State-owned Bharat Petroleum Corporation Ltd (BPCL) on Wednesday, July 26, reported a consolidated net profit of Rs 10,550.9 crore for the first quarter that ended June 30, 2023, on the back of a recovery in fuel marketing margins.

In the corresponding quarter last year, Bharat Petroleum Corporation posted a net loss of Rs 6,147.94 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 8,960 crore for the quarter under review.

Sequentially, BPCL recorded a net profit rise of 62.9 percent from Rs 6,477 crore, while revenue declined 4.3 percent from Rs 1.18 lakh crore, it said.

In the quarter, consolidated total revenue stood at Rs 1.28 lakh crore during the period under review, down 7.3 percent against Rs 1.38 lakh crore in the corresponding period of the preceding fiscal. CNBC-TV18 Polls had predicted revenue of Rs 1.08 lakh crore for the quarter under review.

At the operating level, EBITDA jumped 41.8 percent to Rs 15,809.7 crore in the first quarter of this fiscal over Rs 11,153 crore in the preceding January-March quarter.

The EBITDA margin stood at 14 percent in the first quarter compared to 9.4 percent in the preceding January-March quarter. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a Rs 24.51-crore foreign exchange gain against a forex loss of Rs 962.53 crore in April-June 2022.

Shares of Bharat Petroleum Corporation Ltd ended at Rs 386.90, up by Rs 0.50, or 0.13 percent on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Jul 26, 2023 3:28 PM IST