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Bharat Petroleum Corporation Ltd (BPCL) today reported a net profit of Rs 551.16 crore for the December quarter on the back of full compensation for losses on fuel sales.
The company had reported a net loss of Rs 1,088.94 crore in the corresponding period of the previous fiscal, BPCL said in a regulatory filing.
The Government paid Rs 1,079.92 crore in cash subsidy while upstream oil producers such as ONGC extended an assistance of Rs 2,332.88 crore to make up for the losses the firm incurred on selling domestic LPG and PDS kerosene at rates lower than cost.
BPCL earned $1.54 on turning every barrel of crude oil into fuel in the quarter as compared to a gross refining margin of $1.76 per barrel in the third quarter of the previous fiscal.
The company reported a net profit despite a Rs 1,600-crore inventory loss it suffered in the quarter as international oil prices slumped.
Sales dipped to Rs 57,914.51 crore from Rs 64,767.62 crore earlier.
BPCL shares were trading 2.01 per cent up at Rs 721.55 apiece during the late afternoon session on the BSE.
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