In Q3 Results, BPCL Net Profit Rises 120% to Rs 2,778 cr.
Today, Bharat Petroleum Corporation Ltd reported a 120 percent year-on-year rise in its net profit for the quarter ended December to Rs 2,777.6 crore. The company’s revenues in the quarter grew 1.4 per cent year-on-year to Rs 86,579.95 crore.Bharat Petroleum Corporation Ltd - NSE 1.26%
The reopening of the economy helped in rise of diesel and petrol demand has reflected on company’s revenue growth and reflected a likely recovery from the impact of the Covid-19 pandemic on sales.
The average gross refining margin of the company during nine months ended December 31 stood at $2.90 per barrel as against $3.15 per barrel in the same period last year.
The state-owned refiner’s throughput in the quarter declined 13.9 percent on-year to 7.24 million tonne. The company’s market sales in the quarter were largely flat at 11.10 million tonne.
During the quarter, the company incurred a one-time cost of Rs 419 crore towards an employee stock purchase option scheme 2020. In the year ago quarter, the company had a one-time loss of Rs. 1,080 crore due to inventory write-off.
The company’s board has also declared an interim dividend of Rs 16 per share and fixed the record date for such payment on February 19.