Q3 Results: Bharat Petroleum Reports Surprise Profit

Bharat Petroleum Corporation Ltd. reported a surprise profit in the December quarter even as operating margin fell.

Net profit declined close to 60 percent sequentially to Rs 495.1 crore, according to the state-run refiner’s exchange filing. That compares with Rs 14-crore loss estimated by analysts tracked by Bloomberg.

The company’s revenue, however, rose 9.5 percent over the previous quarter to Rs 79,168.90 crore in the three months ended December—higher than the Rs 70,660 crore estimate. Its other income, including a foreign exchange gain of Rs 113.20 crore, stood at Rs 967.20 crore during the quarter.

The earnings before interest, tax, depreciation and amortisation fell 69.5 percent sequentially to Rs 737.30 crore, while the operating margin contracted 240 basis points to 0.90 percent.

The company also declared an interim dividend of Rs 11 per share.

Shares of Bharat Petroleum closed 0.6 percent lower ahead of the earnings announcement, compared with a 1.14 percent drop in the benchmark NSE Nifty 50 Index.