- by Stocktry Expert
- 27th May 2021
BPCL Q4 Results: Company Reports net Profit of Rs 11,940 Crore for the Quarter Ended March
Privatisation-bound Bharat Petroleum Corporation (BPCL) on Wednesday reported a net profit of Rs 11,940 crore for the quarter ended March 31, 2021 as against a net loss of Rs 1,361 crore in the year-ago quarter. It also declared a record Rs 12,581 crore dividend, more than half of which will go to the government.
The company’s revenue from operations rose 21.5 percent on a year-on-year basis to Rs 98,755.6 crore for the quarter, which was sharply higher than analysts’ estimates.
The Board of Directors has recommended a final dividend of Rs 58/- per equity share (including a one-time special dividend of Rs 35 per equity share of Rs IO each) for the financial year ended March 31, 2021, subject to the approval of the shareholders at the ensuing Annual General Meeting.
During the quarter, the company made gains of Rs 9,422 crore from sale of stake in subsidiary Numaligarh Refinery, took an impairment of assets worth Rs 2,032.8 crore related to subsidiary Bharat PetroResources and took a one-time hit on employee share-based expenses.
In the year-ago quarter, BPCL had suffered a one-time loss worth Rs 1,080.8 crore due to write-down of inventory in lieu of the crash in global crude oil prices in March 2020.
During the quarter, the company’s refinery throughput remained largely unchanged at 8.39 million tonnes, whereas market sales grew 4 per cent on-year to 11.17 million tonnes.
"The market sales of the corporation for the year ended 31st March 2021 was 38.74 million tonnes as compared to 43.10 million tonnes achieved during the year ended 31st March 2020. "Decrease is mainly in diesel (-10.66%), petrol (-7.83%), ATF (-60.32%) and partly offset by an increase in LPG (6.24%)," the firm said.
Commenting on the fourth-quarter earnings, BPCL Director (Finance) N Vijayagopal said, "We witnessed a V-shaped recovery in the second half of the financial year resulting in robust growth in fuel sales. In an unprecedented year that began with a lockdown across the country and subdued business and economic activities, the fourth quarter was a stand-out quarter that helped the company to report its highest-ever growth in the bottom line," he said.
BPCL market sales of diesel grew by 5.98 percent and petrol by 9.89 percent.
"Our debt level has come down to a normal level of Rs 26,000 crore," he said.
Shares of BPCL ended 0.5 per cent lower at Rs 470.3 on the National Stock Exchange or 0.68 percent on the BSE.