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BPCL : Higher refining margins boost profits
May 30, 2013

Bharat Petroleum Corporation Ltd (BPCL) has announced its results for the fourth quarter of financial year 2013 (4QFY13) and for full year (FY13). During the quarter, the company has reported 2.5 % year on year (YoY) growth in sales while net income grew by 21.1% YoY. Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up by 2.5% YoY. For the FY13, the sales registered 13.3% YoY increase.
  • The operating profits for the quarter grew by 29.5% YoY, with operating profit margins at 9.9%, up from 7.9% in 4QFY12. For FY13, BPCL registered an impressive growth of 57.5% in operating profits. The operating profit margins for FY13 stood at 2.5%, as compared to the profit margins of 1.8% in FY12.
  • The net profits for the quarter grew by 21.1% YoY, with net profit margins at 7.2%, up from 6.1% in 4QFY12. For FY13, the bottomline surged by 101.6% YoY. The net profit margins for FY13 stood at 1.1%, as compared to the margins of 0.6% in FY12.
  • Crude throughput for the quarter stood at 5.82 mmt (million tonnes), down from 6.00 mmt last year. For FY13, the standalone crude throughput stood at 23.21 mmt, up from 22.91 mmt in FY12.
  • The market sales during the quarter stood at 8.56mmt, up from 8.23 mmt in 4QFY12. For FY13, the standalone market sales stood at 33.3 mmt, versus 31.14 mmt in FY12.
  • Average gross refining margins (GRMs) for FY13 almost doubled to US$ 4.97 per barrel from US$ 2.29 per barrel in FY12.
  • BPCL accounted for Rs 168.4 bn( up 30% YoY) as discount from the upstream segment during FY13 that was adjusted against the crude oil purchase cost.
  • BPCL has accounted around Rs 219 bn ( up 11% YoY) of subsidy in FY13 from the Government to compensate for under recoveries on sensitive fuel products.
  • The net under recoveries absorbed by BPCL stood at around Rs 2.5 bn in FY13, as compared to Rs 96.8 m of under recoveries in FY12.
  • BPCL's Board of Directors have recommended a dividend of Rs 11 per share .

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