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State-owned oil retailer Bharat Petroleum Corporation Ltd (BPCL) reported net profit of ₹551.16 crore for the quarter ended December 2014, an impressive turnaround from the loss of ₹1,088.94 crore that it reported in the corresponding quarter of the previous year.
However, the gross refining margin – which measures operational efficiency – fell from $1.76 a barrel in Q3FY14 to $1.54 in the just-concluded quarter.
Revenue for the third quarter fell to ₹57,914.51 crore from ₹64,767.62 crore in the year-ago period, shrinking by 10.58 per cent. Crude processed by BPCL increased from 5.63 million tonnes (mt) in December 2013 to 5.82 mt in December 2014.
BPCL received ₹1,079 crore from the government as cash subsidy in the third quarter as compensation for losses incurred on selling domestic LPG and kerosene below market prices, while public sector refiners paid ₹2,332.88 crore to BPCL for the same.
The full compensation that BPCL received helped it report a profit in the December quarter despite suffering inventory losses of ₹1,661 crore for the three-month period
On the BSE, BPCL’s stock closed at ₹724.50, moving up 2.43 per cent.
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