|
Net sales (including
other operating income) of Bharat Petroleum Corporation has declined 0.25% to
Rs 102785.27 crore. Sales of Downstream
Petroleum segment has gone up 1.16% to Rs 117,917.07 crore (accounting for 99.97%
of total sales). Sales of Exploration
& Production of Hydroca segment has gone down 64.51% to Rs 31.68 crore
(accounting for 0.03% of total sales).
MoPNG, vide letter dated 30.04.2020 had conveyed to Oil Marketing
Companies (OMCs) that where Market Determined Price (MOP) of LPG cylinders is
less than its Effective Cost to Customer (ECC), the OMCs will retain the
difference in a separate buffer account for future adjustment. However, as on
30th September 2024, the Corporation has a cumulative net negative buffer of Rs
4,119.72 crores and accordingly the revenue from sale of LPG was reduced by
this amount.
Profit before
interest, tax and other unallocable items (PBIT) has slumped 70.01% to Rs
3,318.92 crore. PBIT of Downstream
Petroleum segment fell 73.15% to Rs 3,029.58 crore (accounting for 91.28% of
total PBIT). PBIT of Exploration &
Production of Hydroca reported profit of Rs 289.34 crore compared to loss of Rs
217.93 crore.
PBIT margin of
Downstream Petroleum segment fell from 9.68% to 2.57%. PBIT margin of Exploration & Production
of Hydroca segment rose from negative 244.15% to 913.32%. Overall PBIT margin fell from 9.49% to
2.81%.
The Average Gross
Refining Margin (GRM) of the Corporation for half year ended 30th September
2024 is $ 6.12 per barrel (April-September 2023: $ 15.42 per barrel, this is
before factoring the impact of Special Additional Excise Duty and Road &
Infrastructure Cess, levied w.e.f 01st July 2022).
Operating profit
margin has declined from 12.56% to 4.39%, leading to 65.09% decline in
operating profit to Rs 4,517.08 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 45.52% to 54.43%.
Purchase of finished goods cost fell from 36.84% to 34.75%. Employee cost increased from 0.70% to 0.73%. Other expenses rose from 5.11% to
5.82%.
Other income rose
3.23% to Rs 697.45 crore. PBIDT fell
61.70% to Rs 5214.53 crore. Provision
for interest fell 22.47% to Rs 922.7 crore.
Loan funds rose to Rs 58,880.36 crore as of 30 September 2024 from Rs
56,335.21 crore as of 30 September 2023.
Inventories rose to Rs 44,318.93 crore as of 30 September 2024 from Rs
44,113.47 crore as of 30 September 2023.
Sundry debtors were higher at Rs 7,483.50 crore as of 30 September 2024
compared to Rs 5,757.46 crore as of 30 September 2023. Cash and bank balance declined from Rs
17,145.42 crore as of 30 September 2023 to Rs 10,395.88 crore as of 30
September 2024. Investments declined
from Rs 28,165.47 crore as of 30 September 2023 to Rs 27,239.23 crore as of 30
September 2024.
PBDT fell 65.46% to
Rs 4291.83 crore. Provision for
depreciation rose 10.80% to Rs 1778.63 crore.
Fixed assets increased to Rs 108,183.63 crore as of 30 September 2024
from Rs 90,629.53 crore as of 30 September 2023. Intangible assets declined from Rs 13,075.08
crore to Rs 1,203.98 crore.
Profit before tax
down 76.77% to Rs 2,513.20 crore. Share
of profit/loss was 118.55% higher at Rs 655.79 crore. Extraordinary items were decreased to Rs
-75.32 crore. Provision for tax was
expense of Rs 796.44 crore, compared to Rs 2812.19 crore. Effective tax rate was 25.74% compared to
25.44%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 72.13% to Rs 2,297.23
crore.
Equity capital
increased from Rs 2,129.45 crore as of 30 September 2023 to Rs 4,272.58 crore
as of 30 September 2024. Per share face
Value remained same at Rs 10.00.
Promoters’ stake was
52.98% as of 30 September 2024 compared to 52.98% as of 30 September 2023
.
For year-to-date (YTD) results analysis
Net sales (including
other operating income) of Bharat Petroleum Corporation has declined 0.07% to
Rs 215880.19 crore. Sales of Downstream
Petroleum segment has gone up 0.49% to Rs 245,989.50 crore (accounting for
99.97% of total sales). Sales of
Exploration & Production of Hydroca segment has gone down 44.98% to Rs
65.64 crore (accounting for 0.03% of total sales).
Profit before
interest, tax and other unallocable items (PBIT) has slumped 70.03% to Rs
7,496.28 crore. PBIT of Downstream
Petroleum segment fell 71.39% to Rs 7,285.31 crore (accounting for 97.19% of
total PBIT). PBIT of Exploration &
Production of Hydroca reported profit of Rs 210.97 crore compared to loss of Rs
450.71 crore.
PBIT margin of
Downstream Petroleum segment fell from 10.40% to 2.96%. PBIT margin of Exploration & Production
of Hydroca segment rose from negative 377.80% to 321.40%. Overall PBIT margin fell from 10.21% to
3.05%.
Operating profit
margin has declined from 13.30% to 4.70%, leading to 64.69% decline in
operating profit to Rs 10,143.69 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 45.62% to 53.53%.
Purchase of finished goods cost fell from 35.51% to 35.47%. Employee cost decreased from 0.75% to
0.72%. Other expenses rose from 5.02%
to 5.62%.
Other income rose
2.48% to Rs 1267.94 crore. PBIDT fell
61.91% to Rs 11411.63 crore. Provision
for interest fell 19.89% to Rs 1811.65 crore.
Loan funds rose to Rs 58,880.36 crore as of 30 September 2024 from Rs
56,335.21 crore as of 30 September 2023.
Inventories rose to Rs 44,318.93 crore as of 30 September 2024 from Rs
44,113.47 crore as of 30 September 2023.
Sundry debtors were higher at Rs 7,483.50 crore as of 30 September 2024
compared to Rs 5,757.46 crore as of 30 September 2023. Cash and bank balance declined from Rs
17,145.42 crore as of 30 September 2023 to Rs 10,395.88 crore as of 30
September 2024. Investments declined
from Rs 28,165.47 crore as of 30 September 2023 to Rs 27,239.23 crore as of 30
September 2024.
PBDT fell 65.34% to
Rs 9599.98 crore. Provision for
depreciation rose 7.63% to Rs 3464.76 crore.
Fixed assets increased to Rs 108,183.63 crore as of 30 September 2024
from Rs 90,629.53 crore as of 30 September 2023. Intangible assets declined from Rs 13,075.08
crore to Rs 1,203.98 crore.
Profit before tax
down 74.94% to Rs 6,135.22 crore. Share
of profit/loss was 33.27% higher at Rs 1035.14 crore. Extraordinary items were decreased to Rs
-217.79 crore. Provision for tax was
expense of Rs 1813.79 crore, compared to Rs 6270.4 crore. Effective tax rate was 26.09% compared to
24.92%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 72.79% to Rs 5,138.78
crore.
Equity capital
increased from Rs 2,129.45 crore as of 30 September 2023 to Rs 4,272.58 crore
as of 30 September 2024. Per share face
Value remained same at Rs 10.00.
Promoters’ stake was
52.98% as of 30 September 2024 ,compared to 52.98% as of 30 September 2023
.
Cash flow from
operating activities decreased to Rs 10,146.61 crore for YTD ended September
2024 from Rs 35,768.33 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets
during the YTD ended September 2024 stood at Rs 4,740.97 crore, compared to Rs
3,931.81 crore during the YTD ended September 2023.
The scrip is
currently trading at Rs 305
|
Bharat Petroleum Corporation :
Consolidated Results
|
|
Particulars
|
2409 (03)
|
2309 (03)
|
Var.(%)
|
2409 (06)
|
2309 (06)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Net
Sales
|
1,02,785.27
|
1,03,044.37
|
0
|
2,15,880.19
|
2,16,029.16
|
0
|
4,48,083.03
|
4,73,187.18
|
-5
|
|
OPM (%)
|
4.4
|
12.6
|
|
4.7
|
13.3
|
|
9.8
|
2.3
|
|
|
OP
|
4,517.08
|
12,940.51
|
-65
|
10,143.69
|
28,725.64
|
-65
|
44,082.03
|
10,888.11
|
305
|
|
Other
Inc.
|
697.45
|
675.61
|
3
|
1,267.94
|
1,237.30
|
2
|
2,234.73
|
1,498.22
|
49
|
|
PBIDT
|
5,214.53
|
13,616.12
|
-62
|
11,411.63
|
29,962.94
|
-62
|
46,316.76
|
12,386.33
|
274
|
|
Interest
|
922.7
|
1,190.19
|
-22
|
1,811.65
|
2,261.59
|
-20
|
4,148.89
|
4,262.77
|
-3
|
|
PBDT
|
4,291.83
|
12,425.93
|
-65
|
9,599.98
|
27,701.35
|
-65
|
42,167.87
|
8,123.56
|
419
|
|
Depreciation
|
1778.63
|
1605.27
|
11
|
3464.76
|
3219.23
|
8
|
6771.26
|
6368.82
|
6
|
|
PBT
|
2,513.20
|
10,820.66
|
-77
|
6135.22
|
24482.12
|
-75
|
35396.61
|
1754.74
|
1917
|
|
Share
of Profit/(Loss) from Associates
|
655.79
|
300.07
|
119
|
1035.14
|
776.7
|
33
|
1065.53
|
2191.92
|
-51
|
|
PBT
before EO
|
3168.99
|
11120.73
|
-72
|
7170.36
|
25258.82
|
-72
|
36462.14
|
3946.66
|
824
|
|
EO
Income
|
-75.32
|
-64.99
|
-16
|
-217.79
|
-100.57
|
-117
|
-267.7
|
-1125.53
|
76
|
|
PBT
after EO
|
3093.67
|
11055.74
|
-72
|
6952.57
|
25158.25
|
-72
|
36194.44
|
2821.13
|
1183
|
|
Taxation
|
796.44
|
2812.19
|
-72
|
1813.79
|
6270.4
|
-71
|
9335.6
|
690.08
|
1253
|
|
PAT
|
2297.23
|
8243.55
|
-72
|
5138.78
|
18887.85
|
-73
|
26858.84
|
2131.05
|
1160
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit
|
2297.23
|
8243.55
|
-72
|
5138.78
|
18887.85
|
-73
|
26858.84
|
2131.05
|
1160
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
62.360
|
4.660
|
|
|
Notes
|
|
* EPS
is on current equity of Rs 4,338.51 crore, Face value of Rs 10, Excluding
extraordinary items.
|
|
# EPS
is not annualised
|
|
bps :
Basis points
|
|
EO :
Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|