BPCL records 24% increase in net profit at Rs 3,200.90 cr

Energy major Bharat Petroleum Corporation Limited (BPCL) has reported a 24% increase in its net profit during the September quarter as the global oil prices increase. The company's net profit of Rs 3,200.90 crore during July-September was 23.6% higher, compared to Rs 2,589.50 crore during the same period last year. Its revenue increased to 53.7% to Rs 1.02 lakh crore after the international price hike of oil to a multi-year high. According to the sources, the refiners made high margins as they brought crude oil at a price, the ship could process it, benchmark fuel rates had increased. The company said that it had earned $5.11 on turning each barrel of crude oil into the fuel during April-September, compared to $3.19 barrel gross refining margins (GRMs) during the same period last year. During the second quarter (Q2) of FY22, BPCL sold 9.91 million tonnes of petroleum products, while the refineries of Mumbai and Kochi were 7.16 million tonnes. Chief Financial Officer, V R K Gupta, told the media that with the normalisation of business and rising demand for fuel, the company is witnessing robust growth in its petroleum sales. He added that with the price hike of international crude oil, the company is witnessing growth in gross refining margins. The revenue growth was mainly due to the lower base of the last year, which was impacted by the Covid-19 pandemic. Image Source Also read: Adani Total Gas records 17% surge in gas sales in Q2 FY22