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Bharat Petroleum Profits Dips 90%, Will Open 1000 New Outlets; Privatization By March?

<img data-attachment-id="110632" data-permalink="https://trak.in/tags/business/2020/08/15/bharat-petroleum-profits-dips-90-will-open-1000-new-outlets-privatization-by-march/zzzzzzzzz-1-1280×720/" data-orig-file="https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720.jpg" data-orig-size="1280,720" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"" data-image-title="BPCL to be privatised by March 2021; BPCL to add 1000 new fuel stations and bag double profits in Q1 this year, as compared to that of last year." data-image-description="

BPCL to be privatised by March 2021; BPCL to add 1000 new fuel stations and bag double profits in Q1 this year, as compared to that of last year.


” data-medium-file=”https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720-300×169.jpg” data-large-file=”https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720-1024×576.jpg” src=”https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720-1024×576.jpg” alt=”BPCL to be privatised by March 2021; BPCL to add 1000 new fuel stations and bag double profits in Q1 this year, as compared to that of last year.” class=”wp-image-110632″ srcset=”https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720-1024×576.jpg 1024w, https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720-300×169.jpg 300w, https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720-768×432.jpg 768w, https://trak.in/wp-content/uploads/2020/08/zzzzzzzzz-1-1280×720.jpg 1280w” sizes=”(max-width: 1024px) 100vw, 1024px”>

BPCL to be privatised by March 2021; BPCL to add 1000 new fuel stations and bag double profits in Q1 this year, as compared to that of last year.

State owned BPCL is the country’s third-biggest oil refiner and second-largest fuel retailer.


By now, all of you must have been aware that the government will

be divesting 100% of its stake in the state

owned PSU to private players.


The government currently

holds 52.98% of BPCL’s stake.


In addition to this information, the oil marketing company

has announced to add about 1,000 fuel stations

in the ongoing financial year 2020-21.


BPCL Adds 1000 New Fuel

Stations


Despite being privatised by the end of this financial year, by March 2021 (expected) BPCL looks forward to add about a 1,000 new fuel stations.


The Covid-19 pandemic has

not been a very positive occurance for the oil company, as BPCL’s sales have

reportedly dropped by 90%, when compared to the numbers and reports of August, last

year.


The company has also

decided to reduce it amount of capital expenditures from an earlier target of Rs 12,500 crore to Rs 8,000

crore.


BPCL’s Profit Story for

June Quarter


BPCL has released its quarterly

results for the 1st quarter ending on June 30, on Thursday.


The results while gray at

places, looks very impressive overall.


If we go as per the reports, BPCL has bagged just double the net profits in Q1.


Now, even though the

reports present a negative and declining numbers in refining margins and

fuel sales, these loss amounts were offset by inventory gains.


The company’s total standalone

net profit in Q1 (April-June) came out to be Rs 2,076.17 crore,

as compared to Rs 1,075.12 crore in last year’s Q1.


BPCL’s  VRS


Apart from these results and the PSU’s announcement to add another 1000 fuel stations this FY, BPCL had also offered Voluntary Retirement Scheme (VRS) to its employees.


This retirement scheme operated between July 23 to

August 13 and was offered to employees of 45 years of age or above.


A senior official commented that this scheme has been

introduced for those employees who do not wish to work under a private

management, once the company is privatised.

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