Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) on Thursday reported nearly doubling of net profit in the June quarter after inventory gains offset a decline in refining margins and fuel sales. Standalone net profit in April-June stood at Rs 2,076.17 crore compared with Rs 1,075.12 crore a year back, the company said in a regulatory filing.
The company earned USD 0.39 on turning every barrel of crude oil into fuel as compared to a gross refining margin (GRM) of USD 2.81 a barrel in the same period of the previous year.
Fuel sales in the quarter that saw economic activity coming to a halt due to nationwide COVID-19 lockdown slipped to 7.53 million tonnes when compared to 11.11 million tonnes sales last year.
“Decrease (in sales) is mainly in retail petrol (38.77 per cent), retail diesel (34.62 per cent,) ATF (82.92 per cent) and partly offset by an increase in LPG (10.83 per cent),” it said.