Bharat Petroleum Achieves Highest-Ever Nine Months Profit of Rs. 22,449 Crore; Q3 Net Profit at Rs. 3,397 Crore

Bharat Petroleum Achieves Highest-Ever Nine Months Profit of Rs. 22,449 Crore; Q3 Net Profit at Rs. 3,397 Crore

Bharat Petroleum Achieves Highest-Ever Nine Months Profit of Rs. 22,449 Crore; Q3 Net Profit at Rs. 3,397 Crore

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Mumbai, 29 January, 2024: Bharat Petroleum Corporation Limited (BPCL), a leading player in the oil and gas sector, has reported its highest-ever net profit of Rs. 22,449.32 Crores for the nine months ending December 2023. 

This significant achievement marks a turnaround from the corresponding nine months of FY 22-23, when the company reported a loss of Rs. 4,607.64 Crores.

The net profit for the third quarter of FY 23-24 stood at Rs. 3,397.27 Crores, reflecting a substantial growth compared to the profit of Rs. 1,959.58 Crores in the corresponding quarter of FY 22-23.

Major highlights of the financial results are given below –

  •   Company’s Gross Refining Margins (GRM) for the period Apr – Dec 2023 was $14.72/bbl Vs $20.08/bbl in the corresponding comparative period before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess
  •   EBITDA for the nine months of FY 23-24 reached Rs. 36,887.35 Crores, showcasing a robust increase from Rs. 1,253.93 Crores in the nine months of FY 22-23. The EBITDA margin was at 9.84% in nine months FY 23-24, compared to 0.31% in the corresponding period of FY 22-23.
  •   EBITDA for Q3 FY 23-24 is Rs. 6,906.37 Crores Vs Rs. 4,685.82 Crores in Q3 FY 22-23; EBITDA margin was at 5.31% in Q3 FY 23-24 Vs 3.51% in Q3 FY 22-23.
  •   Debt-Equity ratio at gross borrowing level as on December 31, 2023, was at 0.23x (as against 0.88x as on 31st December 2022)
  •   Net profit for the third quarter stood at Rs 3,397.27 Crores.

Physical Performance

  •   The throughput for the current quarter was 9.86 MMT, showing an increase from 9.39 MMT in Q3 FY 22-23. Market sales grew by 0.86%, reaching 12.92 MMT in Q3 FY 23-24 from 12.81 MMT in Q3 of FY 22-23.
  •   During Apr to Dec’23, the throughput was 29.57 MMT Vs 27.90 MMT in the comparative period. The market sales for the period Apr to Dec’23 has increased to 37.86 MMT from 36.01 MMT in the comparative period (Growth of 5.14%)
  •   The average ethanol blending percentage achieved during Apr to Dec 23 was 11.53%.
  •   BPCL expanded its retail network by adding 501 new fuel stations, bringing the total network strength to 21,532.
  •   A total of 112 CNG stations were commissioned during Apr to Dec 23, contributing to a total of 1,711 CNG stations as of December 31, 2023.


                                                                                                                                (Rs. Crs)

 Q3FY24Q3FY23% ChangeQ3FY24Q3FY23% Change
Revenue from Operations1,29,9851,33,348(2.52%)1,29,9761,33,331(2.52%)
Net Profit3,1811,74782.08%3,3971,96073.32%


                            (Rs. Crs)

 Apr-Dec 23Apr-Dec 22% ChangeApr-Dec 23Apr-Dec 22% Change
Revenue from Operations3,74,9064,00,128(6.30%)3,74,8274,00,054(6.31%)
Net Profit22,069(4,739) 22,449(4,608) 

Shri G. Krishnakumar, C&MD, BPCL commented upon the company’s outstanding financial and operational performance. “BPCL has delivered another quarter of resilient performance with strong operating fundamentals amidst a challenging operating environment. Our focus remains on driving competitive volume growth and achieving operational excellence, whilst stepping up investment towards our long-term strategic priorities.

We are enthused to have recorded our highest-ever nine-month profits of Rs. 22,449.32 Crores as compared to loss of Rs. 4,607.64 Crores in the corresponding nine months of FY 22-23. The improved market sales and refinery thru’put in Q3 2023-24 as compared to Q3 2022-23 has resulted in increased profits for Q3 2023-24”.

About Bharat Petroleum Corporation Ltd. (BPCL):

Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 21,000 Energy Stations, over 6,200 LPG distributorships, 525 Lubes distributorships, and 123 POL storage locations, 53 LPG Bottling Plants, 70 Aviation Service Stations, 4 Lube blending plants and 4 cross-country pipelines as on 30.09.2023.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.

With a focus on sustainable solutions, the company is developing an ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting several initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be an admired global energy company leveraging talent, innovation & technology.

For further details, please get in touch with:

S. Abbas Akhtar,                                          Lennon D’souza

Executive Director (PR & Brand),                Email:

Email:           Phone: + 91 98701 13007

Phone: +91 22 22713340

Saurabh Jain,

Deputy General Manager (PR & Brand)


Phone: + 91 9895095210

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