Bharat Petroleum Corporation (BPCL) posted a 27.6% decline in standalone net profit to Rs 1,501.65 crore on 77% rise in revenue from operations to Rs 89,687.12 crore in Q1 FY22 over Q1 FY21.
Profit before tax declined 31.7% to Rs 1996.14 crore in Q1 FY22 from Rs 2,926.17 crore in Q1 FY21. The PSU OMC recognized an exceptional loss of Rs 77.06 crore in Q1 FY22 on the back of Employee Stock Purchase Scheme. BPCL said other expenses for the quarter ended 30 June 2021 includes Rs 46.70 crore on account of foreign exchange loss.The market sales of the corporation for the quarter ended 30 June 2021 was 9.63 MMT as compared to 7.53 MMT achieved during quarter ended 30th June 2020. Increase is mainly in HSD-Retail (25.00%), MS-Retail (39.72%) and ATF (115.40%). The state-owned refiner's throughput for Q1 FY22 rose 33% YoY to 6.84 million tonnes.
The corporation's average gross refining margin (GRM) of the corporation during quarter ended 30 June 2021 stood at $4.12 per barrel (as compared to April - June 2020: $0.39 per barrel).
BPCL was down 0.38% at Rs 448.20 on BSE.
BPCL is the second largest Indian oil marketing company. It is engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The Government of India holds 52.98% stake in BPCL as of 30 June 2021.
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