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Under-recoveries on the sale of petroleum products have led oil refiner and marketer Bharat Petroleum Corporation Ltd (BPCL) to report a loss of ₹1,088 crore in the October-December quarter of 2013-14, against a net profit of ₹1,647 crore in the previous year quarter.
Net sales nudged up 4 per cent to ₹64,734 crore (₹62,339 crore).
The gross refining margins, which is the difference between the value of petroleum products sold and the cost of processing crude, got squeezed to $1.76 per barrel ($4.78). The company, on the advice of the Centre, has accounted for compensation towards sharing of under-recoveries on the sale of petroleum products.
It said ₹11,824 crore for the nine months ended December 31, 2013 (against ₹10882.13 crore in the corresponding year ago period) as discount on crude oil/ products from upstream companies has been adjusted against the purchase cost. Further, ₹8,817 crore (₹13,227 crore) was the subsidy for the reporting nine-month period.
BPCL’s stock closed at ₹356.80 on the BSE, up 1.80 per cent.
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