BPCL reports sharp decline in Q2 profit, slips 48% to Rs 12.19 bn

State-run Bharat Petroleum Corporation Limited (BPCL) Monday posted a 48.3 per cent decline in its net profit to Rs 12.1871 billion for the second quarter ended September 2018.

The company had earned a net profit of Rs 23.5740 billion in the same quarter a year ago.

During the quarter, its revenues from operations rose to Rs 828.84.82 billion as compared to Rs 64,133.01 in the July-September period of 2017.

Total expenses of the refiner also increased to Rs 815.5012 billion as against Rs 614.75.13 billion in the second quarter of the previous fiscal.

The average gross refining margin (GRM) for the quarter ended September 2018 was $5.57 USD per barrel as compared to $7.97 per barrel a year ago.

"The corporation has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs 4.9678 billion by way of subsidy for the current period (Rs 3.1990 billion April-September 2017) as revenue from operations and nil under-recovery has been absorbed by the Corporation on this account during the reported periods," it said.