BPCL Q1 Results: Revenue above expectations, while margins expand

State-run Bharat Petroleum Corporation Ltd. reported results for the June quarter after market closing hours on Wednesday, August 13, that were mixed when compared to analyst expectations.Net profit for the quarter increased by 22.8% from the previous quarter to ₹6,124 crore from ₹4,988 crore in March. The rise in net profit is despite a decline in other income from the previous quarter. The refiner’s profitability figure was higher than the CNBC-TV18 poll of ₹5,456 crore.

Revenue for the quarter remained flat, increasing by 1.2% from the previous quarter to ₹1.13 lakh crore from ₹1.11 lakh crore. The figure was higher than the CNBC-TV18 poll of ₹1.04 lakh crore.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased by 24.4% from the March quarter to ₹9,663.3 crore from ₹7,664 crore previously. Analysts were projecting a figure of ₹9,142 crore.EBITDA margin for the quarter expanded 160 basis points sequentially to 8.6% from 7% in March. However, the figure was marginally lower than the CNBC-TV18 poll figure of 8.9%.

Gross Refining Margins (GRMs) which represents the difference in value between the refined products that are sold and the feedstocks (crude and other feeds) that are consumed, stood at $4.88 per barrel, compared to expectations of $9.6 per barrel. The March quarter had seen a GRM of $9.2 per barrel for BPCL.

Refinery throughput for the quarter stood at 10.42 MMT from 10.58 MMT in the previous quarter. Domestic sales increased to 13.58 MMT from 13.42 MMT.

Shares of BCPL ended little changed on Wednesday, ahead of the results announcement at ₹323.7. The stock has declined 6% in the last one month but has gained 10% so far in 2025.