BPCL’s consolidated profit drops 73% in Q1FY25

BPCL’s average gross refining margin during Q1FY25 was $7.86 per barrel, down from $12.64 per barrel in Q1FY24.

State-owned Bharat Petroleum Corp (BPCL) on Friday reported a 73% decline in its consolidated net profit for the first quarter of FY24-25, dropping to Rs 2,841.55 crore from Rs 10,644.30 crore in the same period the previous fiscal year. This decrease is attributed to weak refining margins.

Net profit also fell by 40.6% sequentially from Rs 4,789.57 crore in the fourth quarter of FY24. Additionally, the reduction in fuel prices impacted the company’s marketing margins. The state-owned oil marketing companies had previously cut auto fuel prices by Rs 2 per litre, marking the first reduction since April 2022.However, the company’s revenue from operations during the quarter under review remained largely stable at Rs 1.28 trillion year-on-year.

BPCL’s average gross refining margin during Q1FY25 was $7.86 per barrel, down from $12.64 per barrel in Q1FY24.The consolidated operating margin fell to 2.68% during the period, compared with 10.58% in the first quarter of the previous fiscal year.

The company’s domestic market sales grew by 3.2% to 13.16 million tonne in Q1FY25 from 12.75 million tonne in Q1FY24. However, crude throughput declined to 10.11 million tonne during the period, down from 10.36 million tonne in Q1FY24.“We have achieved our highest ever Average Ethanol Blending percentage of 14.14% during Q1FY25,” the company said. 

BPCL added 171 new fuel stations during the quarter taking their network strength to 22,011. The company also added 5 new distributors, taking LPG distributor network strength to 6,255 and the customer base increased to 93.3 million.“35 CNG Stations commissioned in Q1FY25 taking the total CNG stations as on June 30 to 2,064,” BPCL said.