Bharat Petroleum Corporation Limited (NSE: BPCL) Releases Q3 FY23 Results

Bharat Petroleum Corporation Limited (NSE: BPCL) is an Indian state-owned oil and gas company, headquartered in Mumbai. It is one of the largest public sector companies in India and operates in the refining, marketing, and distribution of petroleum products. BPCL has a significant presence in the domestic market, with a network of over 15,000 fuel retail outlets across the country. The company is also involved in exploration and production of oil and gas, petrochemical production, and has international operations in countries such as the UAE, Mozambique, and the US.

BPCL reported a consolidated net profit of ₹1,747.01 crore for Q3 2022-23, a 36.67% decrease from Q3 2021. On a standalone basis, the company’s net profit fell 31% YoY to ₹1,959.58 crore. The company recorded a revenue from operations of ₹1,33,331.46 crore for Q3 2022, a 14.02% increase from the same period the previous year. BPCL’s average Gross Refining Margin (GRM) for 9 months ended December 31, 2022 was $20.08 per barrel, an improvement from $6.98 per barrel in the same period the previous year. The company also reported market sales of 36.01 MMT for the 9 months ended December 31, 2022, an increase of 14.9% in Q3 and 17.3% in the 9 months period. Other expenses for the 9 months period included a foreign exchange loss of ₹1,695.69 crore.