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BPCL has reported a consolidated net loss of Rs 338 crore for the July-September quarter on account of a freeze on retail prices of petrol and diesel.
However,net loss contracted on a sequential basis. In Q1 FY23, the company had posted a consolidated net loss of Rs 6,148 crore. The results were released late on Monday night.
“Other expenses for the half-year ended September 30, 2022, includes around Rs 1,549.62 crore on account of foreign exchange loss as against foreign exchange gain of around Rs 1.87 crore for the half-year ended September 30, 2021, which was included in Other Income,” BPCL said in a regulatory filing on the BSE.
The OMC suffered under-recovery on sale of domestic LPG in FY22 and in the six months ended September 30, 2022. To compensate the corporation for the under-recovery, the Centre recently approved a one-time grant of Rs 5,582 crore, which has been recorded under Revenue from Operations in the financial results for the quarter and half-year ended September 30, 2022.
Operational metrics
BPCL’s average Gross Refining Margin (GRM) for H1 FY23 stood at $22.30 per barrel (H1 FY22: $5.23 per barrel). This is before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied from July 1, 2022. However, the suppressed marketing margins of certain petroleum products has offset the benefit of higher GRM, the company said in a regulatory filing.
Its market sales during H1 FY23 was 23.20 million tonnes (mt) compared to 19.54 mt a year-ago. The increase is mainly in MS-Retail (24.70 per cent), HSD-Retail (29.78 per cent) and ATF (97.72 per cent), it added.
In Q2 FY23, throughput was 8.82 mt against 8.97 mt in Q2 FY22. Market sales stood at 11.44 mt in Q2 FY23, compared to 9.91 mt in Q2 FY22. During H1 FY23, throughput was 18.51 mt, against 15.81 mt in H1 FY22. Market sales for the period H1 FY23 has increased to 23.20 mt from 19.54 mt in H1 FY22 (growth of 18.73 per cent).
“We have achieved an average Ethanol Blending percentage of 9.87 per cent during H1 FY23. BPCL added 226 new fuel stations in Q2 FY23 (388 in H1 FY23), taking their network strength to 20,443,” BPCL said in a statement.
The company’s owned and operated outlets increased to 316, with one addition during H1 FY23. Further, BPCL expanded FINO financial services to 12,977 fuel stations as on September 30, 2022. BPCL added four new distributors in Q2 FY23 (17 in H1 FY23), taking the LPG distributor network strength to 6,231 as on September 30, 2022, while the customer base increased to 9.13 crore, it added.
A total of 45 CNG stations were commissioned in Q2 FY23 (66 in H1 FY23), taking the total number as of September 2022 to 1,198.
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