The Hindu Business Line : Sops boost BPCL net to Rs 1,259 cr

Compensations in various forms received by BPCL helped the company report a net profit of Rs 1,258.5 crore for the second quarter of the current fiscal, as against Rs 18.8 crore in the corresponding quarter of last fiscal. This was despite the high crude oil and product prices, which could not be fully passed on to the consumers.

The net sales for the quarter stood at Rs 26,517.4 crore (Rs 17,039.8 crore).

The crude throughput for the quarter was 5 million tonnes (4.03 million tonnes) and market sale was 5.42 million tonnes (4.99 million tonnes).

Mr Ashok Sinha, Chairman and Managing Director of the company, told Business Line that the net profit for the quarter was high because of the compensations it received in various forms. In the corresponding quarter of last fiscal, the oil company did not get any compensation.

He said the under-recovery on HSD, MS, SKO and LPG was partially compensated by the upstream oil companies, as advised by the Government. Accordingly, Rs 2,718 crore was accounted towards discount received for purchase of crude. "This directly boosted our earnings as crude costs came down because of the discount," he pointed out.

Further, the company received oil bonds from the Government worth Rs 3,212 crore for the six-month period.

For Mumbai refinery the gross refining margin during the half-year period ended September 30 was $2.94 per barrel as against $3.77 per barrel for the same period last year and for Kochi refinery it was $2.37 per barrel ($6.34).

The stock closed on the BSE at Rs 408.95 on Wednesday against Rs 400.55 on Tuesday.

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