Bharat Petroleum Corporation Limited (BPCL), one of India’s leading oil marketers, has announced that its net profit surged by a massive 168% to ₹6,780 crore during the fourth quarter of the financial year 2021-22, compared to the same period a year ago. Revenues from operations stood at ₹77,669 crore during the April-June period of 2021-22, up 17.1% from ₹66,362 crore in the year-ago period.
The company’s earnings were bolstered by higher diesel sales volumes as well as increase in product prices, inventory gains and an enhanced exchange rate. BPCL also benefited from other income including compensation from upstream companies for the hike in crude oil and product prices.
The company’s income from operations for the financial year 2021-22 stood at ₹2,67,091 crore, an increase of 6.6% from ₹2,50,135 crore in 2020-21. Profit after tax was higher at ₹26,037 crore compared to ₹16,861 crore in the previous fiscal.
The company’s performance was also driven by encouraging performances from its import/export, retail, and petrochemicals businesses. BPCL’s strategic initiatives such as the supply of BS-VI fuel, involvement in the oil ministry’s One Nation One Price scheme, and investment in digital infrastructure, have also helped it sustain its market position.
Going forward, BPCL is confident of further strengthening its position in the fueling industry given its consistent track record of delivering value to its stakeholders and its commitment to enhance energy security in India.