BPCL Q3 results: Profit up 82% YoY at Rs 3,181.42 crore; stock hits one-year high

State-run refiner Bharat Petroleum Corporation Ltd (BPCL) on Monday posted an 82.11 per cent year-on-year (YoY) rise in its consolidated net profit during the third-quarter of the ongoing financial year (Q3 FY24). The company's profit came at Rs 3,181.42 crore in Q3 as against Rs 1,747.01 crore in the same period last fiscal.

The fuel retailer's revenue from operations slipped 2.52 per cent YoY to Rs 1,29,984.84 crore from Rs 1,33,347.51 crore in the year-ago period. Although, it was up 11.42 per cent QoQ.

Outstanding debt of the company stood at Rs 42,064.15 crore in the quarter under review compared to Rs 64,260.73 crore in the same period last fiscal.

Net profit margin rose to 2.45 per cent in the December 2023 quarter from 1.31 per cent in Q3 FY23. Operating margin was at 3.20 per cent from 1.32 per cent YoY.

For the nine months ended December 2023, the PSU oil refiner reported a net profit of Rs 22,069.27 crore as against a loss of Rs 4,739.42 crore a year ago.

BPCL reported better-than-expected results. Refining throughput at 9.9 mmt was up 5 per cent QoQ (PLe: 9.5mmt) and marketing sales grew 6 per cent QoQ to 12.9mmt (PLe:12.9 mmt), said Swarnendu Bhushan – Co-Head of Research at Prabhudas Lilladher.

The stock jumped 5.89 per cent to scale a one-year high level of Rs 501.45 after the quarterly results were out.

On BSE, around 4.83 lakh shares were last seen changing hands. The figure was lower than the two-week average volume of 8.91 lakh shares. Turnover on the counter came at Rs 23.64 crore, commanding a market capitalisation (m-cap) of Rs 1,07,323.78 crore.

The counter's 14-day relative strength index (RSI) came at 66.15. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 3.74 against a price-to-book (P/B) value of 1.46.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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