BPCL Q2 Results: Profit slumps 72% on weak refining margins
quarter on weak refining margins.
Revenue from operations increased 1% to Rs 1,17,952 crore. Shares in BPCL fell nearly 5% to Rs 305.95 apiece on Friday when the benchmark BSE Sensex ended 0.8% lower.
The company reported a gross refining margin of $6.12 per barrel for the April-September period compared to $15.42 in the year-earlier period. The operating margin fell to 4.61% in the second quarter from 11.73% in the year-ago period.
Refining margins have sharply shrunk as there is an oversupply of fuels in the global market while Chinese demand remains weak. A pump price freeze in the domestic market, however, has ensured supernormal marketing margins on the sale of petrol and diesel. For other refined products such as jet fuel and naphtha, domestic prices reflect international market trends.
BPCL’s sales volume increased in the July-September quarter to 12.39 million metric tonnes (MMT) from 12.19 MMT in the corresponding quarter of the previous year.
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