Audited financial results for the year 2024-25
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BPCL reported standalone revenue from operations of ₹5,00,371 crore in FY25, slightly down from ₹5,06,806 crore in FY24. Net profit fell sharply to ₹13,275 crore from ₹26,674 crore in FY24, a drop of roughly 50%, mainly due to a ₹1,774 crore one-time impairment charge on its investment in upstream subsidiary BPRL and a steep fall in refining margins (GRM dropped to $6.82/barrel from $14.14/barrel). Operating margin compressed to 3.27% from 6.87% and net profit margin to 2.65% from 5.26% year-on-year. The Board recommended a final dividend of ₹5 per share, taking the total FY25 dividend to ₹10 per share (including the interim dividend). Statutory auditors gave an unmodified (clean) opinion on standalone results and an Emphasis of Matter on consolidated results, flagging issues at subsidiary BPRL including the Mozambique force majeure, exposure to Russian joint ventures, and pending approvals for an exploratory block.
The sharp fall in profits driven by weaker refining margins and the BPRL impairment is a negative for shareholders, but the dividend continues, the balance sheet remains strong (debt-equity at 0.29, net worth of ₹80,960 crore), and operating cash flows stayed healthy at ₹23,605 crore. The cumulative LPG buffer deficit of ₹10,446 crore remains a structural overhang on LPG revenue.