Bharat Petroleum Corporation (BPCL) rose 2.30% to Rs 479.90 after the company announced Q3 earnings after market hours yesterday, 13 February 2020.
On a consolidated basis, BPCL's net profit surged 239.47% to Rs 1776.35 crore on 5.95% decline in net sales to Rs 74959.18 crore in Q3 December 2019 (Q3 FY20) over Q3 December 2018 (Q3 FY19). Profit before tax (PBT) surged 138.78% to Rs 2,434.01 crore year-on-year (YoY). Total tax expense rose 19.29% to Rs 382.58 crore during the period under review.On a standalone basis, net profit surged 154.60% to Rs 1,260.63 crore on 5.64% decline in net sales to Rs 74,732.79 crore in Q3 FY20 over Q3 FY19. PBT surged 193.97% to Rs 1,733.01 crore YoY. Total tax expense surged 400.56% to Rs 472.38 crore during the period under review.
The company said its average gross refining margin (GRM) during nine months ended 31 December 2019 stood at $3.15 per barrel compared with $5.25 per barrel in the corresponding period of the previous year.
BPCL has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs 233.77 crore by way of subsidy from Government of India during nine months ended 31 December 2019 compared with Rs 762.55 crore in the corresponding period of the previous year.
Meanwhile, the company said that its board on Thursday (13 February) approved divestment of BPCL's 61.65% stake in Numaligarh Refinery.
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BPCL operates in refinery and marketing activities, which includes downstream petroleum sector.
The Government of India holds 53.84% stake in BPCL as of 31 December 2019.
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