Moneycontrol Bureau
State-run oil retailer Bharat Petroleum Corporation (BPCL) has turned profitable with the third quarter net profit at Rs 551 crore against loss of Rs 1,089 crore in same quarter last fiscal. Higher other income and lower finance cost boosted profitability.
Net sales declined 10.6 percent to Rs 57,873 crore during October-December quarter compared to Rs 64,734 crore in the year-ago period.
Other income climbed 39.8 percent year-on-year to Rs 350.5 crore while finance cost dropped 60.6 percent to Rs 120.1 crore in the quarter gone by.
BPCL says April-December gross refining margin was USD 2.08 a barrel while third quarter GRM was USD 1.54 a barrel against USD 1.76 a barrel on yearly basis.
The oil retailer expects GRM to be USD 3-4 a barrel for January-March quarter of the financial year 2014-15.
BPCL absorbed net under-recovery of Rs 494.3 crore during April-December period. The state-run oil marketing company says it saw inventory losses of Rs 1,600 crore in Q3FY15, adding the government subsidy for the quarter was Rs 1,080 crore. At 14:09 hours IST, the scrip of Bharat Petroleum Corporation was quoting at Rs 727.10, up Rs 19.80, or 2.80 percent on the BSE.
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