Mumbai: State-run Bharat Petroleum Corp Ltd (BPCL) has posted a 47% jump in net profit for the third quarter of this fiscal on higher market sales and crude throughput.
Net profit came in at Rs2,271.9 crore against Rs1,545.5 crore registered in the third quarter of last fiscal. A Bloomberg poll of 19 analysts had pegged the net profit at Rs2,212.7 crore.
BPCL recorded sales of Rs64,095.65 crore, an increase of 20%, against Rs53,237 crore reported in the third quarter of last fiscal. A Bloomberg poll of 16 analysts estimated the sales figures to come in at Rs54,110.2 crore.
During the quarter, crude throughput in its refineries was higher at 6.78 MT against 5.87 MMT in the corresponding quarter previous fiscal.
The company reported increase in market sales mainly in segments of liquefied petroleum gas (12.42%), petrol (8.9%), re-gasified liquefied natural gas (52.43%) and aviation fuel (22.76%).
The average gross refining margin (GRM) during the quarter stood at $5.90 per barrel against $7.67 per barrel for the October-December 2015. Gross refining margin is what a refining company makes from turning every barrel of crude oil into fuel.
BPCL’s stock ended at Rs725.25 on BSE, up 0.85% from the previous close while India’s benchmark Sensex rose 0.14% to 28,329.70 points.
BPCL on 25 January, saw its market value cross Rs1 trillion-mark. It is the second oil marketing company after Indian Oil Corp. Ltd and 26th overall to cross the milestone.