BPCL swings into profit of Rs 551 cr in Q3

BPCL reported a Rs 1,600-cr inventory loss during the quarter as international crude oil prices slumped

Aided by the government with full compensation for losses on fuel sales, Bharat Petroleum Corporation Limited (BPCL) today reported a net profit of Rs 551.16 crore for the December quarter.

The company had reported a net loss of Rs 1,088.94 crore in the corresponding period of previous fiscal, BPCL said on the Bombay Stock Exchange.

The government paid Rs 1,079.92 crore in cash subsidy while upstream oil producers like ONGC extended an assistance of Rs 2,332.88 crore to make up for all the losses that the firm had incurred on selling domestic LPG and PDS kerosene at rates lower than cost.

During the quarter, gross refining margins or earning from turning every barrel to crude oil in to finished product stood at $1.54 per barrel against $1.76 per barrel. Sales dropped to Rs 57,914.51 crore from Rs 64,767.62 crore earlier.

 

BPCL reported a Rs 1,600 crore inventory loss during the quarter as international crude oil prices slumped. BPCL shares were up 2.98 per cent up at Rs 728.40 a piece on the BSE.