Bharat Petroleum reports 27.6% drop in June quarter net profit

Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday reported a 27.6 per cent drop in June quarter net profit at Rs 1,501.65 crore. 

The country’s second largest oil refiner and fuel marketing company had a net profit of Rs 2,076.17 crore in the April-June period of 2020-21, the company said in a regulatory filing.

A sharp movement in oil prices — from $19-20 per barrel to $40 — in the April-June period of 2020 had led to a spike in marketing margins in the first quarter last fiscal. This year, the movement has been range-bound. Revenue from operations rose to Rs 89,687.12 crore in April-June this year from Rs 50,616.92 crore last year. 

With fuel demand rebounding on a pick-up in economic activity, BPCL refineries processed 6.84 million tonnes (mt) of crude oil in the first quarter of this fiscal, up from 5.4mt a year ago.