State-run Bharat Petroleum Corporation (BPCL) on Friday reported a 73 per cent year-on-year (y-o-y) drop in its consolidated net profit at ₹2,297.23 crore in Q2 FY25 on account of lower refining and marketing margins.

On a sequential basis, the oil marketing company’s (OMC) net profit was down by 19 per cent. Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortisation) tanked by more than 58 per cent y-o-y to ₹5,795 crore.

The OMC posted a consolidated total income of ₹1.19 lakh crore in Q2FY25, compared to ₹1.29 lakh crore in Q1 FY25 and ₹1.17 lakh crore in Q2 FY24.

Average Gross Refining Margin (GRM) for April-September 2024 stood at $6.12 per barrel against $15.42 a barrel in the corresponding comparative period.

BPCL’s consolidated total expenses stood at ₹1.16 lakh crore in Q2FY25, against ₹1.25 lakh crore in Q1FY25 and ₹1.07 lakh crore in Q2 FY24.

The OMC also said that its Board has decided not to pursue raising of capital through Rights Issue owing to improved internal generation of funds. and also the communication received from the Ministry of Petroleum & Natural Gas (MoPNG) regarding non allocation of funds for capital support to OMCs in the budget FY25 and hence Government of India’s non participation in the issue.

The market sales for the July-September 2024 increased to 12.39 million tonnes (MT) in comparison to 12.19 MT in Q2FY24. Sales grew by 1.64 per cent y-o-y. The throughput was 10.28 MT against 9.35 MT a year-ago.

BPCL added 541 new fuel stations in H1 FY25, taking their network strength to 22,380. It also added 7 new distributors, taking the LPG distributor network strength to 6,256, while the customer base increased to 9.52 crore

BPCL commissioned 91 CNG stations in H1 FY25 taking the total CNG stations as on September 20, 2024 to 2,120.

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