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Last Updated : Sep 13, 2017 10:54 AM IST | Source: CNBC-TV18

Expect to clock net profit of Rs 10,000 crore in FY18: BPCL

The Bharat Petroleum Corporation Ltd (BPCL) stock has had a subdued 2017 so far while their earnings in Q1 had no fireworks either. CNBC-TV18's Yash Jain caught up with D Rajkumar, CMD of BPCL and asked him what the reasons behind the disappointments in the first quarter were.

The Bharat Petroleum Corporation Ltd (BPCL) stock has had a subdued 2017 so far while their earnings in Q1 had no fireworks either.

CNBC-TV18's Yash Jain caught up with D Rajkumar, CMD of BPCL and asked him what the reasons behind the disappointments in the first quarter were.

Q1 was soft because of inventory losses & expansion of Kochi refinery. We are expecting to do very well going forward given Integrated Refinery Expansion Project (IREP) is commissioned, he said.

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He expects Q2 gross refining margin (GRMs) in the range of USD 6.50-7 per barrel. We are working as a company to try and see that we achieve profit after tax (PAT) of somewhere around Rs 10,000 crore, he added

Completed Kochi IREP project at a cost of Rs 16,000 crore and this expansion will take refining capacity to 15.5 metric tonne from 9 metric tonne, said Rajkumar.

Once the IREP is fully commissioned and stabilised, we are looking at anywhere between USD 1.50 per barrel and USD 2 per barrel improvement in the GRMs, he further mentioned.

For full interview, watch accompanying video...

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First Published on Sep 13, 2017 10:54 am
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