scorecardresearchBPCL reports ₹6,291 crore net loss in Q1

BPCL reports 6,291 crore net loss in Q1

Updated: 07 Aug 2022, 08:21 AM IST
TL;DR.

Commenting on the performance, Vetsa Ramakrishna Gupta, Director (Finance), BPCL said, BPCL refineries have performed exceptionally well supported by robust international cracks of petroleum products, resulting in the GRM going up.

FILE PHOTO: A man paints the logo of oil refiner Bharat Petroleum Corp (BPCL) on a wall on the outskirts of Kochi, India, November 21, 2019. REUTERS/Sivaram V

FILE PHOTO: A man paints the logo of oil refiner Bharat Petroleum Corp (BPCL) on a wall on the outskirts of Kochi, India, November 21, 2019. REUTERS/Sivaram V

(PTI) Bharat Petroleum Corporation Ltd (BPCL) on Saturday reported a net loss of 6,291 crore in the first quarter of current fiscal on holding fuel prices despite rise in cost. 

Net loss of 6,290.8 crore in April-June compared with 3,192.58 crore in the same period a year back, the company said in a statement. Revenue from operations rose to 1.38 lakh crore from 89,688.98 crore in April-June 2021. The company earned USD 27.51 on turning every barrel of crude oil into fuel in the quarter as against USD 4.12 per barrel gross refining margin a year back. 

But this was negated by losses that incurred because of holding fuel prices despite rising cost. BPCL said it had a negative EBITDA of 5,461.56 crore in Q1 versus a positive 5,308.52 crore last year. EBITDA margin was at negative 4 per cent in Q1 FY 22-23 vs 6 per cent in Q1 FY 21-22. 

Commenting on the performance, Vetsa Ramakrishna Gupta, Director (Finance), BPCL said, "BPCL refineries have performed exceptionally well supported by robust international cracks of petroleum products, resulting in the GRM going up." 

The increase in market sales from 9.63 million tonnes in Q1 2021-22 to 11.76 million tonnes in Q1 2022-23 was mainly attributable to a low base effect as well as higher turnout at BPCL fuel stations. "On an overall basis, despite robust GRM's, the company reported a net loss in the first quarter due to heavy losses in marketing business," he added. 

First Published: 07 Aug 2022, 08:21 AM IST