BPCL Soars 5% on Strong Earnings Announcement

Bharat Petroleum Corporation Ltd.'s (BPCL) stock surged 5% following reports of a record net profit of Rs 26,858.84 crore for FY24 and a bonus share announcement. Despite a 30% decline in its Q4 net profit due to lower refining margins, BPCL's annual profit was substantial. The company announced a 1:1 bonus issue and saw a 19.4% drop in EBITDA in Q4 due to falling margins and government price cuts. However, turnover remained stable.

The stock of Bharat Petroleum Corporation Ltd (BPCL) on Friday climbed 5 per cent after the company for the full 2023-24 fiscal reported a record net profit of Rs 26,858.84 crore, and announced one bonus share for each share held.

Shares of the company went up by 4.98 per cent to Rs 621.80 on the BSE.

On the NSE, it climbed 5 per cent to Rs 621.95.

BPCL on Thursday reported a 30 per cent fall in its March quarter net profit on lower refining margins and announced one bonus share for each share held.

Its consolidated net profit of Rs 4,789.57 crore in January-March -- the fourth quarter of the 2023-24 fiscal -- was compared to Rs 6,870.47 crore in the same period of the preceding financial year, according to a company's stock exchange filing.

BPCL board also approved a 1:1 bonus issue -- one additional share for each share held.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) dropped 19.4 per cent in the fourth quarter mainly because of the twin impact of falling refining margins and a pre-election petrol and diesel price cut despite a rise in input (crude oil) prices.

Turnover was almost flat at Rs 1.32 lakh crore when compared to Rs 1.34 lakh crore in January-March 2023.

For the full 2023-24 fiscal, BPCL reported a record net profit of Rs 26,858.84 crore as opposed to a profit of Rs 2,131.05 crore in the previous year.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)