Bharat Petroleum, one of the premier integrated energy companies in India, has posted a net loss of Rs. 6,567.22 Crores in H1 FY22- 23, as compared to the restated profit of Rs. 6,033.82 Crores in the corresponding period of FY22
Major highlights of the financial results are given below (standalone) –
§ Pursuant to MCA order, Bina refinery (erstwhile Bharat Oman Refineries Limited) was amalgamated with BPCL and the financial performance of Bina refinery has been included in BPCL w.e.f 1st July 2021. Pursuant to MCA order, Bharat Gas Resources Limited was amalgamated with BPCL and the financial performance of Bharat Gas Resources Limited has been included in BPCL w.e.f 1st April 2021. In view of the above mergers, the accounts have been restated for respective periods.
§ Company’s gross refining margins (GRM) for the period H1 FY23 was $22.30/bbl Vs $5.23/bbl in the corresponding comparative period.
§ Net loss for Q2 FY23 stood at Rs 304.17 crores and for H1 FY23 was Rs 6,567.22 crores
§ EBITDA for Q2 FY23 is positive of Rs.1,991.41 Crores Vs Rs.5,654.80 Crores in Q2 FY22; EBITDA margin was at 1.55% in Q2 FY23 Vs 5.55% in Q2 FY22.
§ Debt-Equity ratio as on September 30, 2022 was at 1.10x (as against 0.60x as at 30th September 2021)
Physical Performance (standalone)
§ In Q2 FY23, throughput was 8.82 MMT Vs 8.97 MMT in Q2 FY22. Market Sales were 11.44 MMT in Q2 FY23 Vs 9.91 MMT in Q2 FY22. Sales have grown by 15.44%. During H1 FY23, throughput was 18.51 MMT Vs 15.81 MMT in H1 FY22. The market sales for the period H1 FY23 has increased to 23.20MMT from 19.54MMT in H1 FY22 (Growth of 18.73%)
§ We have achieved an Average Ethanol Blending percentage of 9.87% during H1 FY 23. BPCL added 226 New Fuel Stations in Q2FY23 (388 in H1 FY23), taking their network strength to 20443
§ The Company Owned Company Operated Outlets network increased to 316 with one addition during H1 FY23.
§ Further, BPCL expanded FINO financial services to 12977 Fuel Stations as on 30th Sep 2022
§ BPCL added 4 new distributors in Q2 FY23 (17 in H1 FY23), taking LPG distributor network strength to 6231 as on 30th Sep 22 and the customer base increased to 9.13 Crores as on 30th Sep 22
§ 45 CNG Stations commissioned in Q2FY23 (66 in H1 FY23) taking the total CNG stations as on 30th Sep 2022 to 1
Q2FY23 FINANCIAL HIGHLIGHTS
(Rs. Crs)
| Consolidated | Standalone | |||||
| Q2FY23 | Q2FY22 | % Change | Q2FY23 | Q2FY22 | % Change | |
| Revenue from Operations | 1,28,356 | 1,01,939 | 25.91% | 1,28,333 | 1,01,889 | 25.95% |
| EBITDA | 2,088 | 6,068 | 1,991 | 5,655 | ||
| Net Profit | (338) | 3,149 | (304) | 2,841 | ||
H1FY23 FINANCIAL HIGHLIGHTS
(Rs. Crs)
| Consolidated | Standalone | |||||
| H1FY23 | H1FY22 | % Change | H1FY23 | H1FY22 | % Change | |
| Revenue from Operations | 2,66,780 | 1,91,653 | 39.20% | 2,66,722 | 1,91,578 | 39.22% |
| EBITDA | (3,122) | 11,513 | (3,432) | 10,965 | ||
| Net Profit | (6,486) | 6,363 | (6,567) | 6,034 | ||