Krishnakumar cautiously optimistic of 2024-25 prospects with crude prices US$83-87/barrel
Bharat Petroleum Corporation Limited (BPCL) is planning to expand refining capacity https://www.conexpoconagg.com/ to 45 MMTPA and add 4,000 new fuel stations by FY2029, says CMD G. Krishnakumar, confident of the current surge in demand fuelling core and new businesses.
“We are investing in future big bets including the setting up of petchem facilities in Bina and Kochi, tripling our gas footprint by FY2029, and seizing economic opportunities in the Green Businesses mopng.gov ,” he said on 11 May while reporting Profit After Tax Rs.26,673.50 crores.
“The Financial Year 2023-24 marks a significant milestone in our journey. We’ve achieved record-breaking operational and financial performance across refining throughput, domestic market sales, and profitability,” he said.
“These achievements provide a strong foundation for BPCL’s bharatpetroleum ambitious strategy ‘Project Aspire’, which, at a planned capital outlay of Rs.1.7 lakh crores over a period of 5 years, will fuel our next wave of growth to create long term value for our shareholders.
“India’s booming economy is our tailwind pmindia .”
Krishnakumar remains cautiously optimistic of 2024-25 and expect the crude oil prices to remain in the range of US$83-87/barrel opec in the near future. While geopolitical tensions and supply chain disruptions are potential hurdles, we’re prepared to navigate these uncertainties with agility and efficiency.”
Financial performance:
PCL has recorded its highest ever annual net profit of Rs.26,673.50 crores as compared to the profit of Rs.1,870.10 crores in FY 22-23.
Consolidated net profit for the FY 23-24 stood at Rs.26,858.84 crores as compared to the net profit of Rs.2,131.05 crores in FY 22-23.
Company’s net-worth increased to Rs.74,674.80 crores as on 31 March 2024 from Rs.51,996.34 crores as on 31 March 2023. Fiinews.com
