BPCL drops after reporting net loss in Q3

BPCL lost 0.18% to Rs 358.80 at 14:16 IST on BSE after the company reported a net loss of Rs 1088.94 crore in Q3 December 2013 as against net profit of Rs 1647.57 crore in Q3 December 2012.

The Q3 result was announced during trading hours today, 12 February 2014.

Meanwhile, the S&P BSE Sensex was up 83.69 points or 0.41% at 20,447.06.

On BSE, so far 3.17 lakh shares were traded in the counter as against average daily volume of 83,103 shares in the past one quarter.

The stock hit a high of Rs 370.95 and a low of Rs 356.40 so far during the day. The stock had hit a 52-week high of Rs 428.45 on 16 May 2013. The stock had hit a 52-week low of Rs 256 on 6 August 2013.

The stock had outperformed the market over the past one month till 11 February 2014, surging 10.28% compared with the Sensex's 1.9% fall. The scrip had also outperformed the market in past one quarter, jumping 5.88% as against Sensex's 0.62% fall.

The large-cap public sector oil marketing company has equity capital of Rs 723.08 crore. Face value per share is Rs 10.

BPCL's total income from operations rose 3.84% to Rs 64767.62 crore in Q3 December 2013 over Q3 December 2012.

As advised by the Ministry of Petroleum & Natural Gas, the company has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs 11824.30 crore for the nine months ended 31 December 2013 (corresponding previous period Rs 10882.13 crore) discount on crude oil/products purchased from ONGC/GAIL/NRL which has been adjusted against the purchase cost, BPCL said.

BPCL has accounted Rs 8817.36 crore compensation advised by the Government of India by way of subsidy for the nine months ended 31 December 2013 as against Rs 13226.65 crore accounted during the nine months ended 31 December 2012 as income.

Consequent to non-revision in Retail Selling Prices corresponding to the international prices and applicable foreign exchange rates prevailing during the nine months ended 31 December 2013, BPCL has absorbed net under-recovery of Rs 4162.88 crore for the nine months ended 31 December 2013 as against net under-recovery of Rs 5916.67 crore for the nine months ended 31 December 2012, on the sale of sensitive petroleum products.

The Government of India (GoI) holds 54.93% stake in BPCL (as per the shareholding pattern as on 31 December 2013).

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