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.

For the April-June 2018 quarter, the company reported a net profit of Rs 22.93 billion at the standalone level, higher from Rs 7.44 billion reported in the same period a year ago. The company’s revenue from operations in the same period rose 23% to Rs 824.30 billion. “The Corporation has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs 2.50 billion by way of subsidy for the current quarter, against Rs 1.96 billion reported in April-June 2017 as Revenue from operations,” the company said in its statement.

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. 

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