The revenue was aided by a lift in advertising and marketing margins as a freeze on petrol and diesel value revision regardless of a fall in enter crude oil costs helped recuperate losses incurred when charges have been excessive final 12 months.
Pre-tax earnings from the downstream oil refining and advertising and marketing enterprise got here at Rs 11,283.29 crore within the second quarter of the present fiscal as in comparison with a lack of Rs 123.17 crore in the identical interval final 12 months.
Final 12 months, state-owned gas retailers BPCL, Indian Oil Company (IOC) and Hindustan Petroleum Company Ltd (HPCL) froze costs regardless of a spike in international oil costs following Russia’s invasion of Ukraine. This was with a view to insulate customers from value volatility.
The value freeze led to the three corporations incurring losses within the first half of 2022-23 fiscal 12 months (April 2022 to March 2023). BPCL incurred a lack of Rs 6,486.43 crore in April-September 2022. This 12 months, it nonetheless posted report earnings of Rs 18,887.85 crore in April-September 2023.
Revenues fell to Rs 1.16 lakh crore in July-September from Rs 1.28 lakh crore final 12 months on decrease oil costs.
BPCL stated it earned USD 15.42 on turning each barrel of crude oil into gas in April-September 2023 as in comparison with a gross refining margin of USD 22.30 within the corresponding interval final 12 months. Standalone EBITDA for Q2 FY 23-24 stood at Rs 13,679.21 crore in comparison with Rs 1,991.41 crore in Q2 FY 22-23.
Within the present quarter, the refinery throughput was 9.35 million tonnes versus 8.82 million tonnes in Q2 of FY 22-23. Market gross sales have been 12.19 million tonnes in Q2 FY 23-24 versus 11.44 million tonnes in Q2 of FY 22-23. Gross sales have grown by 6.56 per cent.
“We now have achieved our highest ever common ethanol mixing share of 11.98 per cent throughout H1 FY 23-24,” BPCL stated.
The corporate added 300 new gas stations in H1 FY 23-24, taking community energy to 21,331. The corporate-owned-company-operated shops community elevated to 338 with 11 additions.
Additionally, 44 CNG stations have been commissioned in H1 FY 23-24, taking the overall CNG stations to 1,640, the assertion stated.
BPCL’s refineries at Mumbai, Kochi and Bina have a mixed capability of round 35.3 million tonnes every year. Its advertising and marketing infrastructure features a community of installations, depots, power stations, aviation service stations and LPG distributors.
Obtain The Financial Instances Information App to get Each day Market Updates & Dwell Enterprise Information.
Prime Trending Shares: Sensex Right this moment Dwell, SBI Share Value, Axis Financial institution Share Value, HDFC Financial institution Share Value, Infosys Share Value, Wipro Share Value, NTPC Share Value