Bharat Petroleum’s net profit dips amid volatile crude prices in Q2
Bharat Petroleum’s revenues spurred 29% whilst net profit declined 22.5% on a year-over-year basis in Q2
A man paints the logo of oil refiner Bharat Petroleum Corp (BPCL) on a wall on the outskirts of Kochi, India. File
Bharat Petroleum’s standalone net profits in the September-end quarter fell 22.5% on a year-over-year basis as volatile crude prices impacted margins following the reignited conflict in West Asia.
The Mumbai-headquartered refiner’s net profit declined to ₹4,993.17 crore in the reported quarter compared to ₹6,442.5 crore in the same period last year.
The state-owned oil-marketing company’s cost of materials consumed soared 44.2% during the period to ₹74,969 crore.
Revenues increased about 30% on a year-over-year basis to more than ₹1.58 lakh crore.
The refiners’ physical performance reported an uptick. It rose 6% during the mentioned period to 10.41 million metric tonnes (MMT).
Domestic sales grew about 6.33% to 13.47 MMT.
Its peer Hindustan Petroleum had reported a 9% decline in standalone net profits on Thursday.
Delhi-headquartered peer Indian Oil is scheduled to post their September-end financial results on October 30.
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