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Delivering Value: GP Petroleums Limited's Q3 FY 2024 Financial Insights

Posted On: 2024-02-09 23:02:52 (Time Zone: IST)

In the third quarter of fiscal year 2024, the Company achieved a Gross Revenue of Rs. 165 Crores and realized a Net Profit before taxes(PBT) amounting to Rs. 8.70 Crores.

The PBT of the Company grew by 69% from Rs. 5.2 Crores to Rs. 8.7 Crores as compared to Q3 of FY 23. On a QoQ basis, there was a 4% decline in Gross Revenue (Rs. 172 Crores in Q2 of FY 24) and a 32% decrease in Profit Before Tax (Rs. 12.8 Crores in Q2 of FY24) mainly due to demand and price volatility.

Mr. Arjun Verma, ED & CFO, stated, "Despite market unpredictability and fluctuating oil prices, the Company has demonstrated commendable performance. Challenges were encountered on both the supply and sales fronts. Nevertheless, the Company remains steadfast in unveiling its progression route in the future. It is strategically advancing by prioritizing its core manufacturing business and curtailing the trading activities to the optimum levels."

Mr. Verma, further expressed his confidence in team's ability and added, "Our business fundamentals are strong, and our growth strategy remains unwavering. The growth trajectory towards expanding our global footprint, is underscored and evident by the impressive 81% QoQ and 38% YoY growth in export revenue."

Shares of GP Petroleums Limited was last trading in BSE at Rs. 67.91 as compared to the previous close of Rs. 72.25. The total number of shares traded during the day was 76669 in over 921 trades.

The stock hit an intraday high of Rs. 72.90 and intraday low of 66.55. The net turnover during the day was Rs. 5279245.00.

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