New Delhi: State-owned BPCL (Bharat Petroleum Corp Ltd) has posted a 26 percent drop in standalone net profit quarter-on-quarter in Q3 of FY2019-20 at Rs 1260.63 crore. In the September quarter of FY2019-20, Profit after Tax (PAT) stood at Rs 1,708.45 crore. However, in comparison to the corresponding quarter of the previous financial year, BPCL's PAT has nearly trebled from Rs 495.14 crore.
However, BPCL's consolidated net profit in Q3 of FY2019-20 has risen by 25.5 percent quarter-on-quarter and 193.64 percent year-on-year at Rs 2,051.43 crore. The figure stood at Rs 1,634.32 crore in the September quarter of FY2019-20 and at 698.62 in Q3 of FY2018-19. Consolidated revenue from operation dropped to Rs 85,926.70 crore from Rs 89,324.86 crore a year ago on lower oil prices. BPCL said pre-tax profits from its mainstay oil refining and fuel market business jumped to Rs 2,246.88 crore in Q3 of FY2019-20 from Rs 637.89 crore a year ago.
The financial results come as the government is slated to invite Expression of Interest (EoI) from prospective bidders any day now for the strategic disinvestment of BPCL. The disinvestment plan had received an approval from the Cabinet Committee on Economic Affairs in November 2019. The privatisation of BPCL will endow its new strategic owner with a 23 percent share in the fuel retail market.
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