BPCL Q3 net profit plunges 6% to Rs 21.43 billion, GRM at $7.89 per barrel

State-run Bharat Petroleum Corporation (BPCL) reported a six per cent decline in its net profit for the December 2017 ended quarter, a fall led by higher expenses.

The state-run oil marketer on Friday also said the company's board of directors also declared an interim dividend of Rs 14 per equity share.

For the October-December 2017 period, BPCL reported a standalone net profit of Rs 21.43 billion, 6% lower from Rs 22.71 billion reported in the same period a year back. Total income for the quarter under review was at Rs 709.22 billion, 10% higher from Rs 646.46 billion reported in the same period a year back. Total expenses, on the other hand, were 11% higher at Rs 678.84 billion, against Rs 613.97 billion reported in the corresponding quarter a year back.

The company's average gross refining margins (GRM) for the December quarter was at $ 7.89 per barrel, against $5.90 per barrel reported for the corresponding quarter 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.

Total market sales for the nine-month period of April-December 2017, was at 30.48 million tonnes, against 28.42 million tonnes reported of the same period a year ago. The seven percent rise, the company said, was led by the retail sale of petrol and diesel, in addition to demand rise seen for liquefied petroleum gas (LPG).