BPCL Q2 net profit jumps 58% on refining margins, inventory gains
Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) on Thursday reported 58 per cent jump in September quarter net profit on the back of inventory gains and a rise in refining margin.
Consolidated net profit at Rs 2,589.52 crore in July-September compared to Rs 1,502.63 crore in the same period a year ago.
“We had excellent results both physical and financial. First-quarter refinery performance was dismal due to COVID-19 lockdown. Our strategy of buying crude oil prices at low prices in May and June has resulted in substantial refinery margin,” BPCL Director (Finance) N Vijayagopal told reporters.
The company earned USD 5.8 on turning every barrel of crude oil into fuel in the second quarter of the current fiscal as compared to a gross refining margin (GRM) of USD 3.38 per barrel.
