State-owned Bharat Petroleum Corporation (BPCL) reported a net profit of Rs 2,142.2 crore for the second quarter of the current financial year, against a net loss of Rs 158.7 crore during the corresponding quarter of last year.
A company spokesperson attributed the rise in profits to better sales volume and receiving higher compensation from the government for selling petroleum products at a subsidised rate.
According to BPCL, the company has been compensated Rs 531.87 crore for underrecoveries on sensitive petroleum products, against Rs 104.04 crore in the second quarter of last year.
During the quarter, total income of the company increased by 30.70 per cent at Rs 35,968.36 crore, against Rs 27,513.40 crore for the corresponding quarter last year.
BPCL’s scrip closed at Rs 755.80, up 1.59 per cent on the Bombay Stock Exchange.
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