Bharat Petroleum (BPCL) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 standalone net profit was ₹4,649.20 crore, up from ₹3,397.27 crore in Q3 FY24, with consolidated net profit at ₹3,805.94 crore; refinery throughput reached 9.54 MMT at 107% capacity despite planned shutdowns.

• FY24 saw record standalone profit of INR 26,670 Cr and highest ever market sales of 51.04 MMT, with refinery utilization above 112%.

• Major investments are underway in refining, petrochemicals, gas, and green energy, with a capex plan of INR 1.7 lakh Cr through FY29.

• Strategic focus includes net-zero emissions by 2040, digital transformation, and expansion in green energy and petrochemicals.

• Expansion in CNG, LNG, and non-fuel services continued, with 183 new CNG stations and 44 Bee Cafés commissioned in the nine-month period.

Financial highlights

• Q3 FY25 standalone revenue was INR 127,521 crores, with standalone EBITDA at ₹8,408 crore and EPS at ₹10.88; interim dividend of ₹5 per share declared.

• FY24 standalone revenue was INR 5.33 lakh Cr, EBITDA at INR 46,000 Cr, and PAT at INR 27,000 Cr.

• Standalone net worth as of Dec 31, 2024, was ₹80,304.61 crore; consolidated net worth was ₹80,073.40 crore.

• Standalone borrowings at INR 18,770 Cr as of FY24; consolidated borrowings at INR 19,620 Cr as of 9M FY25.

• Staff costs spiked due to a one-time payout of INR 370 crores for past performance-related dues.

Outlook and guidance

• Targeting expansion of refining capacity to 45 MMTPA and 3.2 MMTPA petrochemicals by FY29, with 2 GW renewable capacity by FY26 and 10 GW by 2030.

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

• Major projects include Bina ethylene cracker (financial closure achieved) and pre-project activities for a Greenfield Refinery in Andhra Pradesh.

• CAPEX guidance for FY25 and FY26 is around INR 19,000 crores each, rising to INR 22,000–25,000 crores in FY27.

• Plans to triple gas business footprint by FY29 and set up 7,000 energy stations by FY25.