• Registers best growth in marketing volumes as compared to peers
• Net profit for the third quarter grew 120.3% to Rs. 2777.6 crore
• Company’s gross refining margins (GRMs) for Oct-Dec 2020 period stood at US$ 2.47 per barrel-best amongst peer OMCs
• EBITDA rose 67.6% to Rs. 5,400.80 crore in Q3FY21
• Q3FY21 Debt-Equity ratio at 0.6x (as against 1.26x in FY20)
• Added 730 retail outlets across India during Q3FY21
• Proposed interim dividend of Rs. 16 per share

Bharat Petroleum Corporation Ltd. (BPCL), a ‘Maharatna’ Public Sector Undertaking (PSU) and a Fortune Global 500 Company reported robust growth in earnings for the third quarter ending Dec 31, 2020. The company’s standalone net profit for the quarter grew 120.3% to Rs. 2777.6 crore as compared to Rs. 1260.6 crore in the corresponding period of last year. Standalone revenue from the operations for Q3FY21 was at Rs. 86,579.9 crore; while EBITDA rose 67.6% to Rs. 5,400.8 crore in Q3FY21. For the nine-months ended December 31, 2020, the standalone net profit rose 75.6% to Rs. 7,101.5 crore; while EBITDA grew 55% to Rs. 14,209.2 crore.

For the quarter ended Dec 31, 2020, the domestic sales of petroleum products for the company were at 11.10 million metric tonnes (MMT) as compared to 11.02 MMT achieved during corresponding period of last year.

As on Dec 31, 2020, company had total fuel stations’ network of 17,841 which has crossed 18,000 now, affirming our position as second largest fuel retailer in the country. “We have revised our capex targets to Rs. 9,000 crores from the earlier target of Rs. 8,000 crores. We have already spent Rs. 5,688 crores during the 9 months ended 31st Dec 2020.”

“As on 31st March 2020 we had around Rs. 6,200 crores outstanding receivable from the government which has been steadily coming down. As on date, the dues amount to around Rs. 2,200 crores.”

Commenting on Q3FY21 performance, Shri N. Vijayagopal, Director (Finance), said, “We are pleased to report that Q3FY21 has been the strongest quarter in terms of registered PBT & PAT in this fiscal year. We are back to pre-Covid levels in Q3FY21 as we recorded the best performance in HSD (High Speed Diesel) & MS (Motor Spirit) in market sales amongst the peer PSUs and proclaim ourselves as market growth leader in these categories. Our market sales have grown by 24% and to support this demand, throughput has increased by 29% over Q2FY21. We have also recorded the GRM of $2.47, which is the best amongst the OMCs. This is on back of tough global environment with low crack spreads. On the balance sheet front, we have significantly reduced our debt levels and the debt-equity ratio now stands at 0.6x in Q3FY21 as compared to 1.26x in FY20. As a constant endeavour, the company will strive to deliver superior performance in coming quarters”.