit more than doubles to Rs 6,478 cr, OMC declares Rs 4 dividend

Bharat Petroleum Corporation Ltd on Monday said its net profit more than doubled in the March quarter to Rs 6,478 crore on the back of a recovery in fuel marketing margins and better refining margins.

The company's standalone net profit was Rs 2,501 crore in Q4FY22, according to a company's stock exchange filing.

The jump in fourth-quarter net profit helped the company post Rs 1,870.10 crore of net profit for the full fiscal year 2022-23 (April 2022 to March 2023) by negating the losses the firm had to suffer in the first half of the financial year from holding petrol, diesel and LPG prices despite a surge in cost.

bpcl-unveils-rs-49000-cr-petrochemical-capacity-expansion-project-at-mps-bina-refinery-381631-2023-05-17?utm_source=topic&utm_medium=topic&utm_campaign=topic">BPCL's revenue in Q4FY23 rose 8% to Rs 1.33 lakh crore as against Rs 1.23 lakh crore in Q4FY22.

BPCL announced dividend of Rs 4 per share.

BPCL and other state-owned fuel retailers continue to hold prices but a fall in international oil prices has meant that they are now making healthy margins.

Petrol and diesel prices have been on a freeze since April 6 last year. The basket of crude oil that India imports was over $100 per barrel in April last year and is now less than $75.

Crude oil is processed in refineries such as ones owned by BPCL into fuel.

While the prices have fallen, the three state-owned firms continue to hold rates to recoup losses suffered in the first half of the fiscal year.

On Monday, BPCL's scrip on BSE closed 0.5% higher at Rs 362.10.

With inputs from PTI