BPCL Q4 results: OMC beats estimates, standalone PAT rises 159%; key highlights of earnings

Government-backed oil marketing company, BPCL surpassed the street’s expectations in March 2023 quarterly earnings. The company posted a whopping 158.99% or 2.58 folds jump in standalone PAT to ₹6,477.74 crore in Q4FY23 as against ₹2,501.08 crore in Q4 of the previous fiscal. The OMC has also declared a dividend for shareholders.

Compared to December 2022 quarter where PAT stood at ₹1,959.58 crore, BPCL posted a strong growth of 230.57% or 3.30 times in the latest quarter.

Standalone revenue from operations stood at ₹1,33,413.81 crore in Q4FY23, rising by 8.13% from ₹1,23,382 crore in the corresponding period of last year. On a quarter-on-quarter basis, revenue inched slightly up from ₹1,33,331.46 crore in Q3FY23.

However, total expenses climbed to ₹1,24,668.36 crore in Q4FY23 as against ₹1,19,535.76 crore in Q4FY22 but declined from ₹1,31,657.55 crore in Q3 of FY23.

Brokerage ICICI Direct Research has predicted BPCL’s revenue to be at ₹1,30,262.9 crore in Q4FY23, EBITDA at ₹7,772.4 crore, and PAT at ₹4,360.5 crore.

Hence, BPCL beats estimates in the quarter under review.

On a consolidated basis, the company’s PAT attributable to owners, stood at ₹6,870.47 crore in Q4FY23 — as against ₹2,559.17 crore in Q4FY22 and ₹1,747.01 crore in Q3FY23.

For the year ended March 31, 2023, BPCL’s market sales stood at 48.92 MMT as compared to 42.51 MMT in the previous fiscal. The increase was mainly witnessed in ATF (65.64%), HSD-Retail (25.36%), and MS-Retail (18.01%).

Further, the average gross refining margin (GRM) of BPCK was at $20.24 per barrel in the year ended March 31, 2023, fiscal — as against ₹9.66 per barrel in FY22. BPCL said this is before factoring in the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied with effect from 1, July 2022.

Also, BPCL said, “The suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM.”

Moreover, in a meeting held on Monday, BPCL’s board members recommended a dividend of ₹4 per equity share of face value of Rs.10/- each, for the financial year ending 31st March 2023. This is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM). The dividend would be paid within 30 days from the date of its declaration at the AGM.

On BSE, BPCL’s share price closed at ₹361.50 apiece up by 0.33%.

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