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BPCL records 48 percent decline in Q2 profit

Despite a sharp decline in profit, the BPCL revenue rose from Rs 64,133.01 billion over the same period last year to Rs 82,884.82 billion

New Delhi: State-owned Bharat Petroleum Corporation Limited (BPCL) showed a decline of 48.3 percent in its net profit to Rs 12.1871 billion for the second quarter, which ended in September 2018.

During the quarter, the BPCL profit rose from Rs 64,133.01 billion over the same period last year to Rs 82,884.82 billion. An increment of Rs 81,550.12 billion was also seen in the total expenses of the refiner, as against Rs 61,475.13 billion in the second quarter of the previous fiscal. In September 2018, the average gross refining margin (GRM) for the quarter was US$5.57 per barrel as compared to US$7.97 per barrel a year ago.

An increment of Rs 81,550.12 billion was also seen in the total expenses of the refiner, as against Rs 61,475.13 billion in the second quarter of the previous fiscal.

The report by BPCL said, “The corporation has accounted compensation towards sharing of under-recoveries on sale of sensitive petroleum products of Rs 4.9678 billion by way of subsidy for the current period (Rs 3.1990 billion April-September 2017) as revenue from operations and nil under-recovery has been absorbed by the Corporation on this account during the reported periods.”

Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited (BPCL) is a Government of India controlled (Now Maharatna) oil and gas company headquartered in Mumbai, Maharashtra. The Corporation operates two large refineries of the country located in Kochi and Mumbai.