BPCL Q3 net profit zooms 120%
The share price of Bharat Petroleum Corporation (BPCL) gained over 4% after the company reported strong earnings for the third quarter of fiscal 2021, beating Street estimates.
The state-run oil marketer reported a 120% year-on-year rise in its net profit for the quarter ended December to Rs 2,777.6 crore. Revenues in the quarter grew 1.4% year-on-year to Rs 86,579.95 crore. The revenue growth reflected likely recovery from the impact of the Covid-19 pandemic on sales as the reopening of the economy helped in rise of diesel and petrol demand.
The average gross refining margin of the company during nine months ended December 31 stood at $2.90 per barrel as against $3.15 per barrel in the same period last year.
The state-owned refiner’s throughput in the quarter declined 13.9% on-year to 7.24 million tonne. The company’s market sales in the quarter were largely flat at 11.10 million tonne.
During the quarter, the company incurred a one-time cost of Rs 419 crore towards an employee stock purchase option scheme 2020. In the year ago quarter, the company had a one-time loss of Rs. 1,080 crore due to inventory write-off.
The company’s board has also declared an interim dividend of Rs 16 per share and fixed the record date for such payment on February 19.
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