Company posts a 37 per cent growth in PAT, announces major plans for green energy, petrochemicals, and EV infrastructure

 Bharat Petroleum Corporation Limited (BPCL) has reported an impressive 37 per cent growth in its Profit After Tax (PAT), reaching Rs 4,649 crore for Q3 FY2024, compared to Rs 2,397 crore in Q2 FY2024. This surge in profitability is attributed to stronger refining and marketing margins, alongside significant sales growth. BPCL’s Gross Refining Margin (GRM) for the quarter stood at USD 5.60 per barrel, marking an increase from USD 4.41 per barrel in Q2.

Despite global challenges such as crude oil price volatility and a weakened rupee, BPCL has delivered strong performance, and declared an interim dividend of INR 5 per share. The company posted an EBITDA of Rs 20,001 crore for the period from April to December 2024, highlighting its robust financial position.

BPCL’s ongoing transformation is encapsulated in its ambitious Project Aspire, a comprehensive five-year strategy designed to enhance both business and financial performance. Under this initiative, BPCL is focusing on refining, marketing, and upstream oil and gas, while placing significant emphasis on future sectors such as petrochemicals, green energy, non-fuel retail, and digital technologies. BPCL plans to invest around Rs 1.7 lakh crore over the next five years in these growth areas, with Rs 12,000 crore already allocated in FY2024.

One of the key components of this strategic initiative is the Bina Refinery Expansion and Petrochemical Project, for which BPCL secured a substantial Rs 31,802 crore loan from a consortium of six banks. This project, alongside the polypropylene plant in Kochi, is expected to enhance the company’s petrochemical capacity and contribute to a target of 8 per cent petrochemical intensity by FY 2028-29.

BPCL is also spearheading the development of electric vehicle (EV) infrastructure, partnering with Tata Motors and MG Motors to set up 4,000 EV fast-charging stations at 6,000 retail outlets across the country. The company is also expanding its non-fuel retail business, with plans to increase the number of BeCafé outlets from 50 to 500 in the near future, offering customers gourmet coffee and snacks while they charge their EVs.

Further reinforcing its commitment to a green future, BPCL is advancing its Green Hydrogen initiatives under the National Green Hydrogen Mission. The company is developing a 5 MW electrolyser plant at the Bina Refinery and a hydrogen refueling station in Kochi. BPCL has also formed joint ventures with Sembcorp Green Hydrogen India and GPS Renewables to enhance its renewable energy and biogas capabilities.

In addition, BPCL continues to strengthen its renewable energy portfolio, emerging as the lowest bidder in NTPC’s tender for 1,200 MW of solar projects and securing 30 MW in NHPC’s solar PV project tender, further demonstrating its commitment to clean energy solutions.

BPCL’s strategic initiatives underline its dedication to growth in sustainable energy, clean technologies, and operational efficiency, positioning the company as a leader in India’s energy transition.