Q1 2025 Bharat Petroleum Corporation Ltd Earnings Call Transcript
Key Points
- Bharat Petroleum Corp Ltd (BOM:500547) achieved a throughput of 10.11 MMTPA, which is 116% of the nameplate capacity.
- The company recorded a Gross Refining Margin (GRM) of $7.86 per barrel, outperforming Singapore GRMs.
- BPCL's aviation business grew by 15% during the quarter, achieving an all-time high market share of 26.9% among PSUs.
- The company commissioned over 170 new retail outlets in the quarter and plans to expand its network to 23,000 by year-end.
- BPCL achieved the highest ever ethanol blending rate of 14.13% during the quarter.
- BPCL reported a negative buffer account for domestic LPG, indicating ongoing losses in this segment.
- The company experienced a degrowth of 0.32% year-on-year in High-Speed Diesel (HSD) sales.
- There is uncertainty regarding government compensation for LPG under-recoveries, impacting financial clarity.
- Discounts on Russian crude have significantly reduced compared to the previous year, affecting GRMs.
- The company faces potential cost escalations in its Mozambique project, with project costs expected to rise from $15.5 billion to around $19 billion.
Ladies and gentlemen, good day, and welcome to Bharat Petroleum Corporation Limited earnings conference call hosted by Antique Stock Broking. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Varatharajan Sivasankaran from Antique Stock Broking. Thank you, and over to you, sir.
Thank you, Michelle. Good morning, everyone. I'd like to welcome you all to this call, BPCL's first quarter results call. We have with us the management of BPCL, Mr. Krishnakumar, Chairman, Managing Director, has not been able to join because he had an urgent engagement in Delhi. We have Mr. VRK Gupta, Director Finance, leading the team. We have Mr. Pankaj Kumar, ED Corporate Finance, Ms. Srividya, ED Corporate Treasury; Ms. Chanda Negi, GM, Pricing and Insurance; and Mr. Rahul Agrawal, Chief Manager, Pricing and Insurance.
Without much ado, I would like to hand over the call to Mr. Gupta for his opening remarks.
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