BPCL posts 62-fold rise in net

State-run Bharat Petroleum Corporation (BPCL) has posted a 62-fold increase in net profit of Rs 3,628 crore during the quarter ended March 2009 against Rs 58.4 crore in the year-ago period. The rise came on the back of higher oil bonds received and over-recovery on sale of fuel products.

“Oil bonds received towards the prior quarter and over-recovery during the quarter has resulted in a better performance,” said S K Joshi, Director finance, BPCL.

The oil-marketing company had received oil bonds worth Rs 2,066 crore, while its over recovery stood at Rs 900 crore-plus.

However, BPCL’s net sales were down around 18.6 per cent at Rs 26,505 crore during the quarter against Rs 32,578 crore during the same quarter last year.

For the full financial year, the consolidated net profit fell 64.19 per cent to Rs 633.76 crore compared with the previous year.

BPCL had posted a net profit of Rs 1,769.55 crore in the financial year 2007-08.

In a filing to the Bombay Stock Exchange, BPCL said that the total under-recoveries for FY09 stood at Rs 23,575 crore. The current under-recoveries are higher in kerosene and LPG, a statement from the company added.

The board of directors has recommended a dividend of Rs 7 per share of Rs 10 each for the year 2008-09.

IOC’s profit at over Rs 6k cr

Riding on government bonds and lower crude oil prices, Indian Oil Corporation, the country’s largest oil marketing company posted a net profit of Rs 6,622 crore for the quarter ended March 31, 2009, vis-à-vis a loss of Rs 414 crore in the corresponding quarter last year. Net sales, however, dipped by over 17 per cent to Rs 52,961 crore.

For FY09, the net dipped 57.65 per cent to Rs 2,949 crore on lower refining margins, inventory and forex losses. Net sales grew 17 per cent to Rs 264,243 crore.