Net profit at Rs 10,644.30 cr; revenue down by 7.3%

The consolidated net profit of Bharat Petroleum Corporation Ltd (BPCL) for the first quarter of the current financial year (Q1YFY24) stood at Rs 10,644.30 crore, compared to loss of Rs 6,147.94 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was up 54.9 per cent. In Q4FY23, the net profit of the company was Rs 6,870.47 crore.

The revenue from operations for Q1FY24 came in at Rs 1,28,263.56 crore, compared to Rs 1,38,424.50 crore year-on-year (YoY). This is a fall of 7.3 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was down 3.8 per cent. It was Rs 1,33,419.56 crore in Q4FY23.

Last month, the BPCL said that it will raise up to Rs 18,000 crore through an issue of equity shares on a rights basis to fund its net zero carbon emission projects.

The government, which is the majority owner of the company, is likely to subscribe to the rights issue and infuse equity in the company