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BPCL Q1 net rises two-fold at Rs 2,376 cr

By Religare
|

State-run Bharat Petroleum Corporation Limited (BPCL) has reported that its net profit for the first quarter ended June 30, 2015 almost doubled to Rs 2,376 crore from the same period a year ago driven by strong margins and inventory gains.

In Q1 FY 2014-15, the company had posted a net profit of Rs 1,216 crore, Bharat Petroleum Corporation Limited said in a filing to the Bombay Stock Exchange (BSE).

Total revenue fell 22 per cent at Rs 51,966 crore in Q1 FY 2015-16 from Rs 66,794 crore in the same period a year ago.

 

Total expenses fell 26 per cent at Rs 48,685 crore in Q1 FY 2015-16 from Rs 65,827 crore in the same period a year ago.

Other income tumbled 68 per cent at Rs 330 crore in Q1 FY 2015-16 from Rs 1,020 crore in the same period a year ago.

Finance costs plunged 41 per cent at Rs 115 crore in Q1 FY 2015-16 from Rs 195 crore in the same period a year ago.

Average gross refining margin jumped to USD 8.55 per barrel in Q1 FY 2015-16 from USD 3.38 per barrel in the same period a year ago.

The company also earned an inventory gain of Rs 587.22 crore in Q1 FY 2015-16 while it received a cash subsidy of Rs 404.02 crore from the government and Rs 203.33 crore from upstream firms such as ONGC to cover the revenue losses on sale of kerosene through PDS.

Story first published: Monday, August 17, 2015, 9:40 [IST]
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