BPCL Q3 results: Net profit up 47% at Rs 2,805 cr, interim dividend declared

Government-owned oil and gas corporation Bharat Petroleum Company Limited (BPCL) on Monday reported a 47 per cent jump in consolidated net profit at Rs 2,805.09 crore for the quarter ended December 2021. The company had posted a net profit of Rs 1,901 crore in the year-ago period.

The total revenue from operations increased 34.83 per cent to Rs 1,17,702.59 crore, against Rs 87,292.62 crore in the same quarter last year.

BPCL, in a statement, said. “The market sales of the corporation for the nine months ended December 2021 was 30.69 MMT as compared to 27.57 MMT achieved during the nine months ended December 2020. The increase is mainly in MS-Retail (16.71 per cent), HSD-Retail (7.81 per cent) and ATF (43.52 per cent).”

BPCL also said that its Board of Directors has declared a second interim dividend of Rs 5 per share for the FY22 and fixed February 11 to determine the eligibility of the shareholders to receive the dividend.

The company's net profit, on a standalone basis, fell 11 per cent year-on-year to Rs 2,462 crore during the third quarter, while the operating margin stood at 3.04 per cent against 3.41 per cent in Q2FY22 and 3.79 per cent in Q3FY21. The net profit margin was at 2.38 per cent compared to 3.14 per cent and 2.18 per cent, respectively.

BPCL’s average gross refining margin (GRM) during the nine months ended December 2021 was $6.78 per barrel against $2.9 per barrel during the same period in 2020.

Shares of BPCL closed 3.67 per cent higher at Rs 397 apiece on Monday on BSE.