Categories: Business

bpcl net profit almost doubles in q1

Photo: PTI

bpcl net profit almost doubles in q1

new Delhi. Bharat Petroleum Corp Ltd (BPCL), the state-run company undergoing privatization, almost doubled to Rs 2,076 crore in the June quarter of the current financial year. According to the information given by the company to the stock market on Thursday, it had a net profit of Rs 1,075 crore in the same quarter a year ago. During the quarter, the company's profit growth was due to inventory gains. That is, the company has benefited from the increase in prices on crude oil kept in the company's reserves. This was offset by the company's refining margins and losses in fuel sales. Fuel sales in the quarter declined to 75.3 lakh tonnes in the quarter from 111.1 lakh tonnes in the previous year due to decline in economic activity due to Kovid-19 and lockdown in the country.

The company said, "Sales of 38.77 per cent mainly in retail petrol, 34.62 per cent in retail diesel and 82.92 per cent in ATF have declined. However, LPG sales have seen a 10.83 per cent increase." Said that the increase in its profit was mainly due to profit from already purchased crude oil reserves at cheaper rates. During the quarter period the income from operations of the company declined from Rs 81,296 crore to Rs 50,617 crore. Has said that the outbreak of the Kovid-19 pandemic has affected the functioning in many countries including India. "Decreasing demand for crude oil and petroleum products has affected prices and margins in petroleum business worldwide Is reduced. ''

This post was published on August 13, 2020 10:56 pm

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