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Bharat Petroleum Corporation Limited — Q1 FY24
BPCL reported a stellar Q1 FY24 with consolidated PAT of INR 10,644 crore, its highest ever, driven by record refinery throughput at 115% capacity utilization and strong marketing volume growth of ~8% YoY.
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BPCL reported a stellar Q1 FY24 with consolidated PAT of INR 10,644 crore, its highest ever, driven by record refinery throughput at 115% capacity utilization and strong marketing volume growth of ~8% YoY. Refinery GRM stood at $12.64/bbl, down sequentially due to weaker cracks, but Russian crude discounts provided a tailwind. Marketing margins improved as LPG under-recoveries were fully recouped. Management guided for INR 10,000 crore capex in FY24, with a larger INR 1.5 lakh crore five-year plan focused on petchem expansion at Bina (2.2 MTPA by 2028) and energy transition. A rights issue of INR 18,000 crore was approved to fund net-zero and energy security goals. Key risk: crude price volatility and potential narrowing of Russian crude discounts could pressure refining margins.
बीपीसीएल ने पहली तिमाही में 10,644 करोड़ रुपये का सबसे बड़ा मुनाफा कमाया। इसकी वजह रिफाइनरी का 115% क्षमता पर चलना और बिक्री में 8% की बढ़ोतरी थी। रिफाइनिंग मार्जिन 12.64 डॉलर प्रति बैरल रहा, जो पिछली तिमाही से कम है, लेकिन रूसी कच्चे तेल पर छूट से फायदा हुआ। एलपीजी घाटा पूरा होने से मार्केटिंग मुनाफा बढ़ा। कंपनी इस साल 10,000 करोड़ रुपये निवेश करेगी और पांच साल में 1.5 लाख करोड़ रुपये खर्च करने की योजना है। बीना में पेट्रोकेमिकल प्लांट लगाने और हरित ऊर्जा पर ध्यान दिया जाएगा। 18,000 करोड़ रुपये के राइट्स इश्यू से नेट-जीरो लक्ष्य के लिए फंड जुटाया जाएगा। खतरा: कच्चे तेल की कीमत बढ़ने या रूसी छूट कम होने से मुनाफा घट सकता है।
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Crude price volatility and Russian discount narrowing
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Refinery Throughput
10.36 MMT
+15% vs nameplate capacity
Record quarterly throughput at 115% capacity utilization across all refineries.
GRM
$12.64/bbl
-$7.94/bbl QoQ
Sequential decline due to weaker fuel cracks; Russian crude partially offset.
Retail Outlet Additions
111
Q1 FY24 additions
Part of plan to add 1,000 new outlets in FY24; total network expanding.
EV Charging Stations
747
Target 7,000 by Dec 2024
BPCL aims to convert all retail outlets into energy stations with EV charging.
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Guidance and risk preview
Management expects to spend INR 10,000 crore in capital expenditure during FY24, with INR 1,464 crore spent in Q1.
Management noted that crude prices have risen to $82-83/bbl and Russian crude discounts have narrowed sequentially, which could pressure refining m...
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