Public sector oil marketing company Bharat Petroleum Corporation Ltd (BPCL) on Wednesday reported an 82.16 percent year-on-year (YoY) decline in net profit at Rs 2,130.5 crore for the fourth quarter ended March 31, 2022.

In the corresponding quarter last year, the company posted a net profit of Rs 11,948.32 crore. CNBC-TV18 Polls had predicted a profit of Rs 2,849 for the quarter under review.

Revenue from operations rose 25 percent to Rs 1.23 lakh crore on higher oil prices but losses on petrol, diesel and domestic LPG sales dented the financials.

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For the full FY22 (April 2021 to March 2022), BPCL reported a net profit of Rs 9.076.50 crore as opposed to a net profit of Rs 19,110.06 crore in the previous financial year.

At the operating level, EBITDA jumped 0.9 percent to Rs 4,249.3 crore in Q4 FY22 over Rs 4,212 crore in Q3 FY22. EBITDA margin stood at 3.9 percent in Q4 FY22 as compared to 4.2 percent in Q3 FY22. EBITDA is earnings before interest, tax, depreciation and amortization.

The Average Gross Refining Margin (GRM) of the company for the year ended March 31, 2022, is $9.09 per barrel against the previous year's $4.06 per barrel.

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Other expenses for the year ended March 31, 2022, include Rs 227.96 crore on account of foreign exchange loss as against a foreign exchange gain of Rs 199.75 crore for the year ended March 31, 2021, which was included in other income.

The Board at its meeting held on May 25, 2022, has recommended a final dividend of Rs 6.00 per equity share (Face Value of Rs 10 per equity share) subject to the approval of shareholders. This is in addition to the interim dividend of Rs 10 per equity share (Face value of 10 per equity share) paid for the year by the corporation.

The results came after the close of the market hours. Shares of BPCL ended at Rs 326, down by Rs 4.05, or 1.23 percent on the BSE.

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First Published:May 25, 2022 8:43 PM IST