A Bharat Petroleum Corp. gas station stands in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Q1 Results: Bharat Petroleum Profit Beats Estimates In June Quarter On Inventory Gains

State-run refiner Bharat Petroleum Corporation Ltd.'s profit beat analyst expectations in the April-June period due to inventory gains and better refining margins.

Net profit for the standalone entity fell 14 percent sequentially to Rs 2,293.3 crore, according to its stock exchange filing. Analysts tracked by Bloomberg had expected profit at Rs 2,054 crore.

  • Revenue rose 9.9 percent over the previous quarter to Rs 71,697 crore.
  • Operating profit increased 4 percent to Rs 3,875.3 crore.
  • Operating margin contracted 30 basis points to 5.4 percent from last quarter.
  • Inventory gains jumped six-fold to Rs 2,679 crore.
  • Foreign exchange losses rose to Rs 705 crore from Rs 122 crore.
  • Average gross refining margin stood at $7.49 per barrel compared with $6.51 last quarter.

Also read: Q1 Results: HPCL’s Profit Beats Estimates On Higher Inventory Gains

Other Factors

  • Other income fell 34 percent to Rs 548 crore.
  • Debt decreased 16 percent to Rs 19,683 crore
  • Tax rate rose to 32.2 percent from 25.6 percent.
  • Crude throughput fell 1.4 percent to 7.74 million metric tonnes.
  • Sales volume improved 2.23 percent to 10.97 MMT.

The stock closed 1.16 percent lower ahead of the earnings announcements, compared with a 0.6 percent rise in the benchmark BSE Sensex Index.