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BPCL: Net profits down 48% - Views on News from Equitymaster

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BPCL: Net profits down 48%
Feb 19, 2013

Bharat Petroleum Corporation Ltd (BPCL) has announced its results for the third quarter of financial year 2013 (3QFY13). During the quarter, the company has reported 6.0 % year on year (YoY) growth in sales while net income declined by 47.5% YoY. Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up by 6.0% YoY. For the first nine months (9mFY13), the sales registered 18.0% YoY increase.
  • The operating profits for the quarter declined by 38.3% YoY, with operating profit margins 3.7%, down from 6.3% in 3QFY12. For the first nine months, BPCL booked losses of Rs 4.7 bn at the operating income level. The operating loss margins for the first nine months stood at 0.3%, as compared to the loss margins of 0.8% in 9MFY12.
  • The net profits for the quarter were down 47.5% YoY, with net profit margins at 2.6%, down from 5.3% in 3QFY12. For the first nine months, BPCL booked losses of Rs 21.5 bn at the net income level. The net loss margins for the first nine months stood at 1.2%, as compared to the loss margins of 1.8% in 9MFY12.
  • For the first nine months, BPCL has accounted Rs 109 bn (up 26% YoY) from the upstream oil and gas segment as compensation towards sharing of under recoveries on sale of sensitive petroleum products. Apart from this, the company accounted Rs 132 bn (up 26% YoY) as subsidies from the Government. For the first nine months, the net under recoveries absorbed by the company stood at Rs 59.2 bn (up 62.3% YoY).
  • For the first nine months, the throughput at Bina refinery stood at 4.12 MMT (90% utilization) and the gross refining margins were a little above US$ 5 per barrel. BINA refinery incurred a loss of Rs 9 bn (mainly due to shutdown in the earlier quarters) for the nine months. The GRMs at Bina refinery for the third quarter stood at around US$ 7 per barrel. In the third quarter, the losses came at Rs 1 bn.
  • At Numaligarh refinery, BPCL processed 1.8 MMT for 9 months, achieved a GRM of US$ 7 per barrel (that includes excise duty benefit in North East). The refinery incurred a loss of Rs 900 m.
  • BPCL incurred a capex of Rs 23 bn for the first nine months .

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