BPCL Q1 results: Net profit declines 71% to Rs 3,015 cr on higher costs

The state-owned firm's standalone net profit fell 71% to 30.15 billion rupees (around $360 million) for the three months ended June 30

India's Bharat Petroleum Corp (BPCL) reported a plunge in first-quarter profit on Friday, weighed down by lower marketing margins and higher raw material costs.
 

The state-owned firm's standalone net profit fell 71% to Rs 3,015 crore (around $360 million) for the three months ended June 30.
 

The country's third-largest oil refiner by capacity said average gross refining margin fell to $7.86 per barrel from $12.64 per barrel a year earlier.

KEY CONTEXT
 

Higher crude oil prices are a cause of concern for the world's third-largest importer of the commodity, India's oil secretary Pankaj Jain said in April.
 

A rise in crude oil prices led to a 17% rise in BPCL's costs, leading to a 9% jump in expenses to Rs 1.25 trillion.