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BPCL: Subsidies support performance

Nov 19, 2012

Bharat Petroleum Corporation Ltd (BPCL) has announced its results for the second quarter of financial year 2013 (2QFY13). During the quarter, the company has reported 34.5 % year on year (YoY) growth in sales and a positive net income margin at 8.8% versus loss last year. Here is our analysis of the results.

Performance summary
  • For the quarter, sales were up by 34.5% YoY. For the first half year (1HFY13), the sales registered 26.0% YoY increase.
  • At operating income level, the company booked profits worth Rs 53.9 bn (versus a loss of Rs 27.6 bn 2QFY12) with operating profit margins at 9.5% versus a loss margin of 6.5% in 2QFY12. For the first half, the operating losses were down to Rs 27.6 bn from Rs 49.1 bn in 1HFY12. The operating loss margin for the first half of the year stood at 2.5%, better than the loss margin of 5.5% in 1HFY12.
  • The net profits for the quarter stood at Rs 50.3 bn (versus a net loss of Rs 32.3 bn) with margins at 8.8% (as compared to net loss margin of 7.6%). For the first half year, the net loss margins stood at 3.4% as compared to 6.5% in 1HFY12.
  • The crude thruput for the quarter stood at 5.94 million metric tonnes (versus 5.91 MMT in 1QFY13), up from 5.58 MMT in 2QFY12.For 1HFY13, the crude thruput increased to 11.85 MMT from 10.78 MMT in 1HFY12.
  • The market sales for the quarter stood at 7.77 MMT (versus 8.5 MMT in 1QFY13), up from 7.04 MMT in 2QFY12. The market sales for 1HFY13 stood at 16.3 million metric tonnes (MMT) as compared to 14.9 MMT in 2QFY12.This was mainly due to increase in sales volumes of MS Retail (up 6.7%), HSD - Retail (up 14.6%), RLNG (up 28.1%) and LPG (up 4.9%) partially offset by a decline in sales volumes of Furnace oil (down 5.1%).
  • The average gross refining margins for 1HFY13 stood at US$ 4.55 per barrel as compared to US$ 1.42 per barrel in 1HFY12.
  • BPCL has accounted a compensation of Rs 72.8 bn (up 44.1% YoY) from upstream companies for the purchase of crude oil.
  • BPCL has accounted a compensation of Rs 72.4 bn (almost double of what it received in 1HFY12) from the Government for losses on the sale of sensitive petroleum products.
  • The net under recoveries for 1HFY13 stood at Rs 61.3 bn, down 6.8% YoY.
  • For 1HFY13, the thruput at Bina refinery stood at 2.5 MMT with GRMs at US$ 4 per barrel (GRMs at US$ 7.7 per barrel for the quarter).

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