State-owned Bharat Petroleum Corporation Ltd's net profit for the quarter ending December 2019 jumped nearly three times to ₹2,051.43 crore.
BPCL had posted a net profit of ₹698.62 crore in October-December 2018, according to a regulatory filing.
Revenue from operation dropped to ₹85,926.70 crore from ₹89,324.86 crore a year ago on lower oil prices. Sequentially however, net profit fell 26.2% to ₹1,260.6 crore.
According to a Bloomberg poll of 17 brokers, standalone net profit was estimated to be ₹1468.30 crore while revenue was pegged at 70461.70 crore by 15 brokers.
Operating profit rose 13.8% to ₹2,703 crore.
Gross refining margin— or what it makes from turning every barrel of crude oil to fuel—fell due to retail fuel prices unable to move in tandem with Brent crude oil during the October-December quarter.
Marketing margin on diesel fell to ₹2.25 per litre from ₹3.7 a litre. Similarly the margin on petrol fell to ₹3.2 per litre from ₹3.4 per litre.
Ahead of the earnings announcement, shares of Bharat Petroleum closed 1.21% lower, while the benchmark BSE Sensex closed 0.26% down.
However, since July 2019, when BPCL's privatization was announced, BPCL's scrip has rised 25.7% while Sensex has gained 4.24%.