Bharat Petroleum Q2 net jumps 119 percent on robust GRMs

Mumbai, Nov 9 (IANS) State-run oil marketer Bharat Petroleum Corp Ltd (BPCL) on Monday posted a 119 percent jump in net profit for the second quarter ended September 30 on the back of impressive gross refining margins (GRMs).

BPCL reported a second quarter net profit of Rs.1,018 crore compared to a net profit of Rs.464 crore in the corresponding quarter of last fiscal.

BPCL earned $6.2 on turning every barrel of crude oil into fuel as compared to $2.36 in the corresponding quarter of last fiscal.

Revenues during the quarter, however, fell 25 percent to Rs.46,423 crore.

The company’s total income decreased by 32 percent to Rs.62,280.3 crore for the quarter under review from Rs.47,160.1 crore for the corresponding quarter of the previous year.

Other income jumped 172 percent during the quarter to Rs.686.5 crore from Rs.225 crore.

The BPCL stock closed on Monday at Rs.903.85 a share, which was 0.89 percent higher than its previous close on the Bombay Stock Exchange.

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