|
Net sales (including
other operating income) of Bharat Petroleum Corporation has declined 2.02% to
Rs 113165.87 crore. Sales of Downstream
Petroleum segment has gone down 1.87% to Rs 127,520.13 crore (accounting for
99.98% of total sales). Sales of Exploration
& Production of Hydroca segment has gone down 20.40% to Rs 30.44 crore
(accounting for 0.02% of total sales).
MoPNG, vide letter dated 30.04.2020 had conveyed to Oil Marketing
Companies (OMCs) that where market determined price (MDP) 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
31st December 2024, the corporation has a cumulative net negative buffer of Rs
7,228.56 crore and accordingly the revenue from sale of LPG was reduced by this
amount.
Profit before
interest, tax and other unallocable items (PBIT) has jumped 16.46% to Rs
5,586.44 crore. PBIT of Downstream
Petroleum segment rose 26.72% to Rs 5,997.53 crore (accounting for 107.36% of
total PBIT). PBIT of Exploration &
Production of Hydroca reported loss of Rs 411.09 crore compared to profit of Rs
63.88 crore.
PBIT margin of
Downstream Petroleum segment rose from 3.64% to 4.70%. PBIT margin of Exploration & Production
of Hydroca segment fell from 167.05% to 1,350.49%. Overall PBIT margin rose from 3.69% to
4.38%.
Average gross
refining margin (GRM) of the company for three months ended 31st December 2024
is US$ 5.6 per barrel (October-December 2023: US$ 13.35 per barrel). Refinery
throughput of the company was 9.54 MMT in Q3FY25 compared to 9.86 MMT in
Q3FY24.
Operating profit
margin has jumped from 5.37% to 6.65%, leading to 21.40% rise in operating
profit to Rs 7,525.59 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
48.64% to 46.37%. Purchase of finished
goods cost rose from 39.61% to 39.72%.
Employee cost increased from 0.93% to 1.10%. Other expenses rose from 5.46% to 5.93%.
Other income rose
23.85% to Rs 607.79 crore. PBIDT rose
21.58% to Rs 8133.38 crore. Provision
for interest fell 6.44% to Rs 861.26 crore.
PBDT rose 26.05% to
Rs 7272.12 crore. Provision for
depreciation fell 1.11% to Rs 1809.82 crore.
Profit before tax
grew 38.67% to Rs 5,462.30 crore.
Extraordinary items were increased to Rs -59.49 crore. Provision for tax was expense of Rs 1527.03
crore, compared to Rs 1185.52 crore.
Effective tax rate was 28.63% compared to 27.15%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company increased 19.63% to Rs 3,805.94 crore.
Promoters’ stake was
52.98% as of 31 December 2024 ,compared to 52.98% as of 31 December 2023 .
For year-to-date (YTD) results analysis
Net sales (including
other operating income) of Bharat Petroleum Corporation has declined 0.75% to
Rs 329041.65 crore. Sales of Downstream
Petroleum segment has gone down 0.33% to Rs 373,505.22 crore (accounting for
99.97% of total sales). Sales of
Exploration & Production of Hydroca segment has gone down 39.01% to Rs
96.08 crore (accounting for 0.03% of total sales).
Profit before
interest, tax and other unallocable items (PBIT) has slumped 55.07% to Rs
13,078.31 crore. PBIT of Downstream
Petroleum segment fell 55.49% to Rs 13,278.43 crore (accounting for 101.53% of
total PBIT). PBIT of Exploration &
Production of Hydroca segment rose 72.47% to Rs -200.12 crore (accounting for
-1.53% of total PBIT).
PBIT margin of
Downstream Petroleum segment fell from 7.96% to 3.56%. PBIT margin of Exploration & Production
of Hydroca segment rose from negative 461.41% to negative 208.28%. Overall PBIT margin fell from 7.76% to
3.50%.
Average gross
refining margin (GRM) of the company for nine months ended 31st December 2024
is US$ 5.95 per barrel (April-December 2023: US$ 14.72 per barrel). Refinery
throughput of the company was 29.93 MMT in 9MFY25 compared to 29.57 MMT in
9MFY24.
Operating profit
margin has declined from 10.53% to 5.37%, leading to 49.42% decline in
operating profit to Rs 17,664.87 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 46.66% to 51.13%.
Purchase of finished goods cost fell from 36.93% to 36.90%. Employee cost increased from 0.81% to 0.85%. Other expenses rose from 5.17% to
5.73%.
Other income rose
8.80% to Rs 1880.14 crore. PBIDT fell
46.67% to Rs 19545.01 crore. Provision
for interest fell 16% to Rs 2672.91 crore.
PBDT fell 49.59% to
Rs 16872.1 crore. Provision for
depreciation rose 4.46% to Rs 5274.58 crore.
Profit before tax
down 59.19% to Rs 11,597.52 crore. Share
of profit/loss was 23.88% lower at Rs 965.3 crore. Extraordinary items were decreased to Rs
-277.28 crore. Provision for tax was
expense of Rs 3340.82 crore, compared to Rs 7455.92 crore. Effective tax rate was 27.19% compared to
25.25%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 59.47% to Rs 8,944.72
crore.
Promoters’ stake was
52.98% as of 31 December 2024 ,compared to 52.98% as of 31 December 2023 .
The scrip is
currently trading at Rs 274
|
Bharat Petroleum Corporation :
Consolidated Results
|
|
Particulars
|
2412
(03)
|
2312
(03)
|
Var.(%)
|
2412
(09)
|
2312 (09)
|
Var.(%)
|
2403
(12)
|
2303
(12)
|
Var.(%)
|
|
Net
Sales
|
1,13,165.87
|
1,15,499.14
|
-2
|
3,29,041.65
|
3,31,528.30
|
-1
|
4,48,083.03
|
4,73,187.18
|
-5
|
|
OPM (%)
|
6.7
|
5.4
|
|
5.4
|
10.5
|
|
9.84
|
2.3
|
|
|
OP
|
7,525.59
|
6,198.86
|
21
|
17,664.87
|
34,924.50
|
-49
|
44,082.03
|
10,888.11
|
305
|
|
Other
Inc.
|
607.79
|
490.75
|
24
|
1,880.14
|
1,728.05
|
9
|
2,234.73
|
1,498.22
|
49
|
|
PBIDT
|
8,133.38
|
6,689.61
|
22
|
19,545.01
|
36,652.55
|
-47
|
46,316.76
|
12,386.33
|
274
|
|
Interest
|
861.26
|
920.5
|
-6
|
2,672.91
|
3,182.09
|
-16
|
4,148.89
|
4,262.77
|
-3
|
|
PBDT
|
7,272.12
|
5,769.11
|
26
|
16,872.10
|
33,470.46
|
-50
|
42,167.87
|
8,123.56
|
419
|
|
Depreciation
|
1809.82
|
1830.14
|
-1
|
5274.58
|
5049.37
|
4
|
6771.26
|
6368.82
|
6
|
|
PBT
|
5,462.30
|
3,938.97
|
39
|
11597.52
|
28421.09
|
-59
|
35396.61
|
1754.74
|
999
|
|
Share
of Profit/(Loss) from Associates
|
-69.84
|
491.42
|
PL
|
965.3
|
1268.12
|
-24
|
1065.53
|
2191.92
|
-51
|
|
PBT
before EO
|
5392.46
|
4430.39
|
22
|
12562.82
|
29689.21
|
-58
|
36462.14
|
3946.66
|
824
|
|
EO
Income
|
-59.49
|
-63.45
|
6
|
-277.28
|
-164.02
|
-69
|
-267.7
|
-1125.53
|
76
|
|
PBT
after EO
|
5332.97
|
4366.94
|
22
|
12285.54
|
29525.19
|
-58
|
36194.44
|
2821.13
|
999
|
|
Taxation
|
1527.03
|
1185.52
|
29
|
3340.82
|
7455.92
|
-55
|
9335.6
|
690.08
|
999
|
|
PAT
|
3805.94
|
3181.42
|
20
|
8944.72
|
22069.27
|
-59
|
26858.84
|
2131.05
|
999
|
|
Minority
Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net
profit
|
3805.94
|
3181.42
|
20
|
8944.72
|
22069.27
|
-59
|
26858.84
|
2131.05
|
999
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
62.4
|
4.7
|
|
|
Notes
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|
* 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
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|
Source:
Capitaline Corporate Database
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|