Public Sector company Bharat Petroleum Corporation Ltd. (BPCL) said on Friday that its net profit fell by 73 percent in the June quarter of the current financial year. Its profit decreased due to a fall in refinery margin and low marketing margin due to reduction in fuel prices. The company told the stock market that its consolidated net profit in the April-June quarter was Rs 2,841.55 crore, which was Rs 10,644.30 crore in the same quarter of the previous financial year. BPCL’s net profit in January-March this year was Rs 4,789.57 crore.
70% reduced income
Pre-tax income from fuel retail business fell 70 per cent to Rs 4,255.73 crore. BPCL and other state-run fuel retailers – Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL) – had made extraordinary profits last year by keeping petrol and diesel prices stable despite falling costs. BPCL earned US$ 7.86 on converting every barrel of crude into fuel in the quarter under review, while its gross refining margin was US$ 12.64 per barrel in the same period last year. Sales growth in April-June this year was 3.22 per cent. It was 8.42 per cent a year ago. Operating income remained almost unchanged at Rs 1.28 lakh crore.
The stock closed with a decline
On Friday, the last trading day of the week, BPCL’s stock closed with a huge decline. The stock closed at Rs 303.80 on the Bombay Stock Exchange, down 4.48 percent or Rs 14.25. The 52-week high of this stock is Rs 343.83. Whereas, the 52-week low is Rs 165.75. The company’s market cap today closed at Rs 1,31,802.69 crore on the BSE.
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