On Monday, Bharat Petroleum Corporation (BPCL) had dropped 3.66 per cent to Rs 324 in FY23. Net sales climbed 70.7 per cent to Rs 121,065.89 crore in the first quarter of FY23. The company reported a pre-tax loss of Rs 7,687.73 crore in the first quarter compared to a profit before tax of Rs 1,996.14 crore reported in the first quarter of last year.

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The company’s total expenses had jumped 66.32 per cent to Rs 146,533.79 crore in Q1 FY23 over Q1 FY22. During the quarter, the cost of materials consumed soared 137.22 per cent to Rs 63,588.25 crore, while employee benefit expenses dropped 15.47 per cent to Rs 624.57.

Refinery Throughput surged 41.67 per cent in the first quarter to 9.69 metric million compared to 6.84 MMT in Q1 FY22. Sales growth stood at 22.12 per cent in Q1 FY23 against 27.89 per cent reported in Q1 FY22. Export sales soared 64.52 per cent to 0.51 MMT in Q1 FY23 from 0.31 MMT in Q1 FY22.

The market sales of the corporation for the quarter ended 30 June 2022 were 11.76 MMT compared to 9.63 MMT for the quarter ended 30 June 2021. The increase is mainly in MS-Retail (36.61%), HSD-Retail (32.69%) and ATF (113.50%).

The Average Gross Refining Margin (GRM) of the corporation for the quarter ended 30 June 2022 is $27.51 per barrel compared to $4.12 per barrel posted in the same period last year. However, the suppressed marketing margins of certain petroleum products have offset the benefit of higher GRM.