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BPCL posts four-fold rise in net profit, announces Rs58 final dividend – Mint

State-run Bharat Petroleum Corporation Ltd (BPCL) on Wednesday posted an over four times jump in its January-March net profit at 11,940 crore against Rs. 2777 crore in the previous quarter. In the same quarter, a year-ago period, the company reported a net loss of 1361 crore.

The Board of Directors has recommended a final dividend of 58 per equity share (including a one-time special dividend of 35 per equity share of IO each) for the financial year ended 3 1st March 2021 subject to the approval of the shareholders at the ensuing Annual General Meeting(AGM). The final dividend would be paid within 30 days from the date of its declaration at the AGM.

BPCL reported Revenue from Operations of 301,864.98 Crores for the year April-March 2021.

BPCL posted a total income of Rs. 1,00,420 crore as against Rs. 88095 crore in the previous quarter.

N. Vijayagopal, Director (Finance) said, “We witnessed a V-shape recovery in the second half of financial year resulting in robust growth in fuel sales. In an unprecedented year that began with a lockdown across the country and subdued business & economic activities, the fourth quarter was a stand-out quarter that helped Company to report its highest-ever growth in bottom-line.”

The company’s gross refining margins (GRMs) for the year stood at $4.06 per barrel and for Jan-Mar 2021 period at $6.64 per barrel. Operating profit was at Rs. 27,923.99 crore.

BPCL added 2,444 new fuel stations during the year, taking their network strength to 18,637, the 2nd second highest retailing network in India. The company also commissioned LPG import terminal with a capacity of 1 MMTPA, at Haldia during the quarter.

“Our market sales of diesel grew by 5.98% and petrol grew by 9.89%. Our debt level has come down to the normal level of Rs. 26,000 crores,” Vijayagopal added.

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