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Results
09-May-24
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Analysis
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Bharat Petroleum Corporation
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GRM stood at US$12.48 per barrel in Q4
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Consolidated net
sales (including other operating income) of Bharat Petroleum Corporation has
declined 1.32% to Rs 116554.73 crore.
Operating profit margin has declined from 9.38% to 7.86%, leading to
17.39% decline in operating profit to Rs 9,157.53 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 46.29% to 49.13%. Purchase of finished goods cost fell from
38.69% to 36.09%. Employee cost
increased from 0.71% to 0.74%. Other
expenses rose from 5.00% to 6.08%.
BPCL gross refining
margins (GRM) for the quarter January-March 2024 was $12.48 per barrel Vs
$20.58 per barrel in the corresponding comparative quarter.
Refining throughput
for the quarter January-March 2024 was 10.36 MMT Vs 10.63 MMT in the
corresponding comparative quarter.
Other income rose
4.88% to Rs 506.68 crore. PBIDT fell
16.46% to Rs 9664.21 crore. Provision
for interest fell 15.79% to Rs 966.8 crore.
Loan funds declined from Rs 69,376.03 crore as of 31 March 2023 to Rs
54,599.05 crore as of 31 March 2024.
Inventories rose to Rs 42,836.13 crore as of 31 March 2024 from Rs
38,069.19 crore as of 31 March 2023.
Sundry debtors were higher at Rs 8,342.03 crore as of 31 March 2024
compared to Rs 6,723.78 crore as of 31 March 2023. Cash and bank balance rose to Rs 6,286.36
crore as of 31 March 2024 from Rs 2,574.38 crore as of 31 March 2023. Investments declined from Rs 26,778.28 crore
as of 31 March 2023 to Rs 26,630.59 crore as of 31 March 2024.
PBDT fell 16.53% to
Rs 8697.41 crore. Provision for
depreciation rose 7.30% to Rs 1721.89 crore.
Fixed assets increased to Rs 1,05,798.23 crore as of 31 March 2024 from
Rs 1,01,720.07 crore as of 31 March 2023.
Intangible assets stood at Rs 1,203.98 crore.
Profit before tax
down 20.87% to Rs 6,975.52 crore.
Extraordinary items were increased to Rs -103.68 crore. Provision for tax was expense of Rs 1879.68
crore, compared to Rs 1984.03 crore. Effective
tax rate was 28.18% compared to 22.41%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 30.29% to Rs 4,789.57
crore.
Equity capital
increased from Rs 2,129.45 crore as of 31 March 2023 to Rs 2,136.29 crore as of
31 March 2024. Per share face Value
remained same at Rs 10.00.
Promoters’ stake was
52.98% as of 31 March 2024 ,compared to 52.98% as of 31 March 2023.
Full year results analysis
Net sales (including
other operating income) of Bharat Petroleum Corporation has declined 5.31% to
Rs 448083.03 crore. Operating profit
margin has jumped from 2.30% to 9.84%, leading to 304.86% rise in operating
profit to Rs 44,082.03 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
49.41% to 47.29%. Purchase of finished
goods cost fell from 42.16% to 36.71%.
Employee cost increased from 0.59% to 0.79%. Other expenses fell from 5.55% to
5.41%.
BPCL gross refining
margins (GRM) for April-March 2024 was $14.14 per barrel Vs $20.24 per barrel
in the corresponding comparative period.
Refining throughput
for the April-March 2024 was 39.93 MMT Vs 38.53 MMT in the corresponding
comparative period.
Other income rose
49.16% to Rs 2234.73 crore. PBIDT rose 273.93%
to Rs 46316.76 crore. Provision for
interest fell 2.67% to Rs 4148.89 crore.
Loan funds declined from Rs 69,376.03 crore as of 31 March 2023 to Rs
54,599.05 crore as of 31 March 2024.
Inventories rose to Rs 42,836.13 crore as of 31 March 2024 from Rs
38,069.19 crore as of 31 March 2023.
Sundry debtors were higher at Rs 8,342.03 crore as of 31 March 2024
compared to Rs 6,723.78 crore as of 31 March 2023. Cash and bank balance rose to Rs 6,286.36
crore as of 31 March 2024 from Rs 2,574.38 crore as of 31 March 2023. Investments declined from Rs 26,778.28 crore
as of 31 March 2023 to Rs 26,630.59 crore as of 31 March 2024.
PBDT rose 419.08% to
Rs 42167.87 crore. Provision for
depreciation rose 6.32% to Rs 6771.26 crore.
Fixed assets increased to Rs 1,05,798.23 crore as of 31 March 2024 from
Rs 1,01,720.07 crore as of 31 March 2023.
Intangible assets stood at Rs 1,203.98 crore.
Profit before tax
grew 1,917.20% to Rs 35,396.61 crore.
Share of profit/loss was 51.39% lower at Rs 1065.53 crore. Extraordinary items were increased to Rs
-267.70 crore. Provision for tax was
expense of Rs 9335.6 crore, compared to Rs 690.08 crore. Effective tax rate was 25.79% compared to
24.46%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company increased 1,160.36% to Rs 26,858.84
crore.
Equity capital
increased from Rs 2,129.45 crore as of 31 March 2023 to Rs 2,136.29 crore as of
31 March 2024. Per share face Value
remained same at Rs 10.00.
Promoters’ stake was
52.98% as of 31 March 2024 ,compared to 52.98% as of 31 March 2023 .
Cash flow from
operating activities increased to Rs 35,935.90 crore for year ended March 2024
from Rs 12,465.60 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 9,364.03 crore, compared to Rs
8,548.62 crore during the year ended March 2023.
The scrip is
currently trading at Rs 592
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Bharat Petroleum Corporation :
Consolidated Results
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Particulars
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2403
(03)
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2303
(03)
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Var.(%)
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2403
(12)
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2303
(12)
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Var.(%)
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Net
Sales
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1,16,554.73
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1,18,115.39
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-1
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4,48,083.03
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4,73,187.18
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-5
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OPM (%)
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7.9
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9.4
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9.84
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2.3
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OP
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9,157.53
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11,084.79
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-17
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44,082.03
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10,888.11
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305
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Other
Inc.
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506.68
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483.1
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5
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2,234.73
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1,498.22
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49
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PBIDT
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9,664.21
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11,567.89
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-16
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46,316.76
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12,386.33
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274
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Interest
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966.8
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1,148.02
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-16
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4,148.89
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4,262.77
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-3
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PBDT
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8,697.41
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10,419.87
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-17
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42,167.87
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8,123.56
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419
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Depreciation
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1721.89
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1604.79
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7
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6771.26
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6368.82
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6
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PBT
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6,975.52
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8,815.08
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-21
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35396.61
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1754.74
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1917
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Share
of Profit/(Loss) from Associates
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-202.59
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1036.05
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PL
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1065.53
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2191.92
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-51
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PBT
before EO
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6772.93
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9851.13
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-31
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36462.14
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3946.66
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824
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EO
Income
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-103.68
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-996.63
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90
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-267.7
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-1125.53
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76
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PBT
after EO
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6669.25
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8854.5
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-25
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36194.44
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2821.13
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999
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Taxation
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1879.68
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1984.03
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-5
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9335.6
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690.08
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999
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PAT
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4789.57
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6870.47
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-30
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26858.84
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2131.05
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999
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Minority
Interest (MI)
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0
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0
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-
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0
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0
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Net
profit
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4789.57
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6870.47
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-30
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26858.84
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2131.05
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999
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EPS
(Rs)*
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#
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#
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124.7
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9.3
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Notes
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* EPS
is on current equity of Rs 2,169.25 crore, Face value of Rs 10, Excluding
extraordinary items.
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# EPS
is not annualised
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bps :
Basis points
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EO :
Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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