BPCL Reports Steep 73% Drop in Q1 Net Profit Due to Declining Margins and Fuel Price Cuts

State-owned Bharat Petroleum Corporation Ltd (BPCL) reported a 73% drop in net profit for the June quarter, as refinery margins declined and fuel price cuts affected marketing margins. The net profit for Q1 of fiscal year 2024-25 stood at Rs 2,841.55 crore, down from Rs 10,644.30 crore a year ago. Declining refinery margins and fuel price reductions ahead of general elections led to the profit drop.

State-owned Bharat Petroleum Corporation Ltd (BPCL) announced a substantial 73 per cent decline in its net profit for the June quarter, attributing the loss to decreased refinery margins and reduced fuel prices.

The company's consolidated net profit for Q1 of fiscal year 2024-25 was Rs 2,841.55 crore, significantly lower than the Rs 10,644.30 crore recorded in the same period last year, according to a recent stock exchange filing.

The report also noted that BPCL's EBITDA for the current quarter fell to Rs 6,156.28 crore, down from Rs 16,301.77 crore in the corresponding quarter of the previous fiscal year. The EBITDA margin also declined from 12.71 per cent to 4.81 per cent year-over-year.

(With inputs from agencies.)