Bharat Petroleum June profit rises to Rs 22.9 billion on higher revenue

A Bharat Petroleum oil pump station displays the price of unleaded petrol (0.89$) and Diesel (0.66$) as a pedestrian walks past in New Delhi, India | Photo: Reuters
Oil marketing company Bharat Petroleum Corporation (BPCL) on Wednesday reported a net profit of Rs 22.93 billion, three times higher from what it reported a year back in the same period, on higher revenue from operations and gross refining margins.

Gross refining margins or GRM for the June 2018 ended quarter was at $7.49 per barrel, compared to $4.88 per barrel reported in the same period a year ago. GRM is the difference between the value of goods produced by an oil refinery and the price of the raw material used in manufacturing it.

In terms of physical performance, the company’s crude throughout for the April-June 2018 period rose to 7.74 million tonnes from 6.42 million tonnes in the same period a year ago.