Bharat Petroleum (BPCL) Q1 24/25 earnings summary

Executive summary

• Revenue from operations for Q1 FY25 was INR 128,103 crore, with profit after tax at INR 3,015 crore, despite absorbing INR 2,300 crore LPG under-recovery and INR 400 crore inventory gain.

• Net profit for Q1 FY25 was INR 2,841.6 crore, down from INR 10,644.3 crore in Q1 FY24 and INR 4,789.6 crore in Q4 FY24.

• Achieved strong growth with a 27% CAGR in profit from 2009 to 2024, driven by best-in-class refining assets and operational performance.

• Recognized as India's 5th largest company by turnover in 2023, with INR 5.3 lakh crore revenue and 25.37% market share in oil marketing for FY24.

• The Board approved a 1:1 bonus share issue during the quarter, doubling the paid-up equity share capital.

Financial highlights

• Standalone profit for FY24 reached INR 26,670 crore, a 14.2x increase over FY23; Q1 FY25 standalone profit at INR 3,015 crore.

• Standalone borrowings at INR 15,210 crore as of Q1 FY25; group gross borrowings at INR 42,217 crore.

• EBITDA for Q1 FY25 was INR 3,622 crore, down from INR 13,661 crore in Q1 FY24.

• Earnings per share for Q1 FY25 was INR 6.65, compared to INR 24.99 in Q1 FY24 (restated for bonus issue).

• Estimated CapEx for FY25 is INR 16,400 crore, with INR 2,438 crore spent in Q1.

Outlook and guidance

• Indian economy expected to grow 6.6%-7.8% in FY25; petroleum product consumption in India grew 5.5% YoY in Q1.

• CapEx plan of INR 1.7 lakh crore through FY29, focused on refining, petrochemicals, gas, green energy, and digital ventures.

• Targeting net-zero Scope 1 & 2 emissions by 2040, with significant investments in green hydrogen, renewables, and biofuels.

• CGD business to see significant volume jump from 2026-27; INR 25,000 crore allocated for CGD expansion over five years.

• Bina refinery and petrochemical expansion scheduled for commissioning in FY 2028-29.