Mumbai (IP News). Bharat Petroleum Corporation Ltd (BPCL), a ‘Maharatna’ Public Sector Undertaking (PSU) and a Fortune Global 500 Company reported robust growth in earnings for the third quarter ending Dec 31, 2020. The Company’s standalone net profit for the quarter grew 120.3 % to Rs. 2777.6 crore as compared to Rs 1260.6 crore in the corresponding period of last year. Standalone revenue from the operations for Q3FY21 was at Rs. 86,579.9 crore; while EBITDA rose 67.6 % to Rs. 5,400.8 crore in Q3FY21. For the nine-months ended December 31, 2020, the standalone net profit rose 75.6 % to Rs. 7,101.5 crore; while EBITDA grew 55% to Rs. 14,209.2 crore.
For the quarter ended Dec 31, 2020, the domestic sales of petroleum products for the Company were at 11.10 million metric tonnes (MMT) as compared to 11.02 MMT achieved during corresponding period of last year.
As on Dec 31, 2020, Company had total fuel stations’ network of 17,841 which has crossed 18,000 now, affirming our position as second largest fuel retailer in the country.
We have revised our capex targets to Rs. 9,000 crores from the earlier target of Rs. 8,000 crores. We have already spent Rs. 5,688 crores during the 9 months ended 31st Dec 2020.
As on 31st March 2020 we had around Rs. 6,200 crores outstanding receivable from the government which has been steadily coming down. As on date, the dues amount to around Rs. 2,200 crores.
Commenting on Q3FY21 performance, N. Vijayagopal, Director (Finance) said, “We are pleased to report that Q3FY21 has been the strongest quarter in terms of registered PBT & PAT in this fiscal year. We are back to pre-covid levels in Q3FY21 as we recorded the best performance in HSD (High Speed Diesel) & MS (Motor Spirit) in market sales amongst the peer PSUs and proclaim ourselves as market growth leader in these categories. Our market sales have grown by 24% and to support this demand, throughput has increased by 29% over Q2FY21. We have also recorded the GRM of $2.47, which is the best amongst the OMCs. This is on back of tough global environment with low crack spreads. On the balance sheet front, we have significantly reduced our debt levels and the debt-equity ratio now stands at 0.6x in Q3FY21 as compared to 1.26x in FY20. As a constant endeavour, the company will strive to deliver superior performance in coming quarters”.
About Bharat Petroleum Corporation Ltd. (BPCL):
A Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.
Bharat Petroleum’s Refineries at Mumbai and Kochi, subsidiaries Numaligarh Refinery Limited at Assam and Bharat Oman Refineries Ltd., at Bina, Madhya Pradesh have a combined refining capacity of over 40 MMTPA. Its marketing infrastructure includes network of installations, depots, retail outlets, aviation service stations and LPG distributors. Its distribution network comprises around 18,000 Retail Outlets, 6,600 LPG distributorships, 733 Lubes distributorships, 123 POL storage locations, 52 LPG Bottling Plants, 58 Aviation Service Stations, 3 Lube blending plants and 4 cross-country pipelines.
123 POL storage locations, 52 LPG Bottling Plants, 58 Aviation Service Stations, 3 Lube blending plants and 4 cross-country pipelines.
With a focus on sustainable solutions, the company is developing a vibrant ecosystem. Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be the most admired global energy company leveraging talent, innovation & technology.
