BPCL jumps after turnaround Q1 results

BPCL surged 3.69% to Rs 296.50 at 9:57 IST on BSE after the company reported net profit of Rs 150.32 crore in Q1 June 2013, compared with net loss of Rs 8836.75 crore in Q1 June 2012.

The Q1 result was announced after market hours on Tuesday, 13 August 2013.

Meanwhile, the S&P BSE Sensex was up 8.54 points or 0.04% at 19,238.38.

On BSE, 40,000 shares were traded in the counter as against average daily volume of 84,584 shares in the past one quarter.

The stock hit a high of Rs 303.60 and a low of Rs 292.10 so far during the day. The stock had hit a record high of Rs 449 on 21 January 2013. The stock had hit a 52-week low of Rs 256 on 6 August 2013.

The stock had underperformed the market over the past one month till 13 August 2013, sliding 16.68% compared with the Sensex's 3.65% fall. The scrip had also underperformed the market in past one quarter, declining 30.09% as against Sensex's 2.35% fall.

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

BPCL's total income rose 7.67% to Rs 59074.74 crore in Q1 June 2013 over Q1 June 2012.

BPCL said market sales rose 1.05% to 8.59 MMT in Q1 June 2013 over Q1 June 2012.

BPCL's average Gross Refining Margin (GRM) surged to $4.05 per barrel in Q1 June 2013, from $2.62 a barrel in Q1 June 2012.

During the quarter ended June 2013, BPCL received discount of Rs 3666.36 crore in respect of crude oil/products purchased from upstream oil companies. The discount was higher than Rs 3662.61 crore in Q1 June 2012.

Based on the approval received from the Government of India (GoI), the company has accounted for Budgetary Support amounting to Rs 1916.57 crore for Q1 June 2013 as against Nil in Q1 June 2012 towards under-recoveries on sale of sensitive petroleum products.

The company suffered a net under-realisation of Rs 544.95 crore in Q1 June 2013, lower than Rs 7964.18 crore in Q1 June 2012, on sale of sensitive petroleum products.

The company reported forex loss of Rs 944.48 crore in Q1 June 2013, which was much lower than forex loss of Rs 1611.34 crore in Q1 June 2012.

The GoI holds 54.93% stake in BPCL (as per the shareholding pattern as on 30 June 2013).

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