Bharat Petroleum (BPCL) Q2 24/25 earnings summary

Executive summary

• Revenue from operations for Q2 FY25 was ₹117,952 crore, with profit after tax at ₹2,397 crore, despite absorbing LPG and marketing losses; H1 FY25 revenue was ₹246,055 crore.

• Achieved strong growth with a 27% CAGR in profit since 2009, driven by best-in-class refining assets, retail leadership, and major investments in gas, petrochemicals, and green energy.

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

• Awarded Maharatna status, enabling greater financial autonomy and large-scale investments.

• Net profit for Q2 FY25 stood at ₹2,297 crore, down 72% year-over-year; H1 FY25 net profit at ₹5,139 crore, down 73% year-over-year.

Financial highlights

• Gross refining margin (GRM) for Q2 FY25 was $4.41/bbl, and $6.12/bbl for H1 FY25, both above Singapore GRM benchmarks but sharply lower than $15.42/bbl in H1 FY24.

• FY24 standalone profit reached INR 26,670 crore, up 14.2x from FY23; consolidated profit at INR 27,000 crore.

• FY24 revenue at INR 5.07 lakh crore (standalone) and INR 5.34 lakh crore (consolidated).

• Standalone net worth as of September 30, 2024, was ₹77,108 crore; dividend of ₹4,447 crore distributed in the quarter.

• Earnings per share for Q2 FY25 was ₹5.38, compared to ₹19.36 in Q2 FY24.

Outlook and guidance

• Indian petroleum product consumption grew 4% in H1; petrol up 7.2%, diesel up 0.9%, LPG up 10.4%.

• Major capex plan of INR 1.7 lakh crore, with disciplined allocation and a 12-15% project IRR threshold.

• CapEx for FY25 expected at ₹15,000–16,000 crore; next year at ₹18,000 crore, rising to ₹20,000–22,000 crore by FY27–28.

• Net-zero Scope 1 & 2 emissions by 2040; 30 KTPA green hydrogen by 2030.

• Board and auditors highlighted continued volatility in refining margins and global crude prices.