BPCL Q4 Results 2022: Net profit declined by 73.66% for Q4FY22

On 25th May 2022, BPCL announced its quarterly results for the last quarter of FY2022.

Key Highlights:

Q4FY22:

- The company's revenue from operations rose 23.53% to Rs.123217.1 crores in the quarter under review from Rs.99741.38 crores in the same quarter last fiscal.

- The company's total income rose 23.31% to Rs.123819.19 crores in the quarter under review from Rs.100409.99 crores in the same quarter last fiscal

- BPCL reported a net profit of Rs.2802.74 crores from Rs.10641.94 crores in Q4FY21, a decline by 73.66% 

FY2022: 

- The company's revenue from operations rose 42.16% to Rs.432569.62 crores in FY22 from Rs.304274.46 crores in FY21.

- The company's total income rose 41.86% to Rs.434838.16 crores in FY22 from Rs.306519.32 crores in FY21

- BPCL reported a net profit of Rs.11681.5 crores from Rs.17319.83 crores in Q4FY21, a decline by 32.55% 

Other Highlights:

- The market sales of the Corporation for the year ended 31st March 2022 were 42.51 MMT as compared to 38.74 MMT for the year ended 31st March 2021. The increase is mainly in MS-Retail (13.05%), HSD-Retail (6.64%), and ATF (31.91%). 

- The Average Gross Refining Margin (GRM) of the Corporation for the year ended 31st March 2022 is $9.09 per barrel (Previous year: $ 4.06 per barrel). 

Other Expenses for the year ended 31st March 2022 include Rs.227.96 Crores on account of foreign exchange loss as against foreign exchange gain of Rs.199.75 Crores for the year ended 31st March 2021 was included in Other Income. 

- The merger of wholly-owned subsidiary companies, Bharat Oman Refineries Limited and Bharat Gas Resources Limited with the Corporation is underway. It will be completed after obtaining the necessary approval from competent authorities.

- As per the Government of India's scheme - Pradhan Mantri Ujjwala Yojana (PMUY), the Corporation has given interest-free loans to PMUY customers towards the cost of the hot plate and 1st refill, which is to be recovered from the subsidy amount payable to the customer when such customers book refill. During the year, the Corporation has recalculated the gross carrying amount of the loans at the period ending at the present value of the estimated future contractual cash flows discounted at the original effective interest rate due to revision in estimates of receipts based on projections of subsidy amount per refill. Accordingly, the gross carrying amount of the loans has been reduced by Rs.367.29 Crores 

The Board has recommended a final dividend of Rs.6.00/- per Equity Share (Face Value: Rs10/- per equity share). This is in addition to the interim dividend of Rs.10.00/- per Equity Share (Face Value: Rs.10/- per equity share) paid for the year by the Corporation.