HomeBusiness ›Bharat Petroleum Reports Record Profit in FY 2023-24, Plans Expansion Amid Economic Boom

Bharat Petroleum Reports Record Profit in FY 2023-24, Plans Expansion Amid Economic Boom

The company's consolidated net profit stood at INR 26,858.84 crores, compared to INR 2,131.05 crores in FY 22-23.

May 10, 2024. By Abha Rustagi

Bharat Petroleum Corporation Limited (BPCL) has announced its highest-ever standalone net profit of INR 26,673.50 crores for the fiscal year 2023-24, marking a substantial increase from INR 1,870.10 crores in the previous fiscal year. 

Additionally, the company's consolidated net profit for the same period stood at INR 26,858.84 crores, compared to INR 2,131.05 crores in FY 22-23.

In the fourth quarter of FY 23-24, BPCL reported a standalone net profit of INR 4,224.18 crores, down from INR 6,477.74 crores in the corresponding quarter of the previous fiscal year. Similarly, the consolidated net profit for Q4 FY 23-24 was INR 4,789.57 crores, a decrease from INR 6,870.47 crores in Q4 FY 22-23.

The company's Revenue from Operations for the fiscal year ended March 31, 2024, was INR 5,06,911.36 crores, compared to INR 5,33,467.55 crores in the previous year. BPCL standalone reported Revenue from Operations of INR 1,32,084.86 crores for the quarter Jan-Mar 2024, slightly lower than the INR 1,33,413.81 crores in the corresponding comparative quarter.

BPCL's net worth increased to INR 74,674.80 crores as of March 31, 2024, from INR 51,996.34 crores as of March 31, 2023. The company's board has recommended a final dividend of INR 21 per equity share (pre-bonus) for the year 2023-24, subject to approval by shareholders at the Annual General Meeting. This is in addition to the interim dividend of INR 21 (pre-bonus) per equity share already paid during the year.

Furthermore, the Board of Directors has recommended issuing bonus shares in the ratio of one equity share of INR 10 each for every one existing equity share of INR 10 each, subject to shareholder approval.

In terms of physical performance, BPCL's throughput for the fiscal year 2023-24 was 39.93 MMT, with market sales reaching 51.04 MMT, reflecting a growth of 4.33 percent compared to the previous fiscal year. During Q4 FY 2023-24, the throughput was 10.36 MMT, and market sales increased to 13.18 MMT.

G. Krishnakumar, CMD of BPCL, commented on the company's achievements, stating, “The Financial Year 2023-24 marks a significant milestone in our journey. We've achieved record-breaking operational and financial performance across refining throughput, domestic market sales, and profitability. Our Profit After Tax soared to a historic INR 26,673.50 crores. These achievements provide a strong foundation for BPCL's ambitious strategy ‘Project Aspire’, which, at a planned capital outlay of INR 1.7 lakh Crores over a period of 5 years, will fuel our next wave of growth to create long-term value for our shareholders."

"We are planning to expand our refining capacity to 45 MMTPA and add 4,000 new fuel stations by FY2029. We are investing in future big bets including the setting up of petchem facilities in Bina and Kochi, tripling our gas footprint by FY2029, and seizing economic opportunities in the Green Businesses,” he added.

Krishnakumar further expressed optimism regarding the outlook for FY 2024-25, indicating that the company remains cautiously optimistic about crude oil prices, expecting them to stay within the range of USD 83-87/bbl in the near future. Despite acknowledging potential challenges such as geopolitical tensions and supply chain disruptions, he stated that BPCL is prepared to navigate these uncertainties with agility and efficiency.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
Next events
Last interviews
Follow us