The large-cap refineries share closed 0.6% higher on Monday, up Rs 386.50 from its previous close.
Bharat Petroleum Corporation Limited (BPCL) net revenue decreased 9.1 percent year on year from Rs 1,28,332 crores in Q2FY23 to Rs 1,16,594 crores in Q2FY24. Their revenue fell by 9% from Rs 128256 crore in Q1FY24 to current levels.
In addition, the company turned a net loss of Rs -304 crores in Q2FY23 into a net profit of Rs 8,501 crores in Q2FY24. On a sequential basis, their net profit fell by 19 percent from Rs 10,550 crores in Q1FY24 to current levels.
With a total growing network of over 14,802 world-class Fuel Stations (Petrol Pumps) across the country. Additionally, VRK Gupta, finance director at BPCL, said the company has recently advertised for 14,273 new retail outlets.
Also, according to The Economic Times (ET), Bharat Petroleum Corporation Limited (BPCL) plans to expand its fuel retail network by 14,273 pumps in order to increase its share of the rapidly growing domestic fuel market.
BPCL has a market capitalization of Rs 83,971 crores. The promoters of the company hold a 53 percent stake followed by the foreign institutional investors with 13 percent, the public with 10.5 percent, and the remaining lies with the retail investors.
The share of BPCL has risen by 8 percent in the last six months and 25 percent in the last year.
Bharat Petroleum Corporation Limited (BPCL) is an Indian public sector undertaking (PSU) owned by the Government of India’s Ministry of Petroleum and Natural Gas. Refineries are located in Bina, Kochi, and Mumbai. The Ministry of Petroleum and Natural Gas oversees the operations of BPCL, India’s second-largest government-owned downstream oil producer.
Written by Sriram KV
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