BPCL Q2 Results: Profit Up 8%, Revenue Rises 29% As Demand For Fuel Improves
Bharat Petroleum Corp. Ltd.’s profit rose in the second quarter on improving demand for auto fuels as India continued to reopen the economy gradually.
Net profit increased 8% quarter-on-quarter to Rs 2,247 crore in three months ended September, according to an exchange filing on Thursday. That compares with the Rs 1,176-crore consensus estimate of analysts tracked by Bloomberg.
Revenue rose 29% sequentially to Rs 50,146 crore. Analysts had estimated Rs 51,833 crore. Other income declined 3.5% to Rs 572 crore.
BPCL’s revenue was aided by recovering demand. Petrol witnessed consumption rose 3.3% year-on-year in September. Diesel still recorded a decline of 6%, although it’s lower than 20.7% contraction in August. As economic activity improves, diesel consumption is also expected to revive soon.
Despite a fall in spreads for gas oil, aviation turbine fuel and liquid petroleum gas, BPCL reported gross refining margin at $3.19 a barrel in the second quarter. Analysts had expected $2.3 a barrel.
The brent crude averaged $43.1 a barrel during the quarter compared with $34 in the preceding three months.
BPCL shares were trading 1.16% lower after the quarterly results were announced, compared with a 0.60% drop in the benchmark Nifty 50.