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BPCL net profit up by 16% in Q4 FY 2019

Gasoil News - Published on Wed, 22 May 2019

Image Source: BW Businessworld
Bharat Petroleum Corporation, India’s second-largest fuel retailer reported a 16 per cent jump in net profit for the Q4 ended March 2019 at INR 3,125 crore, as compared to INR 2,689 crore reported in the corresponding quarter a year ago. The company’s consolidated net profit for financial year 2018-2019 decreased 12.90 per cent to INR 8,528 crore, as compared to INR 9,792 crore recorded in 2017-2018. BPCL’s Gross Refinery Margin (GRM) for the financial year ended March decreased to USD 4.58 per barrel from USD 6.85 per barrel recorded in the previous fiscal. The company’s revenue from operations for the Q4 ended March rose 10.33 per cent to INR 83,942 crore.

The company’s refinery throughput increased to 8.21 million tonne in the three months ended March 2019, as compared to 7.85 million tonne recorded in the corresponding quarter a year ago.

Similarly, the company’s market sales in the quarter increased to 11.35 million tonne as compared to 10.73 million tonne recorded in the corresponding quarter a year ago.

The company said in a stock exchange filing that “The Corporation has accounted for compensation towards sharing of under-recoveries on sale of sensitive petroleum products of over INR 882.65 Crores by way of subsidy from Government of India for the current period (April - March 2018: around INR 719.30 Crores) as Revenue from operations and Nil under-recovery has been absorbed by the Corporation on this account during the reported periods.”

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Posted By : Rabi Wangkhem on Wed, 22 May 2019
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