BPCL Q4 profit falls 30%, announces 1:1 bonus

Bharat Petroleum Corporation Ltd (BPCL) disclosed a 30 per cent decline in its net profit for the March quarter, attributed to reduced refining margins, alongside unveiling a bonus issue of one share for each existing share held.

The company's consolidated net profit stood at Rs 4,789.57 crore for January-March, a notable decrease from Rs 6,870.47 crore recorded in the corresponding period of the previous fiscal year.

Additionally, the BPCL board announced 1:1 bonus issue, granting shareholders an extra share for every share owned.

EBITDA witnessed a dip of 19.4 per cent in the fourth quarter, primarily impacted by dwindling refining margins and a pre-election decrease in petrol and diesel prices, despite a surge in crude oil input costs.

Turnover remained relatively steady at Rs 1.32 lakh crore compared to Rs 1.34 lakh crore in January-March 2023.

For the entirety of the 2023-24 fiscal year, BPCL achieved a historic net profit of Rs 26,858.84 crore, a major uptick from Rs 2,131.05 crore reported in the prior year.

Furthermore, the board proposed a final dividend of Rs 21 per equity share (pre-bonus) for the fiscal year 2023-24, equating to Rs 10.5 per share (post-bonus).

During FY24, BPCL's refineries processed 39.93 million tonnes of crude, up from 38.53 million tonnes in FY23. Market sales also saw a 4.33 per cent rise to 51.04 million tonnes from 48.92 million tonnes in FY23.

Chairman and Managing Director G Krishnakumar highlighted the company's remarkable operational and financial performance, emphasizing the record-breaking profit after tax of Rs 26,673.50 crores.

Looking ahead, Krishnakumar expressed cautious optimism for FY25, anticipating crude oil prices to hover between $83-87 per barrel. Despite potential challenges such as geopolitical tensions and supply chain disruptions, he affirmed BPCL's readiness to navigate uncertainties with agility and efficiency.

(With PTI inputs)