The Bharat Petroleum Corporation Limited has lately announced that it has recorded a net profit of Rs. 3,014.77 crores in April – June 2024 (Q1), as compared to the profit of Rs 10,550.88 crores in the corresponding period of FY 2023-24.
Despite the volatile market conditions, the Maharatna PSU has effectively tackled the challenges and maintained a healthy gross refining margin (GRM) for the period from April to June 2024, which stood at $7.86 per barrel compared to $12.64 per barrel in the same period the previous year.
It must also be mentioned that BPCL’s market sales reached 13.16 million metric tonnes (MMT) in Q1 of FY 2024-25, reflecting a growth of 3.22% from 12.75 MMT in the same quarter of the previous fiscal year. The throughput for the current quarter was 10.11 MMT, slightly down from 10.36 MMT in Q1 FY 2023-24.
The state-owned Petroleum behemoth achieved its highest-ever average ethanol blending percentage of 14.14% during Q1 FY 2024-25, demonstrating its commitment to sustainable and environmentally friendly practices. Additionally, BPCL expanded its retail network by adding 171 new fuel stations in Q1 FY 24-25, bringing the total to 22,011 fuel stations.
The company also strengthened its LPG distribution network by adding 5 new distributors, increasing the total to 6,255, and expanding its customer base to 9.33 crore. To capitalise on the burgeoning market, BPCL commissioned 35 new CNG stations in Q1 FY 2024-25, taking the total number of CNG stations to 2,064 as of June 30, 2024.
