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Posts Highest Ever Half-Yearly Profit of Rs. 19,052 Crores

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Bharat Petroleum Corporation Limited (BPCL), one of India’s leading energy companies, has announced a remarkable financial achievement, reporting its highest ever half-yearly profit of Rs. 19,052 Crores for the fiscal year 2023-24. This achievement is a testament to BPCL’s unwavering commitment to excellence, growth, and strategic innovation.


 




Shri G. Krishnakumar, C&MD, BPCL


 


Q2 FY 23-24 Net Profit Surpasses Expectations


BPCL’s standalone net profit for the second quarter of FY 23-24 stood at an impressive Rs. 8,501 Crores, a significant turnaround from the loss of Rs. 304 Crores reported in Q2 FY22-23. The consolidated net profit for the same quarter reached Rs. 8,244 Crores, marking a remarkable recovery from the loss of Rs. 338 Crores in the previous fiscal year.


 


Key Highlights and Strategic Milestones


This exceptional financial performance coincides with several pivotal developments that are shaping BPCL’s future:


 


1. Robust Financial Resilience: Despite challenging market conditions, BPCL’s gross refining margins (GRM) for the period of April – September 2023 exhibited resilience at $15.42/bbl, before factoring the impact of Special Additional Excise Duty and Road & Infrastructure Cess, levied w.e.f 01st July 2022.


 


2. Standalone EBITDA Growth: The standalone EBITDA for Q2 FY 23-24 reached an impressive Rs. 13,679.21 Crores, a substantial improvement from Rs. 1,991.41 Crores in Q2 FY 22-23. The EBITDA margin also saw significant growth, rising to 11.73% in Q2 FY 23-24 from 1.55% in Q2 FY 22-23.


 


3. Strong Financial Foundations: BPCL’s commitment to financial stability is evident in the reduced debt-equity ratio, which was reported at 0.32x as of September 30, 2023, down from 1.10x a year ago.


 


4. Foundation Stone Laying for Bina Refinery Petrochemical Complex: Hon’ble Prime Minister Shri Narendra Modi laid the foundation stone of a groundbreaking Rs. 49,000 crore Petrochemicals complex at BPCL’s Bina Refinery, signaling a significant step toward expansion and innovation.


 


5. Brand Ambassador Rahul Dravid: The legendary Rahul Dravid was appointed as the brand ambassador for BPCL’s ‘Pure for Sure’ initiative and MAK lubricants. His association with BPCL has been marked by the launch of a brand campaign titled ‘Aapki Gaadi Ka Mr. Dependable‘, emphasizing the trust and reliability that BPCL offers to its customers.


 


Remarkable Physical Performance 


 


BPCL’s remarkable financial performance is complemented by its strong physical performance indicators:


  • In the current quarter, throughput rose to 9.35 MMT from 8.82 MMT in Q2 of FY 22-23, reflecting a positive trend in market sales, which increased to 12.19 MMT in Q2 FY 23-24 from 11.44 MMT in Q2 of FY 22-23, marking a growth of 6.56%.


  • During the period of April to September 2023, throughput increased to 19.71 MMT from 18.51 MMT in the comparative period, while market sales for the same period surged to 24.94 MMT from 23.20 MMT, indicating an impressive growth of 7.50%.


  • BPCL also achieved its highest-ever Average Ethanol Blending percentage of 11.98% during H1 FY 23-24, showcasing a commitment to sustainable practices.


  • The expansion of BPCL’s network with 300 new fuel stations brought the total to 21,331. The Company Owned Company Operated Outlets network expanded to 338 with 11 new additions during H1 2023-24.


  • BPCL extended FINO services to 13,722 fuel stations, ensuring convenience for customers. The addition of 14 new distributors in H1 FY 2023-24 expanded the LPG distributor network strength to 6,245, with the customer base reaching 9.23 Crore.


  • To meet the growing demand for clean energy, 44 new CNG stations were commissioned in H1 FY23-24, bringing the total CNG stations to 1,640 as of September 30, 2023. 


 


Shri G. Krishnakumar, C&MD, BPCL stated, “I am delighted to share that we have achieved a half yearly net profit of ₹ 19,052 crores which is unprecedented in the annals of BPCL’s history.


 


This achievement will spur us to scale greater heights for advancing progress and the larger purpose of nation building. It would not have been possible without the support of our esteemed employees, customers & business partners who have steadfastly stood by us and contributed to our journey over the years.” 


 


Q2FY24 Financial Highlights                                                                                           


(Rs. Crs)







 


Consolidated


Standalone


 


Q2FY24


Q2FY23


% Change


Q2FY24


Q2FY23


% Change


Revenue from Operations


1,16,657


1,28,356


(9.11%)


1,16,594


1,28,333


(9.15%)


EBITDA


13,634


2,088


552.97%


13,679


1,991


587.04%


Net Profit


8,244


(338)


 


8,501


(304)


 


 


H1FY24 Financial Highlights


(Rs. Crs)







 


Consolidated


Standalone


 


H1FY24


H1FY23


% Change


H1FY24


H1FY23


% Change


Revenue from Operations


2,44,921


2,66,780


(8.19%)


2,44,851


2,66,722


(8.20%)


EBITDA


30,220


(3,122)


 


29,981


(3,432)


 


Net Profit


18,888


(6,486)


 


19,052


(6,567)


 


 


About Bharat Petroleum Corporation Ltd. (BPCL)


Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.


 


Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina Refinery have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 21,000 Energy Stations, over 6,200 LPG distributorships, 525 Lubes distributorships, 123 POL storage locations, 53 LPG Bottling Plants, 70 Aviation Service Stations, 4 Lube blending plants and 4 cross-country pipelines.


 


Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.


 


With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions.  Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be the most admired global energy company leveraging talent, innovation & technology.

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Press Release

New Study Reveals Majority of Indians Prioritize Nutrition Over Taste, Surpassing Global Average

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Based on a recent survey of urban Indian consumers: 


  • Nine out of 10 consumers are searching for protein-rich food compared to seven out of 10 global shoppers.


  • The top four qualities consumers look for when buying snacks are (1) natural, (2) heart-healthy, (3) protein-rich and (4) energy-source, all of which come before satisfying cravings.


  • Nuts have emerged as one of the most popular snacking choices, with 86% of Indian shoppers report having purchased them in a span of 6 months.


  • Urban Indians read nutrition labels more than the global average, reflecting a growing trend towards informed purchasing.


  • 69% of urban dwellers surveyed have the opinion that plant-based protein is just as good as meat-based protein, exceeding the global average of 55%.


 


Wonderful Pistachios, the world’s largest grower and processor of pistachios and distributor of California Pistachios in India, released today, World Nutrition Day, the findings of a new global study that sheds light on the snacking habits of urban Indians. The study, commissioned with Material, a leading global research consultancy, included 10 countries and over 12,400 respondents, revealed a new behavioural trend that urban Indian consumers prioritize nutrition over taste when it comes to snacking. This growing preference for healthy snacking emphasizes the importance of good nutrition for overall well-being.


 


For the India market specifically, the study delved into the snacking habits of 2,415 shoppers across six Indian cities, which represented a population of approximately 35.9 million consumers. Remarkably, a majority of urban Indians (58%) reported basing their food purchasing decisions on nutritional benefits more than taste, exceeding the global average of 52%. Delhi and Ahmedabad lead with over 60% of urban shoppers preferring nutrition in their food. Bengaluru and Chennai follow closely, indicating a nationwide shift towards smarter snacking preferences. In India, Millennials and Gen Z are leading the charge in health-conscious purchasing decisions, with more than 83% of consumers in these age groups reading nutritional labels before buying.


 


Indian consumers prioritize four key factors when shopping for nutritional snacks: natural (free of artificial colours and preservatives), heart-healthy, protein-rich, and provides energy. Nine out of 10 urban shoppers consciously seek protein-rich food options, compared to the global average of seven out of 10. The focus on nutrition has fueled the rise of nuts as a preferred snack choice, becoming essential to daily eating habits. The study found a staggering consumption of nuts, with 86% of Indian shoppers report purchasing them in a span of 6 months, compared to just 75% globally. With 6g of protein in per 28g serving, California Pistachios are a smart snack choice that provides benefits without sacrificing taste.


 


Shail Pancholi, Country Director, India, Wonderful Pistachios, commented on the study, saying, “Nuts were traditionally used as garnishes and consumed during festivals, but have now become a popular snack in India, indicating a notable shift in dietary habits. Pistachio consumption in India has doubled in the last six years, as consumer awareness of the nutritional benefits that pistachios offer has grown. Consumers are discovering that pistachios are naturally cholesterol-free, rich in plant-based protein and dietary fiber, and provide over 30 different vitamins and minerals.” 


 


Interestingly, the study found that nuts are the second most preferred snack among urban Indian consumers, with 64% of Baby Boomers and 59% of Gen Z prioritizing nutrition over taste when selecting food. This indicates a growing focus on health across generations, with Baby Boomers focusing on senior wellness and Gen Z reflecting the rise of mindful purchasing. Though on opposite ends of the age spectrum, these two generations take the lead in seeking protein-rich options, as well as preferring natural snacks. 


 


Mumbai tops most of the consideration sets when choosing a snack. Residents opt for natural ingredients (35% vs. the national average of 30%), heart-healthy options (33% vs. 30%), and protein (33% vs. 29%). Chennai residents look for energy-boosting snacks (31% vs. the national average of 29%). 


 


The fact that 69% of urban Indians surveyed have the opinion that that plant-based protein is just as good as meat-based protein reflects a positive shift towards varied dietary preferences. Pistachios are a good source of high-quality complete protein, containing all nine essential amino acids. A 28g serving of pistachios provides 6g of protein, which is 11% of the recommended daily allowance (RDA) according to FSSAI.


 


The Wonderful Pistachios study unveils a compelling shift in Indian snacking habits. Nuts are evolving from festive treats to a daily snacking staple, fueled by a nationwide preference for more nutritious options. The trend transcends generations, resonating with Gen Z and Baby Boomers alike, underscoring the growing importance of mindful eating in urban India. As consumers increasingly seek natural, heart-healthy, protein-rich, and energy-boosting snacks, the future of Indian snacking appears to be firmly rooted in nutrition and well-being.

 


Wonderful Pistachios

Wonderful® Pistachios is the world’s largest grower and processor of pistachios, with a global presence in over 70 countries. As a vertically integrated operation, they are experts in every step of the process from tree to shelf, ensuring the highest-quality product every time. In tandem with its Grower Partners, Wonderful Pistachios harvests 125,000 sunny acres (50,000 hectares) of land in California that receive warm days and cool nights, which work in harmony with the rich, natural soils to create the perfect growing climate for high-quality pistachios. They ship 600 million pounds (204 million kg) of nuts worldwide from their advanced processing facilities to ensure the highest standards are met. When it comes to pistachios, Wonderful® Pistachios expertise is unmatched in scale and capacity, paired with warehouses and sales teams worldwide that are well-equipped to provide support at every step of the way. 


 


California Pistachios

California Pistachios are grown and distributed by The Wonderful Company, the world’s largest vertically integrated pistachio processor and marketer located in California’s Central Valley. California Pistachios are Non-GMO, providing a smart, healthy choice for consumers around the world. Sun-ripened in the moderate Mediterranean climate of California, these distinctively green nuts pack taste and contain antioxidants and over 30 different nutrients. California Pistachios in India are available under leading brands and private labels at retail outlets, grocery stores, and online platforms.


 


For more information about California Pistachios India, please visit www.b2b.wonderfulpistachios.com 


 



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Press Release

Singapore Prepares Ahead to Leverage Artificial Intelligence for a Better Future

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SINGAPORE, May 31, 2024 /PRNewswire/ — Senior Minister of State for Communications and Information Tan Kiat How launched the Digital Enterprise Blueprint (DEB) at Asia Tech x Singapore (ATxSG) 2024 today. The Blueprint will enable SMEs to harness technology, optimise the way they work, and strengthen digital resilience and cybersecurity across the ecosystem. 50,000 SMEs are expected to benefit over the next five years through four key focus areas:

  1. Empower enterprises to be smarter by adopting AI-enabled solutions
  2. Enable enterprises to scale faster through cloud-based and integrated solutions
  3. Equip enterprises to be safer through improved cyber resilience
  4. Support enterprises to upskill workers to make full use of digital capabilities

Seven partners have come onboard to pledge their commitment, including Singapore Business Federation, Singapore Computer Society, SGTech, Amazon Web Services, Google, Microsoft and Salesforce.

In collaboration with IMDA and the TechSkills Accelerator for ITE and Polytechnics Alliance, SGTech is launching the Tech Apprenticeship Programme to expand the career pathways of graduates by providing access to industry apprenticeships that offer on-the-job training and development opportunities. Over the next two and a half years, SGTech aims to facilitate the placement of at least 300 apprentices who are fresh or mid-career professionals from polytechnic or ITE backgrounds, and drive the adoption of similar practices that promote more inclusive hiring and career agility.

IMDA and the Singapore Academy of Law (SAL) signed an MoU aimed at uplifting the legal sector’s productivity through the use of GenAI. As part of this partnership, GPT-Legal, a new large language model which is contextualised for Singapore’s legal sector, will be co-developed. The model will be integrated into SAL’s research platform LawNet, which is accessible by 75% of Singapore’s lawyers. SAL will also be penning an MoU with the National University of Singapore and AI Singapore to develop its AI capabilities and create a certification to recognise AI specialists in the legal profession.

Additionally, Tribe and Digital Industry Singapore announced a collaboration with NVIDIA to launch the Ignition AI Accelerator for AI startups to create and bring to market the next wave of advancement in AI solutions. This programme will nurture 15 high-potential startups, equipping them with well-rounded support covering business and technical needs. NVIDIA and Tribe will also collaborate with EnterpriseSG to offer qualified AI startups funding support through the Startup SG Tech scheme, and assist them through the IMDA Accreditation process. 

Singapore hosted the final meeting of the UN Secretary-General’s Artificial Intelligence Advisory Body (AIAB) from 28-29 May. As part of the agenda, Singapore facilitated an engagement session between AIAB and the Digital Forum of Small States (Digital FOSS). Digital FOSS Fellows exchanged views with AIAB members on the topic of AI governance, particularly on the implications and challenges faced by small states. Through such efforts, Singapore aims to promote a more inclusive approach towards shaping global AI and digital governance.

Contact:

[email protected]

 

Cision View original content to download multimedia:https://www.prnewswire.com/in/news-releases/singapore-prepares-ahead-to-leverage-artificial-intelligence-for-a-better-future-302160193.html



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One in Six Globally Concerned About Colorectal Cancer Screening Costs

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SHENZHEN, China, May 31, 2024 /PRNewswire/ — By 2040, the burden of colorectal cancer (CRC) is projected to increase to 3.2 million new cases and 1.6 million deaths per year representing a 66% and 71% rise in new cases and deaths respectively relative to 2020.

To better address the global burden of CRC and reduce its impact, BGI Genomics has launched the second edition of its global CRC awareness report, covering 1,938 respondents from Brazil (306), China (367), Poland (300), Saudi Arabia (300), Thailand (362), and Uruguay (303):  

CRC Screening Gaps Vary Globally: Nearly half (49.3%) of global respondents have never undergone CRC screening, with the highest proportions in Saudi Arabia (62.0%) and Poland (61.0%).

Preference for Fecal Testing Over Colonoscopy: Although colonoscopies are more recognized (33.4%), fecal tests at healthcare facilities are preferred (31.8%), reflecting a trend towards non-invasive methods.

Cost and Fear are Determinants of Screening Choice: Fear of colonoscopy (18.2%) and screening costs (17.7%) are major barriers to CRC screening. Poland (24.7%) and Uruguay (21.0%) show the highest fear of colonoscopy, while Thailand (24.5%) and Brazil (20%) indicate the most concern about costs.

Medical Advice and Family History Drive CRC Screening: Doctor’s recommendations are a major driver for CRC screening (30.5% globally), with Uruguay showing the highest adherence (44.1%). Additionally, those with a family history of CRC are more proactive in screening (64.5%), compared to the general population (35.0%).

Prof. Varut Lohsiriwat from Mahidol University offers his insights to this report. He suggested: “The essence of effective cancer screening lies in the acceptance and adherence of the patient to the screening method. The best screening method is the one that the patient accepts and adheres to because that’s the method that will actually benefit them.”

Dr. Zhu Shida, BGI Genomics Deputy GM, notes: “At BGI Genomics, we focused our efforts on developing advanced molecular biology testing techniques to close the gap [between acceptance and accessibility]. The ultimate goal is to transform colorectal cancer from a life-threatening disease into a manageable condition through widespread, early screening and intervention.”

For more region-level comparisons, access the full BGI Genomics 2024 State of CRC Awareness Report.

All data involved in this report come from the results of an online survey project conducted by BGI Genomics. It only surveys awareness related to colorectal cancer and does not involve personally identifiable data.

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Cision View original content:https://www.prnewswire.co.uk/news-releases/one-in-six-globally-concerned-about-colorectal-cancer-screening-costs-302159170.html



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