BPCL Q1 net jumps 95 percent on higher refining margins

State-run oil marketer Bharat Petroleum Corp (BPCL) on Friday declared a 95.4 percent jump in net profit at Rs.2,376 crore in the first quarter ended June on the back of higher refining margins.

The company had posted a profit after tax of Rs.1,216.3 crore in corresponding quarter of the last fiscal, it said in a stock exchange filing.

BPCL had a gross refining margin (GRM) of $8.55 per barrel in the April-June quarter of the fiscal, as against $3.38 it earned on refining every barrel of crude oil in the same quarter of last year.

Total income during the quarter in question was down 22.2 percent at Rs.51,966 crore compared to Rs.66,794 crore in year-ago period, pulled down mainly by plunging crude oil prices.

Its other income fell to Rs.330 crore compared to Rs.1,020 crore in the same period a year ago, while corresponding tax expenses were at Rs.1,120 crore against Rs.575.1 crore a year ago .

BPCL is planning to diversify into downstream petrochemicals with an investment of Rs.14,225 crore for expansion at its Kochi refinery, and Rs.5,000 crore for setting up a petrochemical joint venture.

The BPCL stock closed on Friday at Rs.875.80 a share, down 9.70 points, or 1.10 percent, over its previous close on the BSE.