BPCL Q2 net profit jumps 58% to Rs 2,589.52 cr due to lower expenses

State-run refiner Bharat Petroleum Corporation (BPCL) reported consolidated net profit at Rs 2,589.52 crore, jumping 58 per cent year-on-year on the back of lower expenses, including material and finance costs. The Covid impact lingers with refining throughput down and a 12 per cent dip in revenue.

The company expects year-on-year demand growth of petroleum products, like diesel and petrol, in the March quarter.

BPCL’s 58 per cent rise in net profit was helped by a 16 per cent drop in total expenses. Finance cost for the company was down 86 per cent, while the cost of material declined 45 per cent, reflecting the lower cost of crude oil. Borrowings as of September was at Rs 27,850 crore as against Rs. 41,875 crore as of March. Revenue from operations for the quarter, however, was at Rs 66,331.22 crore, down 12 per cent.