Moneycontrol Bureau
State-run oil retailer Bharat Petroleum Corporation's (BPCL) first quarter profit grew by 11 percent year-on-year to Rs 2,620.5 crore despite lower revenue growth.
Revenue declined 3 percent to Rs 57,015.8 crore in the quarter ended June 2016 compared with Rs 58,818.4 crore in same period last year.
Overall earnings beat analysts' expectations but only margin was slightly below estimates. Bottomline was estimated at Rs 2,251 crore on revenue of Rs 50,169 crore for the quarter and operating profit was expected at Rs 3,593 crore with margin at 7.2 percent, according to average of estimates of analysts polled by CNBC-TV18.
Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) grew by 3 percent year-on-year to Rs 3,919 crore and margin expanded by 37 basis points to 6.87 percent in June quarter.
Other income during the quarter increased 10.7 percent to Rs 364.9 crore compared with corresponding period last year.
Gross refining margin, the difference between total value of petroleum products and price of crude, stood at USD 6.09 a barrel for the quarter against USD 8.55 a barrel in year-ago period. It was better than analysts' expectations of USD 5 a barrel.
The stock closed at Rs 602.35, down 0.82 percent on the BSE.
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