Bharat Petroleum Q3 net profit doubles as crude rates rise
NEW DELHI: Bharat Petroleum Corporation Ltd (BPCL) on Tuesday reported a more than doubling of its net profit for the December quarter year-on-year due to a sharp rise in inventory gains resulting from rising crude oil prices.
According to financials released by the oil marketing company, its net profit in the October-December quarter (Q3FY21) stood at Rs 2,777.6 crore 120 per cent higher than the Rs 1,260.6 crore recorded in the corresponding period of the previous year.
“Third quarter (of 2020-21 fiscal) has been the strongest in terms of profit before tax and profit after tax in this fiscal year. We are back to pre-COVID levels of sales,” said BPCL Director (Finance) N Vijayagopal while speaking to the press after release.
