BPCL net profit rises 47% to Rs 2,272 cr in Dec quarter

Total income for the company was 21% higher at Rs 64,646 cr

State-run Bharat Petroleum Corporation Ltd (BPCL) reported a 47% rise in its net profit for the October-December 2016 ended quarter due to better operational performance.

For the December 2016 ended quarter, the company reported a net profit of Rs 2,272 crore, higher from Rs 1,545.15 crore reported in the same period a year back.

Total income for the company was 21% higher at Rs 64,646.70 crore against Rs 53,545.79 crore reported in the corresponding quarter a year back meeting analyst expectations. Other income for the company also rose to Rs 551.05 crore from Rs 308.75 crore reported a year back.

In a Bloomberg poll, 16 analysts estimated revenue for the company at Rs 54,111.02 crore and 19 analysts estimated net profit at Rs 2,212 crore.

On its operational performance, the company reported higher crude throughput at 6.78 million metric tonnes (MMT) against 5.87 MMT seen in the same quarter a year back and recorded a sales growth rate of 4.95% in the December 2016 ended quarter.

Average gross refining margins for the company for the quarter was at $5.90 per barrel against $7.67 per barrel reported in the corresponding quarter a year back.

The company in its board meeting held on Thursday also declared an interim dividend of Rs 19.50/- per equity share. The board also approved the appointment of Vishal Vinod Sharma as Independent Director of the Company with effect from Thursday for three year or until further orders, whichever earlier.